New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-10
Measure Framed TO Allow
Banks to Advance Cash
ON Mortgages and Bonds
to Assist Construction
Levy ON Mortgages
To $4,000 Dropped
Municipal Bus Legisla.
ton Ready; Phone Rate
Adjustment Is Planned

The following Legislative program,
with little, il any, change in all prob.
ability will be passed at the extraor-
binary session Of the State Legisla-
ture, which begins on September 20.
/. A. bill exempting new DWELL
ing houses from taxation for a Pc
Rod of ten years.
2. A bill permitting New York
City to loan on bond and mortgage
up to rs per cent Of the value on
dwellings not costing more than
$1,000.
8. A bill exempting incomes on
mortgages up to $4,000 from the
state income tax. and memorializing
Congress to do likewise with respect
to the Federal income tax.
Bank Regulation Sought
4. A bill repeating the 1916 act,
which permits savings banks to lend
on bank acceptances and bills of
exchange, and thus force them to
lend on bond and mortgage.
8. A bill amending the home rule
act Of 1913 so as to permit the City
of New York to operate its own bus
lines.
6. A bill giving the Public Service
Commission power to suspend exist
ing telephone rate schedules, pend
ing an investigation by the commits
sion as to the justice and reason
fabIeness Of the rates.
~. Z, Building Boom Predicted
The proposed housing Legislation, in
the opinion of the members of the
Lockwood housing committee, will not
only loosen the market for money to
lend on new dwellings, thus stimulat-
ing new construction, but will induce
heads of families Of small means to
build their own homes in the outlying
sections Of the city.
Government aid is extended to
heads Of families for the building Of
modest homes all over the world" said
Senator Charles C. Lockwood, chair
man of the joint legislative housing
committee, yesterday, land it should be
done here. 1t is estimated that by au-
thorizing the city to lend 100000 q
year on what are known as revolving
mortgages, it would in reality mean the
lending of $24,000,oOo a year. 1t would
not only be good investment for the
head Of family, but for the city"
Pattern for Legislation
The telephone legislation, The Trih.
une was Informed, will be patterned
after the Gibbs-Slacer bill, which was
defeated at the last session of the
Legislature.
The bill was introduced at the re-
guest Of the State Conference Of
Mayors, because of the 10 per cent in
company in upstate communities on
December /, and which meant $780,
900 more annually in toll rates.
Since then the New York Telephone
Company has increased it's rates all
over the state. In New York City the
company has asked that on October !
the rates here be increased 80 per cent.
This would mean $l6,000.000 additional
revenues. Upstate the rates have been
last December, an additional s3,500,oo0
for telephone users north Of the Bronx.
At the time of the fling Of the
schedules in this city, J. S. McCulIoh,
viee-president of the New York Tele.
phone Company said:
"Unless the increased rates ere
granted, the telephone service will be
literally strangled."
At the time of the introduction Of
the Gibbs-slacer bill at tina last session
the telephone company offered to agree
that its retroactive features were
stricken out. and the company permit
ted to continue charging the rates
filed, pending the determination Of the
business and ressonabieness Of them.
The company also agreed to put up @
bond insuring the return Of the in-
creased rates in the event that the
Public Service Commission decided
that the increases were not just and
reasonable.
City Bus Line Bill
The bill permitting the city to en-
gage in the ownership, operation and
maintenance Of its own bus lines has
been rendered necessary by che reeeat
decision Of the Court Of Appeals, up
holding Supreme Court Justice Crop
sey's ruling shat the city did not have
such power under the home rule act
Of 1913. The proposed bill will confer
specific power on the city to run as
own buses.
Housing Measures Approved
All the housing measures, with che
exception Of the bill permitting the
city TO lend on mortgages, were al
most unanimously agresd upon by ths
Lockwood Housing Committee at an
executive meeting held on Tuesday.
There are a few objections 70 this
loaning plan, but IL 10 believed that
they will be removed when tho com.
mittee meets again en- Monday.
At the request Of Senator Lockwood.
George v. Mclaughlin, State Superin.
tendent Of Banks, lie preparing q stase.
ment showing the amount Of money
loaned by The savings banks On bends
and mortgages and the amounts leaned
on other sesurities, As hearlngs baforn
the Lockwood eensmistss Unissd Ssstes
senator Cat9ag EArR&8 chat aAsap nsy,.