500





RECORD   AND   GUIDE





March i8, 1911.





NEWS   CULLED  FROM   THE  WEEK'S   DOINGS





Preparations   for   Denver Convention.

, Members of the Denver Real Estate Ex¬
change are already making preparations
for the convention on the National As¬
sociation of Real Estate Exchanges to he
held in Denver, Colo, during the week be¬
ginning July 17 and are planning a true
western welcome to al! the realty men of
the country who shall attend. The var¬
ious ' committees representing tire local
body are all active and it can safely be
predicted that the coming convention will
be the greatest and most important gath¬
ering in the history of the national or-
.ganization.

■ '. The lowest convention rates to Denver
ever given by the railroads is promised
Ifrom all parts of the United States for
'{he meeting of the real estate men. Such
[assurance is contained in replies of the
'railroads to the transportation committee
pf the local exchange, which recently op¬
ened communication with headquarters of
all important trunk lines in Chicago to
ascertain ■ just what special inducements
':in the way - of ■favorable rates could be
.pffered to bring a large attendance of the
.yeai estate men here in July.
I, While no definite figures have yet been
given, the railroads acknowledge the im¬
portance ol a national gathering of real
estate men and the possibilities of in-
.creased development of this section
through their instrumentality in bringing
in new capital. For this reason, the rail-
Itoads assert, the lowest rate ever made
for a convention in Denver or Colorado
may be expected. A definite announce¬
ment of rates is expected within a short
time.

The excursion committee has outlined
a tentative program for -the entertain¬
ment of the visitors. This program will
;be carefully revised in order to best util¬
ize the time of the delegates and their
families and friends while in the state
and enable them to enjoy the most di¬
versified scenic trips and view just what
Denver and Colorado are doing in muni¬
cipal up-buiiding, agriculture, mining,
manufacturing and many other commer¬
cial lines._____

Bill to Annex Part of Westchester County.

The vote of the people  in  the sections
;affeeted    will    decide    whether    Yonkers
^Mount   Vernon,    New   Rochelle   and   the
.'towns  of  Pelham  and  East  Chester  will
I be annexed to the city of New Tork if the
' bill introduced in the Senate on Wednes-
, day   by   Senator   McClelland   becomes   a
law.    There is a strong sentiment against
annexation  throughout  these  municipali¬
ties.     Meetings  have  heen  held  recently
in Mount Vernon  and  Yonkers  at  which
has  been  voiced  by  prominent   men  op¬
position to this movement which in some
quarters is looked upon as purely politi¬
cal.





Many   Firms Locate in New   Whitehall
Building.

Space in the new Whitehall Building in
Battery Place Ss fast filling up with
prominent concerns. This building will
shortly house a small city and be a ver¬
itable hive of business industry. The
United States Realty & Improvement Co.
has rented space to the following firms:
McClellan Coal & Coke Co.. Caballero &
Blanco, Pierce, Struss & Co., Port Pear-
las Banana Co., H. L. Herbert & Co.,
F. W, Abbott, David M. Myers, The
■ American Co., Atlas tnterlocking Stair
Co., Gold Car Heating Co., Rogers Corr
Coal Co., R. Graham Woodward, M. Seid-
enberger Sons. The Bindley Co., Rocke¬
feller Foundation, Blair Engineering Co.,
John W. Gates.





Taxes in Installments.
The bill introduced by Senator Denis
J. Harte of Queens and drawn up by
Comptroller Prendergast providing that
all taxes on personal and real estate prop¬
erty be paid in two installments to the
city by taxpayers during the year, one
on May 1st and the other on Nov. 1st,
does not meet with the approval of Bronx
.Taxpayers. Their opinion on the matter
is that as the taxes have to be paid and
why not pay all at once? There is a
provision in the bill giving the taxpayer
the privilege of paying all on either date
if he so wishes, but still the Bronx does
not see any benefit in that.





Requisites for the Closing of a Title,

Each of the parties should produce all
Insurance policies, and duplicates if the
same are in their possession, or a memo¬
randum thereof, if held by others, says
the Monthly Bulletin of the Real Estate
Board of Brokers.

Also produce the tax and water receipts
of the current year and any leases, deeds
or agreements.

If there is a water meter on the prem¬
ises it should be read and bill therefor
produced.

If there is a mortgage on the premises
to be conveyed, the receipts should be
produced, showing to what date the in¬
terest has been paid, and if the principal
has  been  reduced,   showing  that  fact.

If any money is to be paid, the person
required to pay it should be prepared
with money or a certified check drawn
to his own order. This check may be cer¬
tified for an approximate amount and
cash provided for the balance of the set¬
tlement.





PEASE & ELLIMAN were the brokers
in the recent lease of the store 6 East
46th st to Ernest H. Glass.

THE EAST BRONX PROPERT'Y
OWNERS Association held their regular
meeting on Thursday, March 9, 1911.
Many matters of importance were dis¬
cussed such as -better trolley service,
street openings, etc.

THE NORTH SIDE BOARD OF
TRADE of the Bronx held their 17th an¬
nual dinner at Ebling's Casino on Thurs¬
day, March S, 1911. It was the most suc¬
cessful banquet held by the Board since
its organization. There were many state
and city officials present.

ALBERT O. CHENEY, president of the
Cheney Realty Co. of the Bronx, was
buried from his home 1215 Vyse av on
Saturday,   March llth,

A DELEGATION of fourteen represen¬
tatives of the United Real Estate Owners'
Association attended two important hear¬
ings to Taxpayers last week at Albany
before the joint committee on Taxation
and Retrenchment of the Senate and As¬
sembly in reference to the following bills:
Senate bill Int 340 printed 349; Assembly
bill Int 491 printed 502 in reference to re¬
cording deeds and stated considerations.
This bill would require the stated consid¬
eration to be mentioned whenever any
real estate is transferred and would in¬
terfere with real estate transactions. The
other bill was Ass'y bill Int, 323 printed
324 to amend the taxation law in relation
to the exemption of personal property
from taxation. Both of these bills were
opposed by this delegation which con¬
sisted of representatives of all the im¬
portant property owners' and taxpayers'
associations in New York City.

ON WEDNESDAY March loth Mr, Day
will offer by instructions from Reid L.
Carr, Referee, 1450 Cromwell av a 2-sty
frame dwelling on lot 2S.Sxlllxirreg.





Torrens Items.

To the Editor of the Record and Guide:

A conference recently held at Albany
developed the fact that most of the lands
owned by the State have defective titles,
especially those tracts which are in the
Adirondacks or are known as Forest Re¬
serves, etc. In many eases these lands
are occupied by squatters and the State
has been put to an expense of hundreds
of thousands of dollars in litigation to es¬
tablish title and recover possession. But
this is extremely difficult, as many of
such titles are derived through tax sales.
It is now proposed to put all these lands
under the Torrens System of Land Title
Registration, and thereby secure from the
State itself an absolutely indefeasible title
in fee simple, which can be secured in no
other way.

The city now owns some ."iilS,000,000 of
unused lands on which it is suffering a
yearly loss of taxes and interest. It also
owns other properties, the titles to which
are uncertain, subjecting the city .fre¬
quently to blackmailing and "strike" suits
which cost considerable to defend, all of
which comes out of the pockets of the
taxpayers. The city is also obliged to ac¬
quire from time to time either by pur¬
chase or condemnation, properties needed
for public purposes, such as sites for
school houses, public parks, streets, high¬
ways, etc. The city has lost in past years
millions of dollars through graft, fraud
or defective titles. Accordingly, the Board
of Estimate and Apportionment has ap¬
pointed a sub-committee of two. consist¬
ing of Mr. Miller. President of the Bor¬
ough of the Bronx, and Mr Mitchel.
President of the Board of Aldermen, with
authority to confer and report as to the
advisability of placing all of the real
property of the city, whicli it may now
own or hereafter acquire, under the Tor¬
rens System.

The Department of Docks is also con¬
sidering the matter with a view of set¬
tling all doubtful and difflcult questions as
to riparian rights, by making use of the
Torrens System to obtain not merely a
good and marketable title, but also a per¬
fect title which cannot be attacked and
need not  be  insured.

"The United Real Estate Owners' As¬
sociations of the City of New York" and
the "Taxpayers' Alliance of the City of
New York" have endorsed the fundamen¬
tal  principle of the Torrens System.

GILBERT   RAY   HAWES.





No Reflection on the Court.

Editor  Record  and  Guide:

In my letter published in your issue of
February 4th, which is headed "Torrens
Law Discussion," occurs a statement with
regard to the ease of Armstrong v. Har¬
lem Savings Bank that "the Court signed
the judgment without familiarizing itself
with the title, apparently believing itself
to be authorized to register in the plain¬
tiff any title which she claimed."

It has been -called to my attention that
this phrase might be misconstrued as a
refiection upon the Court.' Nothing of
that sort was intended. The statement
was intended to call attention to dangers
in the Title Registration Act, and as a
comment upon the case with w'nich titles
whicli are defective might pass, without
the defects coming to the attention of
the   Court.

While I have been surprised at the sug¬
gestion that the part of the article re¬
ferred to when read in the context might
be read in the way suggested, I wish
promptly to disavow any intention on my
part of showing any disrespect to the
court or anv justice  thereof.

Very truly yours,

WALTER LINDNER.