New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-10
ASSETS AND LIABILITIES

TuEnLGS ...-..-.---. 1.75oO00G1
Mortgages sold. not delivered. $500. 407555S3
s4.75t7784s
Since the Increase in the Companv's capt,I
IN March. 1908. Dividends have been paid +,
Stockholders amounting to s775,OO0. in add.
ton to which S411 222 has been added to SIR.
plus or Undivided Profits. making total No.
earnings in about four years Of S1,186. 222. 7,
addition to these earnings, the net increase in
tneaned Premiums from January LIST. 1903
to July lst. 1907. amounts to s6O5,642
The Assets and Liabilities of the Comuanv
were verified and its accounts were examined
as OF June 80, 1907. by THE AUDIT COM
FANNY OF NEW YORK. the latter certifying
to the correctness Of the statement of Assets
and Liabilities and TO the Earnings. EXPENSES
and Dividends of the first six months of ths
year 1907, as reported herein
Inc company continues 10 rigidlv adhere 10
the limitations which it has imposed 10 safe.
guard its business.
These restrictions enforced only by the Law
EerS Mortgage Company are as follows:
FIRST; THE TOTAL OUTSTANDING
ct ARANTEED MORTGAGES ARE LINZ
TIED TO TWENTY TINES THE CAPITAL,
AND SURPLUS OF THE COMPANY. To
render this limitation practically irrevocabls
the Following amendment to Bylaw VIII.
providing as above. has been passed: This
Article shall not be amended or repealed ev-
cept with the written consent. duly aeknowI
edged. of the holders of all the poIicies ~
mortgage insurance then outstanding issued nv
me company. This Is the accepted Euro
pean standard. whose safety has been demon
strated by liO Years of successful experience1
Second: THE PROFITS OF THE COM
PANI ON GUARANTEED MORTGAGES
ARE LIMITED To ONE-HALF PER CENT.
PER ANNUM "A similar limitation Is re-
qulred by law OF European Mortgage Com
panIeS and removes the temptation to accept
doubtful loans for the sake of larger profts)
Third: THE LOANS OF THE COMPANY
ARE LIMITED To THE BOROUGHS OF
MANHATTAN. BROOKLYN AND THE
BhONA (No loans made in adjoining sub
urban territory
Fourth: THE LOANS OF THE COMPANY
ARE LIMITED TO SELECTED AND WE'LL
RClLT-CP DISTRICTS IN THESE Dor
OJGHS. no loans made in uudeveloped dis
, tricts or near nuiSancesl
Fifth: THE LOANS OF THE COMPANY
ARE LIMITED TO INCOME-PRODCCTNG
BUSINESS OR RESIDENCE PROPERTY.
mo loans made on vacant land. churches. fac
torres, theatres. or any special utilization.)'
he effectiveness Of. these limitations in
Safeguarding the Company's mortgage invest
ments Is clearly evidenced by the continuance
OF the Company'S clean record in the matter
OF delinquent interest and foreclosures Dur.
ing the past SIX months the Company has fore
closed but one mortgage (amouut IS. OOOl,
"hieh mas not Vet come to sale. The COMPANY
owns no foreclosed real estate and has interest
more than one month delinquent of only $751;
II Is believed that the Companv's record rs 10
delinquent interest and foreclosures will bear
comparison with the records of the Savings
Banks or any other class of most conservative
investors
During the past half year the Company has
purchased from The Mortgage Bond Company
OF New York the remaining half interest in the
property lS6 Montague street. BROOKLYN. In
view OF the growing business of the Company
IN Brooklyn II was deemed wise To acouire this
property In order to insure the permsnency Of
the present location of the Companv's Brook
| lyn office
While the policy long adopted by the Company
vi manning n UNIFORM charge OF One-h half per cent
per annllm Tor It's guarantee and services
lleNes the Company of any direct concern IN
changes IN interest rates 10 Is interesting 10 note
| that the average interest rate on all mortgages
| sold by the Company advances but slowly. this
average rate being In 1908. 1907; in 1904 440e5;
| IN lSo5, 4iO'o: in 1906 445cc and for the first
| half of 1907. 1906
The sound principles which the Lawyers
Mortgage Company conducts It's business and tne
unequalled publicity with which II reveals every
| detail OF its business. have the Conhdencs
| or the most cautious investors in New YORK.
and form the basis OF the steady increase in its
outstanding Guaranteed Mortgages
| More and more all inVestOrs-large ana
| small. skilled and unskilled-coming to reahze
/ the advantages of being both protected from
all possibility of loss and relieved of all OK
Watching their investments.
| The Mortgage Tax law of 1905. under which
/ all mortgages recorded after July 1. 1906. aro
| exempt from personal taxation. has led 10 mo
shifting of many millions of dollars of trust fuuds
\ from taxable low rate bonds into tax-exemp'
/ guaranteed mortgages
! IL may fairly be said that New York Cly
/ Mortgages. selected by an experienced COM
\ pany. specifically secured by income-pToducins
| business or residence property. with iarse
margin of security and further guaranteed oy
| Company 80 So .2I0.0N0 of Capital and surplus
give the greatest combination of security ara 'e
! turn offered to investors
| RICHARD VI. HURD. President