The New York herald., 1922-12-17

percentage of the commission.
Before announcing his committee,
comprising some Of the boards most
prominent members. Mr.. Edwards as
sured those present that he wanted,
if possible, to place the responsibility
for the investigation on brokers, as
they are the group most vitality af-
fected by the change in selling meth
DDS. and also, if possible. to have the
committee about equally divided be-
tween those who lean favorably to-
ward the adoption of the system and
those who do not favor 1t or who
wish first to be convinced thoroughly
of its, feasibility.
In asking you to come out TO hear
Mr.. Rickaby tonight" said Mr.. Ed
wards, II was not moved by any
desire to cram anything down your
throats. Rather. my desire was to
approach this subject very slowly and
not to adopt anything that Is not for
the benefit of every member"
Mr.. Edwards. however. in his intro
ductory remarks and in statements
made after Mr.. Rickaby had spoken,
indicated plainly that he believes the
multiple listing system would work
as well in Manhattan as 1t would on
Staten Island, where the recently or
ganized Real Estate Board is con-
templating it's adoption.
President Edwards Praises Plan.
From the data I have gathered, and
my conversations with MIR. Rickaby,"
said Mr.. Edwards, lit is my firm belief
that this scheme is just as workable in
New York as in any smaller community.
There Is surely some strength TO the
argument that 400 statesmen employed to
sell property can do more effective work
than one. I am sure that II system
can be worked out along this line It VIII
insure a greater amount of business and
give stimulus TO the procuring of new
business which we are not getting now
when conditions are what we call nor
n,ally bad
Chief among the arguments in favor
OF multiple listing advanced by its ad
Nocates is the contention that IL will
stimulate the purchase and sale of rea
estate by making II more readily sri
sble--in other words. a more liquid as
set At time when the real estate
market Is languishing for investors
that phase of tho subject Is bound to
stir up interest among real estate men
IN general Those who attended the
meeting at Delmonico's showed plainly
that they considered II the most
weighty argument in it's favor. BY
expediting the turnover of a piece OF
property and shortening the route TO
he buyer. Mr.. Rickaby contended tina;
there would be at least four times as
many investors in the field as at pres
ont.
Owing TO the approach Of the holiday
season. the attendance at the meeting
was not as large as usual. but those
who were present. almost to man, in
dicated their intense interest In the
subject as well as their knowledge of
the operation Of the system. Mr.
Isic' ably spoke for about an no r. and
after that he was bombsrded with ques-
jons until nearly II o'clock.
Some of the brokers. by their ques-
lions. indicated that they would re-
duire more proof of the practicability
Of the system In city as large as New
York They seemed. however. to be in
The minority. Most OF those who took
yart In the disci ssion prefaced their
questions with frank statement that
they we're not opposed to the plan. but
we're seeking to be enlightened On the
other hand a large number spoke en-
Enthusiastically in favor OF the system.
After the meeting several OF them pre-
,lcted privately that the New York
board would be using the system per-
haps within a year
New York Ready, Says Ricksby.
Mr. Riclxahy made the emphatic as
sortion that ne realized two months ago
that New York was not ready to con
~. l-tt.. tste 1.nd f...s..
confident that no city IN the country
was better prepared to take u UP.
"The multiple listing system will
make New York real estate twice as
LIQUID as 1t Is now" he asserted THE
fact that you brokers In New York are
IN competition with 5. and per cent
mortgages, bonds and stocks tends 70
discourage many from buying real es-
tate, because they believe that, IL they
invest. they will have difficulty in get
ting their money out. Everywhere that
the multiple listing system has been
tried Il has stimulated the male of realtv
and. consequently. has made II more
liquid.
"on the other hand" continued Mr.
1.ickaby, every city that has adopted II
nag soiidified the M mbership OF its
BOARD, increased cooperation. improved
the standard OF It's ethics and finally
placed tho local board on a sound finan-
rial basis II Is quite well known
throughout tho country that the largest
real estate board In the country. here IN
New York, is contemplating the adon-
ton OF multiple listing. The greatest
thing 20 can do. therefore Is to have
tho courage TO recognize the fact that
your board Is greater and moe TO be
considered than any single individual
/ rho case OF the Louisville board was
eited as an example OF the saving power