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Real estate record and builders' guide: v. 24, no. 594: August 2, 1879

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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)