October 23, 1897.





Rccord and Guîdc





587





ĩr.'______







"dtM ĩd Rp^LEsTAiE-SuiLoi^fe ft^iTCCTURFjJaisníouíDEoaiJiio*
Basn/Ess /úÍD Themes of Geiíer^ lífrenps^





PRICE     PER   YEAR     IN





ADVANCE.   SIX   DOLLARS.





Piiblisheã everg Sahtrday.

TEl-ÍPeONB,               .        -       -        -              COBTI.ANDT   1370.

Commuiiications sliould be addresse* to

C. W. SWEET, 14-10 Vesey Street.

J. 1, LINDSEY, Btis'ineas Manager.                                  _______^__





■ 'Entercd at the FoslrOmee at New Yorh. N. Y., as seoond-elass malter."





Vol. LX.





OCTOBER 23, 1897.





No. 1,545





ÅT borae the business situation is influeucetl by the f act that
the seasou is drawiug uear wheii operations are rather
curtailed than extended.   Consequentiy, aãvîces from the ãit-
ferent trade centres geuerally report quiet marUets.   In iron aua
steel and coppei- especially dullness prevails, and this may be
talíen as au iudication of a pretty general slackening of aetivity
to come, conseQueut on this yeai-'s conti-acts   being   nearly   or
wholly eompleted and a natural tendency arising to wait for
further developmeuts before malíing   engagements   for   1898-
Naturally, the low price of cotton is the subject of considerable
remark    The estimates that come from quarters best entitled
to credeuce, plaee this year's crop at a figure eonsiderably below
that of last year, and Jt is only about a raonth ago that we had
to record a large shriniiage iu the Indian crop for the current
season, following one, also o£ no small proportions, in the sea-
son of 1895-6.   In spite of îts strong statistical positiou cotton
has decliued, a fact that can only be esplained by a falling otf
in the demand.   Whiíe this reíleets present conditioos of trade,
it cajiuot be possible that it wiU be continued for very loug.   At
present quotations there canuot be mueh, i£ any, profit in rais-
ing cotton, and growers are líliely to hold their product until
they can get better prices, and by so eutting off the supply give
a better tone to tbe marliet.   Qn the Stock lũxchange prices have
been better this week, but it is uotieeable that the advances
have only beeu good in securities of merit, the purely specula-
tive ones having railied only moderately and having had ãiffi-
culty in boldiug their gaius.   Bonds participated in the rally
only to a slight extent, aud there have beeu uq signs of a re-
sumption of the investment buying which was so pronounced
this summer.   Pait of the strength displayed by the market was
due to the covering of shorts and to the usual buying that a
sharp deeline always brings, and part to buying in the belief that
the next congress will pass a railroad pooling bill.   We have it
on good authority that a poolîng bill wiU surely be passed. Post-
ponement of the decision of the Suprerae Court from Justice
Peckham's ruling in the "joint-traffic case," probably bad no
couueetion with the intentions of the administratiou regarding
railroad legislation, but it has served to strengthen the belief
that something will be done to avert the evil eonsequenees that
would follow a confirmation of Judge Peckham's view of the
law by the Supreme Couit, if sueh should be its decision.   With-
out a legal buffer to protect tbera from its effects, an adverse
deeision would work havoc amoug values of railroad securities,
but with one, especially i£ it take the shape of law pei-mitting
pooling, there is not ouly uothing to be f eared but much good to
be expected.   Railroad building has been so restricted for ten
years past, that the country has grown up to îts facilities for
transportation.   With legal authority for pooling business, and
so securiug good maintainable rates, the railroad business would
be in excellent shape and the seciirities based upon it the most
dt'sirable to hold.   While the hope of the passage of a pooling biU
holds good it wiU do much to check declines iu the railway
share and bond Usts, aud the prospects of its reaUzation would
be about as good a thiug to start a bull   movement   upou   as

could be imagined.

-------------♦--------------

ÅBB.OAD, the couditiou of the several money markets occii-
pies the raost attention in financial circles. The hardeniug
of rates has its usual effect in rendering business on the Stock
Eschanges dull, but a rise has long been anticipated, and there-
fore works only a minimum of harm. The British government
has rejecteã the proposals of the IJuiteã States Commission on
silver wbatever they may have beeu, but at the same time es-
pressed a wiUingness to consider auy new ones that may be
made. Whether the last-mentioned offer is merely intended to
soften the refusal to enter îuto negotiations on the basis named
remains to be seen.   That that it i3 ao, is the opinion of the press





generally, whieh has overflowed with articles on the final dis-
positiou of the silver questiou in this way. But it is rather re-
markable, in view of the position of the press toward it, and of
the rise that took place in silver wbile the proposals were be-
ing considered, that there has been so smalĩ a deciine in the
price of silver, although a week has passed siuce the decision
arrived at by the British government was known. If we put
aside the idea of diplomatie courtesy and take the answer in so
far as we know it, at face value, it would indicate that in the
opĩnioa of the British govemment there is ground for dis-
cussîon of the silver questiou, though it was not reached ín tlie
proposals of the Commissiou. Tbe refusal to re-open the Indiau
mints was based on a doubt of the proposals offering a steady-
iug base for the value of the metal and not on au opinion that
no such base eould be found. For the reasons given before in
these coluraus, the condition oC the Indian eurrency must give
anxíety to both the home and tbe Indiau goveniment. It is ad-
mitted tbat the closing of the mint to the free coinage of silver,
while not without its temporary advautages, has not been a suc-
cess. Such a state of tbings cannot coutinue forever, but must
eveutually enforce reformatory action. There is a wild idea iu
some minds that India can go upou a goid basis, though it has uo
gold, nor any means of getting it, except by creating a scarcity
ũf the rupee, a not very practical way as a moraent's considera-
tion will show.





1





The  New Lien Law.^

By E(!ward I^. Heydecker of the New Tork Bar.





VI.





A





THE   ENFORCEMEHT   AND   TERMINAT10N   OF   LIENS.

MBCHANICS' lieu ouly arises on the actual fllĩng of tbe
uotiee of Uen în the Couuty Clerk's oflSce; until that is
done the possible lienor stauds iu the same positîon as other
creditors, aud has uo preferential rights. It raay be filed after
the work is done and within 90 days, after completion or before
all the work is done or all the materials are furnished, pro-
vided the eontract is afterward completed. And it is now pro-
vided that the ninety days shall run f rom the last item of work
performed or materials furnished. A lien filed after the 90
days is utterly void, but, of course, the contract right remains.

Priorîty is the rule, and the lien first filed will be fully paid
before auything is applied on a subsequent lieu, provided, how-
ever, that laboi-ers for daily or weekly wages have preference
over all other claimants, without refereuce to the date when
their liens are flled.

Lîens are enforced on the equity síde of the court by a pro-
cedure sîmilar to that for the foreclosure of a mortgage on real
estate, in which all persons who have claims upon the property
are joined as partíes aud flie rĩglits of all are exarained, ad-
justed aud enforced. If when these rights have been deter-
iiiued and the liens found good, they are not paid, the court will
order tbe owner's interest to be sold and the proceeds applied
to the paynient of the Hens in the order o£ their priority,

The notiee of lien is ao important paper, yet it is generally
drawn in the greatest haste iu the mad rush for priority, when
all sub-contractors and raaterial-men are hastening to flle liens,
because the aetion of some one araong them, in filing bis notice
of lien, has destroyed the credit of the eonti-actor in the minds
of all connected with the job.

The law prescribes a number of statements "which must be
eralîoãied iu the notiee, aud without entering into details here,
let it be uoted that the form and substance of these statements
is materially changed by the new law which takes effect Sept,
1, 1897. In general it raay be said that tbe lieuor is limited to
the amouut he claims in hîs notice, and that a false' statement
wilfully or intentionally made, will render void the lien. How
far the courts will permit a lienor to go in explanation of an ap-
parently false statement is still undetermined, but care sbould
be exercised to avoid the need of such explauation. The form
of verification has been ehanged in the new law.
■ There are three ways of termĩnating a lien on the part of the
lienor aud three on the part of the owner.   The lienor may

1.  Give a satisfaction of lien.

2.  Neglect to proseeute it after notice to do so.

3.  Fail to begin foreclosure within a year or to obtain an order
of renewal.

The owner may

4.  Deposit in court before suit begun the exaet amount wĩth
interest to date of deposit.

5.  Deposit ĩn court after suit begun sucb sum as the court
shall determine.

•Copyrlght, 1887. by "Iteoord and' Quide."