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Real estate record and builders' guide: v. 21, no. 520: March 2, 1878
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Real Estate Record AND BUILDERS' GUIDE. Vol. XXI. NEW YORK, SATURDAY, MimCH 2, 1878. No. 520. Published Weekly by (Bin %vd (Osteite %mxii %%%otmixo ii. TERJIS. <>.\E YKAR, in advance....SIO.OO. Coniimmications should bo addre.SKed to C. -VV. SAVEET, Nos. *I5 As-n :3-17 Bhoadwav. PIIOPERTIES FORECLOSED BY I^^STITU- TIONS. Since the p.anic of 1S7:} there has been great pvasion practised bj- institutions with reference to the condition of defaulted mortgages, and there has also been culp.able negligence and tiii- v.ari-autalile leniencj- excreiscd iu the matter of the foreclosure of niortgagos. A cominon subter- fng(> practised bj- institutions has been to retain among .sound a.ssets mortgages that were really in hopeless default. Neglect and leniency iu re¬ gard to foreclosures have involved both mortga¬ gor and mortgagee in needle.ss and aggravated calamity. Under the impression tkat it was in the i)ower of these institutions to buoy up and support inflated values of real estate, the policy has been adopted and pursued bj' some of them for nearly four J-ears of making excessive loans upon mortgage, and of adopting the mildest kind of treatment with defauling mortgagors. Prob¬ ably, underlying this policy was a latent hope or belief that real estato values would rally and become finally re-established at or near the"plane of former rates. Tho utter failure of these e.x- pect.'itions. and the enormous depreciation which has .•ictu.nlly taken place in real estate values during the pa.st four years, have not only bank- niiited the makers of doubtful and insecure mortgages, Imfc also thrown upon the in.stitutions a va.^t amount of propertj-, the corporate liens on wliii.-h have been greatlj- increased by arrearages of interest and taxes .as well as exaggerated legal foes and expenses. If these .same properties had been brought to an earlier foreclosure and .sale, the chances are that pui-ch.'isers might have been found fur them at better prices than can be i-oulized to-daj-. At all events, the institutions would have been relieved from the addition to their claims in the shape of accrued interest and taxes, nnd in all likelihood would have been •'spared tho necessity of assuming the ownerehip of so many blocks of real estate. The knowledge that many foreclosures were being delayed and kept back deterred private capitalists from entering the exchange sales room. The absence of outside support, and the gradually increasing volume of foreclosure sales, have had the efTect of severely and unduly depressing the real estate market. AVe have taken tbe trouble to collate and tabulate all the conveyances under foreclosure that have been made to institutions during the past three years, aud present them in this number as an index to the residts of corporate manage¬ ment during the past decade, as well as a direc¬ tory as to the ownership of this vast body of real estate, and the data from which to determine the question as to how soon this swollen stream of foreclosure suits by institutions may be ex¬ pected to dry up and disappear. A careful study of this list will afFord instructive information ns to the past management and future prospects of small and great financial institutions: Mt-TIML LIFE IS.S. CO. 1875. Cedar st (Xn. 141). n s. 40.4 e ^Vashington st, 29.6 x54. Jimel ................................5.5,000 llth av ami li5th st. runs along middle line of llth av. 1S8.5 to lands of Xew York Juvenile Asylum by northwest about 165 to land of JV. JleDonaM x .south 202 to middle line of IToth st X east 1.50 ^Vest Xew av. beginning at a point in middle line of 17.-illi st, where it is intersected by Xew av. runs north along Xew av ion .v e.isr, 110 .x south x 100 x west M". JulyO................................. 8.643 1876. llOth .st, ss, :i-27i wGr.and Bonievard. 150x99.11... 20,000 llOtlisl. ss, 475w Grand Boulevard, runs west lo high water mark. Hudson river .x north .-. ,"'*-U- Jan. 21...............................20500 Cedar st (Xo. MI}, n s, 40.4 e AVashington st, -2f) 6 .\.5L Sold................................... nom .3yth .