Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 59, no. 1521: May 8, 1897

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May 8, 1897. Record and Guide 773 ESTABusHm^ sfS^eaewS tees. BosoiESS/riDlHEUGsofGEHEi^lKnit^l, PRICE, PER YEAR, IN ADVANCE, SIX DOLLARS. Publislied every Saturday. Tblefhons, .... Coktlandt 1370 OnminuiiloatlonB should be addressed to C. W. SWEET. 14-16 Veaey Street. 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. Vol. LIX. MAY 8, 1897. No. 1,521 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 a will. -----------■----------- 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: SENATE BILLS. 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 fireproof buildings, 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-. lona Park. S. 735—Guy,—In regard to proceedings to be taken to vest tltU of lg.nd Id city, acquired by It for any purpose, I I