Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XXIV.





NEW YORK, SATURDAY, AUGUST 2, 1879.





No. 594.





Publislied Weekly by

Cbe Ileal (iBstaieStforir §.ssonaliaix,

TERMS.
ONK YfiAJR.. in advance....SIU.OO.
Cuimnunications should be addressed to

C.   MV.  SWEET,

Nos. ;J45 AND 347 Broadway





BUILD THE HOUSES BACK.

If Ninth avenue, west of the Central Park, was
not. destined to be a business thoroughfare it
would be a good idea for the owners of lots to
build on the rear and grow shrubbery and trees
in front. This would in a measure protect the
occupants of the houses from being annoyed by
the trains of the elevated road. There are many
blocks on the route which will be unfit for stores,
and on these it is hoped owners will give some
variety to the city by erecting houses, sa3' after
the London suburban plan, with lanes and .shrub¬
bery, with, if possible, the rear of the edifice on
the street. This will give privacy and save au-
noj-ance in many ways. So much land will
bo made available by the elevated roads that
builders and architects will hereafter be called
upon to lilan houses occupj^ing several in¬
stead of one city lot. A^illas with grounds
will be the new building extravagance
of the millionaire of the not distant future. The
fashion of a line house on the street occupying
from twenty-live to forty feet front will probably
last until the central zone of the city is built up—
that i-s until Madison and Fifth avenues, with
tho cross streets, are no longer available. Then
will come a ttiste for houses with grounds at¬
tached, and the AA'^est Side, as well as the Twenty-
tliiid and Twenty-fourth AVaids, will be made
u.se of to an extent now little suspected. Nor
will tbis lake very long. The elevated roads will
render a large district available fur settlement,
and soon a relatively dense population will find
homes on either side of tho Harlem River.

It cannot be long before buiiding enterprises
are uctivo on tbo AVest Side, and^we urge archi¬
tects to plan out rows of dwellings on tbe rear
instead of the front of lots affected by the ele¬
vated roads.





LEGAL DECISIONS.

ASSUMPTION OF PAHTNERSHIP DEBTS—EFFECT OF
ACCEPTANCE OF NEW SECURITY BY CUEDlToU.

The Court of Common Bleas has decided the
following: A. sold inerchaudise to the firm of B.
& C, which firm was subsequently dissolved, C.
taking the assets aud agreeing to pay the debts of
the firm. B. immediately called upon A., who
was a creditor of the firm, and notified him of tbe
dissolution and tbe agreement of C. and re¬
quested him " to go and gat his money." Not¬
withstanding tbis notification, A. did nothing for
about five months, when he accepted the indi¬
vidual notes of C. for the debt, and when they
matured C. had becoirfe insolvent. A. thereupon
sued B. & C. for the indebtedness. B. defended
upon, the ground thac by tbe arrangement be¬
tween tbe copartners at the time of their dissolu¬
tion, C. became the principal debtor and B. a
mere surety; and that the neglect of A. to (Collect
the debt when requested so to do by B., and the
acceptance by such creditor of the individual
notes of C, thereby giving him time for pay¬





ment of the indebtedness, discharged B. from
liability.

Held, that the taking of the individual notes of
C, did not necessarily imply payment of the
debt, but operated to extend" the time of pay¬
ment of the original claim, to the effect .sufficient
to discharge the surety B.





USURY--.SECO.XD .AIORTGAGEE   t.A.N'.N'OT AVAIL HIM¬
SELF OF USURY IX A PRIOR MORTGAGE.

The Supreme Court of Wisconsin was recently
called upon to consider the iiuestion, whether a
junior or second mortgagee could set up the de¬
fence of usury to a prior mortgage, in order to
avoid the same, and thereby cause the junior or
"second mortgagee to become a first mortgaged
The Court held, that as the mortgagor did not
avail himself of the defence of usury, the second
mortgagee cannot do so; that the defence of usury
is so exclusively personal that it cannot be made
by a junior mortgagee. Tbe object of a usury
law is to protect tbe horroicer against the oppres¬
sive exactions of the lender, and that it is not es¬
sential to tbe complete promotion of that object,
that other persons than the victim of the usurer,
or persons standing in legal privity with him,
should have the benefit of the defence.





ORDER   BY   CREDITOR   OX  DEBTOR TO  PAY   THIRD
PERSON".

The Superior Court of Buffalo bos decided that
where a creditor sends tin order to his debtor to
deliver certain' specified niercbandisi to a third
person, and charge tbe price thereof to tbe cred¬
itor's account, that tbis does not operate as an
equitable assignment of the debt. A mere ac¬
ceptance, and promise by the debtor to comply
with the order being made without any new con¬
sideration, imposes no new liability upou him,
either to the creditor or to the third party.





MORTGAGE BY HUSBAND AND WIFE—SURPLUS
MONEYS ON FORECLOSURE.

The same court (Superior Court of Buffalo),
hold that where husband and wife are tenants iu
common of land, and the property is mortgaged
by tbem to secure a loan made to tbe husband,
tbe wile becomes his surety to the extent of ber
one-half interest in the mortgaged premises.
Uiron a foreclosure of the mortgage juid sale there¬
under of the premises, to satisfy tbe debt, in case
a surplus arises upon such sale, she is entitled to
bo paid therefrom a sum equal to one-half of the
gross proceeds of tbe sale, before any part of
.such surplus is paid tt> her husband, and her
assignees or grantees succeed to her rights.





INSURANCE—PROOF OF LOSS BEFORE WHOM
MADE.
The Supremo Court of Iowa has decided that a
provision in a policy of insurance which required
the insured to make proof of a los liefore the
nearest magistrate or notary public, must receive
a liberal construction. The object of such pro¬
vision is merely intended to prevent the insured
from .selecting a magistrate, and where the proof
was taken before a magistrate or notary public
a short distance fi^om the fire, although such
officer was not the nearest one, the proof is valid
and bindiug.

------------<-•-•-------------                •

COMPAGNIE UNIVEIiSELLE DU CANAL INTER-
• OCEANIQUE.
The attention of investors is directed to the adver¬
tisement of the Inter-Oceanic Canal Universal Com¬
pany, which is formed for the purpose of constructing
a ship canal through the Isthmus of Panama, from
the Atlantic to tho Pacific Ocean. At the head of
this great undertaking is M. F. De Lesseps. who is
known throughout the world for his connection with
the Suez Canal enterprise. The Company offers
simultaneously to the public of Europe and America,
for subscription, 800,000 shares of £00 franss each, on
which thdy estimate, on the completion of the under¬
taking, they will be able to pay yearly dividends of
11 per cent.





MARKET REVIEW.





REAL ESTATE MARKET.
.Since our last report very few sales have beeh held
at tbe Exchange Salesroom. At private sale, eight
lots on the north side of One Hundred and Twentieth
.street. 100 east of Morningside Park, were sold by
John McClave for §14.400.

DuritiK the week 16 plans, embracing 30 buildin(;K,
the estimated cost of which is §121.450, have been
filed with the Superintendent of Buildings. The
Rhinelander Estate will erect a six story brick store
and tenement on the southwest corner of Second
avenue and Eighty-sixth street, cost §110,000; eight
five-story brick Hats will be erected on the southeast
corner of Washington and Gansevoort streets, cost
5101,000. On the north side of One Hundred and
Twenty-sixth street, west of Sixth avenue, W. M. Wil¬
son proposes to build seven three-story stone from
dwellings and John Davidson will erect Jive four-story
dwellings on north side of Seventy-fourth street, east
of Madison avenue.

The following are tbe sales at the Exchange Sales¬
room for the week ending .\ugust 1:

'Indicates thai the propei'tij described has been bid
in for plainiijf's account:
♦Broome st (No. 4.58), u s, bet Mercer and
Greene  sts, 25x100   (leasehold),   to Win.

Gray.   (Amount due, about SH.lXK))....... $14,000

Bank st (No. 132), s s, 4y.2 e Washington st,'
three-story brick dwell'g, 18x.57, to Cathe¬
rine L. Beekman.   (Parlitionsale)........     4,075

♦Cherry st, s s. 162.2 e Scammel st, 2lx!<0, to
Mayor.   Aldermen.   &c.     (Amount   due,

about §6.000)................................     3,5-20

Forsyth st (No. 44), w s, five-story store and
tenem't, and three-story frame (brick
front) dwelPg in rear, 25x100, to Kobert S.

Hayward.   (Partition sale)................   10,000

♦Goerck st, e s, 175 n Delancey st, ■25x00.4, to
New York Life Ins. Co.     (Amount due,

about §8,300)...........................     8.500

Highbridge st, n e cor 1st av. 171xlli'2xl91xl00,
to William and Eliza KniKht(mortgagees).

(Amount due, about §250)................        400

♦Oxford pl, s s. 100 o Sylvan av. runs south-1
west 100 X southeiust 100 to Grove av. x |
northeast along Grove av 72 x nortii 32.H j
to < )xford pl, X northwest 83 to begin¬
ning......................................I

Plot  at point in centre line of block bet |

Grove and Sylvan avs, 718.6 n e from s e f-

boundary line of Poole farm, llK)xl(M)— |

Sylvan av, o s, i-xulfr from North st to Ox- (

ford i>l. inlx61.6.x-_'10.4xlb-2.11............i

Sylvan av. n e cor North st. I'hi.lisVi.'J........j

Sylvan av, e s, bet Orchard and North sts. — |

x—. gore............................j

to HiisliiiKS F. Burcharil.   (Amount due,

about §11.-.fKO........................      9.100

7th st, n o s, 80 w Uiwis st, 20.9x—, irrej?.. to
Judith A. Goodwin.   (Amount due, about

§4,500)....................................     3,586

33d st (No. 2.56), s, 16.8 w 2(1 av, three-story
brick  dwell'K.   16.8x74,  to  I.  Oeslerlein.

(Amount due, about S(>,8'-0)..............     5,500

r23tl st (No. *222), s .s, '288 o .'Jd av, three-story
frame dwell'K, 20x100.11, to James Ayer.

(Parthion sale)...........................     4,750

123d st (No. 221), s s, adj above, similar build'K,

aixlOO.ll. to P. B. Bet-rinKer ...............     3,650

• 1st air, w 8,70.6;;SSthst, 20.-2xino. to Alfred
Dickinson et al. (exrs.).     (Amount due,

about §:J.W10).............................     -3,100

3d av (No. 2252), w s, 75.6 n 122d st, three story
framestore and dweU'g. with lea'se of lot,
25x100. leased May 1. 186^2. term 21 years,
ground rent. §100 per annum, to Reformed
Dutch   Church   of   Harlem.    (Partition

.sale).......................................       J.OSO

♦Lots 31 and 32 in parcel 2 en map of .'Wa lots
at Woodlawn Heights, bet roads leadiiiK
from South Yonkers to Mile Square and
Sonth Y^onkers to Eastchester. 40x100. to
Lizzie A. Coker. ^Amount due, about
Sl.7^2.5)....................................____350

Total.................................. $74,383





BROOKLYN. N. Y.
In the city of   Brooklyn, Messrs. T. A. Kerrigan
and Jacob Cole have made the following sales   for
the week ending: July 30 :                ^   „.  ..

♦Bergen st, s s, 306.7 w Franklin av, 20x131, to

N.L. Duryea et al. (exrs.).................   |2,(XX)