New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-09
e;ock Tells Why lie
Favors Proposed Sec
ond Mortgage Act.
BILL WILL HELP
STATE LOAN MARKET
-,s Situation VIII Result In
More Purchasing Opera
tiOns in City.

~, F,nek. the we'll known mortgage
,.sl estate man, heartily favors
=. proposed bin 70 remove the faint
- .'n,e from second mortgages.
-ss measure had a hearing before
-. Jrsiciary Committee Of the Senate
,:. wees 40
" Finek said yesterday that in the
-. few days hc has been deluged with
'..,,s from owners OF real estate as
.n.s leadinr Institutions and lead
:, attorneys unanimously indcrsing
" ,m lie has sent 3 brief 20 the
ihs 80 members OF the Legislature as
M4ssn A.. known rs the Slater Ellen
~ Hi has been introduced IN the
,.s,s.isture. seeking 20 remove t.e
-. Of usury from all real esla,o
'---,rares. other than nrst mortgage
sTSis being an innovstloa anu iSoCs
..-;ry the c0user FGtism OF !V-i 80
,orsider 10 opportune 90 pIesei.' z;
lev views g. rel 10 an t~Pei
sysr twenty years. t-...Aos 20
fsThe usury laws were ln1yi' .o rs
,,otec, the poor, but contrary ~ e,l-'
-. 4. worked 20 their detrlmelil'
~ ~ ,rio.tb os money depends on supp!
80 demand and Legislation eah i..
s.yslate values. This CONDITION ha lS
- recognized in majority OF ln0
.. go, ~ f1e Union. the legal rate eA-
LING from I'D 70 - per cent 20 d
- absence Of the usury laws.
This act will have tendency 70
.isek q runaway market ana ie4let 9
80 situation for borrowers Wneh PANE
editions prevail. 10 rs unques.i,oh-
ID hat tie per cent limitation mas mas
SGD the field TO honest investors 5-i
III, only mortgage sharks 70 uJ1.
- wfo. c.rcumvcnting the law, py
.-sirection and subteriuges' maze al
,,ser.ionate charge TO compensate
liam FOR their r.sA. ...a u.oro
~ he amendment is accepted, more
- vii be available and q great
...,S,rs given 20 real estate, which mas
- m fae downward grade Tor many
.ssr. II will bring the honest iende'
10 the market and reduce rates, when
70 row exces sive.v high, in we" o.
ne Jeopardy Of the investment.
sfbe' danger O. usury being remoV a.
-srs..stiors could be conducted satoiT
.te oron This desirable feature
t.. been recognized in tnls state. w
i'rs Affecting corporations. and " \.
S.-se-' loans. which arc entirely iiee
fr,-, .ra restrictions OF the Ceufy laws
-,5 w o. normal times loans run
f,o. ~ per cent 90 fat. no acFan -
-, b. .-- taken Of the latitude ale
'oved Dg ..". supply ana "1''-'''
-&lrg tae rate. o-. e. ,v.,l
At i.- ..4,ie o. ..-t -rs manic
isAsi, "- tr. rsric Of 1907.
q l1't' t.... &C trouble
more! d" '.,.4.s e..- and vet tlis
.oanee al D". ,.l-roI,.
sleim'- ... 81 rrcscrvin.-
isa' Nas ...-,
rag ,t-r~o 9O por cent
raw ..D- '".s d. .ar'fv cannot be
iL sAA-'', .-. t.,. ,,.-s ~ Sod Ell
Qlsslo-t- ~ 10 roorer
iie-y ---
"asse -,.,.-.r,, % uro-
-..-ia- ''" r-.... On that
'ce. tie owner 81 l.-t --r-
le ,Ai iet@t -p''. Lr r.e-. &c
seQgeh. 90 INC tfsl m NE en-.
distress cause ~ r,s. r,ort,qce.
.sHt on aclo -n- o. inc ABS.
interest," or taxes. ..
A-recrii t'i-o' 70. 80. .Picht
New loiA payers Nj. the I'D
here in inc '..f 'l ' 90 Seen and
i1ecis %. me ---t 4. If MILL
'tit every cay. anu .--.,,. rosnod
iers o. dollars are COZ. ,..+as
on second and ilifl m9i ~,
L.