The Record and guide (v.39no.981(Jan. 1 1887)-no.1006(June 25 1887))

(New York, N.Y. :  C.W. Sweet,  -1887.)



Jump to page:

Table of Contents

  v. 39, no. 1001: Page 698  


The   Record  and   Guide.

May 21, 1887

Law Questions Answered.

Law Editor Record and Guide :

Two lawyers differ on the foUowing: WiU you Undly, through your
valued medium, give your opinion ? A corner house and one adjoining are
separated by au 8-inch party wall. No party wall agreement exists.
Owner of corner is about to tear house down and put up a fivestory flat.
Foundation of both houses are only aboufc 8 feet deep. Owner of corner
house served owner of nexfc house with notice to shore up. Musfc nofc owner
of corner house shore up next house ?                                         Owner.

Answer.—The owner of the corner musi; protect that party wall,
because it is a party wall. It is no mafcter how far down he is going in this
case.   If shox-ing up will make ifc safe, then he must shore up.

Law Editor.

Law Editor Record and Guide :

Will you please he kind enough to answer us in regard to the following
in your paper: John Brown, landlord; Peter Smith, tenant. Brown
borrows $5l 0 of Smith. Smith wants security, and Brown tells him that
he will give hira a receipfc for three months' rent in advance (which is more
than the $bOO) as security. Brown fails and makes au assignmenfc. Ques¬
tion: Will Smith's receipt be good for the rent, or will he have to put his
claim in with the creditors ? By giving this your attention you will greatly
oblige                                                                       Floeent A. Feltz.

Answer.—The landlord. Brown, had the right to accept the rent in
advance and to receipt for it. The tenant is not obliged to put his claim in
with the creditors, but he musfc pay the balance of the rent above the
$5G0.                                                                                   Law Editor.

Law .BdifoJ'-Record and Guide:

There are three claimants to a commission arising out of the sale of a
piece of properfcy on the following basis: No. 1 introduced the principals
and showed the premises, and there he let the matter end. No. 2, a relative
of the purchaser (not a regular broker), made three separate offers for the
property, ell of wtiich were promptly refused. No. 3 introduced the prop¬
erty independent of eifcher of the other parties, and kept incessantly at work
until he cons-ummated the sale, or in other words brought the principals
together, aud then and there drew the contract and witnessed the signa¬
tures of both pai'ties. The price obtained, however, was the same as the
lasfc offer made by No. 2, which the owner saw fit not to accept. Both No.
1 and No. 3 can prove their employment by both principals beyond a
doubt. Query: Which of the three contestants is entitled to the commis¬
sion ?   Your reply in next issue wUl greatly favor               Subscriber.

Answer.—There can be no interpleader. It is not a question of ths
same fund being claimed by three persons with no interest in fche holder of
it in the dermination of the controversy between them. But tho question
here is, whether the principal is not liable to each of the three brokers, and if
not to three then to which one or more of them. The facts are not quite
sufficiently stated. If, however, the negotiation introduced by No. 1
was ended and dropped, and subsequently the broker No. 3 again brought
the parties together and a contracfc was the result the latter is entitled to
his commission. As to broker No. 2. ifc would appear that all he did was
to make offers for theproperty (ifc is not mentioned for whom), all of which
were promptly rejected.   Bo he has no claim.                     Law Editor.

dark, frequently whelmed in fog, and in spring jammed with floating ice.
The call has long been for more bridges, and they—or tunnels—will have
to be built, A tunnel wUl undoubtedly come, before or soon after the
one under the Hudson is completed. Then a railroad train from Chicago
can go through to Montauk point, putting its passengers on a steamer, one
day's less sail to Liverpool.

Title Guarantee Policies.

More or less space has of late been devoted in The Record and Guide
to the discussion of the delays and inconveniences caused by the present
slow method of searching titles, owing to the great length of time lost in
obtaining official searches from the various offices. Such being the case,
it wUl no doubt be good news to dealers in realty to learn of a way by
which these delays and heavy disbursements may be overcome. The
German-American Real Estate Title Guarantee Co. undertakes to do away
with these evils, and, not depending on official searches, passes title to
New York city realty in two weeks and to Brooklyn realty in one week,
and the company guarantees the work with its capital of $500,000. The
Register and County Clerk who make official searches for attorneys are
under bonds of §20,103 and $'35,0C0 respectively, but their liability is
limited to the period of six years from the date of making a search.
Errors often occur because many attorneys do not have these official
searches repeated, simply continuing the search from the date of the last
transfer, thus passing over misrakes which are often undetected for yearg,
when the bond given by the official who made the search has expired and
the loss falls on the purchaser. On the other hand, if a title is guaranteed
by the Title Guarantee Co., that company is responsible, as the obUgations
of fcheir guarantee are perpetual. In order to facilitate transfers of real
state, the German-American Real Estate Title Guarantee Co. has employed
expert private searchers to do their work, men wno have been employed
ia the cifcy offices and who are thoroughly familiar with all
the practical details cf the work. This system, it is claimed,
reduces the disbursements for searches to a minimum, the work is done
promptly and the title is guaranteed against all undiscovered defects,
whether caused by error or fraud, with the company's capital of $50i.>,(.00.
lis officers say that a guaranteed title can be transferred in two days, thus
saving four weeks of time, equal to afc least X of one per cent, of "money,
reducing expense and giving a positive security, formerly unattainable,
against loss or tedious and expensive lawsuits by reason of defective titles.
The German-American Real Estate Title Guarantee Co. have handsome
aad spacious offices at 34 Nassau street, on the first floor of the Mutual Life

A city savings bank which bad titles searched and guaranteed by the
above-named Title Guarantee Co. was advised by counsel that the trustees
rendered themselves personally responsible for accepting the same.

Tbe tru=itees therefore sought for and obfcained an opinion from the Hon.
Noah Davis, ex-Judge of the Supreme Court, of which the foUowing is an

"Ifc would be the height of absurdity for the law to hold that the trustees
of savings banks would be liable personally for availing themselves of such
a mode of searching and examming titles and insuring againsfc the con¬
sequences of error or mistake. The trustees in such case secure a safety
beyond that which attends an official search or one made by any attorney
or C' ^unsei. The trustees would be more likely to be held responsible for
refusing such a search and certificate accompanied by a guarantee or in¬
surance of a responsible corpor.ttion, if it turned out that the means after¬
wards adopted were inadequate to protect against loss."

No. 2 WaU street, New York, May 12th, 1687.   (Signed) Noah Davis.

Wants and Offers at the Exchange.

(For the week ending Friday, May 2Dth,)
The following list isan accurate sfcafeemenfc of fche va"iou3 pieces of prop¬
erty "wanted" to purchase and "offered" for sale by members of the
Real Estate Exchange,

The ifcems under theheadof "wants" are condensed statements showing
what sort of property the broker, whose "number" precedes the ifcem,
wishes to secure for clients. The items under " offered " give the location,
size, cost, and a brief description of the property offered for sale by the
broker whose '* number " precedes the item.

All persons having properfcy fiUing the requirements of any of the items
under *' wanted " which they may wish to sell, and those wishing to pur¬
chase any piece of property given under the head of "offered" can open
negotiations with the broker in the transaction by addressing a communi¬
cation to the broker's "number," care of the EKchange. The " num¬
bers," which stand for the brokers' namas, are merely the num'oers of the
brokers seat in the Real Estate Exchange.
NO.                                                                                                      price


122  Below 14fch street, west side.     Lots with old buildings.....

.................................................$10,000 to $15,000

123  Below 59th street, ou west side.   Lots or old buUdings.   Each

...................................................12,000 to 15,000

454 Between 65th and 85th streets, east or west side.     To rent, a

small furnished house........'.............................

454 Down-town business property........................150,0:0 to 300,000

4=i4 Down-town business property.   About.......................    50,000

454 Wesfc side, between 8.h ani 16fch streets, or on Irving place.

Small houses.............................................


2 On Stuyvesant square (southerly exposure). A four-story
high stoop house, 23.6x60x106. Rented for a term at $2,400
per year.   Possession on six months' notice................  $30,000

123 91th street, south side of,   175 west   of West End>venue.

Three lots.   Little rock...................................      9,000

122 10th avenue and 122d streefc, northwest corner.     Eight lots,

200x90.   Easyterms.   Offer wanted.......................    60,000

122  6th avenue, west side, between 133d and 134th streets.    Plot

200x100,   Easy terms; offer wanted.......................   100,000

123  Brooklyn, N. Y.   Plot of ground on Clinton avenue running

to Waverly avenue, with brick houses.   Cheap for cash..

122 On Horatio street.   Two lots, 50x87.6.   Easy terms........  .    28,000

li2 West 36th street. No. 332, between Sth and 9th avenues.
Five-story apartment house; a first-class house. Rents
$4,000...................................-..................    35,0C0

192 64th street, north side, 125 east 10th avenue.   Five-story brick

double flat, 25x85xlC0.   Mortgage, $20,000; rents, $3.600...    30,000

122 Stanton st, south side, 100 east of Chrystie sti'eet.   Six-story

brick tenement, 24.6x86.6x103.   Rent, $5,500..............    45,000

143 West 132d street, Cnorth side, between 6th and 7th avenue
Boulevards. Three-story and basement brick and brown
stone dwelling (18.S), well built; free and clear. Easy
terms.....................................................    14,000

14? East 88th street, south side, between Lexington and 3d ave¬
nues, 22-foot. Four-story brick house. Well rented, good
order.   Mortgage, $4,700..................................    14,500

142 East 88th street, south side, between Lexington and 3d ave¬
nues.    Four-story  brown  stone   flat,   17x75x100.     Well

rented, good order.   Mortgagpi, $6,750....................    15,500

•243 East  107th street.   Four five-story brown stone apartment

houses, 17x65xlC0.ll.   Just put in perfect order...........    13,500

454 A block of handsome dwellings.   In exchange for country
place, and cash; well located lots or a first-class apart.-
ment house.   Equity about $120,0 JO.   Might divide.
1073 West 27th street, Nos.  519 and 531.   Five story brick and

marble front tenements.   Each 25x83x99.8.......25,000 and 26,000

1073 On Lexington avenue, between 107th and 108th streets. Two
flat houses, brown stone, each 16.8x55x65.   WeU rented.

Each......................................................    11,500

1078 99th street, between 9fch and lOfch avenues, south side. Five
houses, 16x43, threestory brick; twelve rooms, sanitary
plumbing,  papered   and    decorated.     Only   $5tO   cash

required..................................................    10,500

1073 West 71st street, north side, between Sth and 9th avenues.
Four-sfcory, high stoop, brown stone, 16.8x56x102.2; hard
,   wood flnish, three stories................................      30,000

468 West 39th street. No. 528.   Five-story tenement, 25x85x100.
Same having been sold...................................

Property For Sale.

LEONARD J. CARPENTER, 41 Liberty Street; Branoh Ofb-ice, 1181 Thtrd

One lofc on 5th avenue near 138th street, $17,500.
Four lots on 138th streefc near Sth avenue.   Each $tO,000.
Corner plofc.   Sth avenue and 136th sfcreet.   About 9J4 lots.   Plo"t $50,000.
Water Front.
Suitable for shipping, storage, manufactories or coal yards, having 450 feet
of river front with all rights, 700 feefc of pier depth with deep water, and large
amount of upland, situated v?ithin one tolock of a New Jersey ferry and on line of

MORRIS LITTMAN, 249 West Fifty-first Street.
Fifth avenue, corner Fifty-ninth sfcreefc.   Plot 50.5x100.   To lease for long or
shorfc fcerm, with renewal.   Presenfc sfcrucfcure cooamencemenfc of large hotel.
Foundation laid for heavy building.

Under authorization from the Legislafcure the Mayors of New York and
Brooklyn will investigate and reporfc on the feasibility and ad visibility of
constructing a bridge or a tunnel between New York city and Brooklyn
at Grand sti'eet. To a certain degree the Brooklyn bridge has added the
eagteru end of ioa^.Igland t-Q-Mapbattao, a ibousand tigj^ moS'e.pleBsanb
rpts^os of qomsujalofttftoa tU&n by tbe ferrii% a#o^ flit wetjfcralwftys

Tne great increase in real estate speculation recenfcly has been attributed
to the expansion inthe currency, there having been a gain of over
$50,000,000 in the past eight months in the currency in active circulation
among the people. A growfch in speculation has" usually in the past
followed any great increase in the volume of the circulating medium, and
this has generaUy been on the stock exchanges and boards of trade. This
time, however, when the expansion of the currency is almost unpr«-
ctdented in extent relatively to the time it has been In progreao
it has been coincident with an almost entire absence of stock specu¬
lation as well as a large falling off in transactions on the trade boards.
The change frond dealings in stocks and produce to investments in raal
estate is certainly one of the remarkable, as it is also one of the sensible

s^d comm«Qd&l)l0) social ptt^0p(eai^ ol %% tiimeg,<»i^, ^oitfs ^JIol)fe
  v. 39, no. 1001: Page 698