The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-16

estate headquarters on the ground floor,
OF building owned by the Real Estate
Exchange in the business center Of the
city.
The Chicago real estate board owns or
holds on long lease it's headquarters in
the business center and through the work
of the real estate board, several years
ago, they now hold a great many of the:
judicial sales in the board rooms instead
OF the courthouse. '8sr&
The Real Estate Exchange of st. Louis
only last winter secured the necessary
legislation so that judicial sales in that
city are now held innthe rooms of tie
exchange, which IS a building controlled
by that organization, the sales being In
large room on the ground floor.
In all three cities the legal advertise
ments of sales as we'll as the agents ad-
vertising as to the property listed with
them designate the board rooms as the
place for the auction and as the crowd
gathers the rooms are lighted up. The
sale, of course, takes but few minutes
and a great deal of real estate selling
by auction whether under orders of the
court or otherwise, can be done in a
day in such a room, it being the business
center and convenient for business men
and others to attend. The possibility Of
getting "snap" nearly always fetches
|: a crowd.
The Minneapolis board has discussed
this matter several times and has had the
law looked up and obtained advice as to
the procedure to bring about such an ar
rangement. OF course it would be to the
real estate interests to secure head
quarters, to certain extent permanent,
and after Incorporating, to buy build
ing under corporate name.
Fred B. Snyder, who conducted the Tor
rens law test in behalf of the Minneapolis
board and the ST.. Paul exchange, states
that under the statutes it is entirely
within the power of the court to Ak the
place Of judicial sales. The judges can
Office of the Minneapolis Real Estate
board as the place of making such sales.
AS to mortgage foreclosure sales made by
| advertisement, 1t is entirely within the
power of the attorney making the sale to
designate the place where the same shall
be made.
1t is believed that by working up sem
timent among the attorneys mortgage
foreclosure sales by advertisement can be
made in the board rooms and that the leg
islation is entirely unnecessary.
A Success in St. Louis.
The St. Louis papers say Of the first
judicial sale under the auspices:
1t was so unQualifedly successful as to
|
movement The sale was of property which
was offered two months before at the court
house. Although at that time the weather was
| clear, only four men attended the sale and
there was little bidding. The best bid OBJ
tanned was $1,000. Although the day was
stormy when the sale was held in the ex-
change, 100 men were present. The bidding
started at s1,C00 and the property was sold al
$3.50.
Done by Minneapolis Board.
The Minneapolis Real Estate board has
accomplished much within the year and
a half since its reorganization. In the
first place cordial feeling between the
real estate men was established at din
ner in the Commercial club Later an
entente cordiale between Minneapolis and
St.. Paul members of the fraternity was
sealed by a dinner given at the Ryan In
St. Paul after tour of inspection in the
city. This was return engagement after
a visit from the st. Paul men who saw
| Minneapolis from a car window.
Money was raised by the two organiza-
lions and successful test of the Torrens
law made, establishing sits constitu-
tionality.
A valuation committee was appointed
which already has done much to set 8
basis for the estimating of land values ir
the city. It's services have been REQUIRED
by two large corporations
Rates of commissions on sales and loans
have been adopted. which have, it is fail
to say, been almost inviolate. This move
established card Of rates which serves
as a governor for agents outside the
membership.
The latest reliable map has beer
printed to the number of 10000 and l:
issued gratuitously by the board members
1t is the only map which contains all the
late additions to the city and consequent
. extension of car lines. Now commit.
tee is at work on the matter Of obtaining
an entirely new city atlas to replace the
Anticipated book which is in USE The
committee wilreport that probably by The
first Of January an atlas from new plate.
will be delivered. 1t will be in the hands
of subscribers in time for the big rea
estate business which is expected fol
1903.
= The board proposes to prepare FOL
Il