The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-22
.fytr ToKEESS TITLE SYSTEM.

one Of the bases of credit which has
intrinscally the best claims TO confidence
Is good. improved. rent-payins real
estate. Yet. under our system Of laws and
OF business methods ana precedents. there
Is no property SO unavailable. This. of
course tends to depreciate the value OF
real estate-as a great element Of value
in any property is its convertibiity-and,
therefore It's utility as resource for the
loan Of money. The facility with which
stocks and bonds listed on an exchange
may be sold and converted into cash
greatly enhances the market value OF such
securities over similar securities Of equal
intrinsic value. but unknown and inac-
tive.
TO any one regarding the facts, in the
abstract and by comparison with what Is
not only possible. but actually done else
where, our methods OF handling real
estate are as absurd and cumbersome as
those OF the medieval days. 1t seems as
IL every obstruction that could be thought
of has been adopted 10 hamper and en-
barrass the transfer OF real property,
and, as II the laws were not enough,
the men who would be supposed 10 best
understand and mos, willingly avoid the
difficulties. seem joined to their idols, and
refuse even 10 improve the methods where
the way is open before them. No other
interest beginning to be as large as the
real estate interest is without some OF ths
conveniences and facilities which belong
inseparably To modern business methods.
1t will be great step forward with our
real estae men when they consent TO have
an exchange and sales-room. and when
that Is done--whch ought to be done a.
once-it will be in order for them 10 con-
slider the Torrens system Of holding ana
transferring title 20 real property
This system was devised by Sir Robert
Torreps in 1896. who lived 10 see il en-
dorsed and in operation in Queensland.
Victoria, New South Wales, Tasmania.
New Zealand, British Columbia. Western
Australia. Ontario and Manitoba.
Under this system certificates Of title
are issued upon expert examination Of
property submitted for registration Such
certificates are absolute with reference 10
validity. they are made a negotiable as
set. and may be transferred as such. 1t
gives TO lands quick market value. and
makes them available as collateral in
everyday transactions.
on the 1st OF February. the system
went into effect in Chicago and Cook
county. AT the November election the
voters Of Cook county approved The meas
ure by the overwhelming vote OF a. SIG
10 5.279.
From the Chicago Chronicle we learn.
Real estate men who worked long and
earnestly Tor the passage and Adoption OF
la. .Inn I.HH
prospects for its complete success The
applications for registration of titles uu-
der the new system have been from nf-
teen 10 twenty a day since November
9TH. Twenty three applications were
made December 9th and sixteen January
4th. While the applications have come
from all classes the majority have been
made 10y small owners OF property. the
very ones whom the law was intended
chiefly 10 benent.
From a local paper the following sam
pie OF It's practical working Is taken:
At 1880 o'clock a certificate of registered
title was Issued TO Mrs. Ellen r. Hobbs
on the property @Si2 Langley avenue.
SIis by III feet, and at $40 O'Clock
trust deed Tor SNOD. covering the same
property, was returned for record Here
was an operation perfected in one hour
and foriy-nNe minutes at cost OF 81. 80
when, under the O4d system. could nOi
have been performed in less than ten
days, and more probably would have re-
quircd two weeks, and would have cost
At least $50. In this case the trust deed
covers building loan Of 5000 IL beng
the intention OF Mrs. Hobbs TO erect on
the property a threc-StOry stone front
dwelling The loan was made by NJ A
kcrwin. and the transaction was nego-
tialed 10y &. r. Reynolds a son Under
the old process Of land transfers this
transaction would have been impossible
in one day not TO speak OF A time less
than two hours. The lawyers for the
lender a. a.
had to examine the abstract OF title, next
this abstract would have Rad 10 be con
tlnued. and finally the instrument thus
continued would hove had 10 be recorded
in the old way. All this would probably
have required two weeks. and then II
would have been very questionable n :he
money could have been secured so
readily.
The people Of Chicago have confidence
in the law. and IL Will greatly aid in
the development Of their city. II VIII
draw investors there.
How long before We viii stir ourselves
IN the direction Of this wise and benen-
cent measureY
Perhaps after we have become so ad-
yanced az 10 have real estate ex-
change and have enjoyed sor!e OF the
advantages OF modern progress prevailing
elsewherc-indeed neurly everywhere
eise--we may be emboldcaed 10 ny the
Torreus systfm IN RInhn"-@