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788 RECORD AND GUTDE June 22, 1918 NEW YORK INCOME CORPORATION Bank of Commerce Bldg. 31 Nassau St., New York Terephone, Cortland 4705 FINANCES Operation of Apartment and Business Properties Short-Term INCOME Loans If you are Owner, Operator or Han¬ auer of Property, our Rooklet No. 2 will interest yoa. Realty Supervision Co, 45 West 34th St., New York Business Buildings Only Completely maintained and operated at a Fixed Annual Contract Price We supply and pay for f COAL ._- HELP ALL ■{ SUPPLIES I REPAIRS L INCIDENTALS May we submit our estimate? JOHN F. DOYLE & SONS REAL ESTATE AGENTS BROKERS and APPRAISERS 74 Wall Street, New York City Management of Estates a Specialty Member of Board of BT-okeri John F, Doyla John F. 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 Let a trained and equipped organization manage your prop¬ erty. SPEAR & CO., Real Estate 840 Broadway, New York FIRM OF LEONARD J.CARPENTER Agents Brokers Appraisers 25 LIBERTY STREET Branch: Comer Third Ave, and 68th St. Entire Charge of Property D. Y. Swainion A. H. Carpenter C. L. Carpenter FRED'K FOX&CO. Business Building Brokers 14 W. 40th STREET and 793 BROADWAY F.R.Wood,W.H.Dolson Co. REAL ESTATE AND MORTGAGE LOANS MANAGERS OF ESTATES Broadway, cor. SOth St. 141 Broadway LEGAL NOTES AFFECTING REALTY Prepared by Committee on Real Estate Laws of Real Estate Board, Samuel P Goldman, Chairman Effect of Sublease. A LESSEE, to avoid a covenanl ** against assignment without the written consent of the lessor, subleased the remainder of his term, the sublessee not attorning to the original lessor The New York Appellate Division holds, Times Square Imp. Co. v. James Mc¬ Creery Realty Corp., 169 N. "V. Supp. 536, that the sublease did not establish any priority of contract between the lessor and the sublessee, enabling the latter to sue the lessor on account of its repre¬ sentations to the lessee as to the de¬ mised premises. A suit by the sublessee to cancel the lease to the lessee and the sublease because of alleged misrepre¬ sentations by the lessor to the lessee as to the space included in the lease would not lie, as the sublessee might inter¬ pose its claim as a defense in an action at law against it by the lessee for the rent. Absolute Deed or Mortgage. The Oregon Supreme Court holds that giving a deed to secure a debt and re¬ ceiving an agreement to recovery on payment of the debt, make the transac¬ tion a mortgage, although the giving of a deed in satisfaction of a debt, and at the same time receiving an agreement to convey, would not constitute a mort¬ gage. In an action for damages for breach of contract to reconvey land it appeared that the nlaintiffs deeded the land to secure a debt, and the defend¬ ant agreed to reconvey it in the condi¬ tion in which it was received. Since the defendant had committed waste and re¬ fused to restore the land when demand¬ ed under the terms of the contract, it was not necessary to make a tender be¬ fore the suit for damages.—Angus v. Holbrooke (Ore.), 170 Pac. 1179. Notice of Sale Under Mortgage. Powers of sale iu a mortgage are con¬ tractual, and, as there are many oppor¬ tunities for oppression, courts of equity are disposed to scrutinize them, and to hold the mortgage to the letter of the contract. It is essential to the validity of a sale under a power to comply fully with the requirements as to giving no¬ tice of the sale. This is the rule, but in Its enforcement the presumption of law is in favor of the regularity in the exe¬ cution of the power of sale.—Jenkins v. Griffin. North Carolina Supreme Court, 95 S. E. 166. Construction of Sale Contract. Landowners contracted with a cor¬ poration that it would plat, advertise and sell certain premises. The agree¬ ment provided that the corporation should have its expenses reimbursed out of the proceeds of sales, and that at the termination of the contract the lands unsold should be recon veyed to the owners on their paying the improvement charges. The Washington Supreme Court holds. Cannon Hill Co. v. Moore, 170 Pac. 551, that the corporation is not, on the expiration of the contract, en¬ titled to a deficiency judgment against the landowner for expenses incurred for the benefit of unsold lands. QUERY DEPARTMENT _ This department is intended to be of serv¬ ice to all interested in the real estate market, whether as broker, agent or property owner. The readers of the Record and Guide are in¬ vited to send ia questions on matters per¬ taining to real estate, building and building management, though legal questions will not be answered in this column. Questions should be stated as fully but as briefly as possible so as to allow intelligent answers. Arrange¬ ments have been made through which the questions will be answered by a Committee of the Real Estate Board, including 1 iie foUowing E. A. Tredwell, real estate broker. Frederick D. Kalley, real estate broker. Robert R. Rainey, real estate broker. B. E. Martin. vViUiam Douglas Kilpatrick, builder. H. H. Murdock, architect. E., F. W. Gridley, E. C. Benedict and S. K. Green. The renting and selling departments of the business are among the largest of any firm in New York, and the renting department alone showed a gain last year of .744 per cent. During the past year Mr. Noyes has leased the entire sixth floor in the "Wyllys" Building, 92 William street, which will be exclusively occupied by his business. On account of the rapid growth of its agency department two additional engineers have been placed on the staff of Robert E. Leigh, the plant engineer of the company. This department alone exclusively manages nearly 400 buildings, and the company looks out for 2,370 tenants. Its busi¬ ness, as heretofore, will continue strictly along the lines of managing, selling, leasing and mortgaging business real estate, specializing in the downtown section. V'-'i'.i-w-i i. u. itj.u.~.-i. c.«>.oL- Ut a u «*t' reuils that tlie party of the second part icill pay all taircs ichich shall be levied annualUf or other- ii?t5e by the City of New York after Februan/ 1. 1918, which is the date the lease oocs into effect. Is th-c party of the first part entitled to pay a proportHonate share of the tax of 1918 for the month of January, 1918? W. C. D. Answer.—No. 323. Under such a lease the party of the first part is not liable for a proportionate share of the tax of 191R for the month of January. 1918. Annual Report of Realty Company. The annual report of the Charles F. Noyes Company, which has been re¬ ceived, shows a very favorable condi¬ tion of this firm's business. The report follows : The business of the Charles F. Noyes Company for the year ending April 30, 1918, was the best in the history of the company. This organization was one of the first co-operative organizations in the real estate field. The report of Warner & McGrath, certified account¬ ants, showed that the business had made substantial increases in every department and its business was greater by $5,000,000 than that of any previous year. The business was established twenty years ago by Charles F. Noyes, who is still in active charge. Associated with Mr. Noyes in the management of the business are Fisher P. Weaver, Fred¬ erick B. Lewis, William B. Falconer, Joseph D. Cronan, Robert E. Leigh, M. Woman Buys in Bronx. Mrs. Louise H. Jackson acquired from the Benenson Realty Company the two five-story apartment houses at 887 and 891 Southern Boulevard, each on a plot 75 X 105, near Barretto street, Mrs. Jackson gave for this property cash and a free and clear tract of five acres on White Plains Road, Clason Point. Samuel Kronsky negotiated the deal, which involved about $200,000. Sells Country Place. Arthur C. Sheridan sold at auction for the estate of the late O. E. Butterfield, who was counsel general for the New York Central Railroad, the large coun¬ try place known as *'Knollands," 155 acres of land and large Colonial dwell¬ ing and outbuildings located on Pines Bridge Road at the shore of Croton Lake, Westchester County, N. Y. The buyer is Henry Hardway, Western cap¬ italist, and owner of extensive potash mines in this country. When Mr. Sheridan asked for bids at the sale which took place on the premises at 3 p. m. last Saturday, June 8, fully 100 persons faced him. Bidding started at $20,000. The property is convenient to Mt. Kisco Station and in the neighbor¬ hood of the homes of Arthur S. Scribner, Louis Marshall. John McKesson, Robert Shaw Brewster and the Fargo, Van Cortlandt and Van Rensselaer Places.