The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-26

Money is loosening up. and after
February 18th. ] believe folks
will be able to get all the money they
want on proper securities, said lie
Roy T.. Brown. of y. Thompson Brown
and Company yesterday In discussing
the real estate situation Inquiries
continue good and, we are having
plenty Of loan applications. and
think there will be marked activity
IN real estate from this time on"
Make Loans Everywhere.
Speaking of loans, Mr.. Brown
brought out ii feature of the Rich
rnond business world that is not gem
orally familiar tn laymen. He pro
duced a letter from an Atlanta man
seeking a loan and stated that Rich
raond concerns loan money all over
the country. even to certain Western
universities The reason. he stated.
ale because Of the lower rates Of In
tere3t prevailing here and further
fact that outsiders are attracted by
Richmond's conservative business me-
thods. He called attention, also. to
the fact that the State of Virginia
L. not getting cent Of revenue from
these mortgages, but would receive
considerable revenue from this cham
mel II the unjust State mortgage tax
law is amended In pursuance with
the accommodation of the Real
Estate exchange.
Attractive Laws.
Despite this unjust mortgage tax.
however" said Mr.. Brown, there are
some especially attractive features of
the statutes affecting real estate
which APPEAL to people in other
States where the laws are not SO
liberal For instance. in Virginia it
is not necessary to institute suit to
forcclose u mortgage, entailing liti-
CATION and tedius ceiay--the trustee
siply gives five days notice through
the columns of local newspaper.
and the property on which there is
default can be sold to the highest bid
der. The veXatious delays common to
other States are consequently unheard
of here. Another feature of our laws
! is that there is no redemption fea-
ture. In the Western States the
mortgages has the right, within two
years after sale to redeem the prop
erty. and this feature Is the cause
of contention and litigation as we'll as
loss. In Virginia property is sold
with fee simple title and that's the
end of 1t. We real estate men con-
tend that with these great advan-
| tages that Virginia possesses. a prop
/ erly amended mortgage tax law
would bring great flow of outside
money into this State"
The Week Inactive.
Generally speaking the past week
was neither active nor quiet--just a
happy medium between the two, IL
such q medium could be termed hap
! by. A few of the agents approached
complained of dullness. but ma
jority were well satisfied with the
weeks returns and optimistic over the
outlook. Inquiries, they say, continue
good; there are plenty of purchasers
ready and waiting to pick up prop
/ erty both in the business and resi-
! denGe sections, but agents say that
property owners are holding up at
T. pretty stin figures, with an abound
/ ing faith in the city's future growth
+ and prosperity. IF / could persuade
some OF my clients to shade their
! figures I could do a land office bust
ness, but there will never be a bar
gain counter in Richmond real es-
tate" said one of them.
/ Business Property Picking Up.
Indications point to a renewal Of
activity in the near future in Main
street business property within the
j.. neighhorhood- of Main Street-~s ssstiea
and the contiguous cross streets,
and report has it hiatt this activity will
/ not be for purposes of speculation. but
permanent Improvement. 1t Is said
that some of the old landmarks in
that neighborhood are to come down
ere long, and that they will be re-
placed by big. modern business struc-
lures 1t is known that there are a
/ number of deals on foot in that Sec
ton. but details are not yet forth
/ coming. One instance of this actiy-
/ ity was the sale of three story brick
building. 1401 East Franklin street.
now occupied by the Southern Bar
gain House, Phillip Whitlock bought
+ the property. and the price paid was
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