Real Estate Record





AND    BUILDERS'    GUIDE





Vol. XII.                 NEW YOEK, SATURDAY, NOVEMBER 22, 1873.                     No. 297





Published Weekly by

m   EEAL  ESTATE  EECORD ASSOCIATION.

TERMS.
One year, in advanjee...........$8 00

All commanicationB shonld be addressed to

WriiTiNo Building, 345 akd 347 Beoadavat.

TAXATION   OF  MOETGAGES   UNCONSTITU-
TIONAI.





It is to lie regretted that the Citizens' Com¬
mittee, which hist year agitated the repeal of
the laAV taxing mortgages, is entirely inactive
during these lew months before the Legisla¬
ture will assemble. We hope, therefore, that
some city member of the Legislature will take
the matter in hand and succeed in pressing
upon that body the importance of taking im¬
mediate action, regardless of the views of
tbe West Side or any other associations. Tlie
following important decision on this subject
just rendered by the Supreme Court of Califor¬
nia should be knowii to all—legislators as
well as laymen:

" I conclude, therefore, that a tax on loans
made in the usual course of business is paid by
the borroAver, and if the debt be secured by
mortgage he also pays the tax on the mort¬
gaged property. He is twice taxed—once on
the proi^rty and once on the debt which the
property represents—and yet no new value
iias been created by the transaction. He is no
riclier, and has no more property than he had
before; and if the money which he received
irom the lender remained in his hands it is
also taxed. If the money has passed into
the possession of another tax-payer it is taxed
iu his hands, so that the property and the
money are each separately taxed; and if the
mere promise or obligation of the borrower to
repay the money is also taxed, and the tax is
paid by him, as it must be, it is clear that he
has been twice taxed on the same value or
subject-matter. This is a violation of that
clause of the Constitution which requires that
taxation shall be equal and uniform, and that
property shall be taxed in proportion to its
value. When the mortgaged property has
once paid its tax it has discharged its full ob¬
ligation to tlie State, and the owner of it can¬
not and injustice ought not to be subjected to
another tax merely because he has borrowed
a sum of money for which the property is
pledged as a security."





Abundant evidence ia now accumulating on
all sides that money heretofore invested in
speculative railway shares will be applied
toward the purchase of lands and homes. Not
Immediately, it is true, but as soon as confi-
de&oo has been sufficiently restored to-drag





it from the hiding-places where now it has
been kept for over a month or more. Then
will follow not an era of wild speculation in
real estate, but a period of caution and care,
when safe investments will be looked after
more than heavy dividends. The desire lo
grow suddenly rich has well-nigh exploded
now that the financial bubble has burst, and
speedy returns and heavy profits can no more
be looked after in the real estate market than
in the stock market. Those who, during the
past four years, have indulged in fancy prices
will find it difficult to realize; but all property
owners who have exercised good sound judg¬
ment in the past will readily ascertain that
there has been no shrinkage in the values of
their property, that it commands to-day as
good prices as it did before tlie panic, and
that even now a reasonable profit may be had
on what has judiciously been bought in the
past Wild recklessness or speculation has
received a blow during the past two months,
but not good city or suburban property. On
the contrary, the time is rapidly approaching
when this will be more sought after thau ever
—now that Wall Street and other speculative
channels will be to all intents and purposes
forbidden ground for those seeking safe in¬
vestments.





A CABB.





New York, Nov. 17,1873.
Editor Heal Estate Record :

You mf.y ns well publish every summons in
every civil Court as to publish foreclosure
proceedings betbre the expiration of twenty
days. You published last Saturday a proceed¬
ing against me whicli did me a great injury.
I could not get the party to take the money.
The lawyers, to. make extra costs, served me
with the papers, and the money was paid im¬
mediately.

The case had been settled wlien your paper
was published. The best of men have fore¬
closure proceedings commenced against them,
which go no further than a summons. It is
time enough to publish tliem as delinquents
when the^ really are such. You have done
me great injustice, and, perhaps, injury,

John McClave.





MECHANICS'LIENS.





NEW YORK.

Nov.

18 Broabway, s. w. coe. 14th st., J,

B, and J. M. Cornell agt. Domestic

Sewing Machine Co___.......... §1,260 00

15 Chatham ST. (Nos. 54, 56, and 58),

w. 8.   Frederick J. C. Swain agt.

------.............................       148 00

17 Cxxwv ST. (No. 35), w. s.    Adam

Noll agt. Mr. Smith..............        27 00

14  ElGHTT-SBCOND ST.,  S. S., 248 E. AV.

A.   Arnold & Co. agt. Mary Miller      439 14

15  EightY-THiBD st., n. s., com. 225 e.

9th av., 18 houses.   Same parties
agt.iame........................    2,000 09





ElGnTY-FIRST  ST., S. W.   COK. 4th1

av., 10 houses, extd'g west from j
15     comer.........................\

ElGHTY-FIBST   ST., S. S.,   1   HOUSE I

com. 101 e. Madison av.........J

Patrick Morris and Thomas Cahill

agt. John McCool................ 17,000 00

18  Elizabeth st. (No. 216), e. s.  John

McGuire and Thomas Maher agt.

Thomas Hanlon.................       125 00

19  Eighty-second st,, s. s,, 248 k, Av.

^ extd'g 25 feet.   August Bem-

sfiel agt. Marj- MUler............    1,193 70

13  Fifty-seventh St., n. s.,49 w, Mad-

ison av.   Richard Ammerman and

F. W. Ford agt. William C. Lester        20 00

15 Forty-fifth bt. (Nos. 203, 205, 207,
and 209), n. s., com. Ill w. 7th av.
John Reilly agt. James Blackhurst
and James Henderson............       815 00

17 Fifth av. (No. 628), w. s. WiL-
liam Davidson agt. A. H. Rath¬
bone ............................       105 00

17 Forty-fifth st. (Nos, 235 and 237),
n. s., bet. 2d and 3d avs. Boyce
& Mclntire agt. Dora Buddensiek.      614 00

17 Forty-seventh st., s. e. cor, Lex-
ington av., 12 houses on street and

5   houses on av.    John Sullivan

agt Edward S. Innis..............    6,000 00

17  Frankfort st., s. e. oor. Nassau

St. (Cont'n to Nov. 27, 1874.) S.
and F. E. Goodwin agt. Evening
Telegraph Assoc.................    3,300 00

18  FRANKFOliT   ST., N. W. COR. VaNDE-

wat«r St. (Cont'n to Nov. 19,
1874.) Thomas Prendeville agt.
John Towhall.....;..............       343 50

20  Forty-seventh st,, s. s., 80 e. Lex-

ington av., running 220,12 houses.
John H. Babeock agt. Anson B.

Birdsall..........................       533 CO

20 Fifty-eighth st., s, s., 120 w. Mad-
isou av,, 100x100.5. J. and R.
Darrow agt. Peter Donlon........    1,289 25

15 MOLBEKRY ST.  (NO. 200), E. 8., BET.

Broome st. and Spring st. Wilson
A. Newburg agt. Methodist Book
Concern.........................        87 50

15 Same property.    W, L. Tuthill

agt. same........................        40 50

Madison av., e. s,, 25 n. 61st st., "l

-,(-    1 house........................!

Madison av., e, s., 63 n. 61st st,, [

1 house........................J

Patrick Morris and Thomas Cahill

agt. John McCool................    6,000 00

17 Madison av., w. s., com. 80 s. 45th
St., 2 houses. John Sullivan agt.
Edward S. Innes and Catherine E.
Birdsall..........................    6,000 00

17  Ninth st. (No, 417 E,), n. s.   Haw-

kina & Hencken agt. Patrick J.
Hanbury.........................    2,188 53

14  One Hundred and Fourth st., n.

6., 240 e. 3d av., 12 houses. W. S.
Anner and S. W. Miller agt. Sig¬
mund T. Meyer..................    8,800 CO

14 One Hundred and Twenty-second
St., n. s., 139.11 e. 1st av. Richard
Hill agt. Thomas Mackellar......       630 00

14 One Hundred and Twenty-sixth
St., 6. 8,, com. 337.6 e. 7th av.,

6 houses.   John Q. A. Butler agt.

J. Healy, S. D. Mack et al........       145 00

14  One Hundred and Tenth st., n. a,,

218 e. 5th av., 8 houses,   Collins

& Dillon agt. Hugh Meehan......      650 00

18  One Hundred and Thirty-first

St., s. 6., 135 e. 6th av., 6 houses.
John Coombs agt. Heni-y P. Hunt 88 CO
20 One Hundred and Thirty-fi'ebt
St., s. s., 135 e. 6th av., 5 houses.
Nathaniel Wise agt David Todd
and H. B. Hunt..................      747 04

15  PiEE NO. 8, rooT Rector ST. White

& Co. agt. N. J. Southern R. R.

Co............................... 10,045 88