Columbia University Libraries Digital Collections: The Real Estate Record

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REAL ESTATE mm AND B UILDERS mm Vol. CII. NEW YORK, OCTOBER 19, 1918 No. 16 Realty Board Elects Stephen H. Tyng President Succeeds Laui^ence McGuire, Who Retires After Four Successive Terms—Membership Now 1,300 STEPHEN H. TYNG, presi- dent of the real estate firni of Stepheii H. Tyng, Jr., & Coni- pany, and one of the best knovvn brokeps in New York City. was elected president of the Real Es- tate Board of New York at its an- nual meeting on Tiiesday. Mr. Tyng, who was formerly vice-presi- dent and a member of the Board of Governors of the Board, succeeds Laurence McGuire, who retires after four years of service as head of the organization. Mr. Tyng brings to the presi- dency of the Real Estate Board thirty-one years of experience in the real estate fĩeld. He has been an active broker and realty manager since 1887. He opened his fĩrst ofîîce at 63 WilHam street a year after his graduation from Williams College. Aside from a keen in- terest in real estate afîairs, Mr. Tyng is prominent in New York club life and a great outdoor enthusiast. He is a member of the Uni- versity, Manhattan, Players. Williams College and Alpha Delta Phi Clubs, the Automobile, Rockaway Hunt Club. Oakland Golf Club, Sleepy Hollow Country Club and the Arkola Club as well as the Seawanaka Yacht Club. Discussing his new responsibilities as president of the Real Estate Board, Mr. Tyng said yesterday to a representative of the Record and Guide: "I accepted the nomination as president with a full realization of. and admiration for, the remarkable work which Mr. Laurence McGuire has done in behalf of the organization, and my chief hope lies in the inspiration which his record afFords. The new administration shall, of course, maintain and continue to strengthen the efĩec- tive organization through which the Board now carries cn its work. We shall continue to maintain the high ethical standards which have always characterized its relations with the public. "During the great reconstruction era which must come in due time, in which period real estate will again be restored in the hearts of the investing public and this sorely harrassed commodity will he permitted once more to come back into its own, tremendous responsi- bilities will devolve upon the Real Estate Board, as a representative body, to maintain the best traditions of the New York broker and retain the confîdence of the investing public. "The Board has long ceased to be purely an organi- j:ation of real estate brokers. Its scope has been en- larged to include representation from all of the great STEPHEN H. TYNG. real estate interests. We have sought, and will continue to seek, the creation of a thoroughly repre- sentative body, having as its aim, genuine public service." Mr. McGuire reviewed his asso- ciation with the Real Estate Board for the Record and Guide. He said: "It is doubtful if the real estate interests as a whole have come to realize the measure of protection and insurance which the Real Es- tate Board has ofifered to property owners for the past five years. "Originally the activities of the Real Estate Board were confĩned to the regulating of commissions and promoting a better basis of dealing as between the real estate broker and property owner, and in addition establishing a code of ethics to guide the transactions of brokers as between themselves. "Four years ago the corporate name of the Board was changed from the Real Estate Board of Brokers to the Real Estate Board of New York, and at the same time important changes were made in the Constitution and new classes of membership established. It is from the time of this change that the real eflfective work, and if I may say the success of the Real Estate Board dates. Its active membership, which is limited to brokers actively engaged in the brokerage business, and the limit by its Constitution to 200 is filled and there is a large waiting list. "The original associate membership numbering about 500 has been practically transferred to a later class commonly known as Active Associate, which now num- bers well over a thousand. In the Active Associate membership there are represented the foremost and largest owners of real estate and the interests associated with real estate. The total Board membership is over 1,300. "The valuable service the Board has rendered to real estate interests cannot, I take it, be over-estimated. It has at all times been free from selfish interests, and iiever to my knowledgc allowed or permitted itself as an organization to be used for selfîsh interests. This is perhaps one of the most difîicult problems with which the Real Estate Board has been confronted. It has been importuned to make alliances which could not but be harmful, and it h.as been encouraged to lend itself lo suggestions emanating from those who have had fĩrst and foremost in mind their personal or corporate profits. The Real Estate Board has, I am glad to say, hcld aloof from all such interests, and it is vital to itg (Continued on page 452)