crown CU Home > Libraries Home
[x] Close window

Columbia University Libraries Digital Collections: The Real Estate Record

Use your browser's Print function to print these pages.

Real estate record and builders' guide: v. 62, no. 1590: September 3, 1898

Real Estate Record page image for page ldpd_7031148_022_00000377

Text version:

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.
^^Sepcembi er 3, 1898. Record and Guide 311 PRICE PER YEAR IN ADVANCE SIX DOLLARS. Piit-lished ei'ei-y Saturday. Telephone, Cortlandt 1370, CommunlcaMons should be addressed to C. W. SWEET, 14-16 Vesey Street. J. l.LrNDSEY, Business Manager, •' Entered at the Post-Off tee at Xem York, X. Y., as second-i'lass matter." Vol. LXII. SEPTEMBER, 3, 1898. 1,590 THERE has been a considerable contraction of Stock Es¬ cliange business in the past few weeks, in both stock and bond divisions of the market. In the former the reported trans¬ actions have dropped from the record maximum of 890,000 shares in one day to betv.'een 300,000 and 400,000 in one day, with the latter reports much nearer the actual total than the former. In bonds there has been a drop from $7,500,000 to less than $2,000,- 000 for a day's total. These changes have been made in spite of activity in a good many specialties. Considering the proportions of the shrinkage in the volume of business, the relatively small decline iu prices is really remarkable, and suggests that the in¬ vestment buying on the recent advance must have been very large. It is highly probable that the conservative and slow-going of the people wlio had money to invest, and who, it may be said, are in the majority, waited until peace bad actually been ar¬ ranged before making their purchases. They paid rather a heavy premium for the assurance that tliey might buy in safety, but if they are satisfied no one else has a reason to be otherwise. These purchases do not influence the market now, and further reaction, with advances in spots on new developments, can be more reasonably expected than anything else. As to the general situation, that is another thing. Every day makes the outlook for business better. The talk of enlargements of plants, or the consolidation of others for more comprehensive operations, that comes from so many directions, is direct evidence of the hopeful¬ ness and reviving industry and enterprise of the business com¬ munity. Back of this are the good agricultural results of the yeai-, and a universal feeling that the country is preparing for an industrial effort that will outdo anything that it has ever done before. BUSINESS is encouraged by the Czar's invitation to the Powers to convoke a Peace Congress, without any regard to the likelihood of its acceptance, or the probabilities for fail¬ ure or success of the Congress when convened. The reason why the invitation is looked upon as a favorable factor is that, as business requires peace for successful operation, and as Rus¬ sia has lately been the power whose policy most threatened its infraction, a proposal lor disarming coming from that quarter is naturally taken as an indication of a change of attitude which precludes danger of war for some years to come, at least. So business accepts such relief as the proposal gives with thankful¬ ness, and renews its ■efforts, without troubling itself whether Count Muravieff has by this surprise outdone himself in cyni¬ cism; whether it is offered in full sincerity or not, or whether the opportuneness of disarmament to the proposer does not taint the proposition with individual interestedness. As foretold in this column two weeks ago, the preparations made there for sending gold to the United States, create no anxiety in London. Rates for money have stiffened somewhat, a movement that is not re¬ garded with dissatisfaction in financial circles, but otherwise there is no other effect. The Bank of England makes a strong showing and the outside demands upon it are not great. Stock exchange business has everywhere been benefited by the Czar's message, for the reasons just given. The settlement of the Welsh coal miners' strike, by the acceptance of a compromise, arranged between representatives of both sides, removes a protracted ob¬ struction to business. The Italian budget statement, recently made is an argument of the necessity of disarmament, for Italy at least. The estimates made at the opening of the financial year were for a surplus of $1,500,000; the final report shows a de¬ ficiency of $2,500,000, with expenditures of $1,800,000 for public works included in the estimates not made. Nearly $3,000,000, not provided for, had to be expended for military movements to quell the recent popular rising, and the suspension of duties on wheat, made necessary by the discontent and destitution, are es¬ timated to have cost $2,500,000. While Argentine securities are strong in the European markets, correspondents on the ground take a very gloomy view of the financial position of the coun¬ try, based.on the sluggish Irade and the boundary difficulties with Chili. M. Leroy Beaulieu is urging a partial adoption of the Cuban debt—that incurred prior to the last rebellion—by the United States, a suggestion not likely to be adopted, particularly in view of the unfriendliness of France, which such an arrange¬ ment would most directly benefit, during the war just closed, and ia view of the fact that this country has demanded no pecuniary indemnity from Spain. The Vienna bourse has been scared by tbe collapse of the securities of the Austrian Arms Manufactory, which appear to have been boomed on fraudulent balance sheets and the payment of unearned dividends. WAR TAX RULINGS, THB following Is a resume of the rulings up to date of In¬ ternal Revenue Commissioner N. B. Scott as to the stamp tax so far as concerns dealings and dealers in real e&tate: The exemption granted in the last proviso of Section 17 of the Act of June 13, 189S, to co-operative building aud loan associa¬ tions, etc., is confined to the stock and bonds issued by the as¬ sociations therein mentioned,and, therefore,does not relieve them from stamp tax on checks, mortgages, and other instruments issued by them.—July 8, 1898. There is no difference in the rate of taxation bel ween that on a chattel mortgage and on a mortgage of realty. Upon a mortgage or pledge of real or personal property for a sum exceeding $1,000 and not exceeding $1,500, a stamp of 25 cents is required, and on each $500 or fracti mal part thereof in excess of $1,500, 25 cents. Bach and every assignment of transfer of the mortgage, or the renewal or continuance of any agreement, or contract, by letter or otherwise, requires a stamp duty at the same rate as that im¬ posed on the original instrument.—.luly 12, 1898. Upon each and every assignment of a trust-deed or mortgage a stamp duty is required at the same rate as that imposed on the original instrument.—July 12, 1S9S. The certificates of acknowledgment to deeds, mortgages, or other legal instrument, require to be stamped with a 10-cent stamp, as a certificate in addition to the stamp provided by law for the instrument itself. They are no part of the execution of the deed or mortgage, and are not covered by the stamp required upon such deed or mortgage. (This ruling was reversed July 2IS.) The jurat to an afiidavit does not require to be stamped. The memorandum on the back of a deed or mortgage made by a register or recorder that the instrument has been placed on record is not a subject of taxation,—July 12. 1898. Any receipt or instrument setting forth any terms of a lease, must be required to be stamped as a lease, unless there has been a separate lease made, in the case which has been duly stamped, in which event the receipt, though containing the terms in ques¬ tion, does not require a stamp. A mere receipt, given under the terms of a lease duly stamped, does not require a stamp. A receipt given on or after July 1, 1898, though it contains ref¬ erence to the terms of a lease fully executed before July 1, 1898, does not require a stamp; but it is advisable in each of these cases that reference should be made in the receipt to the lease and to the date of its execution. There will be no liberal ruling in favor of persons IntereS'ted in these and other cases under the stamp tax. The construc¬ tion must be broadly in favor of the revenue to prevent evasion. —July 12, 1898. No stamp is required on ordinary receipts. Real estate mortgage notes require to be stamped, in addition to the stamp placed upon the mortgage. In cases of loans on real estate, where promissory notes are given, which are not paid at maturity, but on which an exten¬ sion of time or payment is granted, without the taking of a new note, every such extension is a renewal of the note within the meaning of the statute, and the requisite stamp must be affixed for every such renewal or extension. Where a bond is given with a guaranty company as surety, the bond should have, in addition to a 50-cent stamp, as required under the head of "Bond" in Schedule A., a stamp denoting one- half of 1 cent on each dollar or fractional part thereof paid to the principal obligor on the bond as a premium, undar that para¬ graph of Schedule A relating to guaranty companies. Bonds "required in legal proceedings" are exempt from stamp tax. They are such as are required in litigation either civil or criminal cases, such as prosecution bonds, injunction bonds, bonds to stay proceedings, bonds upon appeal, writs of error, bonds for costs, and the like; and in criminal cases, recogni¬ zances bonds for appearance, bail bonds, and also bonds in crim¬ inal cases upon appeal, and writs of eiTor, supersedeas bonds, etc. Bonds given by persons appointed by the court, conditioned for the faithful performance of the duties of their office or position, such as receivers, assignees, executors, administrators and guar¬ dians are not exempt, and the stamp tax must be paid thereon.