, 1876-12-31
REAL ESTATE.
The Loan Business Of 1875 Ettle More
Than Half That Of 1874.
But Maturing Iacumbrances Paid on
with Unusual Promptness.
Real Estate Dull, with no Sales Of In
: port&nce Last Week.
Rev subdiYisisHs-impartant Sale in San Fran.
cisco.~BuiIting in Etw Iork.

The year which is now virtually closed has
ben far from profitable to loan agents. There
has been steady demand throughout the year,
with very little variation In the amount chang
ing hands each month. The figures for October
arc the highest, but when the re-recorded mort
gage Of the Joliet Iron and Steel Company,
which Is included in the months statement, is
deducted, the figures VIII tall to about the level
of the other months. The same remarks about
re-reeorded mortgages apply to both feornary
and March, February including S6W,ooo
4nd March $1,s1o,oo. Hence the average
OF each months business II about ~
U1,000. There we're no railroad mo1tr
cages recorded during 1876, whereas IN
1875 there were nearly $50 600 900 of these mort
cages, and in 1874 there we're $70,020,0o0. De
ducting these figures from the total amounts Of
their respective years, It will be found that the
business OF 1876 WAS ST ,00o, 600 month below
that Of 1875, and s., ,0o0, 900 month below that
Of 1874. Hence 1915 has not done but little
over one-ha1f the business that passed through
our loan-agents' hands in 1874. The deprecia-
tton in 1eal-estate values has had tendency to
restrict business Better aud larger security Is
required, and less money is nsked on the same
property, compared with the operations Of two
years ago. It is true that money has been
cheap for the greater part Of the year, but, like
all other commodities when cheap, but few peo-
ple have been able to give the necessary qmd
pro quo
At the opening Of the year the rate Of interest
was 8 to 10 per cent In March the rate weak
ened, and q loan Of $12o, 600 was negotiated at
Z per cent, the forerunber Of many others OF
similar nature, becoming SO numerous In Sep
temher and October rs to entitle Z per cent to
ar established quotation. As the year closes
there are fewer loans at this Low figure, not 50
nue., on account Of stiffening In interest as
on account Of dearth OF the necessary securi-
IT,. Good improved residence and business
property is entitled to these favorable terms rs
lie is done In this way below Z, while per cent
has been the general figure. The heavy loan
for the improvement OF the Wright Block on
Madison street was let at Q per cent In June
last
The re-recording Of documents sometimes be-
comes necessity either for the purpose Of sim
plifying matters, such as consolidating several
mortgages, or taking up the loose ends Of those
which have been partially paid OIL But there
are re-rtcords which are nothing hut an lmposi-
ton On property y-holders. Dates are omitted
acknowledgements and signatures are wanting,
incorrect descriptions Of property mar the fair
face Of the original document. When these
flaws are discovered, a re-record becomes neces-
EaTT, ADu AuG p00E "44IlAl4kuAALG UAGAleA AaAA-
holder is made to pay q few more dollars make
Ep for the want Of brains and common sense in
tie conycyancer or legal luminaty who drew the
original papers. The trouble :, docs not
end with the mere re-recording- Every
abstract OF the property Is burdened with
the incorrect document, and adds to the cost Of
showing clear title. The real estate interests
of Chicago ought to be supplied with q class OF
conveyancers who can draw up papers without
errors or omissions. and also with notasies
rhrro nf t,attiaG NraTEnna11Y known
to them :" will last them longer than twenty
four hours
Notwithstanding the falling off in business, as
regards actual loans, the payments, when COM
crease The proportion OF releases to incun-
brances was II per cent in 1874, 50 per cent In
1ei5, and VIZ per cent tn 1876 The tncum-
hrances have decreased in far greater proper
tiun. "
The weeks business has been only fair, prob
ably owing to its being a holiday week, but few
loans having been negotiated. Payments have
been very good, and rs the year closes there is
less complaint on this head than has been known
for some weeks.
The following are among the more important
transactions Of the past week:
north Of Jackson Street, sisoo1, I've years at
per cent
feet east OF River Street, $1,000, Eve years at
per cent
Oakwood avenue, 140 feet, south front, by 200
feet on Lake avenue, $1o,cN, five years at 3 per
cent
Nos. 1893 and 200 sangamon street, and 1874
and 1856 Ohio street, known as the Schlesinger
Block, $12a 900, FIVE years at per cent.
No. 6S8 Wabash avenue, 900, five years at
per cent
No. 1s9 Milwaukee avenue, SO, ,000, five years
at per cent. .z.
Nos. 162 and 164 Milwaukee avenue, $4,000,
Ave years at per cent.
Sub-lot 6, Of Lots I and 8, Block Is, Fort Dear
born Addition, fronting south on Washington
street, 24x96]S feet, together with building,
$4,000, dye years, ~ per cent
CoGfe4ArIyE STATEMENT FOR THE WEE EEDIsG
DEC. 80.
Instrument. :- ;s::3--z-|I 9s:s; - 3s3s: