New-York tribune., 1883-11-04
A WAR IN REAL ESTATE.
RIVAL EXCHANGE PROBABLE.
rnF OWNERS EXCHANGE OPPOSED BY BROKERS
THE MARKET LAST WEEK.

ruT OWNERS EXCHANGE OPPOSED BY BROKERS
THE MARKET LAST WEEK.
Tho ipcorporation of the Real Estate Exchange
ilimited as announced by an Albany dispatch yes
fate dealers and brokers. Ii is under the business
oct Of 1S75 The Commissioners named 20 receive
snbscrptops TO the stock are Franklin Edison, cX-
Mayor Grace, James ID. Fish, president OF the Ma
vine Rank; Charles Coudcrt, of Coudcrt Brothers,
and Robert 4. Chesc;9rough.. The proposed capital
stock is $JOO,00O divided into 800 shares. Mr.;
Coudert stated yesterday that subscriptions would
he received tomorrow, and unless the amount was
filled before, the time for their reception would ne
until November 80 He said that prominent real
estate owners had pledged their support to the
scheme and he had no doubt that II would he sue
cess "There are about $1,000 real estate owners
in this city," continued Mr.. COudcrt and the real
estate here is assessed at 81 lOOOOOOOO, while ITS
value is probably twice that amount. such a large
interest should have central organization 10 Iooh
after its needs protect it in matters of egsatlon,
and provide suitable place tor Ine 1TSaGrom o,T Tt
business where owners and dealers can De DroIgHt
together Only holders of real estate VIII be eng,
BILE for membership and no single member can hGta noe.
more than ten shares, representing Sl,QoO' 40 S5e
has vet been selected for the new exchange build
ing, but several sites are under consderation.D
The new exchange has been started independently
of the movement among prominent real estate
brokers looking to the same end. THIS was begun
few months ago. with the object as has been stated
in The TRIBUNE of concentrating the interests OF
real estate owners, dealers and brokers' and pro-
viding for their mutual benefit and protection;
Pubic auction sales were to be held at times and all
information affecting realty was to be carefully
gathered and compiled for reference, A committee
selected,
Bellamy, Isaac Honig George II. Scott. H. H.
Cammann, +. A. Cruikshank, Richard V. Harnett,
and L. Friedman al leaders in the business; MI; Mr,
the movement and they attended several OF the
meetings of the committee. \ disagreement over
the site of the proposed exchange led to the with
drawaI of the two last-named persons and has re-
suited in the incorporation of an institution without
reference to the action of the brokers. A hastily
summoned meeting of the dealers committee was
held Yesterday at which resolved to push their
organization to completion Articles OF lncorpora-
tion will probably be filed on Tuesday and sub
scrptions to the stock opened Immediately after
ward. The following card has been issued by MI
Ludlow as chairman of the committee:
The corporation for new exchange called "The Real
Estate Exchange" Qted is not the one favored by the
& BY S%se n estate are T0% LOOKING T
suit BILE the gsa estate Of eR Witch a
notice will be given.
Mr., Coudert Yesterday said that the dealers had
refused to consider the old Produce Exchange build
ing as a site for the new exchange. Mr.. Chese-
brOugh had wished them TO agree to submit that
along with other sites that were discussed to the
decision of the subscribers, but they had positively
Tefnsed TO do So There were many advantages
about the Produce Exchange building 1t was
large airy light and easy of access. The owners of
property who were interested in forming real es.
tate exchange could not submit to the dlctatlon o
brokers, and hence the conferences Iiad ended n,
The brokers say that the Produce Exchange build
ing is too far from the real estate centre winch is
about Wall and Pine SITS. Il was utterly impossible
TO establish a successful exchange so far down town
as Mr. Chesebrough has proposed to do. A member
of the brokers' committee said MI Chese-
brough and Mr, COudert Will hnd tnat tn0y can
start an exchange, but cannot make 1t success
without the aid Of the brokers " no do the business
Property-owners will not become brokers them
selves Piue-st. for twenty years has been the
centre of the real estate business in New York and
a successful institution cannot be situated lar away
from IT. Tho srRCme rers praSosed bV Mr.
based on the idea of taking the old Produce EA-
change building as the site. We cond not agree 10
submit such proposition to the subscribers be-
cause the stock might readily be secured by the per
sons who favor the Produce Exchange site" The
that site do so because they wish to enhance the
value of the property which they hold III the neigh
borhood of the Produce Exchange. lively contest
is anticipated between the supporters OF the rival
movements for the new exchange.
The real estate market last week was dull, but
prices were firm. The auction sales amounted to
S27O, 800 against $l90,4OS for the corresponding
week last year. There is little significance, how
ever in the character of the property that was sold
There was little done at private sale but there was
an increased inquiry for vacant lots; The auction
sliete sle Oh Of 'E me ate Edwin Moran wic will be
made by Richard V. Harnett 4, Co., on November
10, will be a most important one ana VIII Apply
severe test to the market. There VIII be ~ lots
offered, most of them IN Central Park west the
Grand BouIcvard, Tenth-aye, and NeW-aye, and
from SiXtv-ninth to e-hundrcdand-ilttY-T SIS.
The property was purchased by Mr.. Morgan many
years ago and he held it against all offers while re-
fusng to improve II. Dealers say that these lots
offer a capta opportunity for speculative pur-
chasers and as what little speculation now exists III
real estate is III west SIDE property, u Is h0pel l2t
there will be some lively competition at the forth
coming sale. At the same time the cOndltion OF the
market does not warrant strong expectation that
the sale will start the long expected boom on
the west side Property there ~ about as low as II
was in the real panic that followed 1915 ana
even where some advances have been established
there has been no initiation of valueS such as many
operators think has taken place IN parts OF the east
side uptown properties Fourteen lots on Madison
ave, Sxty-nnth and Scveutlcth sts., are included
in the proposed Morgan sale. Property between
Fifth and Madison aves. III these streets has been
Among the private sales last week were the fol-
lowing A plot of land i'll Observation-Disclosures
ffth-st between Madison and Fifth avcs., was sold
by c. brand TO Benjamin f. Spmk for $4,000.
No IL West Twenty -tOurth-st. has been bought py
Ambrose NJ Parsons for about $4,000. J4cos
Ulrinks three tememcnts in lhlrd-aveI north o.
thTd-st., have been sold to Jacob
Cohen for $4,000 Nos. 43 and 10 East Eighty
third-st. have been sold by K j. Elahoney Tor
S37. 900 and $50, 900 respectively. Five lots in
Seycntv-frst-st. between First and Second ayes.
were bought by Max Danziger for $4,000 Mr..
DanziCcr has sold 10 j. l.. Maschke ten lots in
Scvcnty-frst-st. between First and Second aveS Tor
Gsorec w. da Cunha, the architect, has prepared
preliminary plans for family hotel to be erected
on the Fifth Avenue Plaza extending from flItX'
eighth 10 Fifty-ninth Sts., of which the following IS
an outline: The main entrance Is to he IN tlit-aNG
the cnt gcnces for tradcSpeOpe IN FntN-cighih ana
Tifty-ninth sts The court in the flith avenue
front, between the two wings, viii be lIN2O 1eet,
and this construction Will give 2 view 0l llth-aEe'
from all the principal rooms; The building VIII bG
eight stores in height with basement and attic aud
will I've frc-prOOf: story Will be less han twelve
feet m height On each floor above the first there
will he two suites OF each, four suites of
eight rooms each and two suites of seven rOOmS III
addition. each suite will have bathroom and
closets. On the first floor will be the dniug-room
for the use of occupants and general restaurant.
The exterior will be treated in the Renaissance style,
the first and second stories being conStnct"d OF
stone; and the upper part OF the front OF brick,
will stone trimmings and tcTra-cOtta bands, panels,
etc The cost of the building will probably not cA-
cced 81 100000.
COMPLETELY IN WATER RENT FRAUDS.
ROBERT MKAY ARREsTED-NEw INDICTMENTS
AGAINST AIKEN AND CARROLL
Detectives Reilly and Won GeTChten made an
other arrest Yesterday in connection with the
frauds in the Water Registers Bureau, the accused
inan hDinn Rohnrt MckAY. q iOTmcr CIerk IN the