New-York tribune., 1902-03-16
THE WEEK IN REALTY
LESSONS OF THE WEEK-BROKERS NOT
SUFFICIENTLY PROTECTED
BY LAWS

W
Some lesson can be learned from the experiences
OF any week in the real estate market. In the re-
ports Of the sales Of last week were contained
many valuable ones. 1t would be impossible to
point out at the present time all of the lessons
10 De found in those realty transactions. But the
most important which be by review
ing carefully the deals Of last week be stated
now.
There are hundreds of persons who appear to think
that the calling of real estate broker in some
respects is one of the most useless of all when
judged from the point of view of the benefits the
public receives from the broker. People of this
mind think they well afford to get along with
out the aid OF a broker and that he IS than
a pickpocket, and that he lives upon the earnings
or people OF means without giving just equva-
lent IN return for the money he receives from this
source. 1t seems almost waste Of time to try
to bury these fallaces. but they brand of
untruths OF the kind and have kept many
timld investors from operating buying success
fully in the market the true conditions OF the
market should be told again and again until there
longer within without its boundaries any
person who really thinks pickpocket better than
the average broker.
That such opinions regarding brokers exist IS
sometimes painly visible. Their effect was appar-
IN certain lines of the realty market last week.
and instead Of good brisk sales, certain channels
were clogEed and distressngly weak. What such
fallacies do Will be seen by counting the names
of the people who invested in realty for the first
that the unbrided tongue Of a prevaricator or Of
persons who have never good word to say for any
living man. child. and to whom good
reputation is worthy Of praise. create wide
spread havoc IN the real estate market in any
other INES OF business. Those who stand by, In
active and let falsehoods about realty conditions
continue affect business should suffer the con-
sequences. but innocent people should not be SOm-
PEELED 10 feel the loss OF business which untrue
words and false assertions about the market create
The business Of a real estate broker is exact
ing one, and requires much gray matter as
almost any other mercantile calling IN order 10
win success. Il is true that there some real
estate brokers who have no more regard Tor
honesty than a degenerate person, but because
some real estate brokers should be behind prison
bars should look upon the majority OF
brokers a being worse than dishonest men. Most
Of the real estate not only honest men,
but courteous well educated. patient and indus
trions If their word is not good as their BOND
they are soon found out and placed in a class by
themselves.
At the big metropolitan racetracks there are
many men who bet large sums OF money by a Hed
Of their head or by raising a hand finger, or by
simply telling the bookmaker the sum Of the wager
and the horse whose chances OF winning part
of the race honors they wager. Seldom money
passes between this class OF bettors and the book
makers. The bookmaker knows that the word or
the bettor IS good as his money and the oettor
places the utmost confidence n the oooklnaHAer.
In the real estate market similar conditions exist
by sending a telephone message. When the mes
sage IS received the property is Withdrawn from
the market. If offer TO purchase the property
is made after the message was sent the person
from whom the offer TO rebuy is received Is toIo
to see the first buyer. Some parcels have been
sold many times without cent being passed
between any Of the interested parties. and there
have been few occasions when real estate broker
failed keep his word.
Owing to the false statements that nave peeh
made about some real estate brokers. their bust
ness has been somewhat disturbed Fy he lack oil
laws to protect them. ASK some Of the real estate
men who figured in the reported 5ransa2 ions .asC
laws and they will quickly answer that tney are; re,
owner If he could offer his property Tor sale The
sum at which the property should be offered The
following day the broker toiG me % bnrine ne tbis
the owner sent the broker message that he @ @hao
fa5sG broSer 6ogd oS % not sue for the eomi6n Which
vas 4 really Tycsad eReG III zen eu{hozaon 10 sell the
property and, besides. he could have been ar,
rested Tor committing misdemeanor as any one
who offers for sale property without the wIILten wIILt
agthority i Of the 9wRer Is gg @ ide M Of March
says in regard TO the condition Of the market: ,
ConPoiiu .nPi al e5s,t 5 - - d,santangIe the one
en[Ielpely e me- TI are more transactions actu-
ally taking place at the present tIse thail az any
estate a fact which is all the extraordinary
because the building Of small dwellings, |hich @ doT
houses the market every year is almost entirely
suspended.
vancing prices, large amounts OF buuding ana Il
| steady and remuneTatiye demand on the part or
tenants. II has behind II many causes Wnlcn are
Thoroughly sound and effective, among Whlcn the
most important the prevailing business pros
perity, the imperative demands for certain classes
the interest OF transit improvements. and hnaly
the legitimate effect Of these improvements theIn-
selves. The cooperation Of these several causes
has produced some renarkaD Die advances OF values
and has unsettled the heads Of a good many real
estate owners and spectators. They are getting
tht speculative fever. which, when present, TENDS
70 make men forget the permanent basis or rea!
estate value and incites them 10 bid against each
other. and consequently 70 bring about unWarrant-
ably high quotations
"A good many spectators reach the same reSuIt
by process Of mere imitation. Through the use or
dummies and corporations, which are only them
selves under another name, they make II appear
that certains parcels have increased marvcNousy
best subsequently to maintain these fictitious
urfces The consequence Of all this g that con-
eeryatiye investors, who want safe and substantial
returns upOn their purchases keep out or the mar
ket which IS left in the hands either Of specula-
TORS or OF people who buying for rather
have no doubt that these speculative prices are
simply a shrewd anticipation Of prospective value,
that investors fVe years more from now
will nav them willingly, but on tke whole It Is GER
dominant IN the market Just at present than Is
Quite wholesome; and If this element Is not re-
duOed or moderated Il may lead to imitation
which will collapse, will wipe out weak specula-
tors and result IN years Of duness and depression"
FIVE FINE NEW TOWN HOUSES
Mesgrs John T. and James A. Farley have ready
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gI F7 F