New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-13
To Study Federal Bills Re-
Iating to Interests OF
Real Estate.
MANY SUGGESTIONS
FOR OWNERS RELIEF
Would Exempt Fire Sprinkler
Buildings from Installation
Of Fire Alarms.

10 ncipiul or detrimental 70 tNflf i"
terests. The regular weekly meetings
Of the law committee OF the advisory
council Of real estate interests have
begun and all bills viii be carefully
analysed Last year the committee
stu.led approx mately $500 bills and
did much good In protecting the in-
ye.tments in real estate mere.
The committee consists Of Walter
Under chairman. and Everett y. 40
bot. John GJyton Boston. Cyril d..
Burdeft. Henry r. Ch.t'icS. julius Hen
~ Cohen. Louis Franklin Levy. John ).
Kuhn. Harold ". Phillips. John VI.
Stoddard. Laurence Arnold Tanner and
Seth Sprsgue Terry. II is not only tho
purpose OF this committee 90 report
upon the legislation that may be lu-
troduced a. Albany. but also. ~ posi-
bic. 20 carry our "a constructive pro
eramme D1rIug the interim since me
last legislative session many valuable
recommendations have been made 20
the. advisory council for INC consider
alton Of the members Of this law COM
mittco with view Of having these
suggestions enacted into law. u Is the
purpose of the cOmmltte not only 10
devote its attentions 20 laws al Albany,
but also 20 those az Washington. and
with regard 10 AN ordinances that mag
be passed by the Board OF Aldermen.
Among the many recommendation
made 90 the advisory council Tor con-
structive legi station 20 relieve real cs-
tate owners are the following: A.
amendment to the labor law which VIII
exempt fire sprinkler buildings from
the installation Of fire alarms. II ~
well known fact that by far The larger
number Of buildings BOO the city are
not properly equipped with hre
sprinkler systems. and 10 may take APP
proyimateiy five years 90 have the sys-
tens installed in those buildings where
they are required by law to-day. Tho
staff of the Fire Department would
thus be busily engaged IN undertaking
this special phase OF fire prevention,
and il seems that 20 also require Dr. %
supervise the installation OF ire alarms
would merely impose upon officials
work. which. under present circum-
stances. could not be thoroughly per-
formed To-day there are 1913 alarm
systems installed In factory buildings.
Of which 265 were approved IN 1919
Tho number of interior fre alarms
installed in buildings equipped with
auto sprinklers is thirty seven. There
would seem 10 be little doubt that
the fire and life risk are reduced 20
minimum by equinping building
with a model sprinkler system. ne
installation Of fire alarms in such
buildings would thus seem supet1u-
Gus. n as estimated 10 VIII probably
take about fre year for the Fire De-
uartment 20 carry out the law regard
81 Dad .fa ff| . HH
+. would aDpear advisable that tnIs
department should be relieved OF tNo
requirements for installing IRE alarms
IN sprinkler buildings when in the
vast majority OF cases such irstaila-
ton is merely an added expense TO the
rronertv owners. without Is common
surato gain iu protecting me premises
or the occupants.
Probably the most constructive piece
Of legislation in which real estate own
ers are interested AZ this time iS ma.
pertaining 20 the consolidation ot
building inspection functions % me
various city and state departments
This matter has been receiving mo
careful study of o special comm'tco
Of the advisory council. consisting OF
Nicholas Biddle, Louis Y Bright,
William II. ChesebroUgn, George u.
Mortimer and Robert T.. Simon. \
tentative plan has been approved o.
and a bill is now being drafted en-
bodyirg the principles contained IN
this plan. SO that relief from over ir-
spection Will shortly be iorthcOm ng.
Through John tinck - has been
suggested that some law be passed -
allow lenders 90 advance money under
Scond mortgages without subiectns
such loans 20 tho faint Of usury.
| rider this plan owners would be en-
abled TO protect their property - =
greater extent than Is now Afforded by
Tie ordinary first mortgage loan.
other brokers have communicated WIN
the advisory council requesting 'naf
some definite method be dev sci
whereby a proposed purchaser or mort
eagee or other persons dealing in real
estate can obtain. with reasonable eN-
podifion. information IA 20 violations
. the labor lsw. n would be Do
cided convenience 90 have this law TO-
ouire that "A record of violations Do
Kent by the Labor Department and
that such records be open ID the access
OF the public.
Al the present time there seem. 20
be no way o. knowing that any viola
tons are pending In connection With
tie examination of titles A. the sug-
gestion Of Adolnh T. SEEKER an amend
uent 20 the code is proposed. so as 20
r, ke a Judgment In any action Affect
ing real estate binding upon person
% no acquires title by birth or inv0l-
lotarv alienation, after notice of pend.
c7cv is fled. Al the suggestion Of
vs. =. Belknap, Of the Hrm Of Albert u
A-hforth. the following recommends
tlcns regarding legislation have been
made:
Have the laws changed 80 as 90 make
bonds secured by trust mortgages GOV
ering real estate legal Investments tol
trustees, savings banks. trust compa
mics. etc Theoretically they are p
legal a. railroad bonds. but .n seyers
instances SurrOgates nave objected q
accOuntings where such investment
were owned by executors and trustees
so that attorneys are unwilling tO al
wise clients that they can properl.
make such snvestmentsD
To make definite the right Of 4 mort
gagee 20 a receiver as soon as the fore
closure is begun. That usury shall no
be- defence. Have the custom
changed 50 that interest be paid quar-
terly.
The tax clause shall require ths
taxes be paid ON demand thirty. DAY
after taxes are payable, stead Of thir
- days after notice and demand ate
taxes are payable.
To have lenders favor the smortize'
mortgage made for longer periods thai
five years. To get lenders educated %
taking bonds secured by trust mort
cages covering specific pieces OF rea
estate.
The law committee will shortly an
nounce the form which 10 believes 1
advisable that these various sugges
tions should take. 40 a. 20 be enactc.
into law. In addition 90 the particuia
reforms requested for real estate in
terests, the council will support the lex
. islatlve programme Of the Governor. 10