New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-11-13
THE RkAL ESTATE CONTROVERSY.
WHY BROKERS AND OWNERS DISAGREED.
LETTER Or EXPLANATION FROM ROBERT A CHEESE
BEoCGII - DEFENCE OF THE PRODUCE TX


\ LETTER Or EXPLANATION FROM ROBERT A CHEESE
BEorGH DEFENCE OF THE PRODUCE TX
CHANGE SITE.
meht ut real estate exchanges , promise
10 give rise 10 more controversy than that
when has already been noticed in The TRIBUNE,
B0th conmitteCs-that of tho real estate owners
and that OF the brokers-are pushing their respec-
tive schemes with vigOr and each appears to be
anxious TO throw the responsibility of the failure
10 unite the two interests upon the other. With
reference to the brokers version given IN Ihe
h'c0rI and Guide of Saturday Robert a.. Cheese
bro1rh one of the cOrpOratOrs of the Real Estate
Exchange llimitedD writes "A letter to The TRB-
BUNE, in which ne saws:
Every member Of The committed OF brokers knows that
Mcs,rS: tdddert and Chcrehr0ugh bowed themselves
ON OF lhe committee not because the brokers rejected
the old Produce Exchange building a site but because
site to be- decided by vote II the subscribers to the pro-
selves
After stating Chat in June last Messrs Coudert
and ChcscbrOugh suggested the idea of a real estate
exchange the letter continues:
II twas determined TO confer with two Of the lead
inS mr3kor1 on the subject and thcreuPon MI Cheese
proved thu scheme highly also the suggestion OF Mr.
Chcsebrough that thc odProduce Eychan &c building would
be an excellent site and urged Mr. Chcscbrough obtain
approached and II is sufficient To say thai ne ndorsed
both plan and site with enthusiasm. The next
ser was To oniald the refusal OF the old Produce
Exchange NJ the best possible price, and toward
this end Mr. thcscbrough worked long and ndustousy,
and finally iathuugh the proposition wa twice rejected
by the Produce ENchangej succeeded I'm obtaining an on
ton OF purchase 1T S3l5 900 WITHIN sixty days from Sep
tCmbcr T. Mr. Ilru"tt. being Informed Of the result
stated that In hs opinion the properly covered by tho
option Wolll In 1--WE six years nc worth million of
dollars. Mcssrs. COudcrt aud ChCscbrOugh thcrcurOn
begau the preparation Of the paus and papcrs NECESSARY
for the Immediate organization Of tlc proposed corpora
ton and while engaged IN this work surprised to
learn that meeting ~ broker, had been called suddenly
by the Editor OF me Rccord ut his Office which was at
tended by both Mcs~rs. Harnctt and Ludlow, and ut
explain, Mir Ludlow said he had gone to the meeting
impressed win the idea that Mr.. Chescbrough was
b1r Of the committee approved the selection OF the old
Produce Exchange N a site.
The letter states that Mcssrs. Chescbrough and
Coudcrt finally decided 10 attend the meetings of
the committee having been added n members
that the brokers all changed thor minds about the
site that Mr. Chc,cbrougb gave mp his site; that
many sites were discussed ard finally an offer by
Mr. thoscbrOugh 10 leave the question Of site to
vote of the subscribers after organization, or to
lump all the sites considered and let one be selected
by majority vote of the subscribers was rejected.
Mes-rs. Condert and Chesebrongh then lett the COM
mittce and incorporated the Real Estate Exchange
limited. The plans aud object Of this institution
haN" been explained IN IHE TRIBUNE. Mr.. Cht1e-
bruugh lu his letter adds that III his judgment
real estate exchange, 10 be powerful, must repre-
sent the VT real estate ownership of Ncw-lCrk
and We directed and governed by IL, and not by
IN" small clique Of brokers' who represent nothing
bat themselves. their own interests and petty jcal-
ous.cs.' Tie adds
one Of the brokers committee told mc a few
Td.C ~ The Exchange that owner
OF real estate would not lc allowed TO sell II excepting
through BROKER. Fancy such rule, and EuC. an TX
chang! A. wril might the great insurance interests or
NcW-l0Tk allow the insurance brokers O manage their
business and make rules for their guidance.
In conclusion Mr.. Chescbrough says:
One word about the Old Produce Exchange. In
support 81 hat abandoned preference and IN Justice 10
myself say t that site ropr1cnts an entire Dloch
the terminus OF An the four elevated roads Of street cars
stages and ferries. and therefore accessible % i've
sXtul Of the people who attend real estate exchange
than ans site I'm This city. AIdi 10 the, the building Was
suited to the purpose already built, could Toe
,Ipcd boy March April, aud would cost 500 900 while
any other -ljr then proposed would, with the building.
500 900 rcgu. year from next May "a hulld, ana
% p-r interest OF about SiOOOO. These are the FACTS
which Induced M COudrrt to ad, orac II after thor
ough examination and not because held property IN that
vicinity, - lusluuLtcd ny The RocTd.