New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-28
GAIN IN TAX FEES
Register Gets $1,348,253 from
Mortgage Holders.
DEEDS QUICKLY RECORDED
Grifenhagea's Report Shows
Broader Popularity Of
Realty Investments.

The volume Of business in the Reri..
present year, as shown in Register Crit
enhagens semi-annual report, emphasizes
the vast Importance and expansion OF
realty interests in Manhattan and The
Bronx In the mortgage tax department
receipts were s1.24s,253 o. an increase OF
500, O20 50 over the amount received IN the
corresponding period in 1911.
A large portion OF this increase was
made up Of small sums paid by ind.
vidual holders, indicating the expansion
referred to and the growing popularity
OF mortgages as form OF investment. To
this should be added s. 1903 SO, the interest
allowed by banks and trust companies on
daily balances In accordance with a spe-
cial ARRANGEMENT entered into with the
Register at the beginning OF his admin
istration. Under the law the mortgage
tax is equally divided between the state
and the county For the first half OF the
last year the interest amounted 10 N,7R 3.
There was considerable variation In the
monthly collections in this department as
the official figures show:
January -. s1s2. 10 o. April .si.ssts u
Febrisry . 81 0s2 03 May ......,. az 5"
March 49,. 35s $40 So June ........ li500s o.
This table shows, apparently. decreased
business in January and June. AS mat.
ter Of fact, however, the number Of docu-
rnents recorded in each of these months
was larger. probably representing indi.
y1duaI owners and small estate invest
ments. In regard 10 this Mr.. Grfsr-
hagen says:
1T regard this increase IN small holdings
together With the larger investment IN
mortgages by savings banks, trust com
panies, etc. as a most encouraging indi-
cation that realty investments are becom-
ing more popular every year. And withs
broader distribution of interest and
more general investment OF savings and
earnings by the people In realty will coma
greater stability In the real estate mar
ket. From the moment that French peas
ants and working people selected the con-
soils OF their country as the principal form
Of investment for their savings. specula-
ton in government securities was elimi'
mated In a large degree, and condition
of permanent prosperity established In
nv opinion. popular investment-by this
I mean the expansion o. individual owner
ship-will accomplish similar results In
our realty marts."
In the half year N,274,542 IS was de-
posited with the City Chamberlain and
s5.S03 20 was refunded by order ~ the
state Tax Commissioners, leaving the
sum of $50, sg1 81 In the various banks, etc,
10 be apportioned In the future.
The aggregate number Of instruments
received for record during the six months
was 50. 46S, a monthly average Of lANl.
In continuance Of the administrative
method adopted by Mr.. Grifenhagen, the
returns, after complete entry and record
have been made In four or FIVE days, so
that attorneys and others may effect
settlements and finally close transactions
earlier than ever before. Formerly the
time OF returning instruments ranged
from eighteen to thirty days.
The fees in the recording department
covering the writing Of documents in the
nbers. verication, examination, etc
amounted 10 $50, 2cS 81.
In the same period S.7ss notarial GER
tificates were issued. 1862 chattels eN-
amlned Lis certified copies made for
use in litigation and In adjusting estates
and Sc official searches made. For these
services the legal charges were 'hss IS
Total receipts in this department includ-
ing interest, land title fees, postage, ETC.
were sao,33 10.
Under general administration the
charge for regular salaries, etc, was
$50 579 rs, which, with wages OF recording
clerks. temporary employees, 81, $50 D, sal
aries land title registration. slCsS 81, and
$3.50 s., gives "A total OF
slO8, III u.
Excluding tho charges for special de-
partments created by special acts OF ths
Legislature, such as the preservation OF
pubic records and copying old maps and
the block indexing, the general admins
trauon Is now nearly self-supporting
The improvement in this respect &C.
cording TO Register Grifenhagen, II large
~ due TO the application OF business
closer examination OF all
documents and the enforcement OF the
law In connection with the examination
- aha . oil saYaa