The San Francisco call., 1896-04-27


was transacted in any quarter. Business thus
far this spring has been fair but not as large
as many anticipated. 1t is doubtful if1there
VIII ever be another opportunity to buy San
FRANCISCO real estate at such low prices as it
can be had for to-day. Yet in spite of this fact
sales are slow, and until there is a general
activity felt in all lines of business it is not
likely that there will be any yery marked re-
vival in the real estate market.
REPAvING MARKET STREET
prominent real estate dealer in comment
Ing upon the efforts being made to repave
Market street said: This agitation to secure
a new and better pavement on Market street is
commendable, but it will not, 1 fear, be pro-
dnctlve of any good unless conducted upon
different lines than such movements have in
the past. The cost of laying bituminous
pavement from the ferry to Valencia street
would. am told by contractors, cost in the
neighborhood of 100000. 1t is generally
conceded that 1t would be foolish to Law q
pavement of that kind and at that expense
without first putting in a good sewer and con-
dult- Ihe latter would cost as much if not
more than the pavement. The question is
where is the money to come from to pay for ali
this?
1t will never do to think of making a tax
levy for this purpose in times like these and
there is but one other way in which such i'm
provements can be made and paid for, and
that is to bond the City. Let the Cycle Board
VI IfaUe ana the MerCnantS' ASSOCIATION
urge the passage of the new charter and the
bonding of the City. Let their slogan be, "Pass
| the charter and bond the City," instead of
"Repave Market street." When they can ac-
eomplish the former, the latter will be the re-
suit. Covering the City with placards reading
"Repave Market street," won't produce the
coin to foot the bill, and the sooner the agita-
tion is directed toward the passing of the char
ter and bonding the City, the sooner will
Market street be paved in the befitting manner
that the Clty's chief thoroughfare should be
paved.
TAXING MORTGAGES.
The question OF taxing mortgages is one tnat
Will be voted upon at the next State election
1t Is subject upon which there has been
much discussion pro and con, and 1t is matter
that Will no doubt receive considerable atten-
ton from the people at large before the time
70 vote arrives; The April number of the Santa
Clara county Real Estate Review, published
by Wooster & Whitten, contains the following
paragraph on the subject:
The people win soon be called on to vote on
constitutional amendment for or against the
mortgage tax. The constitution of 1879 did
much to lniure the prosperity of the State of
California. What at that time seemed in the
| eyes OF the short-sighted and incompetent con-
| sutulonal delegate to be a cinch on the eapi-
| tallst has proven boomerang. This is true
| generally when the poorer classes undertake
70 leglslate against capital. Capital must
| thrive in order to make any country prosper
Gus. Capital is the basis, the pivot around
which everything essential in State develop
ment must turn. Laws to encourage the in
coming OF capital promote thrift and happi-
ness.
Laws against capital have The contrary eff
feet, and money is unjustly and unwisely kept
out OF the State. Ii there were no tax on mort
cages the rate of interest would have uni
form basis W h1ch would be presumably fixed
at 513 to 3 per cent. This would have the ef-
feet OF promoting country loans. as the ardu-
Gus task of keeping account of all the taxes
| and special assessments in each county and
municipality would be removed. The money
lender would simply look to the collection of
his interest as it became due. While the bor-
rover, who is usually the resident and who is
therefore responsible in his measure
for the taxes of his district, who as
a legislative factor thereof helps to
regulate the amount of the tax, is the
most interested man and should pay it direct
ly. By so doing he would be more careful
citizen as regards public expenditures and be-
sides he would save at least per cent annu-
ally, which is now charged by the loaner "to
meet possible extra assessments and contin-
gencies."
REVIEW OF THE RECORDS.
There were seventy-seven mortgages re-
corded last week, aggregating 1851 ,554. The
principal ones were:
By the Hibernia Saving and Loan Society for one
year at 6112 per cent, $l0,500 on property on the
north line OF Broadway, 1877 :6 feet west of octavia
for one year al 6a per cent, S3l 600 on property
In San Francisco and Los Angeles County and in
Los Angeles City at 8 per cent, including in this
City the southeast corner of Powell and Ellis
streets. east 1875 to the northwest line of
s Mafket: narth southwest 91h to EDDY west to Pow
keL street 14l :1O1a northeast of Eddy northeast
1OS:lO1a. northwest 1878. north Al, west rs Il
Webster and Fei, 1OOx10O: on the south line of
Fell, $50 feet west of Webster, 3Oxl37 Is; ON the
S7:6; on the south line of California 1O3 "a feet
west of Jones, 103:112x137 s, and on the south
Sixth, 1877 7:6x70; by the Security Savings Bank
SoOOUO for three years at per cent property
in 60.vara block 81 on the southeast corner Of
Sansome and sacramento streets, 1S5x124, and
by the Mutual Savings Bank $4,000 for two years
at per cent on property at the northeast
Battery and Bush streets. 50 :6x80.
The releases granted last week numbered
thi1ty-six, aggregating S177,793. The larger
ones were:
By the Hibernia Savings and Loan Society," to W.
w and Mary L. d. Arcv $14,050, on properly on
the south line of California street. 81 3 feet east of
Webster, 75x137:6; by the same, to A. L. Ban
croft $4,000 on lot at the northwest corner of
Pine and Franklin Streets 6S 9xl37:6; by VIII
liam Knabe & Co., manufacturing company of
Baltimore, to the same $15,740, on the northwest
west Ito, north 6s;9, west 27:6, south 1916 east
1S1 (Same property subsequently transferred
from w4.nt A. foE Bancroft ths ndn and wife to John
of ply; by the Hibernia Savings and Loan Society
| to Charles E. and IL. P. Livermore, $15, 600 on
property in Mission blocks SO and SO, on the
southeast corner of Chattanooga and Twenty-fi
Streets l25xl82; on the west line of Dolores 234
feet south OF Twentyhrst, 26xl25 on the east fne
| of Chattanooga 1856 feet north of Twenty second
26xl25; on the west line of Chattanooga 1872 feet
| north Of Twenty-second 26xl25: on the east line
of Church, 7S feet south of wenty-fi 26x12s.
on the southeast corner OF Church and twentieth
south 22S east 2SO, north la, So, and on the
south line of Twentieth, 155 feet west OF Dolores
b0x114; by the German Savings and Loan 1. ociatv
to Jonn Fl. and Mary q. Lynch $2S 900 on property
the northwest line of M arket street; 1872 5 feet
northeast OF Golden Gate avenue, northeast 25
northwest 101 ia, north SO :03s, west 29:3,
south 1876, ca 27:11, southeast 59:9 and by
the Hibernia Savings and Loan Society to Benia-
min F. Norris $4,000 property on he north
west corner of Ellis and Octavia streets, 5Sxl2O
There were ninety-three transfers recorded
last week.
Thirty-three building contracts, the partlcu-
lars OF which were published each day in THE
CALL, were filed last week, the aggregate being
1914, ,094.
MISCELLANEOUS NOTES.
The Torrens system of land transfers is, &c.
cording to the newspapers OF that city, meet
ing with unbounded success in Chicago A
commission in Ohio that has been at work for
the past three years has recently reported to
the Governor of the State q bill ''to simplify
and facilitate the transfer of real estate and
he registration of titles. "
1t embodies all the principles of the Torrens
system and it is expected that the bill will be
passed by the next Legislature. Efforts are
being made to introduce the system in New
York State, with good prospects of success
The system wherever tried seems to give ex-
cellent satisfaction and it is not improbab
that it will, like that other reform imported
from Australia-the Australian ballot-in due
time become the law of every State in the