New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-23

at Is true that taxes have been In
ereasing every year with regularity. It
Is also true that in many instances
thew have become unbearable. The
remedy must be found in placing
share OF this burden on other kinds OF
property. The most logical method of
solving this difficulty is to repeal the
secured debt law and in place thereof
place a small annual tax on intangible
personal property. This method has
been adopted and Is working success
fully in Pennsylvania, Minnesota, Iowa,
Rhode Island, Connecticut and Mary
land. This form of taxation should
have been introduced long ago into this
state, and the real estate men are as
much TO blame as any others for not
taking proper interest in this mat
ter. -.
"The statement that fully one-third
OF the floor space Of new buildings
erected in the last ten years Is with
out tenants is absurd. A careful can
vass will show that these buildings are
fully 90 per cent rented.
at Is quite true that the oppressive
labor laws, fire prevention regulations,
tenement house requirements and ex-
cessive inspections of real estate have
driven out a great many tenants, espe-
cially in factory properties. large pro-
portion Of these. however. have located
In new buildings in The Bronx, Queens
and Brooklyn. I wish to call your at
tention to the report Of the legislative
commission in the matter Of housing
Of people in the cities OF the second
class, presented in the Senate on jan
uary 81, 1915. I would suggest that
this report be made basis OF cam
paign in the Legislature to relieve New
York City Of some of the legislation
which can be criticised on exactly the
same points made by this commission
namely:
"'The law is confscatory and uncon-
stitutional, scientifically impracticable,
economically unwise, INTELLECTUALLY
impossible, subversive from humani-
tartan view, redundant and an infringe
ment upon home rule
Mortgage Interest Rates
Your statement that mortgage inter
est rates have gone up from to 8 per
cent. with increasing commissions for
renewals. is not accurate. | have been
In the mortgage loan business in New
York City for nearly sixteen years, and
am familiar with every twist and turn
Of the market. Interest rates have
never been 4 per cent for longer than
few weeks during these last sixteen
years, and then only on most eIcep-
tional propositions. Very exceptional
propositions can still be handled at
very exceptionally low rates. The
average rate to-day Is 5 per cent and
the commissions for renewals are lower
l..
years ago. II is quite true that during
the first FIVE months Of the war, when
the savings banks had shut down en-
tirely on loans and private individuals
were out Of the market, interest rates
rose as high as 6 to s per cent. II Is
also possible that some excessive com
missions were charged for renewals
during this period. This situation,
however, was wholly abnormal and no
longer prevails. We have ample funds
at per cent on a fair percentage of
the value which can be loaned with
reasonable charges to-day.
"The advisability Of holders Of mort
cages insisting upon reductions either
in one amount or in annual instruments
is, OF course, q matter for which much
can be said on one side or the other
Personally, | strongly advocate the re-
payment Of first mortgages in small
annual payments. The mortgage can
be made for longer term instead Of
the prevailing terms Of three or Ave
years.
"Your statement that nearly all
rentals have fallen fully one-third can
not be taken seriously. In some sec
tions rentals have fallen; in other sec
tions they have increased. They have
certainly not increased In proportion
TO the increase in taxes and the cost
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