Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-08-03
REAL ESTATE AND BUILDING DULL.
The Blame Largely Due to Anti
quated Customs Ruling Here.

perfume moment to look over the field
and attempt TO ascertain the reasons
why, while there exist several millions
of savings in the banks and savings
institutions of the city, this money is
not placed in the direction it was obvi-
cusly saved up for by the mechanic,
namely, to buy himself home.
II is undeniable that there is large
sum of money, to be sure it may be in
individually small quantities, but still
large in aggregation lying idle. II is
also incontestably true that this large
sum belongs mostly to industrious and
frugal tradesmen and mechanics, who
have saved il with the end in view
and there is no more worthy intention
than it--of ultimately providing himself
with home Of his own.
The problem then may fairly be re-
duced to the terms that here IN this
quiet, orderly community, where regu-
lar business is the rule; where the
tradesman and mechanic goes to his
daily toll with his job sure to hand, and
the pay equally sure the regular pay
day, in city where for a general rule
strikes arc unheard of, where decade
after decade the father of the family,
and his sons after him, have been reap
ing and saving the results of honorable
toll, which in Wilmington averages as
well as in any city of the Union-with
these hundreds of thousands of dollars
saved, and hundreds of young men
anxious to place their money in an in.
vestment which in few years would
develop the worthy aspiration they
cherish, why is it they leave the money
in the savings funds and banks instead
of investing 1t in home?
There is a reason for it, of course.
Some important and very solid argu-
ment prevents a general movement in
the direction, which there is no question
so many desire.
One reason is probably found to a
large extent in the simple fact that the
actual current price of real estate in the
various parts Of the city is kept secret
from the everyday citizen. He has not
the way open to him, excep. through
interested parties, of knowing the value
even approximately of any given house
that has been or is TO be sold.
The antiquated custom in Whining.
ton, in contrast to other towns, is Ia
keep secret the price such and such
parties paid for the house they bought
Thousands of transfers of real estate are
made yearly in this city. The value
paid or the valuation of the property is
by an unwritten law existing here, kept
from the public. II is not so in other
cities. On the contrary the publication
OF the description of the property trans
| ferred, the names of the purchaser a:
| well as those Of the seller are published
by order Of the court and the price paid
must also be published.
In the communities where this is
done, every citizen has the opportunity
of learning for himself, free Of cost, thu
exact value of any given property. BY
this means the general public has the in
formation by which the citizen can i'm
mediately tell whether he can afford tc
invest in the property he desires. Their
is no doubt, also, when he has not thai
information at hand he is not equally
likely to trouble himself about an in
vestment. The man has the cash il
hand. If the price is known to hin
and he desires the property it follow
in the greater number OF cases tina
there will be an investment. Montl
after month in this city these opportu
mites fly by because the citizen who ha
the means ready is without the informa
ton. Many Of this claSs of citizens
who possess but a small saving, hay
an objection to the middlemen. The
would prefer to do the main part of tn
business themselves, if that were posi-
BILE.
The writer has before him lists take
from the Philadelphia Ledger, the Ne,
York Herald, the Baltimore Sun of yes
terday, and others selected at random
from number of newspapers, wher
the complete statement Of the previou
days property transfers is given in de
tail; the seller to the buyer, with name
given, the measurement and location q
the property, and lastly the price pait
This is public information, read by al
In scores Of other cities the same Gu:
tom exists. The masses, who really rer
resent the great bulk of the cash tha
passes hands, are thereby informed upo
values and are ready at the emporium
moment to invest. Here it is otherwis,
Nobody but two or three interested pal
ties know what the value of propert
is. There being no general informatio
there follows no general investment
real estate. When the amount paid fc
a certain property is known, il is yer
easy TO judge an approximate price fl
: neighboring properties.
The real estate man, usually /
partnership with the lawyer or col
veyancer, is responsible for this antiuui
ted way of carrying on business. Mo,
1 Ff lNar still frrn ~, al . a =.
1 hidden way OF carrying on busine
/ still exists. The rule is never to allo
/. the price of property to be publishe
f in Wilmington. There seems to be Q
t idea of close corporation orguild and tn
!. the members of the guild must for the
d life keep all OF this matter, the real co
Of real estate hidden from the publ
They think, like Demetrius of old, til
If it were known the hopes of their ga
u were gone. II is sacred matter, th,
y say, that the public has nothing wha
!. ever to do with. BY such conditio
n any true information in regard TO ii
( value of property in Wilmington is /
Ie stricted to certain few and held theI
O. But it is possible that while stoppil
IS or impeding the wheels OF inyestme
y the real estate agent may unconscious
4. be standing in his own way. 1t is pr
sumed that in his business as in othe
the large number of small transactio
pay better than the few large ones. D
at the masses know what they could pu
er chase certain lot for, or what it mig
re approximately cost, would il not
ar likely that many more investmer
rs would be nader The real estate age
to would manage the transaction uno
ar any circumstances. 1t must for certa
r. purposes come into his hands.
as Again, in the case of building |,
il along the new sections OF the ci
where it is probable that many n
chanics who have the neons ,,a,