Omaha daily bee., 1909-02-28
TIMELY REAL ESTATE GOSSIP
Dealers Will Have Rating" in New
Publication, Saws Halsey.
NATIONAL ASSOCIATION PLANS

slice BOOK VIII show Grade Of char
seter asd Reliability. that cus-
toners May KBow before
sendins MOney.
The visit Of Bdvard n Haisey. executive
secretary % the National Real Estate ex-
change put new life and a few suggestions
into the Omaha exchange. which was one
q the charter members Of the national ex-
change. and also aroused the interes; Of
the membership and warned
them Of the danger which they face II they
admit 20 membership dealers who are chm
stantly In the courts. who have judgments
entered against them when clients accuse
them Of fraud. and are generally unreli-
abba
Mr.. Hsisey proposed a Dun ana
'Brsdstreet" Of real estate dealers to be
conducted BY the national exchange. and
BE- kept up to date. He does not believe q
will be necessary 10 give = dealer a rat
ing In the common sense Of the term. but
20 tell the general public. II the public
wants to know, whether a firm or = dealer
has an A. n c or d character and reputa-
ton for reliability. At present there are
hundreds Of investors who send money to
unreliable firms or trust their property in
hands where they should not and are dis
appointed when they do not get returns.
The executive secretary believes = report
on firms would check the evil and proposes
that IL be published by the national ex-
change which Is becoming an information
bureau al present for dealers and Gus
toners.
one Of the first things the national ex-
49,. 49, - - as-EH -
the big advertisers Of Mexican lands.
Complaints by the barrel ruled in from
california to the Chicago office. MOI many
days later advertisements began to appear
In the Chicago papers and the same firm
had opened an office in one Of the down
town blocks. The National Real Estate
exchange looked up the California record
and the fake dealers were told gently, hut
firmly that they whould have TO seek
other pastures or take the consequences of
exposure. This seems TO work. according
20 Mr.. Halsey. and the national Organiza-
ZION. supported by fourteen local orgsniza-
tions from Baltimore to Seattle. viii go
into the work more extensively.
This brings the question home TO all the
local exchanges. 1t will be hard for Mr..
Halsey to publish his book and give all
exchange members a clean bill Of health.
Inquiry OF offices Of the Omaha Exchange
results in checks being placed after the
names of a number Of dealers. The
question arises in the minds OF those
who like the scheme Of the Chicago
man, whether snme rule will not
have TO be followed to keep member
ship in the xchange up 50 all members
may be rated A No. 1 instead OF having
a few DIS in the list. The Omaha ex-
- A. nrF-- -
are few. II any. members who could not
be rated top-nctch in the big blue book
which the national association proposes to
publish.
Discussion OF the law relating to taxation
of mortgages, resulted in d. c.. Patterson
moving before the exchange that the bill
which the Real Estate exchange was about
TO suggest. be entitled bill to exempt
mortgages from taxation in the state OF
Nebraska" Mr.. Patterson declared that
such was the intention OF the bill and he
saw no rvason TO misbrand it and thus
conflict with the pure food laws.
Though Mr.. Patterson's motion was not
kindly received by the real estate dealers
Y or representatives OF foreign capital who
happened to be present. It brought out the
sentiment of the dealers ON the question
and almost all favor the fee system. which
n said to work with such success in Min
nesOta and in New York. When the mort
gage Is placed on file a fee equal 10 one
half OF / per cent is charged for filing, and
this b put into the general fund. In New
York state S.0o.Oo was paid in fees last
year. AS most OF the mortgages filed In
Nebraska are believed 20 escape taxation
anyway. the dealers say the fee would end
hnfh ~ Ao.1efnm and aorrhIr sa-aFF,p
No less than 10000. for which ~applica-
tons have been made. is being held up by
the financial agents Of the insurance com
panies pending a settlement of the mort
gage tax question. One firm which is a
heavy loaner in Omaha has 10000 and
applications for that amount. but received
Instructions TO hold the amount until
something Is settled on the taxation ques-
ton. In the meantime the stick held over
Nebraska Is being kent a long ways off
by the plentiful supply Of home money,
but dealers say the time is coming. II il
Is not ripe now. when they will need all
the foreign money they can get.
One of the important deals OF the week
was the organizsti ton Of the Shull Land
company. and the sale by the heirs OF
Jacob shull 10 local people who VIII i'm
prove the southwest part ofthe city from
Twentieth street 70 Twenty-seventh street.
Pierce street TO the Union Pacific right-of-
kway. This part Of omahs. while very close
In has probably been the most neglected.
Hastings & Heyden have closed contract
10 act as agents o. the Shull Land com
pany, and they viii have the sale % all
lots 1t II the Intention OF this firm 10
grade. pave and put in all improvements
As soon a. the frost IA out Of the ground
and bold q public sale about April ! Of that
part between Twenty and Twenty-seeond
streets They viii erect an office on
the ground and start a number OF houses
NJ once
PreRaring . ~Retribatiea.
You say yen disarpiove o. that mans