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May 8, 1897.
Record and Guide
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OnminuiiloatlonB should be addressed to
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J T. LINDSEY, Business Manager ________^^___^^^__-
"Entered at the Post-office at New York. y. T., as seccend-class mailer."
come, though the policy that will guide tbem will doubtless be
that which Austria ha3 so considerately followed, viz.: to take
gold only wheu it can be done without unduly disturbing the
markets. Ae to tariff reprisals, Great Britain's policy makea
them impossible ia her case, und in other countries a good deal
oi the talk ou this subject is for effect in Washington.
MAY 8, 1897.
PERHAPS we could give the best idea of the changes
wrought in the busiuess situation this week by leaving the
space usually oocupied by this paragraph entirely blank. That,
however, might not be quite satisfactory to every one, but the
subject will require only brief remark. Of the atock market,
there is none in the proper sense of the term, a few traders keep
up a spark of life in it aud that is all. Congress shows no sign
of disposing of the tariff bill, gold continues to go abroad and
the public is renewing its anxiety in regard to the currency and
tbe maintenance of gold as its basis. These are not good fea¬
tures, especially as commerce isas dull andas anxious asfiuance.
The reduction of the Chicago & Alton dividend must be ac¬
cepted as an opinion of the situation expressed by a, if uot
the most successful and conservative railroad management
in tho country. Tbe public anxiety referred to is quite justified
and in one way is a satisfactory feature. While neither the
President or Congress seems inclined to initiate monetary re¬
form, it is well that the voting public should begin to agitate
again and bring their opinion to bear upon their neglitrent and
slothful servants. It may be thought by those who have not
studied the matter, that such an agitiitiou is premature with the
Treasury in its present condition and with the banks so strong,
but it is only necessary to look back a few years to see how
quickly tbese conditions cau be changed when the faith of the
community in its rulers is shaken. It lays entirely with tbe
Executive and Congress whether the advance that has been
made since last year shall be lost and we go hack into the state
of unrest from which we emerged ouly last November, or
whether business shall proceed on the lines of legitimate devel¬
opment. If the latter, then the tariff' must be promptly dis¬
posed of and the work of reforming the currency takeu up with
DESPITE the reports of Grecian victories, it is obvious that
the war in Europe is nearing an end. Turkey has nothing
to gain by reducing her foe to extremities. The Christian
powers could not permit her to retake Christian territory and
Greece is too poor to pay a cash indemnity at all proportioned
to the cost of such an effort. Turkey is still Russia' debtor for
a large part, if not all, of the money-indemnity of tbe war of
1876-77, and tbat may create a precedent for the present emer¬
gency. Greece raay undertake to repay to Turkey her expendi¬
tures io. tbis struggle and may treat the obligation with the
same good faith that ahe has treated her bondholders while
accumulating a reserve for carrying out her recent act of folly.
Greece's recalcitrancy may have one good effect, it may compel
the Great Powers to bring pressure to bear upon tbe sanguinary
wretch wbo sits on the throne of Constantine in order to make
him reform his manners towaid his unfortunate Christian sub¬
jects. Otherwise other small countries may take to heroic or
melodramatic risings-up against the Turk and plunge foreign
ministers into anxiety and sometimes despair. The news from
South Africa is a little more favorable than it has previously
been. Whether the compliments that have been passing be¬
tween London and Pretoria in the past few days are merely the
courtesies that precede an encounter, it is uot possible to say,
though everyone will hope that they are more sincere than that.
The position of the German press eucourages that hope; he-
cause, where it was only recently ail condemnatory of the
British position, there appears here and there an admission,
apparently officially inspired, that Great Britain is aud must
inevitably remain the predominant power in South Africa. In
financial circles the raovemont of gold is tbe topic of most inter¬
est. In commercial circles the Uuited States taritt and the re¬
prisals which different countries will make should the Dingley
bill pass occupy most attention. Austria, Russia and Japan are
all buyers of gold in counection with new currency laws. The
first has nearly completed its purchases for resniiiine gold pay¬
menta, begun some years ago, aud the two latter are taking
steps to put themselves on a gold basis. Tbese movements will
be effective factors iu tjie money markets for BOine yefiya to
AMONG the bills awaiting the signature of Governor Black
we find Senator Ford's mechanic's lien bill, which will
doubtless be duly sigued and become a law. A statementof the
principal changes that will be made in the Mechauica' Lien Law
by this measure is therefore of interest. In the first place. It
makes a payment made by an owner to a contractor, prior to the
time it becomes due, for the purpose of avoiding the provisions
of the act, invalid as against a lien of a sub-con tractor, witb or
without collusion ; tbat is to say iu this provision reference to
collusion is omitted. It requires that the notice of lien shall
state the time when the first and last items of work were per¬
formed, or the materials were furnished; and it changes the
form of verification so that the lieu has to be verified to the
eii'ect that the statements therein contained are true to tbe
knowledge of the iiffiant, except as to matters tbereiu stated to
be alleged on information and belief, and that, as to those mat¬
ters, he believes them to be true. It further provides tbat in
addition to the method of service previously provided, that a
copy of the nutice of lien may be sent by registered letter
addressed to the owner at his last known place of residence.
Until service has been made, the owner, without knowledge of
the lieu, ia to be protected in any payment made in good faith, but
the failure to make service of tbe notice of lien shall not other¬
wise affect the validity of the lien. This loaves open tbe ques¬
tion, in case a notice is not served, what knowledge of a lieu
must be brought to tbe owner in order to bold his property in
c;ise he makes a payment after the lien ia tiled. An important
pjovisionof this act is tbat the right to file a lien shall not be
affected by the death of the owner before notice is tiled. There
is no such provision in the law of 1885 ; consequently tho death
of an owner by operating as a transfer oi: the property bylaw,
cut oft tbe right to file a lieu. Another equally important pro¬
vision is to the effect that a contract for the sale of land witb a
buildiug loan must be in writing and tiled within ten days after
its execution iu the oflice of the County Clerk; all modifications
thereof must be in writing aud filed; and, if not so filed, the
interest of eacb party to the contract in the real property
aflccted thereby is subject to tbe lieu and claim of any subsequent
mechanic's lienor. The enforcement of tfie mechanic's lien is
not provided for by this act. but is regulated by amendments to
the code of civil procedure. These are tbe more general and
important changea and are sufhcient to show the scope of tbe
inuovatioDS. When the bill is signed and actually becomes a
law we may go iuto its provisions in more detail.
New York Measures before the Governor.
Albany. May 6.—Governor Black signed the Greater New York
charter yesterday, not in a theatrical manner, but as quietly aS'
though the creation of cities of 3,100,000 population with bUIiona
of property were an ordinary incident of a Governoi-'s life.
To-day the Governor carried on still further his action by sigu-
ing three of the supplemental bills—providing for an election of a
Mayor and other city officers of the new corporation of "New
York" next fall, and also providing for the election of a Board of
Supervisors In Queens County. There are four other supplemental
acts yet to be signed by the Governor in order to compiete thia
class of worit.
The Governor also made public to-day the list of bills which
he must consider before the 24th of May. They number 783
bills. One hundred and thirty refer to New Yorlt. The titles of
those that refer to realty and building interests art given below
with their several numbers and the names of the raovere:
S. 30—Guy,—Damages for a change of grade of East 153d street.
S. 32—Guy.—Damages Eor a change of grade of East 162d street,
S. 188—Sullivan,—Permitting policemen and tiremen to travel
free on elevated and street railway lines.
S. 387—Coggeshall.—Auctioneers to pay a license fee of $250 and
give a bond of $2,500,
n. 508—Page.—All buildings above 75 feet in height to be flre-
proof, and other amendments in regard to material to be used in
S. 522—Guy,—Bridge to be built over the Harlem Railroad at
Melrose and Webster avenues.
S, 631—Guy.—Authorizing Commissioner of Street Improve¬
ments in 23d and 24th wards to build an approach to Grand Bou¬
levard at 161st street.
S. 721—Guy.—Creating Sl. James' place.
S. 733—Guy.—Appropriating $30,000 for Improvement of Cro-.
S. 735—Guy,—In regard to proceedings to be taken to vest tltU
of lg.nd Id city, acquired by It for any purpose,