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Real estate record and builders' guide: v. 12, no. 297: November 22, 1873

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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