New-York tribune., 1884-12-28
THE NEW REAL ESTATE EXCHANGE.
REASONS ron Ts RMAriON-ApyANfAdts 10
GROW OUT OP IT-PRISClPLEs,

REASONS FOR ITs Observation-Disclosures io
GROW OUT OF ~ PRINCIPLES.
The report and regulations Of the new Real
Estate Exchange lnteresting alike Ia the Hoohhoh'rS
and tho public exhibiting tha principles on wh'h tue
new nsitution IL 10 be conducted. Tho real eslato
brokers' ~ Nav York have long played an important pnf
IN the economy ~ the city when n In remembered mat
thorc ara sngIo buildings on Manhattan Island contain
lag a larger number of inhabitants Than
some aourishlng Young towns In tho wost u IN
oby ious that for he administration 0f such proper
ties class ofhg~nta IL nooiod ~ high order both oi
honesty aud intelligence, Ia the case of many largo GO
tatas tho real Interfere IN thn nnnnsomon.
Again IN tho purchase and sale ~ property investors
arc compelled to rely great oxio upon the opinion
and ~ tho broker AMI the Importance ora oono
Of real estate interests which shall cnonsiy guard the
cbararpr and conduct NJ lls members becomes NJ once
auparo Hitherto tho real estate bnrlncss has pos
.essed no similar 10 tho Produce Stock hnh
Maritime exchanges Every man ma uono that
which was right IN his own eyes. and has
carried on business according 10 MS
own nothoda This has produced di-
ycrrty OF usage and uncertainty both TO charges and
cson which proposed 20 got rid OF In tho interest
both Of tho broker and the. public; spccncd arh OF
pear that inasrnuch such systcin would prevent
competition IN charges In one initiating against inc IN
branch Of the business requires great personal attention
and cannot be legltlmntely transacted below certain
sacb competition would be. Of advantage II the
competitor ycrs no not driven 70 stop sS :. o.
hot unusual for New York tracsncn 20 send In two bills
one 10 be paid ny the agent aud the other charged to the
the percentage il moro than balanced by the Increased
e o. r,p1 upom fch rys'o ns inc re- Sw sbnrq EHsh@Ee
strict rule of fiirpgss and good faith both among them
rhc report fciets to another important function OF
,m,S f,s watrh IN " MI rrGposrd iepisipiioh IN so
iar ne Il aarcia ttai Estate, ii,hcr,o 'he
,S' sN SSs S,Sf rs easT tTs' ytrs IS g@ss @ s SspH
What hns iein rtrttbuas bhqlrtqa hns hrrh nbpblyl
sstr g a, slaE lYs sn Msts ~ Ns W lEsFc,EEa,ENa l E ,EN
atsHiMra t4NHfi 90 ifsalniat p'en si'2 at{ ,i, I
an, (i,s tpa fsiAie ste sNel ihia eelNitlte, eeN
Ss'l's,s lgs NJ A'is yt,tsl ,lo a'Taf w. hiHe II e H.
sltAl, sa,ilh W. ,.lrl Y q s.hetmefhefa seeN
!, pgl'uelesl hoi Nis'Nf'to n"a o,,1. ~
hst when 10 heesme nepessnFY 81 annnnl 'pmlelss'W
ers nnler the hIl passed laSl seasinn W hlpi mo
i,au'ier Of real estal6 tho Goyenr relnqsle Tho ~
chnge tn suggest ike nanes " persons alaneh to act
aud thai all The Unnmsslnue!S AiInihtn Wy MN were
named by the committee Tho Influence which the Et
change has thus begun ~ exercise IL not unntserVen
The sl ~ Stockholders containing among i,s 900 mon
hers such tho Astors RooseVets, stuyvesihs
~ mis- on a moderate computation Investment III real
estate to the amount or 8-Jo,uDo!ooo inc py-itwn
urovide that no member can hold more tnih ten
Shares provision that renders it impossible that tho
organization ever become tho prey OF clique. a
persal Of tho list Of sockhoders shows mo unchnsng
character OF fortunes invested In real estate is mas
recently been published 0 the principal owners OF New
York property hfty years ago. ana on comparing thls
that twenty per of the present names are the rep
rescntativcs OF the families who haf century ago
her of directors IL thirteen and the Omcncd pressage
OF this number has been iuliod Dy ihe ucath o t"o
members of the Board during the current year.