New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-09

Tor less than certain amount =,
not prepared to say off hand what AN qua
amount should be. but it would he s ,a.s
Ian 9iOo- such course would II;
inmate an immense mass of .hoo SUI
loos and would largely do away , ns;a,
tne present scandal. Then I.sa
should be passed applying to Nsss Jaw
ara Sufolk Counties. modelled on ss "a
law governing tax sales in the C;tr 'n ue
New York. Under this law in Nv ~ "
TO get good title the purchaser n. s'e es
tax sale must bring an action s;n in Iae
to an action of foreclosure and t5a a. sl
mer owner must be personally so ssr -of,
or else served by publication 1 mig
order of the court. unuef
Regulating lnstallment Sales
frankly confess l am at sea wh.s
l consider how best to regulate the laes
companies that are selling lots on ', ,Sa
instrument plan. As far as | am nav
sonally concerned the more drastic p arr
Ia" that may be passed the better
since we are amply able to finance any,
enterprise we may undertake. bus
too drastic law would probably wors
great hardship to many small oparaN
tor who may be carrying on a perfectlr
legl1lmate BUSINESS on a small capitai
AS the case stands to-day concsrn
DONG fraudulent business may be DO.
hleo the use OF the mails and there !,
law against misrepresentation in adj
vertlslng. IL we could only educate
the public-and here the press would he
of tremendous help-to use comma Us
sense, and to take simple precautions
when buying real estate, there wo,IS
Of To-
Ject; but this / am afraid is too mnsh
TO expect. '1''
All sorts Of remedies have been pro.
posed recently-some Of them fantastic
some VICIOUS, and almost all impract;.
ca6le. The most feasible proposition
L have seen is to place the land rom
panies under the control of some s,.t,
department-the Banking Department
lof instance; to require each such com,
pany to deposit before doing business
certain approved securities, the sans
as IN the case of insurance commands
as a kind of guarantee fund: ta s aIIoS
no lots to be sold where there ia q
blanket mortgage affecting them unless
such mortgage contains a reasonable
release clause; to require full reports
at stated intervals as to the companys
~O'loltiOu, ana 10 COn1Del a
certain pro rata of each instalment re.
celved to be set aside for releasing
purposes.
This scheme looks very we'll on pa-
per, but | am afraid it is not workable
Then how abut the concern that sells
a lot worth one hundred dollars for
five or six hundred Is the state to an
praise all lots offered for sale and to
determine in all instances what il q
fair margin of profit? ANY real estats
man knows that this is impossible. II
is apparent, however, that land com.
pany might fulfill to the letter every
requirement relating to its business
methods. and yet sell lots at unconscion.
able prices.
The ambition to own real estate !,
most laudable mad should be encour.
aged by all proper means, especially
among masses, for every land owner
unless he has been swindled, becomes
better citizen. In this article have
written mostly of the bad features of
the situation and have had little to
say about the good, the latter pre-.
dominating, | am glad to say, but con
shutting another story to be told later.