, 1875-03-07
essarv books for an abstract Office posted up to

date?
Mr, LIE Brun-That is matter which has been
duly considered, and the question arises whether
it would be e1pedient for the county to Under
take the posting OF tho books from the deeds,
abstract firm copy Of their books since the fire.
It certainly would be more expeditions for the
county to do the latter, aud would, in the long
run probably come cheaper.
Reporter-How long do you think It would
take the county to get up the necessary books
from the records?
Mr. LIE Brun-I would take about nine months
longer to do this than to get the copies from an
abstract firm, and all this time they would be
getting no return for their labor and expense.
Repor:er-Of course the county could not
pretend to give abstracts running back Of the
fref
Mr.. Heaiy-With very few exceptions it could.
Since the fire we have had over 600 original ab-
stracts recorded.
Reporter-An attempt WAS made by the county
after the fire to secure the abstract booss o.
Handy, Simmons l. Co. Do you think thero ID
etil necessity OF securing their books
Mr. Le Brun-Ilthink not. In almost al Cases
the county abstract Office, when Appealed 20;
would be able to provide the abstract songn: ~ ~
I am sure that il it became known thae ,'s .no
county intended to 20 into the business, nuinnets
OF people holding original abstracts "oalo ee1'e
them in TO be recorded
The next person called upon was
LIB. lees.
senior partner OF the real estate ni ~ :, Ia
on,nion II yould be an excellent thing 1of tne
public il tho county we're to undertake INC pro-
v1dine OF abstracts. It was already las9 ooHn ~
the statutes that 1t was matter Of aiscletaou
with the different counties "ne1nea tne5 th hnos
ha ra' kent by the Recorder were tract-indices.
In lis opinion it would be essential Tor the
county to secure the books. which we're leased
Go. lie considered that they were worth the
sun Of $780, 900 to the public, and that II that
suua we're expended in their purchase tie money
would be much better laid out than IN bull9!ne
new Coutt-House. He considered that the Board
ought to be urged to purchase these BOOKS oi
Messrs. Chase Brothers, Shortall g. Hoard. and
Jones j. Sellers and start IN the aostract ous1-
ness as soon as possible.
THE LAWYERS
The reporter next called upon number OF
promiueut real-e8tate lawyers. aud their views,
which are substantially identical, are about is
follows:
Since the fire, Cooi1 County, 80 far as its rec
ords OF title are concerned, occupies worse
position than that OF any municipality in thus
country. Although it's titles run back but q
little over forty years, yet it is more ollhcGls
New York, where they run back 2oo:
Ihe simple aud convenient system of
recording transfers, which gave property
holders few years ago such an advantage over
Eastern Statee, where more cumbEous plan oo-
taips, has practically been utterly abandoned. 1t
costs now in about seventy caaes out OF q hun
dred as much to secure an abstract OF title ana
have it examined by competent lawyer as the
land would sell for. In other words, the owner
OF q small lot has frequently to spend all he can
get for his property before he can sell it. This
Oppressive taxation, of COURSE adds nothing to
the yalue Of the real estate of Cook County.
This deplorable state OF atfaira, which exercises
euch 4 depressing influence upon real-estate
transactions 10 Chicago is due to the fact that
ali the proofs Of title are in the hands OF gl-
captic monopoly. This is condition Of things
Which obtains nowhere else in the world. There
is no plnce outside OF Chicago where claim of
title to property cannot be obtained without pay
inr a NECESSARY tribute to private Individuals.
Tie real estate of Cook County pays to the prin-
cinal abstract firm fully 500 900 year in the
forn, of what NAV DO called reasonable charges
for abstracts, and in addition to that it pays
$40. 600 more, which goes as royalty to tho
iessors Of the abstract books,-Messrs. Jones,
ShortalI etc,--that is to say, real estate pays
an annual tai of sl8O. 900 to private Individuals
| for furnishipg abstracts which, in tho case of
heavv iransfers have to be examined By compe-
+on+ ord t,;ch.nr;ced lawvers
T,hera are in Cook Comfy about 600 600 lots
| end narce}s of laud. The enormous develop
1nant nf onr suburbs has OF late wears added i'm
mense1v tn The arererate specially increasing
| tho nn,nber of tow.nr;ced lots. The proportion
of chean jotr to extensive ones is fully FORTY to
| one. A a5o0)O transfer ia a matter of unusual
| occurrepce. 1t is the opinion Of the lawyers
tint if the Hecorter we're to keep tract t-intiicea
| oova+oo
| eo''tn5 .-,r ,,au..r u,.~svra
rnE hran -, ,an~+
and leaving out Juuetnensa Anu eou1t Procecun5a
Of all kinds the want OF the great majority
| of property-holders would bo fully met. With
| few insignificant exceptions, the smaller and
cheaper lots have not been entansled in litlga-
ton, except i'll cases where dover suits have coy
cred whole subdivisions. Therefore, Il the Re
corder kept tract-indices covering deeds, mort
CAGES trust-deeds, etc.. he would be able to fur
nish for $5 or $40 an abstract which now costs,
| when obtained from Handy, Simmons Co.,
800 or more, and such abstracts would answer
all purposes in nioe-tenths OF the cases. 1t il
! absurd that an abstract should At any
time cost even q tenth OF property; now it often
| costs much more than that It ls OF course I'M
| de1stood that these abstracts which tile Re
cosder would thus furnish would not answer in