New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-10-10
REAL ESTATE REFORM WORK.
MORE NAMES TO THE BROKERS' PLEDGE.
NEW EXCHANGE MEMBERs-AcTIyE OPPOSITION
SILL UNDEVELOPED

NEW EXCHANGE MEMBERS-ACrIYE OPPOSITION
SILL UNDEvELoPED.
The expected opposition to the reforms IL
business methods agiatcd by the leading members o.
the Real Estate Exchange has as yet failed TO appear
The greatest to the movement TINS far is the
ukewarmness OF those who do not bring hostile ars
meuts against the methods All the brokers taiAeu
with so far express less approval OF the schee
william L. Hammer,ley, speaking on the SUBJECT saiu
am heartily in favor Of the plan OF having eaon
piece of property in the sole control OF one DroAe oho
responsible man handle the property satisfactorily
10 the owner while If il is in the hands OF half dozen
brokers 1t is sure hawked about the street ana It's
s,le nrobably killed Each broker wants to underbd
the other and will try induce the owner to make con
ccssons on IT, while customers are often disgted al
the opportunities OF many competitors ana Will not
buy at all. There are many pieces OK properly whose
sale is spoiled by its being In the hands OF Tom DICK
and the Old Harry. Then hrstcIass brokers won't
give tho same attention to property they doh
control that they give realty they do would rather
for SALE Ia my own control hye houses or STORES
than whole OF Manhattan Island every broker mas
A. likewise There ARE lot Of curbstoue brokers VINO
ought TO be weedcd out. ami the "dort1p OF tS pan
offering every piece of real estate they hear Is Tor sale
whether they have authority to do so OF not why,
these fellows property that owned myself! Real es
tate is the only safe Investment. II you own a
hoa'e or pIos OF IAN" the 20" next morning
Snowng i,,s there Willie in stocks and bonds you
are threatened with gOpin. he N rket overnight Man
haitian Island confined each side by river inc CITY
has got 10 grow nOrthward, ana hence prices VIII liz
prove in my opinion Yet real estate business methods
have kept hfteen years behind the times AS to the cohcr
raon Of dealings at the Exchange do not tnink lat
can be- done. Investors have 10 examine properly oeiorc
they buy H. and If transaction Is started III lne In
change 10 must be completed IN the brokers Once
A. meeting OF the directors of the Real Estate EX.
change Yesterday W. H. Bermer OF Kyle C' No $50
Henry r. Bedford from the Office OF Ferdinand Fish:
were elected members Of the Exchange Thc names Oi
john Davis, of NJ. Pme-st and Martin u wilkins OF
n. i.
- the brokers' by which each agrees not 10 Otr prop
erty AT ih Exchange that he has to believe IL In
The hands OF any olher broker ,nans the signa-
lures OF the following proni tent dealers H. H. am
nnnd Fish. 4. A. Cruk-hank Il CO.. William j. R1ome.
Richards & SIu.e, = NJ. B.akey. Horace s. Ely, j. L.
CrIkshnnk, h. H. Lmdlow & Co., william Reynolds
Brown. Holman Bros. Douglass Robinson. George T.
On this subject Ferdinand Fish sends the following
lerlcr to the Eiitor Of THE TRIBUNE:
ell In common with many other real estate brokers
doing business IN this city. am nuch lhtre'tod W tnc
effort that Ia nov beng made TO reduce the pdyS hud
selling Vt real estate TO something IKE Syseln an q
read with pleasure the favorable comments ni seVeia
prominent brokers which have appeared III recent IT,
sues OF yonr valuable Paper WIN your p'rm,S'o"
would k" to contribute my mite III the support Oh c
movement for reform In which the Real Estate tx
change has taken prominent part.
have before letter from lawyer in Park Row.
addressed Ia the owner Of house III inns civ saver
srd and in the official list On the Real Estate EXCHANGE
being represented by myself lhl' letter requests an
Interview with the owner. and sets forth the iact mat
ale OF the above properly wiz propioY It>ut turlu
from A. only offer property that Is IN my SOLO con
troll, course tlS rttff CONES Dith 10 anu
by the act Of this torn ". lie ~ promptly re-
frrrrd TO me ~ he should have been. Now a. this
fairly illustrates the difficulty which 1t IL sought TO
remedy would take advantage OF 10 Ia dcdhcc there
from I'm favor Of sin go repr sentaton
at Is lite evident that this party coui NOT nave
known Tho house. being for sale except through my
public announcement OF the fact II sale was elected
otherwise than through me, claim tEat would be en-
mi commission. on the grouSd that as was the
OF bringing the property TO his attention was
thus procuring cause aud that IL was through no
fault mine that was not perm ttei 10 complete the
Transaction. which I would DC erfrcly Wiling 10 TO-
IL q nj tbt4 ut nj trDublp
law custom To decide the question. DrCS-
ions have rendered both FOR and against brokers Ia
similar cases. bnt generally IN their favor III TINS
transaction was completed through this attorney he
w0 I'D probably claim the commission on the ground of
his cnnsumWating the sale. DECISIONS have De- u
rendered both WAYS In such also. II II
pn therefore, that the status OF the broker should he
clearly defined by statute. Now, II we admit that the
latter party IL entitled To receive commission. must we
not "A 50 admit that l. through whose tustrumcntalIty
treated Clearly there shO nd be division OF cOmiuS-
sion- In such case. and there IA good reason why
buth myself and the attorney should not complete tls
transaction
hc manifest reason Ia that the other party either
poets purrha,C thS pt Jperty NJ less price tnan
expect 10 get Tor IT, OF else lac ntcds to cheat me out Of
my iuterr,t Ia The COBms- on. Possibly both. ASIDE
fr m the injustice that would be done me by the owner
uay sun, loss ANA also render hs II liable for two
commissions
.'Thi. Is fa- sample ~ hundreds ~ instances that
might be collected going 10 show the faiacy OF the
ton that derives dvAhtagS from tho en-
numerous brokers' and also 10 i~provc the
theory that broker derives benefit from handling
properly which ANY one who may can take out OF his
bands There Il but ono class Of prOpU who benefit
by such and that l. the unpuncipeI broker
who socks so benefit from the laDOrs OF others,
without cost to himself"