New-York tribune., 1909-11-21

v as rejected lasf week DA the ngmb,r of
successful auction sales neld Al the Real
EsJate Exchange salesrooIns. Nos. "a aud
10 Nesey street. 10y Bryan T.. Kennedy. Her
bert A. sherman. Joseph p Day and sew
eral other aucfionecrs. "a was truly
week in which me attractivoness ~ thc
auction offerings overshad1 owed the private
brokerage operations. 'he scenes in the
salcsrooms NividlY recalling to mind dave
of loug aeo in the old Liberty Street EN-
change.
Most saiesroom buyers noic the opinion
d Is said. that a parcei OF real estate
which is No ] in every respect viii he
taken over 10y big investors on spectators
before n can reach the auction rooms, pro-
vided the terms Of the owner are reasons
bic II Tins assumption were fact there
would be no need of the auction sslesIooms
except Tor the holding ~ legal sales ana
quick outlet Tor property owners
forced 10 realize az moments nouce on
their realty holdings. no matter whether
they set fair market price or not for
their offerings
Strenuous efforts have been made by
many PERSONS Identified with the real es-
tate market 10 put an end 10 this falsu
point OF view snd 10 make all the volun-
tary sales held al the exchange proof posi-
rive that such offerings afford many oppcr-
clnities 10 realty buyers. Somehow Jhis
wrong view OF things viii not down
A CHANGE NEEDED.
There ought 10 be many mere absolute
voluntary sales. The Vesey street offerings
az choice investment and speculative par
GELS should arouse the attention from day
&c day or the buying public much as
the daily trading in the private sales mar
ket- Now the weekly budget usually COM
-1-.-ar a7eE
ana IN many cases the properties TO he
disposed Of have few attractive features
20 wideaWake buyers. The Nesey street
salesrOOms should be a much greater and
busier real estate exchange.
Not only should owners be able 10 find
there al any season OF the year a salts
factory marksf for their offerings. whether
unimprOved or improved. but also for
everything relating 10 real estate that is
tnclU6ed among investments. such as mort
cages bonds and ~leasehOld contracts for
long or short terms.
OF late years the Nesey street sales
rooms have been mostly noticeable for the
holding OF large and successful sales OF
lots In and near the outskirts OF the city
or in the newer residential centres OF Man
haitian ana The Bronx. AS that type of
property is OF greater drawing power ana
IS more salable among little investors.
those sales naturally attract ia larger num-
hers small buyers than big investors and
Spectators who are prominently connected
win the real estate market from one year
20 another. Undoubtedly this Is the best
method OF getting prospective homeseekers
10 take over large tracts Of Undeveloped
land. FOR IL not only helps uo hN the mar
lzet value ~ The lots. but does away with
the hiring Of hundreds OF sales agents. the
offices for tho use of the business Of the
hoidiug company, and Il removes all doubt
ss 10 whether or not the 'itle 10 the prop
critics is perfect The little buyers get the
properties AT lower prices and more
Favorable terms than they would n they
h'uElH at private sale. and The holding
".arjsHy b. able 10 realize quickly a good
SUM or morey from its investment.
Eui tle do0Is of the Nesey street sales
r,prs .shoufd be opened wider 10 receive
5usl a- large crowds az big investors ana
-rs-@ulst0rs az chose on tho days Of the
-f'ecial offerings Of vacant sites OF other
binds oI properties FOR The little buyers IN
trs reality mart
SOME OFFERINGS LAST WEEK.
last week many hundred thousand dol
lars was invested in properties bought al
the Ncsey street salesroOns- IN ought 10 be
loSslL4e 70 say me same lllns ABOUT lle
trading 5here this week and for every
other week as long as real estate is salable
On Manhattan Island. There were many
bargains. too. picked Up there, yet the re-
sult of the sales was entirely satisfactory
- The owners whose offerings were dis
posed %.
That a sale can be satisfactory 10 both
seller and buyer is something that the
average trader IN The auction rooms ap-
pareutly cannot understand II q trader
says that he has obtained a bargain he gen
orally likes his listeners 10 infer from his
remarks that the seller knows little about
values ana that H. must usually be in a
sleeping state. and that IN one OF those
spells he let the property be sold 10 the
speaker.
This peculiar mental condition of certain
vesey street buyers is probably due 10 the
fact that al private sale the seller usually
boasts OF the substantial profits he mas
made by selling his property, and that the
buyer is not 10 be consulted as TO his feel
sngs until he too, has made a successful
resale OF the property.
IN the Vesey street salesrOoms. however,
g. is the feeling or the buyers that IS given
publicity quickly and widely. There is
certain exultatioE that falls TO the lot Of
every fortunate buyer. OF. rather. 10 every
successful bidder there, as they are usually
solo lust after the sale by some realty
operators OF talkative nature that they had
offered a much larger sum al private sale
for the property ana had been refused.
Under such circumstances a. would be con-
.idered peculiar II the fortunate bidders did
not scurry about the auction rooms seeking
80 get CONGRATULATIONS from all quarters
ana giving zest 10 a ruInOr that the seller
ought 10 take a back seat in the school OF
realty knowledge. Moreover. this custom
of deriding the capabilities OF the seller Is
sInouestionably largely due 10 the fact that
the opinion OF the fortunate buyer as 10 the
value Of the property was more or less cor
rohorated by the other bidders
THE BEST KIND OF SALES
There must be action and supersction IN
realty trading. Otherwise il would not be
o profitable field for speculation and IN
xostmenf The buyer Of to-day must be
sble 20 realize a fsir profit from his in
,.osiment tomorrow and II there are
serious checks and backward tendencies IN
tls upward drift 81 affairs 10 newer high
record marks. there would be better zone
far tho usefulness Of the brains and STAN
ina uoW in the great realty market Of the
CITY outside Of realty walks.
sellers of realty ia the auction rooms eN-
pect the buyers 10 obtain larger sums for
fhe ttrouerries than were realized under