Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 61, no. 1580: June 25, 1898

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June 55, '189S. Record rnnd Gtade TT05 ESTABUSHO)^ (WPH ei^ 1868. De^tU) p RpjJ- EsTMi.BuiLDijJb A(qfnzcTURp*i{ousDfoiD DmtnuiH Btrsit^EssAitoTHEHEs OF GejIeii^I IjrtERf si^ PRICE PER TEAR IN ADVANCE SIX DOLLARS. Published every Saiurday Tblefhonk, Coetlandt 1370* Comrauulcatlons should be addressed to C. W. SWEET, 14-16 Vesey Street. J. 1. LINBSEY, Business Mmager. "Entered at the Post Office at New Tork, If. Y., as seeond-elass matter." Streets. Every evening, at certain hours, the hig chimney may be seen belching out dense clouds of black smoke to the great discomfort of people in the neighborhood. This, it -will be re¬ membered, is an old offence, A few years ago complaint was made regarding the soft coal burnt by this company in, this very plant of theirs, and owing to the action of the authoriticf! the nuisance was stopped. The force of that lesson has evidently been dissipated by time, and some parsimonious official or negli¬ gent employee of the corporation needs instruction as to the nature and extent of the public rights in the premises. It is the first step that counts m these matters. If our officials are slack or our people indifEerent, New York City will lose In a very short time its clear atmosphere, which is one of itS' greatest advantages. If one chimney may pollute the air there is no rea¬ son why ten thousand may not, and if New York should ever become, even in a measure, a soft coal-using city it will he as sooty and Cimmerian as London, or Chicago or Pittsburg. Vol. LXI. JUNE 25, 1898. L&80 THOSE who expected to see a big break in prices on the Stock Market as a result of the Leiter failure have been disappointed and a good deal of covering of short contracts has been done as a consequence this week. The readiness with which the people as a whole are preparing to meet the demands made upon them by the War Revenue Act, is of itself an indication of good times; as a rule they do not face increased burdens in bad times with such cheerf'ilness. The assured overwhelming suc¬ cess of the new government loan is a bull factor of much value, as is also the indication that the last of the big railroads to go into bankruptcy, the Baltimore & Ohio, is about to be set up again. 'Such operations as these are always accompanied by ac¬ tivity in the general market, and there is every indication that precedentwiil befollowedon lhis occasion. Even the war,that the Germans are contemptuously calling Ein Jungen Krieg, a boy's war, is progressing satisfactorily and promises to prove, all things considered, a highly scientiflc operation, so far as carried out by our forces. It is not their fault that the enemy proves to be such a friend and, although that fact makes the task easier, the country has the satisfaction of knowing tbat it is being ably served and is carrying on a cautious, humane war—humane to its own soldiers and sailors as well as to others. The great wonder of the day is why the Spanish government, threatened with revolt, does not ask for peace and call home for its own protection the forces that are being used so aimlessly and in- eHectually in its behalf abroad. Whatever the military and po¬ litical conditions may be. Wall Street takes a cheerful view of the situation, and the result is strength in quotations, with pros¬ pects for a new advance. THERE is little or no change in the condition of European business since last week and none whatever in the politi¬ cal situation, except the difficulty experienced in obtaining a working ministry in France. Discussion on the Indian currency question seems to have disclosed this: That a reform of the cur¬ rency is absolutely necessary and that, of the two metals on either of which the reform may be based, silver has the best of the argument, while gold has the sympathy of the court. Not¬ withstanding its currency disabilities India is in such credit that the government will redeem a £3,000,000 31/4% loan falling due next August and replace it with another bearing a lower rate of interest, British trade reports for May have the characteristics, peculiar also to those for other months this year, of increases In ' imports and declines in exports. The suspension of the duty on wheat entering France will terminate with the close of this month and no exception is to be made for cargoes then afloat. Bourse or stock exchange business is very dull everywhere. There are predictions of a squeeze in money In Berlin with the close of this month. Easy rates elsewhere have sent large amounts to that centre and it is unlikely that the squeeze can be very severe, unless the high prices that industrial securities have obtained create susp'. on. Among other reports of the ne¬ gotiations with Britain for a, new commercial treaty, it is stated that a proposal has been made that German goods should be subjected to a lower duty in British colonies if imported through British flrms. This proposal is energetically rejected by Gerraan manufacturers. The Vienna Bourse is indifferent to all events which might impress it favorably, being entirely preoccupied with the desperate state of Austria's home politics, which begin to fill even optimists with alarm. The news of the harvest in Hungary is excellent. THE Board of Health ought to give attention again to the nuisance committed daily by the New York Steam Com¬ pany at their station ou Washington, Dey and Greenwich THE WAR STAMPS. UNDER the War Revenue Law (Act of June 13, 1S98), after July 1, instruments relating to real estate must bear stamps at the following rates: Every deed, instrument or writ¬ ing whereby any lands, tenements or other realty sold shall be granted, assigned, transferred or otherwise conveyed to or vested in the purchaser or any other person by his instruction, when the consideration or value exceeds ?100 and does not ex¬ ceed ?500, fifty cents, and for each additional $500 or fractional part thereof, fifty cents. The language of the Aet refers to property "sold," but it would be unsafe to treat it as not cover¬ ing property given or exchanged. If neither consideration nor value exceeds ?100, no stamp is required. Where the considera¬ tion and value are not the same, the Act provides no rule as to which shall govern the amount of stamp. The only safe rule to follow will be to take the larger amount. The word "value" was no doubt inserted to prevent the evasion of the tax by the nam¬ ing of a mere nominal consideration, but the fact that the value was small would not be enough to reduce the amount of tax where the nominal consideration is large. On mortgages or conveyances by way of mortgage to secure any definite sum, stamps are to be affixed at the following rates: If the sum secured exceeds $1,000 and does not exceed $1,500, twenty-five cents, and on each $500 or fractional part thereof in addition twenty-five cents. It appears from this that upon mort¬ gages for less than $1,000, no stamp is required, nor upon mort¬ gages where the amount secured is indefinite. Powers of attorney to sell, convey, rent or lease real estate, or to receive or collect rent, require a twenty-five cent stamp. Every lease, agreement, memorandum or contract for the hire, use or rent of any real estate. If for more than one year, requires a twenty-five cent stamp. If for more than one year and not more than three years, st fifty-cent stamp, and if for more than three years, a dollar stamp. The Act provides that a person who uses a stamp shall write or stamp thereon the initials of his name and the date upon which the stamp is attached or used. It Is a misdemeanor, pun¬ ishable by a fine of not less than fifty nor more than five hun¬ dred dollars, or imprisonment for not more than six months, or both, to use a stamp without so cancelling it. The retjord or use as evidence of any paper not stamped or Insufficiently stamped, is forbidden, until proper stamps shall have been affixed, but the validity of the document is not affected by the fact that the particular variety of stamp provided for such instrument has not been affixed, if only stamps have been affixed to a sufficient amount. The making, signing or Issuing of any document re¬ quired to he stamped without the stamps being affixed, is a mis¬ demeanor punishable by a fine of not more than $100, under Section 7 of the Act. Under Section 13, a different penalty is pro¬ vided for the registering, issuing, selling or transferring of any document not properly stamped, but this section Is very con¬ fused, and while its language Is broad enough to cover instru¬ ments affecting real estate, the framer appears to have bad only corporate bonds, debentures or stock certificates in raind. The same section provides for affixing stamps to such papers where they have been omitted, apparently whether by inadvertence or through design, but provides for affixing stamps omitted to deeds and mortgages only in case of "accident, mistake, inadvertence or urgent necessity," and within twelve months from the making of the instrument upon proof to the satisfaction of tlie collector of the District that there was no fraudulent design. In that case, a stamp can be affixed and the fact noted on the margin of the Record of the Instrument that it has been properly stamped. -.....—>----------- -r AST summer the Record and Guide gave a detailed review L- of the condition of real estate on the Tipper West Side, Including the Boulevard and Kingsbridge road, from 155th