The Sunday herald and weekly national intelligencer., 1891-05-24
STILL ON THE MOVE.
THE REAL ESTATE EXCHANGE PRO-
JECT GAINING FRIENDS.
A Paper PIedging support to the Under
taking to he Circulated This Week
Points About the New York Real
Estate Exchange.

change are still going forward The under
taking is q big one, and as this is about the
busiest season OF the year with most of the
dealers they have not had as much time to de-
vote to the matter as they could have wished.
Still those who have taken q special interest
in the enterprise have met with substantial en-
couragement from all the gentlemen whose CO.
operation they have sought to enlist, and they
feel no longer any doubt that the prospect
will be speedily realized
This week committee of gentlemen will
wait on the real estate brokers of the city
generally with paper pedging support to the
undertaking This will at once place the pro-
ject on more substantial footing, and 1t is
confidently hoped that as the discussion
started by THE HERALD has elicited so many
favorable expressions the signatures to
the paper will speedily embrace most of those
who are engaged in the real estate business
throughout Washington.
There is no question that real estate ex-
change would be help to nine-tenths of the
dealers, and ut the same time 1t would add
one more to the substantial business institu-
tions of the city.
Some of those most active in the promotion
of the scheme sent to New York last week
and obtained a copy of the rules and regula-
tions of the Real Estate Exchange and
Auction-Room of that city. These rules regu-
late the use of the exchange and auction
rooms by members and the public. They
provide that the exchange be open from 10 to
1:3O p. M. daily.
During the temporary absence of any mem
Der from the city, or by reason of illness, a
substitutes ticket good for thirty days may be
issued. The principal is responsible for the
acts of his substitute.
On days when there are auction sales the
auction-room is open to the public from II
A. M. until the close of the sale, but no
peddler, vagrant, or disorderly or objection
able person is admitted.
Indecorous language, disorderly conduct
ETC., are punished by fines.
Regulations are provided as to choice and
letting of stands, sales by auction, etc.
Auctioneers' stands leased for five years.
rent for $50 annually.
The exchange fees are as follows:
ORDINARY SALES.
Knock down on real estate where the
amount is less than S5, 900, SO.
Between the sums of $1,000 and 500, 900
So. Above 100000, $25.
Auctioneers not renting stands pay 80 per
cent. IN auultlOn 10 Jnelr lees.
Knock down on stock or assets to auc-
tioneers renting stands, 81.
To auctioneers not renting stands, 50.
LEGAL. SALES.
Knock down on all the sales of real estate
by order of the committee, 50.
Knock down on all sales of assets by order
of the court 81.
Exchange fees on property offered at upset
prices shall be the same as If sold.
Commissions on auction sales to be paid by
the buyer or seller are also provided for
In the case of all official rates any auction
eer may sell at auction, and in such instances
the same facilities for stands and posting
notices shall be accorded to non-members as
to members.
Auctioneers renting stands furnish every
Saturday list of all property arranged to
be sold during the coming week. Such sales
are posted.
Signs on the walls of the Exchange can be
rented subject to certain rules and regula-
tions.
Regulations are provided for. private trans
actions on the floor as to agents and the
management of property and appraisement
charges.
Also for private sales and those relating to
commissions. exchanges, titles, and the time
brokerage shall be deemed to be due.
Commissions are not allowed to be divided
or lessened.
Good faith in the course of any negotia-
tion or bargain is demanded.
All questions of disputes, etc., are referred
to an arbitration committee.
Any respectable person may be elected to
membership.
Two negative votes in the committee on
election disqualify person from admission.
These abstracts give in a brief form the
manner in which the New York Exchange is
managed. OF course the rules and regulations
of an exchange must be adapted to the city in
which it is established. In order to give an
idea of the amount of business transacted by
the New York Exchange the following figures
are quoted from the annual report issued to
the stockholders in December 1890:
9Th, sales at auction have amounted to
S47,015, 800, (for 1S90.) Stocks and bonds
amounting to $19,057 842 have also been sold.
The receipts from rents are the largest since
the property 80 to 65 Liberty street was ac-
quired; every office therein has been per-
manently rented from cellar to roof, the total
rental amounting to $3l ,2S3.76. This is com
pared with each year since 1885. The rentals
of 1885 amounted to $2l, ,773.74. The receipts
from knock down fees amounted to $16 4l05O,
compared with 81, ,023 in 1885, Receipts from
annual membership increased $50 over last
wear. The result of the years. business shows
gross income of $55,27S.52, deducting ex-
penses of all kinds amounting to $37, 06,
leaves $l7, ,OS7.31 profit. Out of this profit
dividend of 34 per cent. has been declared
and $500 added to the sinking fund and $3731
carried forward"
This report shows that in consequence of the
real estate auction plan being conducted
inteligentiy, it finds favor in the eyes OF the