Omaha daily bee., 1910-03-13
THIS WOMAN RICH ON PAPER
Millions Of Real Estate Held in Her
Name.
USE FOR WOMEN AS DUMMIES
she Rides In a Trolley Car Like other
stenOEraphers and owns Prop
erty only Ten Seconds
at Time.

NEW YORK, March l2.-"That girl"
said a real estate broker. nodding toward
a young woman further down in the car,
has more property in her name than any
other person in Brooklyn. The realty record
books carry her as the possessor OF many,
many millions. Some Of the biggest par
cells in Brooklyn are held in her name.
surprised that she rides in a trolley
car Instead of in her own automobile2
Well this property has all been sold. In
fact she has rarely owned any piece OF It
more than ten seconds-just while she was
receiving a deed in one hand and giving
deed with the other.
"She is the chief stenographer in the
office Of a big title insurance company.
buys a piece OF real estate from b. but
does not want the public to know Of his
ownership. b makes a deed to our stem
ographer friend. She makes a deed for the
same property with the name Of the buyer
left out. A gives her the deed has made
ana she gives him the deed in blank.
THE deed to the girl goes on record,
the title company issues to her q policy
of title insurance, and she is, publicly the
owner Of tho property. But A has her
deed, legally executed, and the insurance
policy. When he gets ready to sell, maybe
years hence, he merely puts in the name Of
the buyer and has the deed recorded A
has never appeared as the owner.
The city is satisfied so long as the
taxes and assessments are paid on the
property and does not interest itself in the
ownership. II A wants to give a mort
gage on the property he can do that
through another woman dummy without
his name ever appearing,
why do they have woman to do the
trick2 A woman can convey realty with
out any ones consent, whether she is mar
rled or single but there is even less room
for complications when the woman is sim
gle. A man must have his wife's concur
renee. II a single man gave such a deed
he might get married and there would be
the possibility that his wife might try to
get her dover interest Our stenographer
! friends husband, IL she ever takes one,
can claim no such interest In her estate.
Danger that she might give another
deed and beat A out of his property? Not
bit. Such trick would land her in
Sing Sing and the deed she gave would
be worthless. II would have to be dated
the day II was made and AS prior deed
would hold the property. OF course, has
to keep his deed in a safe place, for II it
were lost or destroyed he might have
trouble in getting another, but he would
not be likely to lose hs property. Thou
sands of real estate owners take the
chance.
why do people want to hide their real
estate holdings? Suppose buyer is after
all the property in block. He gets one
piece. If the deed is recorded in his name
| it might indicate to the other owners in
the block that he would be likely TO want
their holdings, too. Then prices would soar
and he'd have to pay dearly for the rest
of the block Sometimes years ars con-
sumed and dozen brokers and female
dummies are used to get a single parcel
together.
Then there are not a few men who
want to be in position to sell their real es-
tate without asking their wives consent.
BY the use of female dummy the wife
is eliminated, for the husband never owns
the property, though he holds the deed
and controls it. Some wives never know
that their husbands buy and sell real es-
tate.
Not fair for the wife? Well 1 don't
know about that. Recently a client of
mine had a chance to make a quick sale
at big profit. His wife was in Europe
and he missed the sale because he could
not get her signature. Another client who
had had little spat with his wife was
compelled to give her $1,000 worth of dia-
monds to induce her to sign a deed
Business men often have to make sales
quickly or lose big profits. They cannot
afford to take chances with the whims
of wife, who. no matter how lovable
may be out of sorts or bit obstinate on
| Anw
have known wives to demand elaborate de-
tails Of a sale and then take a week to
, think 1t over.
Amy other uses for the woman dummy
: Sure. Wall street is not the only place
where wash sales are made. Suppose
realty is moving slowly and sales are few
in section like that about the new
Pennsylvania terminal or along the new
subway in Brooklyn. where there ought tc
be activity. Nothing brings in new buyer,
like sales.
Suppose half a dozen brokers, each with
r property to sell in the same section, ge
{ together and decide TO make things hum
) They go to their principals and arrange
) say, fifty big transfers to take place within
: a single month. By means Of women dunn
4 miles these sales are all made, duly rec
$ orded and published.
r When the transaction is closed not I
cent has changed hands and not a piece o
A property has been out of the possession o
, its original owner. But the public ha
a heard Of brisk selling in that particula
a section and begins to flock in. Then price
0 go UP, Fraud? You can call It what yo
= please. Il isn't illegal.
When you want what you want whel
z you want it. say so through The Bee Wan
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