New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-04-15

Charles Buck, James L. Wells,
s. Van Rensselaer, Cruger Hall ]. How
George L. Dewitt jr, William Q, Church,
William H. Macy, Ambrose @. Kingsland,
Myer s. fsaacs, Horace s. Ely,
Rutherford Stuyvesant.
There were also present Deputy Tax Commissioner
Coleman. Park Commissioner Crimmins and other city
officials At p Mr.. varnum raped for order and IN
troduced John Jacob Aston chairman OF the meeting
Mr. Astor said that he would not detan the audience by
any remarks of his own. He then called tho Rev.
DIR. Dix to open the proceedings with prayer, after
which Mr. yarDlm, as chairman Of tho committee on
opening exercises made the formal transfer OF the
building to the Exchange Association. In doing 30 he
said:
1t curious fact that tho first authenticated real
1925 when Peter Mnait then Neral Of the
Province purchasedfrom the Indians the whole Island
Of Manhattan estimated to contain % 600 acres for the
Of sixty Dutch gilders equal to about S22 in
money Is It difficult TO realize and believe that this
beautiful island covered by this city, the
value OF whose real estate is estimated than
81, 900, should have been sold only 259 years
Martha j. Lamb for little sketch Of the early history
Of this part OF the city The site Of the Exchange was
In 1862 several streets beyond the city wall
Tero mapped OUT among which WAS was
of 1896 Nsssaust. first opened a cartway. The
fury occupied as a horticultural garden.
But turning from the past to the New York Of today
pecuniary interest or any interest so
poor which has been So careessiy. SO ineficentiy
nsucently protected in this State against mistaken
ignorant OF vicious legislation as the interest of the
owners OF real estate in tho city OF NewYerki From
time to time socalled ICltizens OF Reform Taxpay
ers Associations have lifted up their heads and given
feeble chirps like those OF harnyard fowl in opposition
to vicious Objectionable legislation, but their opposi
ton hae generally been unsuccessful either through In
efficient management. lack Of public interest or the cap
ture OF the movement by designing or Interested parties
IL part OF the objects and aims OF this Exchange, not
only to maintain an auctionroOm and afford place for
reunion for persons connected with real estate business
but 10 guard the city from vicious legislation and to sg
that which will be desirable To gather and supply
valuable and other information TO all mat
tiers affecting real estate interests make and strictly
enforce just equitable and uniform rules to commits
sions and fees In real estate transactions and as TO the
conduct Of all such transactions, to simplify and improve
the cubrOus and expensive method OF transfer
settlement OF disputes and differences in such
tions by means OF arbitration.
other words the main object of the Exchange Is
lection and mutual interest into one homogene-
II is Intention to the enforcement OF the
building prevent the loss OF life by the greed OF
for itssi 'neFcaftcr library, reading aud writing
rooms ard other improvements TO be added Every
lot In NewYork identified the books OF the Ex
change by a ward block and lot number. These cor
rrspud 10 series OF volumes OF records and by turning
10 the corresponding number. the OF the owner.
the price paid by him and the date OF the purchase can
he sscertaned In every instance In addition TO TINS
a system which shall facilitate property
owners In the PAYMENT aud Investigation OF assess
ncnts. BY this method persons about to purchase
property viii be able 10 ascertain what #
Is likely be subject and the exact stage in which the
proceedings stasd Not only are al the printed bills.
reports and documents OF the Legislature 10 be found ON
file IN the Office but the Exchange also receives daily
from It's agent In Albany complete record OF all bills
introduced reported from committees or acted upon and
elaborate index books arc kept IN the Exchange where
such information Is AT once entered, that u possible
for member by referring thereto TO tel the Xaet post
tho Legislature.
Mr. yarnum spoke ofthe great advantages which tho
Exchange would offer dealers and investors in
nv, ii.nta tot
late L. H. Ludlow who did much toward founding the
Exchange.
Herman II. Cammann, president OF the Exchange,
made brief speech OF welcome TO those present In
referring to the Exchange he said:
For many years the project OF Real Estate Exchange
months ago did II definite shape Since that tine
the Exchange has been Incorporated the capital OF half
million dollars subscribed and paid in. the corporation
organized the present property purchased the atera
tions completed aud rules and regulations formulated
and to-day have the Exchange finished and ready for
business The dealings in real estate have assumed such
proportions that the necessity for regulating and sys
trmatlznC them has long been felt This could only be
done through an organization in which the individual is
subordinate to the general interest aad independent ne
ton controlled for the good OF the many and where,
through cooperation. facilities eau be obtained that
would be Ond the reach OF individual effort 1t is dll
Rcut realize that within the memory Of persons now
living lots broadway below Canal-st should have
sold Tor twenty -nve dollars each
Reckoning on tho basis OF the past, another century
will see New York with population exceeding 5000,
the limits OF the present Twentyfourh Ward II f. very
gratifying 20 the momDers OF this Exchange to know
that include our lists mauy whose names for geu'
eratons have not only been identified with real estate.
but whose ancestors have been foremost In public
shirt and enterprise IN all matters affecting the welfare
of the city and country. With change In the present
clumsy method OF transferring real property and the
abolshg of many Of the liens that now cucumber It,
which cannot much longer be delayed with the con-
hdencc that the constitutional limit OF debt will create,
although it may temporarily work some embarrassment.
and with tho more encouraging outlook In the manage
meat OF city government real estate owners In this
cy certainly have u feel hopeful for the future;
and should this Exchange be developed as rapidly as
real estate itself sure TO be- the aRtopatons Of It's
most sansuno projectors will 10 more than realized.
Mayor Grace was warmly cheered when he came for
ward speak In the course OF Ills remarks he said
Beyond its yaluo from n commercial standpoint the
establishment or Real Estate Exchange might almost
be said TO have public importance Two hundred and
fifty years and ago the whole OF IManhatan Island
sold 10y the Indians TO the Dutch West India Com
Iany ,oI yans OF a e real estate Within the @s Of
the city and County OF New-lOrk Is one billion Que
hundred and nineteen odd millions of dollars. The
valuation placed upon personal estate from all is
not than 10 per cent OF the valuation placed upon
real property. and taxes from this source arc most
difficult Of collection. or the annual city budget which
generally amounts TO from thirty one TO thiry-iour
millions OF dollars the taxation imposed upon real estate
supplies more than fonr-Hfths. Upon species OF
property taxes % levltd with more equality as 10
value or with better chances OF speedy and equitable
Is associated with todays event II therefore not con
Investors and SPECTATORS but Is shared by tho
city in its corporate capacity. since 80 large proportion
Of ts incoDc is derived from the source which have
mentioned An association slch as TINS has another MA
distinct varo from "a public point OF view As an
organization IL will have pronounced influence IN
creating and modifying public opinion upon most OF
those questions Of municipal finance which municipal
officers are called upon daily 10 discuss Questions OF
public corporate policy generally determined by the
OF corporate At the recent election
Constitutional Amendment Was adopted which limits the
tax ratio ana Inc CITY deOt Nhe ths piOhlDtOD con-
sntcs wise ami much needed check upon eNtravagant
schemes nevertheless necessitaes the. exercise of
prudence and economy OF The part OF municipality IL
the appOronmout OF It's funds to its different needs
Many opportunities will offer themselves TO your body
for elective action In tho protection OF the c!ys interest
against tho schemes CT designing men, and for The
furtherance ot practical work IN the natural develop,
mentof the citys These opportunities should
not wasted Another point 10 which VIII refer Is the
necessity which exists for such legislation Will bring
about reform In the existing methods OF transferring
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