The real estate, the more solid and to the male Sherwoods the
less interesting part of the fortune, had long been in the care of
agents; and since Larry was prohibited from going out and studying the
condition and true value of these holdings, he had to depend upon the
book valuations and the agents' reports and letters. Upon the basis of
these valuations he estimated that some holdings were returning a
loss, some a bare one and a half per cent, and some running as high as
fifteen per cent. Larry found many complaints from tenants; some
threatening letters from the Building Department for failure to make
ordered alterations to comply with new building laws; and some rather
perfunctory letters of advice and recommendation from the agents
themselves.
From Miss Sherwood Larry learned that the agents were old men, friends
of her father since youth; that they had both made comfortable
fortunes which they had no incentive to increase. Larry judged that
there was no dishonesty on the part of the agents, only laxity, and an
easy adherence to the methods of their earlier years when there had
not been so much competition nor so many building laws. All the same
Larry judged that the real-estate holdings were in a bad way.
Larry liked the days and days of this work, although the farther he
went the worse did the tangle seem.
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