The times. [volume] (Richmond, Va.) 1890-1903, 1900-08-26

event would he be subjected to any costs
about the title, for that would fully appear
on the face of the certificate. as has been
stated anl-,o repeat a fact which cannot
be too much emphasized-no examination
of title would be necessary.
CHARGES REDUCED.
Also. in cases where the services o.
81 state agent would be required, the
teai 49, ch?,rqes would be much re-
GI,ced and gradually be brought nearer Ir
me scale OF prices charged .! otn ~
brokers' The brokerage chd, So 2 ner
cent nm to 5000, 2ia per cent Oh W ~
next slnooO, and ~ per cent -, VI ri,,hiic
naxt $4,000 except for SAFE pH pu. ~
auction for fiduciaries, in whlcn case 40
ceeds of sale; and for the sale Oh cou !l ~
property the charges range lio o,laS1v the
per cent. the latter being plopaoiiS the
usual rate On the other nano; me
hroitcrars charges in this city for loans
on stocks and bonds range from = "
per cent. to ] per cent. accoTolhS ~ 49,, ~
length of the loan and The amount nol
rowed, the average rate being ABOUT y "a ~
/ per cent as the writer is informed
And the brokerage charges IN thls citl
for the sale of stocks and BONDS are =
of ] per cent. in the case of State ana
Federal bonds. and x OF per cent. III
the case of other securities.
One of the consequences of the heaEy
costs attending loans on real estate Is
that no one can afford to borrow money
on realty for less than year. and II Is
necessary to make the loan run Tor
longer period in order to distribute the
costs. and thus reduce the actual annual
rate of interest. 1t is customary. there
fore to make such loans for three or
more wears to avoid the costs of renewal,
and borrowers are often compelled to
continue TO pay interest long after they
have ceased to need the money and would
like to discharge the debt. no man THINKS
for a moment of borrowing on his real
estate for thirty. sixty or ninety days.
He couldn't do 1.-THE couldn't afford to
do ii often it takes thirty days TO con-
sI1nnate the loan, on account Oh me
difficulties and dangers attending sucn
transactions under our present system.
and even if no such difficulties are en-
countered the costs are 100 h ,asa. ", -
suffer the owner to borrow for less than
one year But these short loans are Just
what business men need, ana II ti,es
could make use of real estate to secure
funds for the conduct of Their business,
naturally it would enlarge the market tor
such property and tend to increase It's
value Is it not hardship upon all the
,-cally prohibited from using their prop
erty as :, source of immediate credit in
the money market
THE BuRDEN-BEARER.
Another result of this condition OF al
fairs is that the burden OF costs altehu-
ing transactions in real estate pears most
heavily upon the men OF small ana moo.
crate means, who constitute the great
body of the people. The cost Of 500
loan for one year or for three or 1lNe
years is proportionately greater than the
cost of a $1,000 loan, because the eN-
animation of title III the latter case may
cost no more than in the former, and the
fees for writing and recording the deeds
are exactly the same in both cases. Inc
Torrens system, therefore, follows the
good old Democratic principle of confer
ring the greatest good upon the greatest
number. and the people all over the State
ought to take u general and lively inter-
est in its adoption. Oftentimes the poor
man or the man of small means has moth
ing but his farm or home upon which to
borrow money. That is his whole capital.
and he ought to be able to use it freely
as p definite source of credit
These considerations show What ire
enjoy over real estate in commercial
transactions, not only on account OF the
nature of the property. but also TO a
cnnsiderab1e extent by reason of the
present condition of our laws In another
article the writer hopes to present other
facts and rea sons which induce him to
believe that the adoption of the Torrens