New-York tribune., 1914-11-02
All Offerings, Excepting
One, Result of Fore
closure Action.
PLAN FOR REDUCING
LEGAL SALES HERE
By the Proposed System Many
Owners Would Be Prepared
for Stormy Days.

Nine legal sales form the budget OF
real estate properties TO be disposed
Of this week in the Exchange Sales
rooms. at Il and l6 Vesey ST. And IN
the Bronx rooms, at 320S Third av.'
seven similar sales and one partition
sale will be held. Consequently the
number of parcels listed 20 be sold
under the hammer are sixteen, evenly
distributed between Manhattan aad
The Bronx. "
If the other auction lists for this
wear could be kept as small as TINS
weeks there would be widespread re-
joicing in real estate circles. Inc
great real estate market OF TINS Guy
has always had the enviable reputation
of trying TO help little or big property
owners disentangle themselves, II POS
sible. from their financial emoarrass-
ments. May this practice be more
firmly adhered to now than ever oe-
fore. ....
Many experts think that within
about ten years there Will be so 1ew
foreclosures sales IN this city that II
Will be possible 70 count quicker the
yearly number Of legal sales affecting
MAuuAIlAM anu bANANN HANtN- WV
also BROOKLYN and the other boroughs.
A we'll known broker laughed when he
heard that sentiment expressed not
long ago. but he instantly changed his
testing attitude 10 one of serious CON
temptation on learning that this propo-
sition 10 place real estate upon more
stable basis is not a new one, and that
in some great cities, like Chicago,
where il has been put 10 practical use
by some lenders, 10 has shorn hundreds
Of realty ventures Of much unnecessary
danger.
This plan of putting real estate on
such a stable basis that many more
thousand investors will be attracted TO
the market than are now IS known by
many terms. the most familiar being
the purchase or the management OF
realty under the amortization system
There is nothing complicated about the
method. although the word amortiza-
tion has a vastly different meaning
among the present school Of realty
traders than IL had years ago among
literary men.
Amortization was generally described
as being the right or act Of trans
ferring real property in mortmaln 70
a corporation. mortmain being a con
dition Of property IN which the prop
erty is held without power of change
or alienation. Most religious BODIES
hold property in that way. title 70 the
parcels Of land held by them passing
without change TO their successors, un-
less the deeds 20 the lands contain
other provisions of transference. But
amortization in realty circles has come
20 mean a process or way in which
propertv is so held by an individual or
CORPORATION that with each succeeding
wear the equity of the owner becomes
greater and the sum due on the site IN
the form Of q mortgage grows less. At
a stated time, under this plan OF realty
operation. the owner finds that he IS
the holder Of d deed TO a parcel OF real
estate free and clear, and the premises
have been kept in such good order for
. wears that 1t is among the best income
producers.
The argument has been advanced
that if many persons nowadays cannot
successfully msnage their properties
and keep their equities from beng
wiped out in the auction rooms at
involuntary sales. how can they pos
sibly do so under the proposed plan.
Under the amortization method, little
more money would be needed to make
a purchase anu llOlt llAOAiNf oAs' FNN-N
be necessary to carry the property
yearly according 70 the terms. But, IN
this way in the years OF general pros
peritv the market would be preparing
for the lean years. and those persons
who had done this preparatory work
would be we'll iutrenched 10 weather d
financial storm.
This amortization plan OF buying and
managing property rs somewhat similar
20 that by which many persons yearly
become owners of the houses in
which they live. These persons usually
pay between 20 and 80 per cent Of the
purchase price on taking title, and the
remaining sum due is settled on q
monthly basis, a large part OF the
monthly sum going 70 reduce the mort
gage on the premises and the other
part 10 meet the interest. BY this
method there are no big interest days
10 worry one, and in about eleven years
from the date Of the purchase the
buyer has home free and clear. Sta
tistics show that in this way, in pro-
horton 10 the number of buyers, COM
paratively few persons are unable "a
live up TO their contracts.
To return 10 the auction list of this
week. The cOstliest property to be
offered is the six story loft and store
building at 20 to 76 Trinity Place
There ought to be quite a number OF
bidders for this parcel, which is sched
uled TO 20 under the hammer on Fri
day. -
On Wednesday Samuel Goldsticker is
slated 20 offer 1874 Madison av. Thi.
is A corner dwelling house in the Har
lem section. It is splendidly located