The Sunday herald and weekly national intelligencer., 1891-05-03

Broker.
The project of establishinga real estate ex-
change is again being discussed on F street.
Brokers say that the need of such an institution
becomes every day more evident and that its
establishment would help them in many ways.
The fact that an attempt in this direction
some years ago did not meet with success
they assert, is no reason why it would not sue
ceed now. There has been big increase in
real estate business in the last few years. and
the number of brokers has almost doubled.
Besides, it is asserted that the former attempt
to start an exchange was badly conducted
from the first, and that the narrowness of its
scope precluded from the first ever getting it
on good working basis.
''What is wanted,' said one broker, 'sis
real estate exchange to which all dealers of
good standing, whether they are young or old
or do large or small business shall be ad-
mitted There should be no attempt to limit
membership to old and wealthy firms, however
much these may look down on the young men
who are new in the business and are strug-
Cling to get on their feet. Take in every man
who is not positively disreputable. think
there would be little trouble about getting the
great majority of the dealers to join if it was
made clear to them how they would benefit by
an exchange. This would give good mem
bership at the start, and before long no broker
could afford to be on the outside.''
"What would be the advantages to brokers
of the exchange ~
''The first and greatest advantage would be
the adoption of a universal rate of commission
on sales The history of the Underwriters AS
sociation illustrates this point. Before the for
nation of the association insurance men were
cutting each others throats all the time, writ
ing policies at the best rates they could get,
undertaking each other, and keeping the
business in confusion. This gave the sharp
and unscrupulous an advantage and injured
the men who stood out for fair rates and re-
fused to adopt questionable methods to get
business. The effect was, of course, demoral-
izing, and while here and there men might get
insurance at low rates, on the whole it was not
benefit to property-holders. The formation
of the Underwriters Association has done
away with all this. The business has been
systematized, a universal rate has been estab-
lshed, and all the members of the association
are forced to live up to higher standard of
business morals. If they don't they can be
disciplined. If there was a real estate ex-
change to which the great majority of the
brokers belonged we could do the same
thing. A universal rate of commission for
making sales and negotiating loans could
be adopted and enforced, the business
could be thoroughly systemalized and regu-
lated and placed on n better basis generally.
Members of the exch"nge who did not live up
to the regulations could be called to account
and higher tone generally would be given to
the business. Brokers would feel their re-
sponsibilities to their clients as we'll as to the
exchange more than they do now
Another great advantage of an exchange
would be in the matter of auction sales. All
auction sales could be held on the floor of the
exchange at q fixed hour daily, and IN this
way brokers could attend them without being
put to Inconvenience. At present two, three,
or even more sales may take place at points
miles apart in the same afternoon. A man
VINO wants to attend those sales simply can't
90 IT. III we had an exchange all coming
auction sales could be announced there and
full description of the properties entered on
the books of the exchange. This any one can
see would be great benefit to dealers More
over, all the members of the exchange could, as
far as they desired, make use of the books Of the
exchange to announce the properties in their
hands. This would prevent disputes about
clients, and in many other ways would lie an
advantage to all concerned
There are probably the broker continued,
''three hundred real estate dealers in the city.
Supposing all of them went into the exchange,
paying, fee of say 800 each. This would
give $4,000. With this site could be secured
and building erected as a home for the ex-
change, making it a permanent institution and
a benefit to the community The idea is a
good one, and all the brokers to whom have
talked about itapproye of it, | hope to see an
organized movement for an exchange before
fall"
improvements at Kernan'S Theatre.
Manager Herman, of Kernan's Theatre, will
eXpend several thousand dollars in improving
his house this summer. The principal feature
of the improvements will be the construction
of the new entrance to the theatre from
Pennsylvania avenue Mr.. Herman some
time ago purchased the property next to Har-
Yey's on the Avenue, and on this he will build