Please note: this text may be incomplete. For more information about this OCR, view About OCR text
January 25, igo2.
llKCOUn A\D <;UTDE,
predated on Broadway and other streets not affected by this
trouhle. I appreciate the hardships you gentlemen have under¬
gone, and will hold a conference with the Corporation Counsel as
The views given on this and the preceding page show better
than anything else ccuid the protracted nature of the sufferings
of the Elm st property-owners. The views from our issue of
Oct. 1, 1S9S, show a condition of affairs that had then been long
prevailing, and those of to-day show how the evils then com¬
plained of have continued and intensified by time.
Progress Made in Four Years in Elm Street
1st. Corner of Elm and Jersey Sta.
2d, Scene on West Side of Elm St.
3d, Looking North from Jersey St.
4th. From Near "Puck" Building.
In the Legislature.
STILL ON THE MORTGAGE TAX BILi,—LIEN L,AW AMEND¬
MENTS—LABOR DEMANDS REVIVED—AMENDMENTS
OF THE TENEMENT HOUSE LAW,
The m.easures that are giving most concern to the administra¬
tion are the Stranahan Mortgage Tax bill and the Krum Cor¬
poration Tax bill. As to the first conferences are being held
as to the amendments that ought to he made in it before reporting
it to the two houses. An amendment to allow mortgages stand¬
ing March 1st to come in will undoubtedly be inserted, if for
no other reason than because the income from the bill would be
much larger than if they were excluded. It is also probable
that something will be done to meet the objections to the meas¬
ure coming from short mortgage interests; and, it is possible, too,
■that the State may find itself compelled to share the proceeds
of the bill with the localities contributing the income in order
to carry the bill at all. Up'to this time the bill has been pro¬
tected by the hands of its friends; now it must, as bills generally
do at some time or other, pass through the hands of its enemies,
who will, if they can, materially change its features.
The Krum bill is opposed on the ground that it is a protective
measure, in favor of home corporations and against those be¬
longing to other States doing business in this State, Mr. Lawson
Pardy, who appeared against the bill before the Joint Committee
on Taxation and Retrenchment on Tuesday, said after the hear¬
ing to tneet the surprise expressed that so little opposition had
developed before the Committee: "The corporations were con¬
vinced that there was no use of their making appearance, as there
was little prospect of their Influencing the committees. Besides,
they have found a w^ay by which, if the bill passes, they can
avoid the unfair hurdens which it seeks to put upon them.
They wili organize subsidiary corporations to do their business
in New Tork State, and then they can be taxed only for the
property of these subsidiary corporations. Some of them are al¬
ready preparing to take this step."
A bill of considerable importance to building and realty In¬
terests is that of Mr. Egan's, now in the Assembly, to amend
the lien law by adding to section 21, Building Loan Contract, the
following: "A borrower under a building loan contract shall noi
he entitled to any payment provided to be made thereunder, un¬
less when he applies to the lender therfor he shall present to such
lender receipts for payment for all work and labor done and
performed and material furnished in the construction of the
building or buildings described in the contract, or releases from
all claims and demands by all contractors or sub-contractors
who shall have done work or performed labor in connection with
the construction of such building or buildings, or who shall have-
furnished material for the erection thereof, since the last pre¬
ceding payment on account of such loan, together with the-
^ affidavit of such borrower that there are no other claims or
. demands for work or labor done or performed or material fur¬
nished in the erection of such building or buildings since the-
last payment on the loan, and that he makes such affidavit for
the purpose of inducing the lender to make the payment appliea
for. Any payments made in violation of this provision shall be-
void as against liens filed subsequent thereto, for work done
or material furnished since payment of the last proceeding in¬
stallment of the loan. When pursuant to the terms of a build¬
ing loan contract the building or buildings in course of con¬
struction upon the premises mentioned In such contract shall
have reached the stage where the borrower would be entitled
to the payment of an installment of the loan, but for the filing
of liens or other claims justifying the lender, under the terms