Evening star., 1901-12-19
Provisions of the Constitution.


The constitution was then adopted. 1t
provides that the object Of the organiza-
ton is to establish uniform, just, equitable
and minimum rates of commission to be
charged on the sale of real estate, on loans
made upon real estate within the District
Of Columbia and collection of rents, and
to establish just and reasonable rules and
regulations governing the conduct of the
several branches of business relating to
the sale and management of real estate,
and the loaning of money.
Those eligible for members are defined
person or persons engaged in the real
estate business, trust companies banks
and bankers and auctioneers, who buy sell
or manage property or lend money on real
estate in the District of Columbia.
After the organization of the exchange
an initiation fee of S25 shall be paid by
those joining. The dues of the exchange
will be $25 per annum, payable semi-an-
nually. The exchange is to be managed
by a board Of governors, consisting of nine
members, who shall be elected at the an
nual meeting of the exchange. The board
shall elect from it's number a president,
two vice presidents and appoint secretary
and treasurer, the latter not to be a mem
ber of the board. The term of governor
is to be for three years. and three members
are to be elected annually. An executive
committee of three is provided for to be
appointed by the governors from their num-
Der. This committee is to have general SUI
pervision of the affairs of the board, con-
slider all applications for membership. have
charge Of the finances of the associa ton,
audit all accounts and perform such other
duties as may from time to time be as
signed to it by action Of the board.
Name of the Organization
The organization is to be known as the
Washington real estate exchange of the
District of Columbia
1t was decided to refer the constitution
and the bylaws back to the committee,
with directions to have both documents
printed and sent to all licensed real estate
given to all to examine the provisions
which are to be considered at the next
meeting. AS the latter contain the regula-
tions fixing the rates of commission to be
! charged upon sales and loans, this pro-
vision is regarded as the most important
feature of the new organization. Whether
| such a rate as per cent upon sales and 2
per cent upon loans shall be fixed upon or
| a sliding scale varying with the amounts
| of such sales or loaHss shall be accepted is
to be determined when the bylaws come
| up for action.
| The chair was authorized to appoint
committee to submiflat the next meeting a
! list of nine names to be- balloted for and
| to constitute the board of governors, and
| then the meeting adjourned.
| The action throughout was harmonious
| At the outset a question arose as to
whether an organization should be pro-
ceeded with, to the extent of adopting the
| constitution or theoentare matter deferred
| until the next meetlng.Hs
Mr.. R. A. Phillips proposed that the con-
stitution and bylaws be- printed for the in
formation of those desiring to join, and
that they both be takenhup at an adjourned
meeting. 1t was poipted ,out by Mr.. W. c.
Hin Mr.. Jesse L. Heiskell, Capt. R. w.
| Tyler and others that the constitution
merely provided for an organization, and
that it is better to ascertain the names of
| those who intend to go into the proposed
association. and then decide upon the de-
tails. AS was stated, the latter course was
pursued, although both documents are to
be sent to all entitled to belong to the ex-
| change.
Discussion of Terms.
Another question arose over the use of
the words Legitimate" or licensed
broker and 1t was plainly stated that one
Of the prime objects of the organization
/ was to get rid of the so-called curbstone
| brokers' men who do not pay a license, yet
/ demand and receive commissions for sales
and loans. The former term was adopted,
as it was inclusive. resolution offered by
Mr. Charles ]. Bell was adopted providing
for an adjournment until the 9th instant
land the order Of business as stated.
/