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October 7, 1899.
RECORD AJSTD GUIDE.
De/oteD io Rem Eswe . BuiLoif/G Ap.cKiTECTU[\E .Household DEQCiïKTiorJ.
Bi/suJess Afin Thèmes of GeHeraL INtefi^esi.
PRICE PER YEAR IN ADVANCE SIX DOLLARS.
l'ubihlMd every lalm-day.
TELBPHONB, COKTLANDT 1370.
OonHOVJicatloDS shouW be addressecl to
C. W. SWEET, 14-Hi Vesey Street.
J. 1, JjIND8EY, Busitiess Manager.
" Enttred al tKe. Pogi-O$ioe al ffe» tork, N. I„ as secoitd-class waHfir."
OCTOBER 7, ISUl).
AS was foreshadowed in this' column, tlie Stock Marltet has
depended and etili dépends for Ue movements entirely on
the money market. Spéculation is entirely absent. The raiiroads
as a rule continue to make gratifying earning and operating
statements, aud tie failure report for the third quarter of the
year, just issued by Bradstreet, shows that sound prineiples hâve
regulated business in this country, notwithstanding its expansion.
Judged by this, whatever growth has been attained up to now
was called forth by legitimate requirements. The high rates for
money, however, neutralize the effects of the favorable features.
A question that is likely to receive attention relates to the causes
that hâve produced stringency in the money market with such
comparative suddenness. Manipulation is alleged, and there la
circumstantial testimony to support the allef^atioç. The most im¬
portant item of this évidence is found i; A' éî^.'. .intry's immense
strength as a gold holder. Its resources m thia métal cannot he
to-day less than a billion of dollars, and this base intimâtes a
superstructure of crédit that can hardly hâve been fully built up
In the two or three years of renewed activity. Further, for some
time proËts from this activity hâve been paid to security holders,
30 that the income of the community, and consequently its loan¬
ing resources, must be larger by a good many millions of dollars.
It is, therefore, somewhat a matter of surprise that money should
be dearer hère than in London, whieh has to supply a world-
demand for gold, and has had to prépare at least for the financlng
of an expensive war. The fact that public attention has heen
drawn to this matter may explain the momentary easing of condi¬
tions, though anything like cheap money is not to be expected
while business remains good; nor rates that will encourage a re¬
newal of spéculation Ihîa side of New Year. In connection with
the influence that the South A.frican situation has upon our mar¬
ket, it may be useful to draw attention to the circumstance that
on Tuesday laat, when the Boer advan'ce to the frontier was re¬
ported, and when prices were generally weak ia our market. a
large proportion of our securities dealt in abroad made advancesi
though small, for the day. Since then Rand shares hâve also im¬
proved. By thèse two circumsfances the hopeful view of the out-
oome is encouraged.
awkwai'd point by thei Jameson raid. As a matter of fact It la
highiy probable that that raid assisted perhaps-hyPreBidentClev»-
land's Venezuelan outburst, gave the Boers four years in which
to make their pr¶tîons for their inévitable struggle, whether
diplomatie only, or diplomatie and martial, with Great Britain^
But the quarter of 1395 intervened in a period of moderate com¬
mercial expansion only, and when money was very cheap. Since
that time business generally has been extended as it never waa
before, the flow of gold into London has been so continuous that
prices and values hâve arisen in every directien, so that it is not
reasonable to expect that there will be repeated in the four years
to come the prosperity of the past four. If thèse flgures are sig¬
nificant of anything it is that the top cf the boom în European
business had been reached before they began to- exist, and that
with crédit extended and money dear, we must look for contrac¬
tion of opérations and a slackening of the pace at which things
hâve been going. This is not the resuit of tho South African im¬
broglio only; the latter serves to time it; withont that incident
it may hâve beem delayed, but it was soon due anyhow (rom a
spending of the forces that had thereto kept it going.
UNLESS the reaeons therefor had been very cogent and
pressing the Bank of England would not hâve advanced
Its discount ratea twice in one week, as it did thia week. The rate
has not stood as high aa 5%, which is the présent figure, for a long
lime, and it shows what need there was to protect the bank's re¬
serves from foreign-demanda. Corresponding advancea bave been
made at al! the European monetary centres, eo that the pressure
oa borrowers generally is very great. The business of Germany
la, probably, more extended in proportion to its capital than that
of the other countries, and it Is Berlin, as it was laet year, that
will need the closest watching. The South African situation
serves more and more to create disquiet and to cut off loanable
capital, both because Cf the nervousness of its owners and be¬
cause of the curtailing of the supply of gold by the ohstruction of
the Rand's contribution to the gênerai results. It is doubtful if
war would make mattera worse than they are, but a prospect of a
peaceful settlement of the Brltish-Boer dispute would undoubt¬
edly afford Immédiate relief to the situation. Au indication of
this growing searcity of capital and, probably, also cf a tum in
gênera! business from the side of expansion, if not of prosperity,
ia the remarltable failing off in new capital applications ln Lon¬
don for the third quarter of the year, which were only £19,291,000
as against £39,416,000 and £48,697.000 for the flrst and second
quarters, respectively, and £37,705,000 in the third quarter of last
year. In fact such a poor return has not been made for any quar¬
ter since the last of 1895. whlch was also a period of disturbance
in-South Afriea, aecompanled by anxiety at home, brought to an
THOSE Who hâve watched the development of the Socialistic
movement ini France can find something more to warrant
the threatened march of the Creusot miners upon^ Paris, and the
intervention of the head of the cabinet as arbitrator in a labor
dispute than could be foun>d to justify the Coxey eicpedition to
Washington, with which the flrst has been compared. The pater-
nalism of the Empire and the popular tendencies of the Republic
hâve both been directed to coddling the workingmen to support
the government for the time being. As an instance of thia may
be cited—the matter Interests us hère also in view of the privil¬
ège the labor unions bave succeeded in- obtaining of being cou-
sulted in the making of contracts for public works—the decrees
issued in August last from the Ministry of Commerce andludustry
to establish the conditions of labour in contracts for public works
to be executed for the State and local authorities. An article of
the decrees stated that the normal and current rates of wages and
hours of labor would be fixed by the Administration after con¬
sultation with représentatives of the trade unions of employera
and workmen. In exécution of that décision, a deeree haa now
been published in the "Journal Officiel" nominating the members
of fourteen mixed commissions of masters and men, one for each
branch of trade, to advise the Administration on questions of
wages and labor. The persons chosen are generally the prfâi-
dents, secretaries, or treasurers of associations of employers and
workmen's union®. The conditions may vary with the loeality
or the régions in which the work is to be carried out or the mate¬
rial delivered; but certain clauses are of gênerai application, such
as a weekly day's rest and the forbidding of subletting of work
unless wlth express authorization, and when permitted the orig¬
inal contractor must remain responsible for the work and towards
the workmen and third parties, Both employera and men may
demand a revision- of the wages and hours of labor when ree-
ognized changes- hâve taken place in any région.
IT will be good news to property owners in Manhattan and the
Brons that there ia now a distinct prospect of an agreement
between the municipal authorities and the Rapid Transit Com¬
mission on,at least,the terms of the contract for building the rapid
transit railroad. The next question that wlll probably arise ia,
how much of the work shall be done at on.'ce, and where It shall
begin. The idea that has been thrown out. that the upper seo-
tion should be begun first, while having to justify it the fact that
that section ia least provided wlth facilities for rapid travel, ia
not likely to encourage' contractors who would hâve to operate
thenewroad for some time. They would prefer to begin where the
travel itself is densest, which is undoubtedly & section having
43d street for its northerly boundary. However, considering the
sloth's pace at which rapid transit proceeds, there is doubtless
plenty of time before us in which to décide where the first cut
shall be made. When a cut is made it would be characteristic of
this people if a very rapid finish was raade of the whole System.
But, oh! how hard It ia to get the first spade in.
^^ HE reply of a little girl who was asked how she came to bo
*■ living in a flat in whieh (by the terms of the lease) chil¬
dren were oot allowed waa "I was borned in." That seemed to
give her and those who, like her, wero "borned" in, taclt right of
exic and re-entry which has until now been unquestloned. How¬
ever, some propei'ty-owners in Omaha, according to a récent presa
dispatch, propose to contest the point by a suit to- eject tenants
who bave thus introduced children into apartment. In the aur-
reptltlous way of natlvity. In violation, as it is claimed, of the
terms of their leasea. If aueh a suit la brought Ita course wlll be
watched -witb more tban the Interest usually atttachlng to the aet-