The herald., 1897-09-23

ages, such, sum shall be regarded as
damages. and not as a penalty, unless
the amount be greatly disproportionate
to any probable estimate Of the actual
damages. To the same effect Is Ward
vs.. Building comapny IN. Y. App 26
N. E. 256.
In Dwinell VS.. Brown.54 Me. 47o, the
court, in the course of its remarks sus-
tanning the provisions Of contract sim
liar to the one above, said: The parties
themselves best know what their ex-
pectations are in regard to the advan-
tages Of their undertaking. and the dam
ages attendant upon its failure; and
when they have mutually agreed upon
the amount of such damages in good
faith, and without -illegality, it is as
much the duty Of the court to enforce
that agreement as II Is the other pro-
visions Of the contract. 1t is not for the
court to sit in judgment upon the wis
dom or folly of the parties in making
a contract when their intention is clearly
expressed, and there is no fraud or ille-
gality The bargain may be an unfortu-
nate one for the delinquent party-but
It is not the duty of courts of common
law to relieve parties from the conse-
quence of their own improvidence, where
the contracts are free from fraud and
iilegality" The same doctrine is an
nounced in other cases that might be
cited.
WHO SHOULD PAY THE TAXES.
The question as to who should pay the
taxes when a transfer of real estate
property is made has been the cause OF
&c Nd
when 1t has been brought up at the last
moment. caused the entire rupture of the
agreement to buy. There should be some
general understanding upon this sub
ject and the point is one that should al
ways be settled when the negotiations
are in their first stages. A San Fran
cisco journal says: The rule in real
estate sales heretofore has been that,
after real estate taxes are advertised as
being due and payable, 1t is the duty
of the seller to pay them, since. the
taxes being a lien on the property, he
cannot give clear title unless he pays
them This rule is unjust, however; the
taxes now coming due are for the fiscal
year 1S979S-that is, from the 1st OF
July. 1897. to the 1st of July. 1898. The
seller should pay his proportion of thes+
taxes-that is from the 1st of July last
to the date on which he sells The re-
mairGer should be paid by the buyer.
1t is a fact that the law makes taxes
e lien on the faSst Monday in March, but
it is customary among real estate deal
ers TO proportion taxes as explained
above. There is no more Justice in ask
ing the seller to pay taxes in advanc
for the buyer than there would be in ask
irg him to so pay a gas, water or any
other bill. If the seller pays his propor-
ton of the taxes up to the date on which
he deeds away the property, he iS doing
all that strict justice requires of him.
BUILDING ASSOCIATIONS
There are quite a number of Building
and Loan associations doing business
in this city and most of them are doinc
well. The success OF such institutions
depends naturally upon the business
sagacity and care exercised by the man
agement and while this city has not been
totally exempt from failures in this
class Of enterprises, yet the record is
on the whole, very favora BILE We shall
take pleasure in furnishing such infor-
nation as may be desired about any Of
the Building and Loan associations do
ing business here. AS investment con-
Germs they rank next to savings banks
in importace owing to the large number
of people interested in their prosperity
The following ia bic shows the number
of local Building and Loan Associations
and their asse IS for the years 1896 96 and
1861: