The Sunday herald and weekly national intelligencer., 1891-05-17
GROWING IN FAVOR.
The Real Estate Exchange Project
Taking Definite Shape.
A MOVE FOR ORGANIZATION
Decisive Steps Likely to Be Taken
In a Few Days.
More Real Estate Dealers Give
Promises of Support.

The idea of establishing real estate ex-
change in Washington, advanced by The
HERALD two weeks ago, has taken firm hold
of a number of the leading dealers on street.
They find that strong sentiment has been
worked up in favor of the exchange project by
THE HERALD's agitation of the question. The
almost unanimous Endorsement of the sug-
gestion in the interviews with real estate men,
published last week, was surprise to those
who, while they favored the exchange, had
made no general inquiry as to the feeling of
their associates.
Similar suggestions made from time to time
in past years were met with Indifference or
disfavor. Now, however, the majority of
dealers seem to recognize the need of an ex-
change and are willing to cooperate as far as
their time and means will allow in establish
ing such an institution. This is another evil
dence of the growth of Washington in ma
teral prosperity enterprise, and breadth of
view. Her business men are more fully abreast
with the spirit which prevails in other cities.
The extraordinary growth of the real estate
business of Washington in the last three or
four years has greatly complicated the
difficulties of transactions and made the
dealers feel the necessity of thorough
systematization of it. This can be done in no
other way except through real estate ex-
change. The advantages which such an in
stitution would be to dealers, owners, and the
purchasing public have already been explained
at considerable length in THE HERALD by
those dealers who have given attention to the
question.
An important factor in the establishment
of the exchange was the cooperation of the
auctioneers. 1t was stated as an objection to
the sale Of real estate by auction at the rooms
that deeds of trust read that the sale should
take place Immediately in front of the
premises. An examination of this question
has shown that most of the forms which con-
tain this proviso are now obsolete and this
limitation has been withdrawn. The form
now generally used by all agents is known as
the LaD Reporter form, in which the clause
pertaining to sales reads as follows
ssAnd upon this further trust, upon any de-
fault or failure being made in the payment of
the said debt or of any instalment of princi-
pal or interest thereon, when and as the same
shall become due and payable, or any proper
cost, charge, commission, or expense in
and about the same, then and at any time
thereafter, to sell the said described land and
premises at public auction upon such terms
and conditions, at such time and place, and
after such previous public advertisement, as
the etc. or the trustee acting in the execution
of this trust, shall deem advantageous and
proper"
This fact answers the objection referred to.
number of the leading auctoneers were
seen by those interested in the promotion of
the scheme, and they unanimously expressed
themselves in favor of its consummation
While no definite steps have yet been taken
to form an organization to push the exchange
project, it is likely that such steps will be
taken in a few days. A number of dealers on
street, who have become thoroughly i'm
pressed with the belief that an exchange would
be a great benefit, are discussing plans by
which the project may be realized, and some
sort of an organization will soon result. 1t is
expected that volunteer committee will be
formed to call on all real estate dealers and Sc
cure from them definite pledges of support in
the effort to organize the exchange. The
sooner some such action as this is taken the
better. There is no question that the project
is now we'll before the real estate men of the
city, and the great majority of them seem well
disposed toward it,
The following additional interviews on the
subject are of the same favorable tenor as
those printed in these columns last week:
MR. GoRMAN MAKES SOME GOOD POINTS.
''If through the efforts of The SUNDAY
HERALD," said Mr.. A. M. German, ga real
estate exchange is established in this city, the
paper will have done the real estate agents
here a valuable service. | am heartily in
favor of the plan, and in some letters | wrote
for THE HERALD last year on real estate sub
iects l strongly advocated the idea. In Wash
ington there are over three hundred real
estate agents, with an aggregate business
amounting to several millions of dollars annu-
ally, yet there is no place where the brokers
can meet and fraternize, and where harmony
and unity of action may bepromoted. A large
number of the brokers are unknown to each