The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-06-01
MAGEE'S IDEAS.
His Views Upon the Real
Estate Market.
The Rate of Interest Charged by the
BankS-DupOnt-S Street Taxes.
Duplicating Designs.

The following is from advance proofs of
Thomas Magee's Real Estate Circular for the
past month:
retail business property north of Market
street rules The real estate market, in the sense
mat II Is most in demand. To make sales. past
value OF lots and cost OF buildings are not taken
into account nea fly so much as the net rents.
In periods OF 81 eat depression like the present.
the future Is nearly utterly lost sight OF, in the
sense OF reckoning upon an increase of values;
the present and present rentS-what can be
elutched IN the hand, as it weTe-Only are
counted upon, speculation at such times
being dead EXtravagant discontinue OF
Inc Iuiure rules In times OF initiation,
and apparently utter disbelief in il in
seasons OF depression. Both are wrong but
Doth Will continue. here as elsewhere Next 10
retail property, cheap lots worth $1,000 TO
$500 are most in demand. Such lots three TO
Tour years ago sold for 20 to So per cent more
than they are bringing to-day. But indeed that
Is now true of real estate generally, both OF
business and residence property. There is one
and only one eXceptlon-land on the north side
of the streets on Pacific Heights. That prop
eIty has not only held its own, but has actually
advanced IN price, IN spite of the long prevail-
ing depression. few months ago all largo
money-Owners wanted mortgages and not real
estate purchases, but they are now working
back to good business real estate. All prices,
however, still favor the buyer except In the fine
residence sIe above described.
The rates OF interest at our savings banks are
Just what they were four years ago. when times
were vastly more prosperous and the prices OF
all commodities much higher than they now
are. This is not uniform nor fair, we think, and
IS only luStifdbe upon the argument that
money neatly always makes more money than
anything else. aud IL constantly calculating on
taking less risks. Seven per cent gross on city
loans-say 512 per cent net-IS the ruling, in
deed we may say the only rate at present.
During the month of May 3SI city real estate
mortgages were filed, OF the Total value OF
SO, 405,662 while 215 releases were recorded,
OF the value OF 81 OPP ,34S.
In connection with The bankruptcy OF the
Peoples Home sO-called savings bank one of
the attorneys lately said that an amendment
was needed 10 prevent commercial banks using
savings banks as adjuncts or feeders. There
should be complete separation of the different
kinds OF banking, he said. Every savings bank
should be conducted In such way as TO be in
no wise injured by the failure or embarrasS-
ment of any commercial bank. The plight OF
the PEOPLES Home, he said, Is a striking ex-
ample of The need of such change.
When Dupont street was Widened in 1875
the property owners there refused TO pay for
the worN, and an Injunction was served on the
lax Collector preventing him from collecting
tue tax. TINS Injunction was recently re-
vOked by Judge Levy, and The Tax Collector
Will now proceed to collect what is due or sell
the property. All delinquentS will be sold out
II hey do not pay before June %. The prop
erty-oWners are divided in their opinion as TO
what course TO pursue. About one.half of
them will prepare 10 meet the demand if it
must be paid, and the other half will allow
their property 10 be sold. Such SALE under
such conditions, they claim, Will be of no force
Their legal advisors pretend TO hold that the
Tax Collector cannot give valid and market
able deed 10 the property thus sold. They
claim that no legal levy has been made. and
what they call pretended levies have not been
III keeping with the legislative act itself or
with the statute.
A point which now and then comes up for
settlement between architects and their clients
is he question, Has an owner Il right in view
Ut his payment of the customary charges to an
architect, ID erect other buildings on the origi-
nal design, without being liable for a commits
sion each time he uses it? The general Opin-
Ion among architects was that client who
paid the architects fee could claim the design
as his own and that he had a right TO duplicate
ii. The courts have decided that the owner
ship of such design rests in the party who has
the building erected, provided he has paid the
customary fee TO the architect. Unless, there
fore, a special agreement is made between
architect and builder. the latter is at liberty to
use the designs continuously.