Omaha daily bee., 1901-02-06

There will be no auction at today's meet
ing OF the Real Estate exchange. A num-
ber OF properties have been listed but 1t
Is thought advisable that before there are
any more sales complete system OF rules
and regulations governing them shall be
provided. To this end a committee will be
appointed; and as the committee will
not report for another week and II is de-
sired that before property is put up for
sale ii shall be thoroughly advertised, 1t
may be two weeks before the next auction is
held.
Judge Keysor has accepted the invitation
OF the president of tho exchange to ad-
dress the members. 1t Is expected that
his remarks Will have some bearing on the
working of the foreclosure laws and other
matters affecting the legal side of the real
estate market.
The questions which the committee on
auction sales will have to consider are
points which are thought likely to have
strong bearing on the success of the auc-
tion plan. At the first trial last week the
Bemis park lot was opposed entirely with
out reserve. II is thought that few own
ers will be willing TO take chances, for the
present at any rate, unless they are al
lowed to fix n minimum price. Sixty per
cent of fair valuation is talked of, There
will be other regulations to ensure that all
bids are made in good faith and some sug
gestions have been made that the public
generally be admitted to the floor and that
bids be received from anyone present. This,
however. it is felt, would lead to many
difficulties. Many bidders would not be
fully acquainted with the terms under
which bids we're received and property
might often be knocked down to outsiders
when they were unable to conform to the
conditions laid down. 1t is probable, how
ever, that the public will be admitted to
the floor of the exchange and will be al
lowed to bid through their brokers, as at
any other exchange. With the intention of
securing as large attendances as possible IL
is suggested that a ground floor room be
secured foT the auctions and II Is hoped
that arrangements may be made before very
long by which the Real Estate exchange
will have the use of the Board OF Trade
room for this purpose.
During the past week these matters have
been very thoroughly discussed among the
real estate men OF the city They point out
that when the auction sales are well estab-
lished they will be a better means OF
bringing the buyer TO the seller than is
possible through private deals. AT first
they will materially assist in clearing of
stun There are still many property own
ers in Omaha who would be glad 10 dis
pose of their holdings at a sacrifice TO
themselves and at prices which should
make them attractive II the right man is
found to purchase them. Much OF this
cheap stuff" consists Of vacant lots and
to these it is difficult at this time to fix
a value. 1t is the belief of many OF the
advocates OF the auction that something
may be done toward establishing values
when public sales of this kind are made
every week.
There is another class OF "cheap STUFF
which is hamperng the market This is
property that has been improved, but where
the improvements have not been kept in
good condition Perhaps an undesirable
class OF tenants have been admitted. Either
the agent CT the owner has been too willing
to have the place rented. and not willing
| enough to keep up the property Whether
! this Is due to the owners poverty, or TO
parsimony, the result is the same-the