The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-11-06
REAL ESTATE.
Meeting of the Directors and
Members Of the Exchange.
Important Business Transacted - What the
Exchange Means to Members and the
Pubiic-New Nsmss-Sales.

held at the temporary quarters, 10 Fost
street at s o'clock last evening. There
were present President W. II. Bovee, Vice
President A. s. Baldwin, Secretary q. ii.
Umbsen and the following Directors and
members of the exchange: VIII f. Fisher,
7. ]. O'Farreu \. c. Carnall, Henry z.
Sonntag. N. J. Burke and NJ. j. Mertens.
After the reading and adoption of minutes
of the previous meeting and the disposition
of routine business three new names were
bauotcd for and unanimously elected as
mem beers, viz: G. f. Bowman, William
Butterfield and Isaac Strassburger.
At meeting of the members held imme-
diately after the Directors session an
amendment to tie bylaws was adopted 10
the effect that honorary members to the
number Of one hundred will be admitted.
This step was found necessary on account of
the many applications from capitalists for
membership.
The following statement, which appeared in
the Real Estate Guide for November, pub
Ished by o. ID. Baldwin, Joost & Mertens,
was unanimously Endorsed by the meeting
as showing what the Real Estate Exchange
means to its members and the public;
A real estate exchange tor San Francisco Is
a proposition which few people are familiar
with, and there Is naturally much speculation
among buyers and sellers OF real estate, and as
for that among many agents themselves, as TO
what il means and as 10 what may be the out
come Of the new rganiZaion-success or failure.
While a real-esIate exchange Is no longer an eX-
pertinent IN Eastern cities Ike New York and
Chicago, IL is argued that, as we got along for
thirty or forty years without unfit principles
of dealing III real estate, there Is no real
necessity for ii now, and that II IS no more
than an attempt on tue part oil lew nTinS 10
coLtTol the business By consolidating into what
It oslensibly termed an " Exchange" While
at this writing it IS as vet premature TO make
any predictions, lnasmuch as The undertaking
DEPENDS Largely on the wisdom business tact
and energy OI lie seven gentlemen placed al the
helm Uf the new enterprise. who have Tie iii.
cult task be fOie them OF mOlding the rntie fouu-
dalun OF lie structure out OF their experience as
TealesIate agents, still il Is safe 10 say HAT
lLeie exists an absolute necessity Tor urganiZa-
ton, aud II As unqGesjlCnabie that ioi The want
O II the business as business Is rap dig ueSeae-
rating aud coming INTO had repule, no matter
how hard tEe legitimate fms eudtdYJr sluGle-
handed TO stem lie Tide. Nobody feels tie press
Ing eXpedieHcy more than those regularly en-
gagged IN bGylug and selling on commission some
OF whom have at last tuned aside from The daily
humdrum OF perpleXiiits and gwen the subject
matter OF correcting The evils now attendant
upon Tie business study and thought. The con-
eiuslons or Their deIoeI"tiOhs feSolV u Them
selves into The formation oil an exchange, as was
announced al tile time by tie daily press. The
immediate causes leading 10 this step are
manifold and OF long standing, with tile addition
that they became mole agsIegaliag as they grew
older
10 begin wiki, the absence OF 4 common meeting
plae iOr The various hrms regularly engaged 10
The business OF real estate agents is making
Itself more and mole leIt as the volume OF trade
increases ana tie city assumes more and more
metropolitan character No single firm, now
ever perfect its iganIzatiun or extensive its re-
latiUns may br, can be expected 20 supply any
number OF demands for property made upon II.
IL Is therefore 4 common occurrence that firm
Is compelled 10 tulnhs customers upon the street
to shft for Il en- elves and TO hunt up for them
SEW, something hat may sun them, by running
to every real estate office ID town. What al
amount OF labor ana loss oil time TINS Involves 10
investors Tie pnblic having experience in this
line can amply testify 10. Moreover 1t prec.udes
to considerable extent The possibility OF client
dealing viii an dgent In whose judgment and in
tegIIy they ave confidence. and whom in turn
they are desnOus 10 paIrOniZe. With an tx
change, however, the case VIII be entirely differ
ent Assume, for Instance, mat Mr.. desires TO
make an Investment OF say $4,000 on Mission
street for d rain purpose. He goes 10 his
agents ana commissions them TO submit lot OF
properties. The agents in turn 90 on exchange
and rake the announcement that they are III the
market for such aud such piece OF property.
Instantly they are Ilaced In command Of ever
such piece OF property on the market aud are
able 10 ,ep0r. TO their customer whatever there
is for sale, ma Inc their Communications at The
same time, alter due investigation. III the course
oil time Trade Is made between the agent repre-
Sentlug the buyer and the agent for the seller.
Under such system no agent Will endeavoI 10
convince his client that The property listed with
him IS The only aud best IN town, as then lie need
not be appreLensive that he viii lose his Gus
toner II lie cannot SUIT him from his own list.
Here, then. certainly valuable advantages
pointed out as accTulug 10 the Investors under
the system Of an exchange; but let US now
analYZe the mOdus OpeIandi from the standpoint
OF seller. MIR. j. has listed piece Of property
for sale with certain iim, with which, for some
reason or Othef, lie prefers TO do business. The
property Is offered on exchange aud sooner or
later II may tit exactly for what another agent
may have orders to look for, aud trade is
quickly made. In short, Real Estate Exchange
Is practically what any other exchange signifies
concentration OF buyers aud sellers OF prop
cry wanted aud property offered, represented
hy properly licensed and author Zed agents OF
standing and TepuIe. We do not hesitate in
saying that an exchange will be conducive of
making business, thar II VIII accelerate the pulse
uf Trade, tnat II VIII attract attention from with
cut. that investors from the North. South and
Ine East viii be drawn to II, and for this reason
alone that Il VIII result In immense Deneht 10
tie city. III Will proclaim daily 10 every prop
ery-owuer Of our municipality the tone OF the
ieai-estate market FOR tile different sections.
afiordng most valuable guide to lhe owner and
inv stOr.
Thus far We have endeavored to show briefly
wherein the establishment Of an exchange will
be especially and primarily beneficial 10 the
public, but We cannot close this article without
pointing out how il VIII All CT the legitimate
agents themselves. AS compared with the Dick,
Tom aud Harry business now III vogue, II VIII
certainly greatly tend 10 elevate the business
and cloIhe il with that respect aud dignity in the
community without which no business, however
profitable, Is satisfactory. 1t cSlll lead to the
adoption Of certain uniform principles and rules
governing all trans actions, OF which the dealing
Ia real estate staud- so greatly Ia need Ii VIII
Tend 10 weed out AL undesirable characters flOm
lie profession WHO In times past Lave made the
name OF real estate agent Synonymous with
tIickeTy and sharp practice. IL Will relegate the
unlicensed curDstone broker from his present
pinnacle OF glory TO some more fitting occupation.
Ii will shut out every red dog from claiming
recognition In transactions in which they only
iuterfeted. II will abaie the solicitor nuisance,
running up prices of property TO fictitious and
ridiculous values for The sake OF obtaining the
ques ionable privilege for their firm OF Offering
Ine property Tor sale We're we inclined to pour
cut our tale Of woe, INTO he ear olive confess,
an unsympathetio pCbiic-we might go on
tins article we will not weary our readers
with the abuses 10 which real estate agents have
now 10 submit. Let US hope then that the pro-
Ios ed Real Estate Exchange will be a success be-
yond tile an icpaliOu of those who have fatheTed
il, that II Will correct The present evils OF the
business, that 1t may contribute beyond measure
to tie prosperity OF San Francisco. that its pres
tge may b. a powerful factor In the future deyel.
OpeneDt Of our young city. which We love. that
us influence may be great aid to property In
ter ests and that The governing board OF this child
OF enterprise and sef-respect may always be
composed OF the most enlightened, mos: en-
eTgeiic and most self-sacricing members Of the
San Francisco Real Estate Exchange.
The meeting lasted three hours. during
when time considerable informal discussion
was INDUCED in.
SALES REPORTED.
The CarnalI- Fitzhugh- Hopkins Company
sold yesterday Let 2f0xl00 on the north side
u - btIttL iIDl NtDLl W WculS-
sixth avenues for 5000.
McAfee, Baldwin & Hammond effected
the sale yesterday Of lot 26 6xl00 on the
northeast corner OF Thlrtieth and Dolores
streets for $3.50.
THE CALL was the only paper repre-
scented at last evenings meeting of the ex-
change.
BUILDERS CONTRACTS.
Schwartz Bros. with August Leitz, in
terror decorations on west line Of Powell
street, 65 north of Eddy; $1,000.
Claus Mangels with Parsons Construction
Company, electric work on north line Of
Ellis street, 81 east of Powell, 70 :6xl15;
S1627 %.
j. g. and T. n. Day with Charles Dunlap,
lathing, etc. on northwest line of McAllster
and Larkin streets; $1,000.
James q. Walker with Thomas Winters,
plastering on west line of Powell street, 90 e
north of Ellis, north 44x93:6; S1495.
CATHEDRAL BAZAAR.