The morning call., 1891-09-02
REAL ESTATE.
Extracts from Magee's Real Es'
tate Circular
Total Sales for Augustine Money Market.
Real Estate in New York-Repre-
sentative Sales.

Inere was Dettor 1eeunS III real estate
in August, but less sales were actually con-
summated than in July. The general mar
ketis still dull, however, and this dizziness
covers nearly all descriptions of property.
There has been better demand for fine
residence property and for residences worth
$4,000 to $50, 900. than for some time past.
This demand exists most strongly for prop
erty between California, Pacific, Van Ness
and Devisadero. There are plenty of buy
ers, too, for business properties worth S20,.
600 to 100000, paying a reasonable income
and with fair future, but there is next to
none of such property for sale, although,
despite the general dizziness, there are dozens
of buyers for such property. Mission prop
erty is dull OF sale, as is also land between
Fulton and Haight, Scott and Stanyan
streets, in which district in 1889 and 1890
there was such a strong demand. Prices in
this latter region have weakened somewhat
All owners and dealers are looking forward
to next month for an Improvement The
time for real estate activity IN San Fran
cisco is always from the middle OF Septem-
Der until about the close OF Aprll. Inc
total number of sales recorded in August
was AT, Of the value of 81, 570,92S ~.
THE MONEY MARKET.
Reversing the rate of July the city real
estate mortgages of August were smaller in
number and larger in value, and the releases
in value especially much larger. The total
number of mortgages recorded last month
was 32l, amounting to SLAP. $50, while
there were ODD releases, amounting to $685.
$50. There is abundant money for all city
and country needs at our city savings banks
ut the old rates of in the city and per
cent in the country. the banks paying the
mortgage tax. The demand from the coun-
try is light and has been SO for three months
In the late summer and early fall the de-
mand from the country is always light. The
gran-growing farmers OF the State VIII not
be likely to need so much money, wheat is
bringing such good price. Country land:
/ owners are paying I'D their interest with re-
markable promptness. The savings banks
are exercising great care on all loans, SO
that whether dull or an active season is
ahead they are in either case safe. ...s
FACTS ABOUT OLD sTREET-woRK CLAIMS.
We learn from the daily papers that some
new proceedings are about to be lnaugu-
rated to collect some old street claims, but
such proceedings seem TO be as devoid OF
merit as the claims themselves. 1t is
claimed that under former street law. but
now repealed, a new assessment can be
made by which the owners OF the property
can be made to pay. How such a scheme
can accomplish the end desired is difficult
to comprehend. Should a reaSsesSment be
| made and a warrant issued, properly signed,
it would not effect the purpose, simply be-
cause such proceedings would not conStl-
tute a lien on the property, and therefore
there would exist no lien to be foreclosed.
II is an elementary principle oil law, that
when an act of the Legislature is repealed,
it must be considered Except as to transact
tions passed and closed as If it had never
existed; and no proceedings can be pur-
sued under a repealed statute, though COM
! menced before the repeal, unless by.
| special exception. Therefore any assess
ment and warrant that may now be-
| issued would be but waste paper. The
only provision in relation to the issues of n
new assessment, diagram and warrant, is
contained in an amendment OF the street
law of 1885, approved March IA, 1883 1t was
therein provided that, wherever it appeared
by any final judgment of any court Of this
State that the foreclosure of lien for street
work has been defeated by reason of any
defect, error, inf0rmality, omission, .irregu-
larity or illegality in any assessment here
after to be made and issued, or in the re-
cordlng thereof, or of the return thereto,
made or suffered by the Superintendent of
Streets, any person interested may, at any
time within three months after the entry OF
such final Judgment, make~aDplica to
the Superintendent OF Streets for new
assessment, diagram and warrant which
shall be signed by the Mayor, which assess
ment shall be a hen for two years from the
date of said assessment, and may be fore
closed. The present proceedings are not
brought under this provision of the law,
zbecauseit is not re roactlye, and therefore
the scheme proposed need not cause any
anxietyto those owning the property against
which the present attack is made.
NEW YORK SALES FOR SIX MONTHS. ?
During the first half OF 1891 SIG real estate
sales were made in New York of the total
value of So, COZ, 1870 against 500 sales of the
total value OF: 5 So 740 6S5 in the last half of
1890. During the first half of 1891 1882 mort
cages of the value OF 500, 1SS, 254 were re-
corded The number of mortgages recorded
al, 70. fbaY mum ar
Of sales made, and the value of the mort
cages was 20 per cent that of the sales. OF
the condition of the sales the New York
Record says:
Al the beginning of the year few ellnformed
persons expected that The spring real estate
market would be as active as II was In 1890.
To dampen the speculative ardoT there was the
financial stringency begotien OF the serious
monetary difficulties OF the fall. The
figures which We publish to-day for the past six
mouths consequently Will not be. dsalpont-
ing. They are not as large rs those for the same
period Of 1889 and still smaller are they than
those OF 1890. But the first part OF 1890 was
exceptionally active IN the New YORK real estate
market, and the result: OF a six months trading
could fall con ideraby below those OF the sarlier
half OF that year without betoKening dizziness. i
But these sales do not reveal the tone OF
the mark ct ana II was the tone as much as any
other thing-tlie halting, doubtful TRAD OF trans
actions-which created the feeling which I'M
doubleday exists, that business has been dun and
results unsatisfactory. Inc mortgage
tables reveal some financial weakness on the
part of purchasers and holders of real estate.
1.-THE newspapers" said William H.
HOLSTER, give as the reason. for the present
summer dullness the fact that so many people
are out OF town. Now, of course, while this las
something TO do with IT., II is not, think, the
main cause. The real reason Is that prices are
high that no one can buy, and as soon as they
come down to a reasonable basis there Will be
activity and not before"
LIFE IN NEW YORK.
One Of our oldest and.most intelligent cit
liens returned from q trip East last month.
While there he visited many of the large
cities. The impression created by such visit,
he said, is that there are now only two
classes of people tnere-the very rich and
the very Door. The well-to-do middle class
is so small he said, that 1t practically dues
not exist. In cities like New York, Chi
cago and Boston even man of medium
means has no show to own his own house
and lot. The only very large city of which
this 3 not true is Philadelphia. The best,
indeed the only, on tlet there for the savings
of men of small and medium means is to
deposit them in the savings banks; and
their money thus deposited largely falls into
millionaires' hands for the construction of
railroads, the erection of business blocks Of
buildings, etc. The aggregate savings Of
the poor thus help to make the Rich Ilcher.
Detroit, Mich, is not large city, and yet
lady who lately visited there said that San
Francisco residences were poor as TO
cost Of construction and architectural style
as compared to those of that city. In New
York book-keeper whose salary is Sl25
month-which is a good salary there
boosted to a California friend that he had
secured a very fine fiat on West Forty-third
street. The friend found on visiting the
fiat that there was light and sun N the
front and rear rooms, but that tho three
bedrooms in the center were in total dark
ness, and that there even the air in them
was received at secondhand. Think of a
refined and not over-strong family espe-
cally in rooms in which light. sun or fresh
air directly never enter; and yet the gentle
man thought he was well fixed, as, indeed,
he was in New York. Poor people in the
red-hot days and nights of summer suffer
untold misery in New York City.
WORSE THAN STEALING A HOT STOVE.
The dishonest laurels of the man who ac-
complished the ne plus ultra feat OF carry
ing off a red-hot stove must now pass into
other hands. Granite curbs weighing many
tons in the aggregate were last month
stolen frsm the north side of Market street,
between Franklin and Cough. No one
knows at what hour this solid theft was
l. 80