The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-23
REAL ESTATE.
A Review Of the Market in Respect to Past;
Present and Prospective Values.
BRINGING HOME PRACTICAL TRUTHS.
The Monetary Situation and It's
Effect Upon Real Estate.

The week which closed on Saturday developed
nothing new in respect to real estate, except
confederation Of what has been here tofore said
In reference to the position II which real
prcerty finds itself. In common with all
other interests, 1t suffers from the confu-
sion introduced into trade by Mr.. Richardson in
varying the standard Of value. Thus transactions
are embarrassed by the loss Of fixed quantity
which would govern them. II is as ii, the foot
measure being made elastic at the pleasure OF one
man, the usual 25x1oO lot might assume dimen-
sfons, either greater or less, from day to day &C.
cordlpg to the within OF the man who mad the
power to change the number OF inches in the foot,
or change the length OF the inches, as he might see
fit to declare. OF course, under such circum-
stances no business could be transacted. The
present condition OF things Is not much better n
we have not lost
THE STANDARD MEASURE
othe foot or inch, have lost the standard meas
ure OF that into which the foot and inch must be
converted TO ascertain its value Real estate too,
is exceptionally subject to the demorahzing in
nuences OF an unstable token OF exchange, owing
to the delay necessary In its transfer, which leaves
time enough for very important change to occur
IN respect to value, If the standard be variable, be-
tween the original purchase and the final signature
Of the deed. in this connection 1t is worth while
10 take slight suggestion from Her Majesty of
Engand's speech at the recent opening of Pariia-
ment on this subject Her Majesty calls the atten-
ton Of the Lords and Commons Of England to the
dicultles that stand in the way of real
estate conveyance and asks that some re-
lief be extended in that direction or
course these difficulties are greater than any
We have any knowledge Of here, from the scarcity
Of the fee simple in England. Besides the law OF
primogeniture and entail there, which leaves only
lie interest in the pOssessor, there Is also the
fact that much OF the real property Of England Is
held under various forms OF lease, largely what is
known as copyhold. We have here no such
RESTRICTIVE CONDITIONS
Affecting our real estate titles, as our common
title here is what is known as the allodium being
the largest form OF fee simple. Yet we hamper real
estate conveyance, and limit dealings by imposing
upon dealers the same expensive forms in order
to effect transfer as prevail in England where,
as a rule, the ownership OF real estate Is only
partial ownership and full lee simple
In single individual Is rare. 1t takes thirty days
to convey piece of property or effect loan on it
the best kind Of security-not to speak OF the ex-
pense in the way OF searchers' surveyors and con-
veyancers fees, while a loan can be effected on
stocks. frequently OF doubtful security, In less than
thirty minutes. Now, 1t would not be unbecoming
in us to take lesson from Her Majesty Of England,
and while she wishes to bring real estate transfers
that we should go ahead even OF that and mobilize
| our real estate into active capital 10y making 1t
more rapidly eXchangeable.
| WE HAVE A HINT
how this could be accomplished in the system
which prevails in regard to registered bonds OF the
Ssd rs states ass When uSs man h Sys
gets certificate to the effect that he
owns so much United States stock pay
recorded on tine books OF the Treasury Depart
ment as such owner, and when he wants to sell he
ply n 81 h,o Nm
to takes out new certificate in his own name.
| Why could not some such system be applied to
denture, and the system OF extravaganza charges
which 1t represents? In the Swiss cantons, where
tunity the practice prevails OF vesting the tiie of
ali land IN the municipality, who as transfers are
made convey the right Of by very
municipalities are rare outside OF Switzerland,
and 1t would be hardly sale to try that experiment
here. An imitation OF it was sought more than
once in an effort to procure the incorporation
OF q Real Estate Trust Company, that promised
to simplify the conveyancing business, and guaran-
tee titles. 1t came, however, just ut the period
when the influence OF the Boss was decaylng, and
is wanted. 1t would be no rellef to save lawyers
fees IN order to benefit corporation. Bat some
thing might be done to
/ SIMPLIFY REAL ESTATE coNvEYANCING
through the present Registry or Record office, II,
the latest deed being recorded, simple certificate
perfect title. A man cannot give what he has not
got consequently such certificate properly anthem
/
vl0us deed, and no amount Of copying could do
any more. Besides, these certificates might be made
negotiable IN the way of etecting loans II simple
agreement, not necessarily more formal than q
promissOry note attached thereto, were consti-
tuted hen upon the property. The effect OF a re-
form Of this kind, In respect to which these are
only light touches, would be to stimulate real
estate dealing in view OF the relief from the heavy
burden In the way of legal expenses which now
| weighs upon transactions. 1t would also in max
ing loans more readily obtainaDle give real estate
! w IN
! would enable US to turn our whole capital to use
| in sustaining alike production and manufacture
and so give us fresh impetus towards commer-
| cal greatness. The refusal Of the Legislature,
however. to repeal the tax on mortgages, leaves
calculated to relieve the present disQuletude.
| Even rapid transit,
THAT ACHING VOID
IN the sphere OF our metropolitan labor. seems
to be a plaything to them; and there Is not Dig
nifty enough in the New York delegation to com
mand respectful consideration OF the wishes OF this
community. From an outsider-Mr. Eastman, OF
Poughkeepsie-came the best proposition that has
| been made on the subject IN his suggestion of
| local commission; but since then botn Wander
bit, OF the Fourth avenue, and Squires, OF the
Third avenue, have been heard, and succeeded in
choking Mr.. Eastman on. In respect to values It
must be recognized as a TACT that there Is not
ke TO pc made mad In the
real estate, Influenced by the same causes which
operate to produce stagnation in other business
departments, Is entirety without vitality
THERE Is NO MARKET.
Since the lst OF January last eighty per cent OF
Iue SdleS Ill Tie puDHc market nave Oee0 lore
closures ana in these the property in has
been bought in by the mortgagee. Of the remain
sales, either in partition by order OF executor
administrator or some other character OF enforced
sale The market has furnished really nothing
Outside OF sales OF this character upon which to
form judgment. Such condition OF things can
not last, and as there Is no prospect OF an active
market based upon large profits in other trade
departments stimulating inquiry for investment
sne CONCLUSION Is forced mat as real estate
ciates or not, SO must there be
determination Of value when it comes into market
TO relieve itself of those burdens. AS was said
before there is no market The only way In which
one can be created Is TO bring down values so as
TO provoke investment. IL cannot be done by
maintaining the present firm 'front.'; that has been
already clearly demonstrated. Prices cannot De
put up because there bidders, consequently
the only alternative left is to
BRING PRICES DOWN,
and seek to create q market THIS, OF course, Is q
matter OF indifference to those VINO do not care TO