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360 RECORD AND GUIDE September 22, 1917 of the small size coal in New York, should get together and organize and insist upon their fair proportion of the product. This has been done in New England and other sections of the country, and it is about time New York woke up and did the same." George Chapman, General Manager, Fifth Avenue Building Company: "Per¬ sonally I feel that it is a mistake to try to fix the price of coal by Government regulation. I believe that the coal trade as a body could be counted on to handle the situation in a reasonable way, taking into consideration conditions of supply and demand, both here and abroad. Labor and other factors must have a bearing on the price. Although we may be sufferers from advancing fuel costs, this does not, in my opinion, justify a demand for regulation by the Government, any more than a shortage of desirable space which is daily becom¬ ing more apparent, would justify the Government in setting a maximum rent¬ ing rate per square foot for our offices. "We must all save coal, and the best way that I know of is to put "Daylight Saving" into effect. On November 1, sunrise is about 6.30 o'clock, and sunset about 5 o'clock. As many stores and manufacturing establishments do not open until 8 o'clock and offices at 9 o*clock, we are wasting from an hour and one-half to two hours and one-half of daylight at the beginning of the day. Like all other waste, this must be made up somewhere, and we are accomplish¬ ing this at the end of the day by burn¬ ing thousands of tons of coal to produce current to illuminate the dark hour or more, from sunset to closing time." C. A. Flynn, of Douglas Robinson- Charles S. Brown Company: "Instead of easing up, the coal situation has re¬ cently become more tense. Looking in¬ to the next five months brings us face to face with a more serious coal short¬ age than we have ever met. I base this on the following facts: "The diminishing production at the mines, car shortage, present freight tie- up, increased manufacturing throughout the East, the extraordinary demand by our Government for coal, the anxiety of everyone to stock up their coal bunk¬ ers to protect their interests through the coming winter, and low coal reserve in the bunkers and yards around New York. "These reasons account for the short¬ age, not only for office buildings and apartment houses, but for all con¬ sumers of coal." Arthur C. Bang, of E. S. Willard & Company: "It is difficult to make any prophecies as to what the conditions will be during the coming winter, as even those directly connected with the sale of coal are in a quandary. I be¬ lieve there will be no coal famine in New York City next winter, but that there will be a scarcity, and high prices will maintain. A number of people have filled up their storage capacity during the summer months, and this will tend to somewhat relieve the situ¬ ation. Coal in large quantities is hard to obtain at the present time, and some sizes are practically out of the market. Wherever possible, coal, even in small quantities, should be accumulated be¬ tween now and winter." J. C. Rennard, of the New York Tele¬ phone Companv: "It is my personal opinion that the present situation in the coal market is due to the old law of supply and demand, and that the un¬ usual conditions in this respect are the result of the world at war. Government regulation may improve the situation somewhat by reducing the speculator's profit, but it is not believed that any material change will be effected until the unusual conditions disappear." William M. Shackford, of Daniel, Birdsall & Company: "The coal situ¬ ation is a serious one and economy in consumption is the keynote of its so¬ lution. In the first place in buildings, both apartment and office, where elec¬ tricity is manufactured on the prem¬ ises, economy of light should be one of the first thoughts. Everybody knows HFCORD AND GUIDf) that every kilowatt of electricity con¬ sumed means a certain amount of coal consumption. "Another means of saving is for fami¬ lies to combine, two or more, living in the same house or apartments. The idea is to have two or more families live where only one lived before. Another saving can be made by the elimination of hot water supply in office buildings. "From conversations with members of the coal trade, I gather that the product is about at the top price, but, owing to the scarcity of labor in the coal regions, and other reasons, best not mentioned, there is going to be a scarcity of the article, rather than any higher prices." P. F. Jerome, director of the National War Work Council of the Y. M. C. A.: "We are hoping that the new com¬ mittee appointed by President Wilson will quickly establish an equitable price control system, so that the serious situation concerning prices and de¬ livery of coal in New York City will be quickly settled. It seems hardly pos¬ sible that the fiuctuation in the prices of coal delivered in New York which we experienced last year can be al¬ lowed to happen a2:ain." L. T. Smith, of Pease & Elliman: "It seems to us that coal is going to be held at a higher price during the coming win¬ ter than during last year. Car short¬ age is one of the principal reasons. More coal was mined last month than for the same period in 1916. In one in¬ stance I find that an operator who is supposed to receive sixteen cars a day, has been obtaining on an average of two or three cars a day, although he had labor ready to load whenever cars were procurable." William J. Demorest, of the Park Avenue Operating Company: "The coal demand was tremendously mcreased by the large consumption by industrial plants due to war orders. While the amount of coal mined was increased, the mine owners have had labor difficulties, many of their employees going to muni¬ tion plants. To offset this, wages were increased with only partial success. Freight car shortage made matters worse. This latter condition has a direct bearing on delivery of coal to New York City. These and other things 'do their bit' toward making trouble. We are looking for relief through Governmen¬ tal regulations, and if this is not forth¬ coming, building managers will have a hard time of_it this winter." LEGAL NOTES AFFECTING REALTY Prepared by Committee on Real Estate Laws of Real Estate Board, Samuel P. Goldman, Chairman T N an action for specific perforrn- ■*■ ance it appeared tliat the plaintiff gave a real estate agent the exclusive sale of certain lands. The agent made a contract of sale, as vendor, with the defendant and another, as vendees, and received the whole of the purchase price, except what was to be paid in the future upon a note secured by purchase money mortgage to be delivered upon delivery of deed conveying good title. The agent informed the plaintiff of the sale and the terms thereof, but remit¬ ted only $500, leaving a balance of $1.- 397.60, still coming to the plaintiff from the $2,500 received by the agent. But the plaintiff was not aware that the defendant had made this payment in full. Subsequently $300 more was paid by the agent to the plaintiff. After the plaintiff learned the true facts concern¬ ing the payment to the agent, he brought this action against one of the vendees, the defendant, for specific per¬ formance of the contract so made by his agent. The defendant counter- claimed for like relief. The Minnesota Supreme Court holds. Tones v. Blair, 163 N. W. 523, that the plaintiff by bringing this action adopted the con¬ tract made by the agent on his behalf. It was the only contract upon which an action could be based. He was to be considered as the undisclosed prin¬ cipal. No point could now be raised by the plaintiff from the fact that the contract had two vendees. He elected to assert a cause of action against the one only and that one did not object. .By bringing this action after full knowl¬ edge of what the agent had done, the plaintiff ratified and adopted his acts in toto. and must bear the loss arising from the agent's misappropriation of es are liquidations of assumed respon¬ sibilities incurred after the date of sub¬ sequent or junior incumbrances placed upon the mortgaged property. Marketable Title—Incumbrances. A vendee who is entitled only to a marketable title can only demand such title as a reasonably well informed and intelligent purchaser, acting upon busi¬ ness principles, would be willing to ac¬ cept. A vendee is entitled to receive a title free of judgment and tax liens; but he cannot elect to rescind and treat the contract as rescinded on the ground that there are incumbrances on the land if they are of such character and amount that he can apply the unpaid purchase money to the removal of the incum¬ brances. This can be done where the amount of incumbrance is definite, does not exceed the unpaid purchase money due, is presently payable, and its exis¬ tence is not a matter of doubt or dis¬ pute, or the situation is not such with respect thereto as to expose the vendee to litigation on the subject. An easement of a telephone com¬ pany to maintain its line over the land visible at the time of making the con¬ tract does not render the title unmark¬ etable, as in such case the purchaser is presumed to have taken its existence into consideration in fixing upon the amount of the purchase money. Sachs V. Owings, Virginia Supreme Court of Appeals, 92 S. E. 997. Building Restriction. In a suit to prevent the erection of an apartment house in violation of a restrictive building agreement entered into by propertv owners, the New Jer¬ sev Court of Chancerv, Fisher v. Grif¬ fith Realty Co.. 101 Atl. 411, held the evidence insufficient to warrant relief, the character of the locality having part of the money paid by the vendee, greatly changed since the execution of even though the agent had no author ity under the written contract of em¬ ployment to make a contract of sale or receive the purchase money. Mortgages—Future Advances. Where a contract for advances or for the assumption of future obligations ac¬ companies a mortgage, the Pennsylva¬ nia Supreme Court, holds. Land Title & Trust Co. v. Shoemaker, 101 Atl. 335, that it is not essential that the engage¬ ment as to advances be placed on rec¬ ord or expressly referred to in the mortgage. In such a case there is a suf¬ ficient consideration for the mortgage, and the lien of payments made under the contract relates back to the date of the mortgage, even though the advanc- IS IN ITS FIFTIETH YEAR OF CONTINUOUS PUBLICATION the agreement, so as to render it ap¬ parent that buildings of the class con¬ templated thereby would not be built upon the land and several buildings hav¬ ing already been erected thereon con¬ trary to the intent of the agreement, making enforcement inequitable. Month to Month Tenancy. The New Jersey Court of Errors and Appeals holds, Breidt Brewing Co. v. Weber, 116 Atl. 382, that under a lease of a saloon at a rental of $100 a month the letting is one from month to month, and the fact that the tenant annually applies and pays for a license in com¬ pliance with the lease does not have the legal effect to change the terms of the letting to one from year to year.