davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28

President, Lawycrs' Mortgagc Company
The first year after the cessation Of
the great war has shown gradual
improvement in the mortgage market
in New York City. Competition for
money still comes fiercely from all
sources for municipal bonds, favored
by exemption from Federal income
taxes; for the bonds Of our war allies,
subject TO income taxes, but yielding
high rates of interest; for railroad
bonds, much depressed in price owing
to government administration. but
tempting to some because Of low
prices; for new industrial stocks
promising high returns, at any rate
while their business is active. and so
on through the long list.
Against this mass of competition the
first mortgage on improved New York
sells at lower rate Of interest than
any investment except tax exempted
municipal bonds and the United States
government bonds.
War Tested Superiority of Mort cages
The market rate for guaranteed
mortgages is now 3 per cent or 2 per
cent, and for unguaranteed mortgages
or mortgages of somewhat poorer
quality 81. to per cent. No better
proof of the outstanding qualities Of
an investment during times Of stress
is needed than the experience OF saw
ngs banks, insurance companies, etc.
with the railroad and other bonds,
which during the five years Of war
have shown heavy recessions Of value,
as compared with guaranteed mort
cages on which no institution or pri-
vate investor has ever lost dollar
Such period as we have just passed
through furnishes the acid test of all
investments and demonstrates to the
institution or the investor the wisdom
of making short-time investments, so
as to take advantage of rising rates
OF interest by contrast with the dis
advantages of investing in fifty or one
hundred year bonds on i per cent
or Az per cent basis, with interest
rates going later to ) u and per cent
Exempt Bonds Taking From Realty
The principal check in the supply Of
mortgage money comes from the with
drawal of funds OF wealthy individuals
or estates which are now being invest
ed in municipal bonds because exempt
from Federal income tax. Money,
however, is flowing in from other
sources. Savings banks are showing
enormous increases of deposits, the
greater part of which, as permitted by
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28
Budget Provided for Title
Examiners at $3, 500
Mandatory Under the Torrens
Registration Law; None
for Richmond

The Board Of Estimate and Appor~
tionment has provided in the 1920
budget for the employment OF official
examiners of titles under the Torrens
registration law in the four counties
Of New York, Bronx, Kings and Queens
at $1,000 each.
In the tentative budget similar
place was included for Richmond
County, but for some reason at the
last moment the Richmond County
place was omitted.
This action OF the city administra-
ton in providing for the official ex-
animation of titles is regarded by John
J. Hopper, president of the Torrens
Title League, as great step forward,
as the success of the Torrens system
depends very largely upon the prompt
ness and efficiency with which the
titles are handled by the public Office,
and the bulk of the work falls upon
the official examiner upon whose ex-
animation ana report the court depends
for correct information in passing up
on titles fer registration.
The fees paid for the services OF
the official examiner are paid into the
City Treasury.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28

capital has been readily obtained from
private investors. from the great life
insurance companies. from trustees
and executors of the estates Of de-
ceased persons, from mortgage com
panies. from building, savings and loan
associations and from the great title
and mortgage guarantee companies that
have become the chief factors in tinanc
ing the larger classes of building
operations in the greater industrial
ccntcrs.
Rates Of interest ruled at from 4 to
3 per cent in the half century between
the close of the Civil War and the
beginning Of the great war. Lenders
were content with these low rates of
income from their mortgage invest
mcnts because OF their safety, security
and freedom from need of care and at
tention. and because the income was
fixed under mortgage contract for
definite periods of time.
But then came the income tax law,
levied indiscriminatelv upon all in
comes from whatever source, whether
from high profits OF business or specu-
lation or from low profits from interest
on low-rate investments.
The effect of this ndiscrim mate lcvy
was almost instantaneously 10 shut OF
the supply from all sources of money
for investment in low intcreSt-ratc
mortgages. and thus also the supply OF
basic capital for use in the building
industries. Individuals and corporation
alike who We're dependent upon the
income from such mortgage invest
ments. when they found that they had
to pay taxes on such income according
to a schedule ranging from 4 to G5 per
cent. refused to invest further in that
class Of securities and began at once
to Withdraw as fast as possible what
the had already invested.
This blow at the mortgage and build
ing branches of the real estate field
came at the close Of Il three year
period IN which the government had
Communicated for war purposes MI
the resources Of the building industry,
OF money materials and man power,
and in which, therefore, there had bqen
an almost complete suspension of con
s,ruct on fer al but war purn ases.
The building Industry is still held
bound by these wartime conditions to
some extent but chiefly by the impo-
altlon OF the income tax on the income
derived from mortgages. There has
been tremendous amount Of building
IN the year since the great victory. al
though nothing like what the statistics
OF plans filed in the building depart
mcnts would indicate. These filed
plans, to considerable extent. arc in
6lcative of building operations in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28

would be greatly in excess of the taxes
it would lose by such remission.
1t is because Of this fault in the
income tax law that all the interests
allied with the real estate market and
particularly with the financing of big
building operations are collectively and
sovcraly demanding the enactment Of
the Mclaughlin bill in Congress.
This bill does not call for the
exemption from income taxation OF all
the income from mortgages, as in pure
economies it might legitmately dc,
but for the exemption of the income
rom only $4,000 of mortgages in any
individual holding. from taxation
under this law. The large institutlons
which are chiefly engaged in financing
the real estate market are all back
of this bill Their officers and man
ayers have expert knowledge of the
operation Of the present law and OF
the vital necessity for its amendment
are the New York Board of Title
Underwriters embracing all the title
and mortgage guaranty companics)
the Real Estate Board OF New York,
and all the large mortgage companies.
These have the cooperation and sup
port Of the Mcrch ants' Association, the
United Real Property Owners Asso-
citation and the Advisory Council of
Real Estate interests.
The Mclaughlin dill has been in
troduced in the Senate, at Washington,
by Senator Calder, and a similar bill
to amend the state law viii be sent to
Albany for Introduction soon after the
Legislature shall convene, on Jan
uaryl.
BY that time steps will have been
taken through and by which all real
property interests viii have oppor-
tunity TO express themselves upon the
measure.
In addition to this the Advisory
Council of Real Estate interests will
demand of the Legislature at Albany
an act limiting the power Of direct
taxation of real property to so per cent
Of The total annual tax levy
There is advantage to nobody in
hampcring and restricting the free
operation O. real property development
anywhere 1t IS the very foundation of
all wealth, and every effort to burden
it unjustly and uneconomically is
bound to react upon all other systems
and forms of production. A brilliant
prospect for nationwide development
IS apparent to everybody. 1t will be
all the more certain when these I'M
natural restrictions are all removed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28
Nations Demand for Share of
Income From Realty Mortgages
Is Holding Back Construction

sight to declare that they will be un-
dertaken-and probably by the govern
ment (which in this sense means the
people in their collective Capacity
because there are no individuals or
groups of individuals so we'll qualified
and so competent to do them. And
although the government viii undc,,
take them, the people must pay for
them out of their savings.
Quite naturally, the primary purpose
OF the lawmakers when these national
and state income tax laws were enacted
was to raise tremendous revenue
tor war and reconstruction purposes.
1T is hardly matter for surprise, there
fore, that they were little careless in
considering the proper incidence of
taxation. or were at least satisfied to
take broad chances as to whom or what
the tax should hit or miss.
AS a revenue system the income tax
IN its broad and general application
has received general approval. For a
measure SO large y experimental in its
trst forms it has demonstrated its
Workabllty, even il in practice it has
disclosed some rough and uneven feat
ures in which it operates in outright
violation of fundamental economic
laws Right economic principles of
taxation require that the tax shall be
just and equal in application; should
take from the taxpayer only part of
his income, whether from rent, in
tefests, profits or wages, and this in
equal proportion conditioned upon his
ability to pay
When a tax is found in operation to
hear unequa'ly upon any industry Of
interest, to "obstruct the industry of
the people and discourage them from
applying to- (investing in) Certain
branches Of business which might give
malntenance and employment to great
multitudes," it Is operating in viola
tlon of these Fundamental rules; is to
the extent of such violation doing more
harm than good, and should, in the in
tcrest of the welfare of the people at
large, be amended and corrected
This charge of undue oppression
and inequality Of operation has been
brought from many points upon sew
eral features OF the revenue law. and
upon none more aptly and properly
than against the income taN Sc lions
Of that law III its effect upon the build
ing industry and all Of its collateral
branches throughout the country
Tax Works Against Realty
1t is in the nature of this industry
that it requires for its successful pro
motion and operation the use of two
thirds, in the average. of the total in
vcstment. in basic capital at low rates
ci interest. For generations this basic
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28

Madison Avenue will be de-
veloped north of the Murray
Hill section as mems street;
that is, it will be a street of
buildings planned especially for
tho display and sale Of mems
wear. believe it will be fash
ioned after some of the Old
World streets, with buildings of
unusual architecture; it will
have continental atmosphere
that SO many American men find
pleasing in the cities of Europe.
Fifth Avenue will continue to
grow as woman's street and
its gIorics will increase greatly.
1t will be the greatest womcn's
street in the world Soon we
shall have this division-Fifth
Avenue for women and Madison
Avenue for men. George
Bockor.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28

future. when the basic capital can be
obtained. and the materials and the
man power
Besides which the needs for con-
struction arc urgent; the people need
housings and Offices and workshops,
and the demand for these is so great
that 1T is breaking through all arti-
fetal restraints in many directions.
For the class of construction costing
under $4,000 per unit there seems to
be sufficient supply of basic capital
at rates of interest which builders are
able to pay, but for apartment houses
and business structures of the kinds
that arc NEST in demand in all the big
cities. and which cost from $50 900 to
$l.00O,000 and over to produce, the only
money available is that for which eX-
orbltant rates must be paid.
A certain. amount OF construction of
this sort ia justifable under present
conditions, provided the mortgages by
which the basic capital is secured are
amortized at rate which will reduce
them to normal proportions before an
equilibrium between supply and de
mand for such housings is rcostab
hshcd, when the rents obtainablc now
may and probably will recede to some
extent. That rents will ever again re
hardly conceivable, although ever is q
long time.
Fear Rent Recession
II is the apprehension in the minds
of builders that rents and costs of con
structlon may recedc to some extent
within the next few years, that is hold
pg ,ncm back from building, even if
they were assured of basic capital ma
teriais and man-powcr. A decline of
''c as : per cent in cost Of pro-
duction would probably wipe out all
d roapect OF sale at a profit, and of 10
per cent would saddle them with actual
loss. Under such conditions conscrva-
tlsm IS their rational attitude
A first and imperative step toward
aettiee conditions in this all-essential
industry is the release of the mort
cage market from the thralldom Of the
income tax. People cannot be forced
to lend their money on mortgages at,
normal rates with that incople tax
hanging over them. And to compel the
builders TO pay rates of interest for
basic capital equal to the binary re
turn on mobile capital means only a
saddllng upon the people at large Of d
permanent, unacceptable increase in
rents and in the cost of living For the
consequence OF adding a permanent
charge upon production is invariably an
increase OF cost to the consumer.
Even that might be justiGable in
ONE sases, but this is not one of
those cases. On the contrary. the lift
ing OF this charge flcm the building
Industry VIII beyond question encour-
age Investment in the industry and
thus give maintenance and employ
nent to great multitudes." 1t might
be added that it would stimulate Is
nothing else would the production of
the better forms Of a nations wealth
and of municipalities taNablcS. Thus
the nations gain from the remission
Of at 7east small part Of the income
taq from the interest on mortgages
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28
Realty Is Holding Own in
Fierce Competition for Money
Richard NJ Hurd Says Mortgage Situation Is Improv.
ing; If 1t We're Not for Distractions There
Would Be Plenty of Real Estate None,

law, Is being invested in arst r.
cages. The small investor il be;, an'rS
tracted INTO the mortgage field hrs q. o.
offer Of guaranteed first mortgays vac
tlticatcs, these being shares in
mortgage On improved income mad. AZ
nag real estate in Mem York ~
This plan Of subdivlding frs...,.
mortgages has been used by the las T.ass
yers Mortgage Company for the ,,s.
fifteen years and is growing rapidlr :.
favor. Every year hundreds Of ~. u
customers are buying these certife. ass
IN amounts of 500. $500. 81 .0oo ass
the total sales OF inc LAWYERS ~
gage COMPANY FOR ne las. vear ihaVr'
about s2,O0O,0o0. ard the Yield bs;.ss
or 5ia per cent. As
A. 10 the building loan .;.,..:
never in the history Of The -.
States have the cities been So r r,r.i..o
built. New York in particular "a 81
fcrlng from an acute housing shor.sc.
due to the stoppage Of building dur;sr
the war and in par 70 the uressre
high prices OF material and lsho-
herever 3he quanity theory Of rnono,.
IS accepted ard such an acceptance :
nearly universal the phenomenon -
rising prices is attri buted 10 tho /;
mini red purchasing power Of he doi
lar. The increase il round tgures a.
the worlds currency from $40 600 ooH
000 to $4,000, 600, 000 and o. the World.
Indebtedness or credit instrunents
from $40, 000, 00G,0 900 10 $220O0O coo 0OD
means an initiation under wh;c:, tho
purchasing power q The dollar drops
to 30 cents.
Many builders and lenders have hes.
tated to erect or finance new buildings
in the City Of New I ork. anticipating
drop IN the price of material and
labor. but the Lawyers Mortgage Com
pany believes that the present basis
viii be maintained for many wears Ia
come, that buildings can be safely and
profitably erected and financed and tina;
the high rentals ROW obtaining viii
long continue. From every standpoiu.
1T is TO be hoped that here will be
large number Of buildings Of all kinds
erected during 1920 sucn action being
Of the creates Importance TO ouie,
social unrest by furnishing housing
facilities for the poorer classes ana
to restrain the existing nigh rents Of
better grade houses from going TOO
high.
On the whole it may safely be said
that the mortgages on New York CITY
property We're never on safer basis:
that real estate IS good purchas.
on account OF the high income and
that the outlook for increased mort
gage business IN 1920 Is excellent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28
By John L. Parish
Secretary Advisory Council of Real
ESt0to Interests


Estate Interests
Notable changes have been made in
the tax systems of the nation and the
state in the last FIVE years, all demand
ing of the people larger much larger
contributions toward the cost of gov
ernment Originally forced upon the
country at large by the need of larger
revenue with Which to pay our way in
the great war, that larger revenue is
still needed, not only to defray the cost
% that war but to meet the deficiencies
IN the governmental revenues caused
by the ploh ibition Of the sale of liquors
and by abnormal increase in the cost
CT government
The state governments ard the NUM-
cipalities also found that their eX-
penses We're greatly increased by the
war and Their revenues reduced by
the enactment Of tie constitutional
amendment prohibiting the trade in
intoxlcants
Incidentally, as to New York State.
the common sense Of the people was
evlnced IN very general demand for
al income tax system to take the place
q the long discreGitcd and mprac-
tlcable personal property tax. Whore
fore We have In this state an income
taX system which is entirely new. and
which app les, though ffcrently, to
corporation and individuals, and
which is designed to considerably more
than make up the loans in the states
revenue caused b. prohibition and
the abolition tie q great extent Of per
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-12-28
Richmond Kill Cottage Sold

Albert b. Ashfofth has sold for Mrs.
Elsie A. Rochlih the three-stcry dwell
ing and grounds ON Herald Avenue.
Richmond Hill, TO Howard f. Brauchcr.
Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1919-09-10
MEMORIAL TREES
WHAT TO PLANT
Trees That are to be Set Out This
Fall i'm Every City and Village
i'm the United States i'm Me-
mory of Soldiers Who
Paid the Supreme
@ Sacrifice
SOME THINGS FOR TREE
OWNERS TO REMEMBER
The Kind of Trees to Plant in Ger
tain Regions are Given in
Table Below

Washington, d. C.-Instructions
for planting the thousands Of trees
that are to be set out this fall in
every city and village in the United
States in memory of :" soldiers who
paid the supreme sacrifice in
France, have just been prepared by
the American Forestry Association
Important points for all tree own
ers to remember in September when
fall planting begins, the association
says are as follows:
'1--Prune all dead branches on
old trees. Do not .prune unnecessar-
lily; remove as little of the live wood
as possible; make all cuts close to
the trunk or main limb and cover
all wounds with coal tar.
80 Remove and destroy egg
masses of the tusseck moth and SINH
lar leafeating insects.
"3-Mark for removal In winter
all hopelessly infested and dead trees.
You can discern these trees with
greater definiteness before the
leaves drop but you can cut them
down to greater advantage in win
ter.
"4-Plant evergreens In early
September. Move them with ball Of
SOIL"
Dates of Arbor Days in the United
States and territories are as follows:
Georgia, first Friday in December;
Hawaii, first Friday in November;
Colorado, Connecticut, Delaware, III
inois, Iowa, Kansas, Kentucky, Michi-
gan, Maine, Minnesota, Nevada, New
Hampshire, New Mexico, North Da-
kota, Ohio, PENNSYLVANIA, South Da-
kota, Vermont, Virginia, Wisconsin,
Washington, Wyoming, all by procla-
nation of the governor; North Caro-.
lima, Friday after November l. Porto
Rico, last Friday in November; South
Carolina, third Friday in November;
Tennessee, November, ENJOYABLE
Gate.)
The kind of trees to plant in GER
tain regions are given in the follow
ing table:
In New England, New York, Penn
sylvania, New Jersey, Ohio, West
Virginia, Kentucky, Indiana, Michi
gan, Illinois, Missouri and Iowa
plant: {.
Hardwood-Sugar Maple, Norway
Maple, Scarlet Maple, Green Ash,
White Ash, American White Elm,
Red Oak, Pin Oak, American Linden,
Scarlet Oak.
Evergreen White Spruce Colo
RADIO Blue Spruce, White Pine,
Scotch Pine, Balsam Pine, Arbor
Vitae.
In Delaware, District of Columbia,
Virginia, South Carolina, Georgia
Tennessee, Florida, Mississippi,
Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1919-09-10
Golden Moment is Now.

Shake a barrel Of apples ana the
sound ones will come to the top. And
in this great Industrial shaSe-up the
man of right heart and keen Eind will
find his chance. He who has not sue
ceeded as well as he would have liked
has new less cause or time than ever
for the cavil of discomfort or resist
ance to the advance of industrial peace
and progress. Now is his golden mo-
ment. to apply heart and brain and
muscle to the best opportunity at hand.
Charles Grant Miller, in the Christian
Herald. ... .a ."..
Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1919-09-10
Bio Girl for That.

That tooth was certainly annoying
Miss C, the primary room teache4
of the A school, put her finger|
into her mouth to discover the cause
of this annoyance. Ollie, BRIGHT
faced little pupil, noting the act sud-
denly asked: Teacher. how old are
your Choosing to ignore his impert.
inence she made no answer. He was
not to be daunted, however. With an
expression of scorn he said: II know
you're over twenty, and just think still
sucking your finger"
Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1919-09-10

Louisiana, Arkansas, Oklahoma,
Texas plant: -
Hardwood-Tulip, Sycamore, Pin
Oak, White Oak, Black Oak, Red
Oak, White Ash, Bald Cypress, Nor-
way MaIle, Scarlet Maple, Red Elm,
American White Elm, Kentucky
Coffee Tree, American Linden, Red
Gum, Black Gum, blackberry, Willow
Oak.
Evergreen-White Pine, Longleaf
Pine, Magnolia, Live Oak, Ceader of
Lebanon, American Holly, a.
In Wisconsin, Minnesota, North
Dakota, South Dakota, Nebraska,
Kansas, Colorado, Wyoming, Mon
tana, Idaho plant: .
Hardwood-Burr Oak, Linden,
Norway Maple, Green Ash, Wild
Cherry, Larch, American Elm, Black
Walnut, blackberry, Honey Locust.
Evergreen Scotch Pine, Austrian
Pine, White Pine, Norway Spruce,
Colorado Black Spruce, White
Spruce, Red Cedar, Arbor Vitas.
In New Mexico, Arizona, Utah,
Nevada plant:
MISUNDERSTANDING, Honey Lo-
Gust, Green Ash, American Elm,
Black Locust, Burr Oak, Valley Cot
tonwood, Mountain Cottonwood,
Mountain, Ash, Box Elder.
Evergreen-Arbor Vitae, Deodar
Cedar, Box, Eupnymus.
In California, Oregon, Washing
ton, (cOast region) plant:
Hardwood - Large Leaf Maple,
Linden, Sycamore, Weeping Willow.
Evergreen-Deodar Cedar, Mon
terey Cypress, Monterey Pine.
columbia Basin.)
Hardwood-Norway Maple, Euro
pean, Sycamore, Green Ash, Silver
Poplar, Russian Poplar, White Will
low.
Evergreen-Lawson Cypress, Big
tree.
Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1919-09-10
The Sleep Ration.

John Wesley experimental in sleep
rationpg as a cure for insomnia.
Finding he woke every night about
twelve and lay sleepless for some
hours, he decided to go to bed later
and rise earlier The first day he rose
at seven instead of eight, the next at
six. the next at five, the next at four.
BY rising at that hour he found he
slept without waking throughout his
ration" and thereafter rose at four
for good. $50.