New-York tribune., 1908-08-16
THE WEEK In REALTY
FEW SALES NEGOTIATED.
Mortgage Money Plent'ful-Nezc
Deals Reported.

r-b. ,ast week In the real estate market
cepionally uninteresting. The sales recorded were
fewer than for the same period last year Ho"
ever with so many people now out OF the city ana
aw,y from, business normal market conditions can
hardly be expected.
While the sales were small. there were several
good leases reported. including that OF the Hotei
Saranac AS for the auction market, there were
no voluntary sales. The proof, though. that realty
conditions are bad and that the present situa-
ton is expected to be of only short duration Is
found In the presence in the market of plenty Oh
mortgage money. In fact, there seems to be more
money for mortgage purposes than is necessary
to meet the demands of the borrowers. But rates
remain firm in Manhattan at per cent, and In
The Bronx at 61A.
Mr. Salisbury, of the mortgage department OF
the Title Guarantee and Trust Company, said yes
terday, in discussing this phase of the situation:
''One of the results OF the panic last fall seems
to have been to persuade investors that they must
have absolute security for their money rather
than high rates of interest Quite frequently
propositions are put before where borrowers
are willing to pay so or 6 per cent. but We find
that these propositions do not appeal TO the IN
vestors unless the payment OF principal ana IN
terest is guaranteed. This is perhaps going to
an unjustifed extreme, there are now. as ever
plenty of good mortgages, the security OF Whlch
in no way depends the guarantee Unfortu-
nateIy, this attitude retards the resumption OF
loans vacant property. 1t is encouraging now
ever, to that lenders are devoting more thousht
to the actual security behind their loans, ana are
tempted by high rates to place their money
recklessly. Injudicious loans and the resulting
foreclosures may in time drive money away from
the mortgage market"
William f. Hayemeyer appears In the list OF
transfers recorded yesterday the purchaser OF
the property No Is East 31st st. owned by Ar
thur W. Saunders. The dimensions are z110x
9S.9 feet, and carries mortgage of $4,000
Shaw & Co. have sold No. 230 West 131st st Tor
John Bottomey, a three-story and basement
house, 12.6x1O0 feet. to purchaser for occu-
pancy.
The Madison Square Mortgage Company has
sold through S B. Goodale & Son, to an investor
the fve-story and basement triple fiat NO loz
West sgd st, lot 25x100.5 feet.
Garden City Estates has sold, at Its property. to
S. A Barnum the villa plot 100x150 feet. on the
west side of Nassau Boulevard 220 feet south of
Newmarket Road: to c. T. Fisher the plot, 60xloo
feet on the west side of Kensington Road. so feet
sOx1o0 feet on the east side Of Kensington Road.
Mary Lucas the plot, rOx100 feet. the east side
of Kensington Road. 100 feet north of Stratford
ave; to Albert Sopp the plot 60110O feet. on the
east side of Kensington Road, 460 feet south Of
Newmarket Road.
w +. Thumme has bought from Albert Hughes,
a builder, at Garden City Estates, Colonial resi-
dence on the side Of Wellington Road, be-
tween Stewart ave. and Stratford Mr.. Thum-
NELL has also purchased from Garden City Es-
tates an additional plot, adjoining the plot on
which the house stands, making frontage of 12o
feet Wellington Road.