New-York tribune., 1906-05-08
URGE HIGGINS TO SIGN
MORTGAGE TAX MEETING.
gsdge Cohen and Senators Page
and Grady Speak.

a general feeling. that Governor Higgins would
IN the Page Mortgage Recording Tax bill, which
,-,oses a tax Of one-hah OF one per cent when n
--.rteage is recorded and was passed in the last
- of the session OF the Legislature permeated
4. meeting held yesterday afternoon az the Real
-sste Exchange Salesroom. No. Il Yesey street
- found expression in the speeches Of those who
made addresses.
RE meeting was held under the auspices OF the
.nles Real Estate Interests of the State OF New
-, and was presided over BY Edmund L. Baylies
,-ong those who spoke Senators Albert R.
- and Thomas F. Grady. Assemblyman J. NJ
--.lnurieht and Judge William n. Cohen. Reso-
,sons we're passed reciting that the present mort
,ge tax law has resulted in general dissatisfac-
- and urging the Governor TO sign the Page
IN az the ground that the present bill has failed
= lis purpose Of imposing the tax upon lenders OF
-nev. that therefore the borrower is doubly taxed
~ that the law has imposed such duties on
,.nsers on mortgage securities that conservative
,,nsers will not invest
q opening the meeting Mr.. Bayles stated that
,,s objects were twofold: first. to show appreci-
ssou OF those who had so valiantly fought for the
passage OF the Page bill. and. second. to make
Tl.in to the Governor how strongly real estate
seslers felt their interests bound up IN the
fznlng OF II. There was no politics in the gather
~ be saiG. and he asked all present to write to
ne Governor urging him to make the bill law.
Judge william \. Cohen. the first speaker, said
Il part:
In substituting a recording tax for the annual
g10.4gage tax effort has been made to right
FievOus wrong, because a) already the real estate
fssrs OUT of all proportion its share OF the tax
burdens: li0 because the mortgage tax law was so
e1ubrOus that II drove OF mortgage investments
81 cautious capitalists and invited the speculative
"a eTasping: fc) il unduiy oppressed tenants (
4 hndered the natural development Of our city
Il ny opinion it is a mistake to suppose that the
CoreInor prefers an annual mortgage tax TO a re-
ssToTsa The former Now that it is oiciaIiy stated
fhs there VIII be direct for state purposes
cent TO meet our expenses. the recording tax viii
Iass more revenue than is needed. and therefore,
% IT is II PTeisFFed sg gaf by the Chief Executive to
his ny belief that the Chief Executive win ap-
rs and that the measure will be signed, since
ihHe is no need Of immediate revenue.
senator Page received an ovation when he arose
&c speak.
y don't know what to say. except to congratu-
he sou that the work you demanded Of your repre-
seatatives has been accomplished he began.
-'The sentiment that was behind this bill not
6 manufactured sentiment. I found that out last
year when faced my constituents after voting
sor tle present mortgage tax. They let me know,
IN 10 uncertain manner, that they didn't like it.
Senator Page traced the course of late legislation
Oh tie subject and told of the difficulties expert
encei IN getting hearing on the Mortgage Re-
Cording Tax Jil al all
Great credit for the victory OF the bills support
tLh Nds dNN1IAtA AE otIiaLOE rage 10 SeLdLOE
Grady He knew all the tricks the opposition
knew. and one or two they didn't" he said 1T
would have been easy for Senator Grady to have
made a SHOW Of support 10 US and then have left
us in the iurch, but he was too big to play
politics question Of this sort and he rose to
The occasion"
Senator Grady said ne found in the successful out
some Of the fight illustration of the effective
tsss Of the voice of public opinion when Il is
hited He said:
From my knowledge Of the Governor. whose per-
soma friendship am proud 10 enjoy. feel assured
thai he viii sign this bill. Years ago. when he
Eat IS Senator, be voted for a recording bill,
and don't believe he IS the kind Of man to re-
EeTse himself. for he has conscientious desire to
do his duty as he understands it FOR the benefit OF
The whole state
So that the Senate should not lay claim to all
Che credit. Assembyman Wainwright told of the
share Of his fellow legislators in the Assembly in
fhe victory.
"The blI passed the Assembly in record time
eWenty minutes" he said And the fact that II
did so WAS because Governor Higgins sanctioned its
passage Otherwise ! do not think the bill would
have passed at all
Asaenbiyman Wainwright also praised Assem-
bymeu r. L Cox and =. T Prentice for their
.aboTs ietalf OF the oil.