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KECORD AND GUIDE.
349
DDbpfipRfAj-ESTAJt.BulLOITfc Ap!:i<ITECTURE,HoUSEMaDDE(a(«ICi^
BasD^s ajIdTkeues of GEiteit^ IKied^T.
PRICE PER YEAR IN ADVANCE SIX DOLLARS.
PubUehed every Saturday.
Telephone, Costlandt 1370.
C om muni eft tlon B should be addressed to
C. W. SWEET, 14-16 Ve»ey Street.
;. T. LINDSEY, Business Manager.
"Entered at the Poat-Office at Weic Tork, S. 7., aa second-elnes mailer."
Vol. LXVI.
SEPTEMBER 22, 1900.
1697.
SOME of the confidence that characterized "Wall Street all
summer disappeared when the coal strike could not be pre¬
vented, as had been generally hoped and believed, and more fol¬
lowed on the announcement of the failure of an old stock ex¬
change flrm accompanied by explanations that caused arching of
eyebrows. Then, too. the hardening of money almost before
business had emerged from summer dulness into the early ac¬
tivity of the fall season naturally discouraged speculative ven¬
tures. Timid brokers, also,began to demand unusually large mar¬
gins, thereby frightening their customers into selling—prefera¬
bly to putting up more money. The result of all this was a
liciuidatiou of accounts and a general decline in prices in not
only the stock market, but in all the speculative markets. If an
exception was named, it would be the bond market, which held
comparatively firm while the others were weak. A little use has
heen made of election uncertainties to assist the break in prices,
but it would be hard to find any one in Wall Street whose view
of the result of the voting six weeks hence has undergone a
change. As was stated in these columns weeks ago, and as was
again revealed by Senator Hanna this week, if a little whole¬
some respect for the foes of the single standard could be distrib¬
uted through the sound money ranks it would not be deplored by
the leaders of the latter who seem to think their followers are
taking matters too easily and require to he disciplined to a prop¬
er recognition of their duty. By the way, it is singular that the
political struggle has not encouraged speculation either in silver
certificates or silver stocks. The price of the metal has ad¬
vanced under the demand for India and China, hut the transac¬
tions in silver certificates have been solitary and far apart, and
silver stocks, even those representing ownership of mines that
have managed to pay their way during the seven years that sil¬
ver has been depressed, have not advanced at all, if anything
they are lower than they were when the product of the mines
suffered most. Outside the great speculative markets, the only
new feature in the situation is the fear of the consequences of a
prolonged struggle in the anthracite coal fields.
THE success of the German loan is only another sign of the
health of our investment market, but it must occasion
surprise when accompanied by so much weakness elsewhere on
this side of the Atlantic, and a rather cheerful tone and steadi¬
ness of the European exchanges, which are so much more direct¬
ly affected by the diplomatic entanglement at Pekin than our
own. However, while the cable reports briefly a brightened
prospect in finance, the mail with more detail presents a rather
doleful story of trade. The high price of coal is dwelt upon as
a serious embarrassment, and at the same time, stocks of goods
are said to be piling up on the maker's hands—^especially in the
German iron trade—to such an extent as to create a desire to
delay the acceptance of crude materials contracted for when
business .was brisk and prices considerably higher than they are
now. The hardening of money rates revives recollections of the
stringency that arose in the latter part of each of the past two
years, making loaners cautious and careful scrutinizers of col¬
lateral. Even tbe very strong position of the Bank of England,
which has now a reserve of 54% to liabilities, is taken to mean
that the directors anticipate a heavy demand upon their re¬
sources before the close of the year, and mean to be prepared for
it. The fact that they are prepared is satisfactory in itself, but
coupled with an only too evident need of gold in so many other
directions does not promise any easing of conditions to borrow¬
ers. Even the satisfaction created by the virtual termination of
theBoerWar is not without its mitigation,inthatthewarhas now
to be paid for and it is not known what part of the expense will
have to he borne by the newly conquered possessions, or indirect¬
ly by the European owners of the most valuable asset, the gold
mines. Rand shares have recovered the losses they sustained
before the war, but they hesitate for this reason to advance now
that the war is ended. So soon as the mines are working again
their production will go into the market to its relief, no matter
whose the actual ownership, whether the shareholders, the
workers or the government's, or what maybe the several portions
of the three. This has such an important hearing on the out¬
look for money that it is no wonder that the prospects for re¬
opening the mines is the thing most discussed in financial circles
and most desired. South Africa is now the only point from
which a substantial increase in gold output can be expected.
The Klondike has become a steady producer in moderate propor¬
tions only, and Cape Nome has proved a disappointment, con¬
sequently the resumption of the flow from the Rand, which has
been stopped for a whole year now, will be most cordially wel¬
comed. If, as is suggested, the Vaal River's portion of the cost
of the war is met by the sale of undeveloped auriferous lands,
such an arrangement would relieve the situation materially not
merely because it would enable the working properties to avoid
a heavy burden, but because it would also mean development
and an increased output of gold for the use of the world at large.
Upper Fifth Avenue.
FEATURES OF THE BUILDING MOVEMENT ON THIS I.M-
PORTANT THOROUGHFARE.
THERE is no more interesting piece of development on Man¬
hattan Island than that on Sth avenue above 59th street,
which has been proceeding so steadily for some years past. The
value of the land, the architectural pretensions of the improve¬
ments and the social importance of the people who have taken
np their residence there, all combine to give this stretch of high¬
way an interest that no other has. The comparative rapidity,
considering the size of the individual investment required, with
which building proceeded when once begun, is also a feature
that claims attention. Those who can remember what 5th ave¬
nue alongside the Park was ten years ago and who consider
what it is like now, cannot but be surprised at the change. The
two clubs and the great houses, such as the Gerry and Astor
mansions, all date well within that period, and it was they that
gave this building movement its impetus and character. Prior
to their advent, the building was small, scattered and inspired by
a very inadequate conception of final requirements.
To-day the front obviously destined to mansions of the rich
extends from 59th street to 93d street, with the Hotel Nether-
land at one end and the Ruppert mansion at the other. This is
a stretch of about a mile and three quarters, containing a build¬
ing frontage of 6.800 feet, and already 4,355 feet or about 63% of
this is occupied. These figures do not precisely express the ex¬
tent of the building movement to which they apply, inasmuch as
they do not show how systematic it has been. To do this it is
necessary to divide the line into sections, even though it may be
necessary to make them of irregular lengths. In the first half
mile north of 59th street, containing a building frontage of 2,000
feet only, 100 feet is vacant; there is no vacant corner south of
75th street, and in what is known as the Millionaires' Mile, be¬
tween 59th and 79th streets, with a building frontage of 4,000
feet, 920 feet, including only two corners, is vacant. Recalling
the figures previously given for the whole length of front des¬
tined to mansions^with here and there a public or semi-public,
building—it will be seen that the building movement proceeds
with tolerable regularity and compactness from the southerly
end and that the line of building is rapidly filling up.
Another important feature of the Sth avenue building move¬
ment is created by the part the speculative builder is taking in
it. Originally begun and still for the most part sustained by
architects building for private owners, the speculative builder
has seen an opportunity to participate in it, and in a way that
reveals the growth of capital employed in commercial building.
Last year plans were filed with the Department of Buildings by
one firm of builders representing an expenditure of |500,000 for
construction alone. This year another firm has two houses un¬
der way one of which, it was stated in the plans, would cost
$75,000 and the other $200,000, and each may cost a good deal
more than was originally estimated. When the value of land
on Sth avenue is taken into account, it will be seen that these are
pretty large ventures and in the last mentioned case much larger
thau was ever before known in the trade. Land and house to¬
gether represent the cost of a small railroad, or what in pre-
combination days would have been a substantial manufacturing
capital. Building in expectation of finding a market among
multi-millionaires is decidedly a new industry, and one that, be¬
sides, as before stated, evidencing the investment of large capital