170





RECORD   AND   GUIDE





February 9, 1918





YOUR

1918   RENTAL-INCOME

IN ADVANCE

Illustration

If gross Rents next 12 montlis are   $30,000
We will advance you, as required :
Expenses and Charges, say $20,000
And balance (net income) to 10.000 $30,000

NEW YORK INCOME
CORPORATION

Bank  of   Commerce   Bldg.
31   Nassau   St.,   New York

Telephone, 4705 Cortlandt





Realty Supervision Co.

45 West 34th St., New York

Business Buildings Only

Completely maintained
and  operated  at  a

Fixed Annual Contract Price

We sirpply and pay for

r  COAL
.__       !    HELP

ALL   i  SUPPLIES

1    REPAIRS
I   INCIDENTALS
May we submit our estimate?





JOHN F. DOYLE & SONS

REAL ESTATE AGENTS
BROKERS and APPRAISERS





New York City





74 Wall Street





Management of Estates a Specialty

Member  of  Board  of Brokers

John P. Doyle       John P. Doyle, Jr.       Alfred L. Doyle





J.  CLARENCE DAVIES

BRONX BOROUGH
REAL ESTATE

149th STREET & THIRD AVENUE

Tel. Con.          Branch Office, 32 NASSAU ST.

Member of Board of Brokers





'





A. M. CUDNER
REAL ESTATE CO.

Real   Estate   Brokers   and   Managers
Chelsea Section Specialists

254 WEST 23rd ST.         TEL. 1276 CHELSEA





FRED'K FOX&CO.

Business Building Brokers

14 W. 40th STREET and 793 BROADWAY





HARRY B.  CUTNER

REAL   ESTATE
1181  BROADWAY

Southwest Corner Twenty-eighth Street

Telephone—Farragut   -IjSj





Goodwin & Goodwin

REAL ESTATE AND INSURANCE
Management of  Estates  a Specialty

148 WEST 57th STREET

wear Camegte TTall                    Telephono 6095 Circle

260 LENOX AVENUE

N.  B.   Cor.   123rd  Street         Telephoin-   6500   Harlem





REAL   ESTATE   NEW^S   OF   THE  WEEK

Sale  of Waldorf-Astoria   Hotel—Equitable
Society Mutualized—Staten Island Housing Project





TTHE outstanding sale of the week is
■■■ that of the Waldorf-Astoria Hotel,
which was sold by the Waldorf-Astoria
Hotel Company to General T. Coleman
du Pont. Details of the sale will be
found in another column. Another in¬
teresting deal was the crystallization of
a plan for the mutualization of the
Equitable Life Assurance Society
through the action of General du Pont
in offering to sell his holding of the
majority of the stock. The plan was
duly adopted by the directors and
approved by the stockholders represent¬
ing a majority of the capital stock. The
total number of votes cast was 87.523.
of which 84,364 votes were in favor of
and 3,162 votes  against the plan.

The plan in substance provides for the
purchase from General du Pont of 564
shares of capital stock of the societv
at $5,400 a share for 501 shares and $1,500
a share for 63 shares, amounting in the
aggregate to $2,799,900. The purchase
price is to be paid in semi-annual in¬
stalments between November 1, 1917,
and May 1, 1937, from interest to be re¬
ceived by the society on its mortgage
of $20,500,000. now held against the
Equitable Office Building Corporation
upon the Equitable Building, 120 Broad¬
way.

Many projects which have been pre¬
sented to the authorities at Washington
for the housing of workmen employed
in shipbuilding plants have included the
building of model villages, taking virgin
territory as a. basis for the work. Last
week there was forwarded to Washing¬
ton a plan for the .improvement of a
tract on Staten Island, which is adjacent
to the shipbuilding yards, but has the
advantage of not being in an un¬
developed section, but is improved with
streets, sidewalks, water, etc. The sec¬
tion, which includes Mariners* Harbor,
Elm Park, Port Richmond, Graniteville
and West New Brig^hton has the addi¬
tional advantage of being supplied with
schools, stores and places of amusement.

There are upwards of 5,000 workmen
now employed in the shipbuilding plants,





and the great majority of these people
have to go considerable distance to their
homes. As a result of this condition it
is reported that about 30,000 workmen
were employed last year.

Cornelius Kolff, who is actively en¬
gaged on the project, said yesterday:
"The plan involves the construction of
a large number of houses for workmen
at points convenient to the shipbuilding
plants. The Government would have to
supply the money for the erection of
the houses, which in turn would be sold
to the occupants on a partial payment
plan. The cost of the houses should be
limited to about $3,000, and when taken
together with the land the entire in¬
vestment would be about $3,600 a house.

"There is a company of men who are
willing to provide the land and do the
work of construction, providing that the
Government is willing to make the build¬
ing loan. The houses would be laid out
with living room, dining room and
kitchen on the ground floor and four
rooms and bath on the second floor.

The Public Service Commission, on the
application of Captain C. S. Bookwal-
ter. District Officer of the United States
Shipping Board, has issued permission
to the Richmond Light and Railroad
Company to operate open cars for the
transportation of shipbuilding workers
from St. George. S. L, to the shipbuild¬
ing plant? on the north shore of Rich¬
mond. The company has all of its other
equipment in use and in view of the
present emergency the Commission
agreed to permit the operation of the
open cars for the transportation of the
thousands of ship workers. The full
regular equipment of the company will
be left in service for the conveyance
of the regular passenger trafiic of the
line and efforts will be made to restrict
the use of the open cars solely to the
ship builders. The Commission gave its
approval on motion of Commissioner
Charles Bulkley Hubbell after ex-Jus¬
tice William L. Ransom. Counsel to the
Commission, had stated that the com¬
pany did not have sufficient closed cars
to meet the abnormal demand.





LEGAL    NOTES    AFFECTING    REALTY





Prepared by Committee on Real Estate Laws of
Real Estate Board, Samuel P. Goldman, Chairman





Right   of   Auctioneer   to   Sell   Property.

T N an action by an auctioneer against
■^ the owner of lots for breach of con¬
tract to permit their sale at auction,
the South Carolina Supreme Court
holds. Andrews v. Hampton, 94 S. E.
112. that the auctioneer had the right to
advertise and sell the lots at any time
between the dates set by the contract
between him and the owner, and the
owner would have been bound to make
deeds to the purchases. If the owner
put the auctioneer off as to the whole
sale bv pleading illness until the time
limit for sales had expired, doing so
with intent to break up the sale, it was
held that the owner breached the con¬
tract as effectually as if he had done so
summarilv and unequivocally. The ques¬
tion whether the owner had so breached
the contract was held to be for the jury,
which found for the plaintiff.

Breach of Lease.

No branch of the law is involved
in more obscurity by contradictory
decisions than whether a sum specified
in an agreement to secure performance
will be treated as liquidated damages or
as a penalty, and each case must depend
unon its own nertiliar and attendant
circumstances. While the intention of
the prirties must be taken into con¬
sideration, the languap"p of the contract
is not conclusive. The courts lean
tow^^rd   a   con'^truction   which   excludes





re:cord and guidb





the idea of liquidated damages and per¬
is   IN   ITS   FIFTIETH   YEAR   OF    CONTINUOUS    PUBLICATION





mits the parties to recover only the
damages actually sustained. Ordinarily
the intention of the parties, while not
conclusive, is a cardinal factor in deter¬
mining whether the sum stipulated is to
be considered as a penalty or liquidated
damages where the intention can be
clearly made out from the contract it¬
self in the light of the facts and cir¬
cumstances surrounding its execution.
A bond is prima facie a penal obliga¬
tion, but the sum stated where a penalty
is usually inserted has sometimes been
held liquidated damages. This has
seldom been done, however, unless
words were employed in connection with
that sum to countervail the implication
of penalty. And the general rule is that
where the contract is in the form of a
bond the amount named will be deemed
a penalty and not liquidated damages.
Tt has been said that the clause fixing
the amount of the damages will be
treated as a penalty where it appears to
have been inserted to secure prompt
performance of the agreement. In an
action on a bond in the penal sum of
$5,000. given to secure performance of a
lease, the Illinois Supreme Court holds.
Giesecke v. Cullerton. 177 N. E. 777,
that to determine whether the amount
'in the bond was a penalty or liquidated
damages the lease and the bond must
be construed together. _ The lessee
agreed in the lease, which was for
ninetv-nine vears, to pav a rental of
$900 for the first j^ear and $1,200 a year
for   the   remainder   of   the   lease,   and