The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-03-16

ITS FEATURES AND PURPosEs-oPPosIrIoN OF
AUCTIONEERs AND REAL ESTATE PATRONS.
Tho announcement that Assemblyman Brooks nad
introduced bill in the Legislature on Thursday max
ing sweeping changes in tho manner OF conducting inc
foreclosure sales OF real this city, was The oc
casion or much 20 the auctioneers referees
and property who moro or loss interested
IN tho transactions at No. Ill Broadway. Various
rumors yesterday set aaoat to tho objects OF
the Dill, OF which was TO the effect that the bill
even contemplated doing away with referees sales OF
foreclosure altogether and placing IN the
hands tho Sheriff OF the county sale OF ah prop
crty ioreclosed.
In this connection HERALD reporter called upon
Mr.. Charles v. Adee, OF the Tux ONCE, vino was the
promoter of the bi and asked explanation Of tho
new movement Mr.. Adeo placed at the dispositions Of
tho writer draft OF the bill, and brief examination
oft showed that 1t did not by any means pro-
pose 10 mako radical changes which It had been
reported 1t would
FEATURES OF THE BILL.
The bill repcals tho Of 1857 and 1870 establish
ing the New York Real Estate Exchange, designating
rertain places for holding Judicial sales. and incorpo-
rates the following gentlemen us trustees OF a new
cxchange:-rh0mas II. Bustead, late president OF tho
Kcnneuec leo Company; Charles " Adec, OF The Tax
ONCE; George b. Little, of riulny Co.; AL
bert Storor, secretary Tax Department; John H.
Hitler, OF Surf House, Rockuway Beach; Richard
NJ. Johnson, manager OF the Travellers Insurance
Company; G. +. Pierce, cashier OF tho American In
surance Company; William H. jasper, clerk Board OF
Assessoys; a. g. Vanderpoel, lawyer; Fioyd I.
Smith, clerk IN the Tax ONCE, and Edward RowciL
Tho Dill incorporates these persons aud authorizes
them to form company. with u capital
stock OF $50.0O0 10 manage u real estate
exchange within hall m mile ., Inc .,s U nSS
stock has been subscribed and leu per cent PAID H.
The business must DO managed Ny u board OF direc'
Sh..ll nn a
havo established saesroom 'ail sales Of real estate
SAID city pursuant 10 the decree or Judgment
OF courts OF the Surrogate IN SAID CITY and
county OF New YORK shall take place anu 10 neld ut
said exhunge the charges Tor which by said corpora
ton shall NOT however exceed SO ior cach parcel sold
The bill Iurthcr provides that said corporation
may hold real estate TO TIC extent o Six cIiy lots and
may thereon suitable buildings ana borrow
money upon the same Tho usual .lity clause
touching the responsibility OF STOCKHOLDERS IL At
tached. -
Aoce stated that under the OLD Exchange IN Wall
street the present Custom house, me sales were
cundu clod for years. When 1t was sold 10 the gov
eminent he hired from Claim, Melen Co. tho
present Exchange ut No. III Broadway. Az tho
expiration OF Tue lease 1868 II reverted 10 tho
owners lhey leasod II TO Theodoclus Fowler, SON
in-uw OF ono II the owners "Having had these
rooms logalxod he SAID, by the JUDGES OF The SUI
prcno Court as tho place for legal sales the ter
mination vi my lease OF No. Ill opened new Elk
change ut No lO3 Liberty street and petitloned
Judges Tor legaiiza,on oi The premises Il was
icrrcd to three Dawyers-Ex.Judge Mor0ury and
| Messrs. wolmore aud Dc Forest These gentlemen
concentrations Oh auctonecrs referred back u these
gentlemen, who again reported aeanst tho egalZi.
livu OF second exchange; but for u time all legal
| sales were made nc No l03 Liberty street. )" Mr..
Adeo added that tho intention oil tho corporators
under Mr. Brooks bill reduce the cost 10 auc-
lonccrs ana htgants, aud he clt certain that II the
bill became law many abuses That now exist would
be abolished lnat auctioneers would support
| tho b,il wneu they learned the features oil It.
WHAT THE ACCrIoNEKRs SAY.
The reporter later IN tue day visited Tho Offices OF
the leading auctionoers aud found that the
| bill met with no Endorsement ut their hands.
Mr. James N. Miner most unquallhodiy d. cared his
opposition the ground that the Exchange as II
now exists sufficient for the TRANSACTION vi Inc real
| estate sales
| Messrs. Ludlow wilkins, Of Ludlow Co., ex-
pressed similar Vows the i0rmcr claiming That ~ was
outrageous that poor htiaants should DO taxed $50
! aucti0neers foe Tor foreclosure SALE aud the
lallor maintaining that the charge OF $50 auction
oers fec illegal tho courts have ruled that II
uuty Of tho referoe to soil tho property and that
persons 10 tcresed ought 10 refuse 70 pay the fee.
| member Of the firm OF Winans Davos ex-
| pressed himself as opposed to tho bilL
| Mr. Kennedy agreed with him, sad other auction
| ecrs, IL was learned, hold The same view.