The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-23

Quick Sales Will Operate to
Make Prices Even
Firmer.
The necessity of this city's having an
active and we'll patronized real&essate
exchange is apparent to&every one who
has given the subject any thought. Not
less apparent is it that the exchange
should have suitable quarters Or cen
trally located building of Its own, to be
known as its exchange room, or head
quarters.
The real estate exchange believes that
to market real estate easily, without ex-
pense and trouble, means quicker profits
and therefore more actual value, as any
asset, quickly marketed <or convertible
into cash is more valuable than a slow
asset Of apparently equal or greater
worth. They point out that the Mime
apolis chamber Of commerce is valuable
to the city and its members because 1t
means a number of buyers easily obtain
able for any product dealt in by the mem
bers .of it's board. They know the same
change, actively and properly, conducted,
as that would mean buyers for every piece
Of property offered, instead of the few.
Buyers are as eager for offerings as sell
ers are for purchasers, but up to date no
thought seems to have been given to the
buyer, and no arrangements made for his
comfort and convenience, all thought thus
far being for the seller.
A "Floor" Provided For.
The real estate exchange proposes to
change this order of things. The build
ing which the board purposes to erect or
rent, will have an open floor space. in the
first story about 22x66 feet, with private
room adjoining or in the rear, with a sec
rotary in constant attendance. The real
estate brokers who are members of the
board, or as many Of them as can be &C
commodated, will each have from six to
eight feet Of wall space, with a small
desk or auction booth, their list Of bar
gains or rentals, catalogues or other ad-
vertising matter being in evidence at
their respective booths, and attention
drawn to the same by advertisements in
the daily papers. Investors, real estate
operators, intending residents, Will be
invited to visit the exchange room, and
will there be supplied with all the printed
matter OF the different firms represented.
II house is wanted for rent, in two min
utes the applicant can be in possession OF
the addresses, prices and descriptions OF
nearly every vacant house in the city
The. same with a prospective purchaser
for home. He can take home with him
for digestion" all the printed catalogues
OF houses for sale by the different bro
kers represented.
The secretary in charge will have for
distribution maps and descriptions Of Min
neapolis, showing all its favor1te drives,
permits to view the mills, names Of the
members Of the board-in fact, everything
to aid the visitor to appreciate the city,
and to buy the cheapest property with the
greatest amount Of choice in the least
possible time. Real estate auction sales
will take place frequently, possibly daily
Lots will be put on the banking basis
and Minneapolis realty will be expected to
sell for cash like good stocks in Wall
street, and be just as difficult to obtain.
To Handle Local Securities.
In addition to sales of real estate, auc-
tion sales Of stocks bonds, mortgages
and all real estate securities, where the
character of same had been approved by
a proper committee, will be permitted
Also it Is expected that judicial or mort
gage foreclosure sales, which are now
held mainly at the front door Of the court
house, will be held in this room. TINS
latter feature is now marked success in
the exchange rooms at Chicago, St. Louis
New Orleans and other cities, and while
the success attending the sales In these
cities is probably greater than would be
obtained here, on account of the fore
closure sales there being what are known
as "strict" foreclosure sales with nc
equity of redemption, still, fair measure
CT success could reasonably be expected
from such sales here. The secretary would
r 1s~x~
with the dates Of sales, and each member
would be notified Of such sales in time
to be in attendance. In this connection
the following from the st. Louis Post
Dispatch Of Nov. IA, 1885, is of interest:
The first legal sale on the floor of the Rea
Estate Exchange has Teen held, and it was
so unoualifedly successful as to leave nc
doubt as to the future status OF the Innovation
The sale occurred at noon Tuesday when the
special commissioner in partition offered tn,
property at the corner Of Bernard and The
resa avenues, with some old Improvements
The same property was offered at auction BY
the same commissioner at the east front dool
of the courthouse about two months ago: the
day was clear and four men attended the sale
There was no bidding to speak Of then 81, 00
was the best bid obtained. and the court de
cl1ned to approve that figure. Now, wher
the sale was held on the floor of the ex
change, although the day was stormy, Their,
were nearly 100 persons present The bidding
started at $1,000 went by s25 and $50 jump.
| to $3.50. and was knocked down at tina
price. number of the leading agents O
the city and many property owners were
present, and they all heartily agreed that t.
get q good attendance at legal sale, and tx
get good price, the place to hold the sal.
was on the floor of the exchange.
The committee having charge of the
matter of securing suitable exchange
rooms. either by lease, purchase or by
building, has several proposals, which
it will submit to the board at special
meeting to be called early next week.