Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-08-08
PILOT. WEDNESDAY. AUGUST 8. 1eoo--TwELvE PAGES

what is known as the Block system,
under which the city is divided into
certain blocks, for each of which
docks there is q separate Book OF
Record in which all transactions con-
corning real estate within that block
must be recorded. These reforms have
or titles, but they have by no means
peen adequate to meet the evil.
The writer Is informed that as the
regular clerks In the Recorders offices
finish their daily labors, AN army of
special clerks, employed for the pur-
pose by real estate agents and title
examining companies, pours in and
spends the night in making notes. ex-
tracts. and abstracts Of the transact
tions that have taken place during the
day. In the New York county office
there are now 3.031 volumes of deeds
and 1854 volumes of mortgages maxi
ing total of 6,625: and these records
nave been accommodating since January
l., 1888 when the new system of short
forms went into effect, at the rate of
226 volumes per year.
Even In our own city CT Richmond
the difficulties of searches of titles are
Deing rapidly augmented every year
In the clerks office of the Chancerv
Court we have 339 deed books. covering
me period from 1888 to July, 1900: and
thlrty release deed books. covering the
period since 1884. Our deeds books
are increasing at the rate OF nine VOL
FSA SSoi, anu the release deed
DOCKS at the rate of three volumes per
year. Besides this, we have often to
eeAainine the records in the clerks Of
nee OF Henrico county for a city title:
aCu IN the county office there are 2O7
Volumes, increasing at the rate of three
per year. ~" DoN
THESE are some of the difficulties
'hat e.set our profession in the ex-
u Viii os G: lLties and lie in the path
m may ot an WI" deal in real estate
ANA no matter how often a title may
nave oeen examined, it must always be
thoroughly rc-rSanlined before any
saie can he made or any money Dor
rowed upon tall OF which means de-
lay and expense
DIFFERENT WITH STOCKS.
How many transactions would there
oe IN STOCKS and bonds if they were
subjected to such costs and him
ORANGES? And what would become of
the great stock exchange II it were
cramped and strangled by being forced
10 wear this shirt of Nessus? Suppose
there could be no transfer nor pledge
or stocks and bonds until the title had
been thoroughly examined at consid-
cradle cost and great delay. Would
this have no effect upon market val
ues? Would it have no effect upon the
volume of business done with such Sc
curities? 1t is not too much to say
that such n requirement would close
every stock exchange in the country
and brokers would Starve, or the own
ers Of securities would be specially
taxed for their support, while they
were endeavoring to worry through
cumbersome transactions. 1t is not
improper to emphasize the fact that
under our present system the rrea TEST
injustice Is done owners of real estate
in compa rison with those who own and
deal in stocks and bonds.
The inevitable result of the old sys-
tenn is that in all cities of any size the
business of examining titles has passed,
or is rapidly passing. into the hands OF
great corpora tons formed for that pur-
pose. and the individual lawyer is being
crowded out of all such work, for he
cannot compete with the corporations.
and. indeed, he iS no longer competent
TO do the work which is done by them
Another result Is that~fnct that buyers
and dealers in real estate have found
that Il lawyers certificate Is no longer
satisfactory, and that no real estate can
be safely handled until the title has
been insured. And great companies
have been formed in all the large cities
whose business 1t is to insure the titles
Of real estate.
But wherever the Torrens System is
in operation there Is no need for cor
porations either 10 examine or to in
sure titles. To great extent owners
and dealers can be their own LAWYERS
and whenever legal services are neces-
sary or desirable they can be satisfac-
torily and safely rendered by any re-
putable member OF the profession. The
writer is convinced that the adoption
of the Torrens System would greatly
increase real estate transactions in
Virginia, and would thus give employ
ment to his profession at large: but he
is satisfied that the benefits it would
confer upon the farmers and all who
own real estate would be even greater
than those conferred upon the lawyers.
And he is anxious for the people to
understand this matter and to interest
themselves In promoting what he be-
lieves would be n most salutary re-
form in the land laws of the Common
wealth. The operation of the system
will be set out in another article, which
will be published next week.
EUGENE C. MASSIE.
Richmond Uo