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October '6, 1900.
RECORD AND GUTOE.
:#
fittSD^ jub lilEIIES Of CEjJn^ iKiotF^lt,
PRICE PER YEAR IN ADVANCE SIX DOLLARS.
PubUalied every Baturdajf.
Telsphone, Oohtlamdt 1370,
Communloati*iB should be addrASBod to
C. W. BWnET, 14-16 Veier Street.
>. T. UNDSEY, Btuinta Manager.
"Enterei (tt tlte Poit-Offioe at Jieu) Tork, N. 7., o« second-class matter."
Vol. LXVI.
OCTOBER 6, 1900.
1699.
SOME disappoiatment is felt because the ofEer of an increase
of 10 per cent, on their wages has not induced tbe striking
anthracite miners to return to work. The refusal of so sub¬
stantial ah offer, together with the attempts of tbe strike leaders
to destroy tbe good relations that exist between one operating
company and their help, has turned a large part of the public
sympathy that the miners enjoyed at first away from them and
to their employers. The comments of the rational part of the
press on the strike since that refusal have appreciably changetT
in tone and, if the men continue the struggle they must do so
without that most potent of auxiliaries, public sympathy. Re¬
ports that the end may soon be expected are in majority over
those that tbe struggle will be a long one, and it is to be devoutly
hoped that this is true, because the strikers will only entail
misery on themselves and their families by obduracy. The
obviously sensible course for them to pursue is to accept tbe
increased pay, return to work and settle any further grievances
they may have by negotiation with their employers, or by arbi¬
tration if that can be arranged. The conunuaUon uf the strike
checked the advance in the stock market somewhat, but as
all other conditions appear propidous, it could not prevent it
altogether. Tne important feature of the situation now is tbat
Wall Street has banished any tear it may have had of injurious
consequences iollowiug tbe result of the Presidential election.
Whether this fear will return or be made to seem to return before
Election Lay, no one can telJ, but it is a fact now that tbe Street
has resumed the confidence with which it hrst regarded the con¬
test and which alarmed tbe political leaders, who interpreted it
as indift-erenee. Tbe most conservative houses are still advising
caution for tbe few weeks that still have to intervene between
now and the polls, but the Ijuying botb of stocks and bonds
shows that there is a considerable element ready to favorably
discount the future. They have for tbeir encouragement tbe facts
that the agricultural year has been a fairly good one, in spite of
partial faiiure of crops in sections; that the general business
situation appears to be sound, it not as active as couid be wished;
that in spite of some hardening of rates tbe condition of the
money market is good because it is in a position to call gold
from abroad whenever it is needed. Of new features, it may
be remarked tbat the steady rise in the price of silver is directing
speculative attention to the issues of the Mexican railroads listed
here and abroad; and the continued advance in tbe price of
cotton causes Southern securities to be favorably regarded, espe¬
cially those based upon properties in tbe older States and where
manufacturing is increasing. Tbe present price of that staple
and the ample reserves held over from the bumper crops of
otber years more than offset the falling off in the production
of cotton this year, and promise continued if not increased pros¬
perity to tbe cotton sections.
ABROAD a great deal of delicate and difficult financing is
being done, as is shown by tbe way critics of the British
and German treasuries were called off when opening their attacks
upon tbe placing of loans or parts of loans in the American
market. It is easy to see now that, bad those operations not
been effected in the way they were, Europe would have bad to
send gold this way in large quantities, instead of receiving the
aid it did from Western exports of the metal and tbe help it is
getting now by the withholding of Americaa demands for it while
exchange is at a figure that ordinarily moves gold this way
Germany is least of all in a position to carp at what was done
Not only have her own people no money to lend the govern¬
ment, but tbe continued liquidation of the Imperial 3s, which
were subscribed twenty times over two years ago, and are now
down to between S4i^ and 85, reveals a commercial need for
cash help that only a favorable turn in the situation can furnish
without further and severe liquidation. Tbe turn of events in
China helps the situation somewhat. This once put on a basis
tbat will remove danger of war among the western powers, or
between^ any two, confidence will immediately revive. Russian
movements, however, continue to keep up anxiety. The capture
of Mukden can hardly be considered in accord with Russia's
claims to disinterestedness. Some idea of the importance of tbis
place will be obtained when it is remembered that it was thither
tbe Imperial Court decided to retire when the victorious Japan¬
ese threatened to march on and enter the capital. The real
diplomatic struggle in China will begin when the preliminaries
for securing a settlement with the government of tbat country
have been arranged, and it is, therefore, not to be expected
that the conflicting claims among the Powers themselves can
be settled for some time. The Cretan was an easy problem com¬
pared with tbe Chinan—is it permissible to say Chinan?—with
very little in it for anybody, and we all lemember how long
that took to solve, and in remembering must not be too eager
in expecting an early settlement in China. Outside of that,
money is the controlling feature of the European markets, ancT
It is evident that tbe strain upon tbe resources of the great
banks will continue until near the close of the year, or until the
annual settlements have all been provided for. Tbe present
activity of the stock markets can only, In the circumstances,
be due to speculative movements sustained by a temporary ease
in money rates. Accompanying what, for a long view, must
be considered a scarcity of loanable funds, are many complaints
of overproduction by manufacturers, aud of poor demaad, besides
aa uawiiiiagness to accept goods contracted for some time ago
With smaller failures, tbe suspension of an old established firm
of Austrian cloth manufacturers with liabilities of $1600 000
accentuates the general unsatisfactoriness of the situation from
the European manufacturer's point of view. The military au¬
thorities having announced that they will permit the return of
refugees to Johannesburg, some aid from that direction may be
expected before the close of the year.
Central Park West.
VACANT BUILDING FRONTS RAPIDLY DIMINISHING,
A LTHOUGH somewhat recently the subject of considerable
.ii. attention, the building movement on Central Park West
is such an interesting one that it deserves notice from time to
time. In these days of dulness in tbe buiiding trades the fact
is all tbe more noticeable that the two thoroughfares bounding
the park east and west are each tbe scene of a building move¬
ment cf considerable proportions, though of very different char¬
acters. This is accounted for by the appreciation of the value
of sites overlooking tbe park tbat has come upon both investing
-and speculating elements, and tbe rapidly diminishing quantity
of the unimproved portion of the limited amount of land on
either side.
The building movement on the west side differs from that
on tbe east, not only in that it is designed for a different class
of people, but also, in tbat for a long time it was more uncer¬
tain. While in Upper Fifth avenue the land was from the first
in a manner, appropriated for the dWelUugs, clubs, etc., of the
ultra-rich, there were years of hesitation about tbe form the
improvement of Central Park West should take to house the
less opulent to whose needs it was by nature predestined. The
Dakota was expected to settle this point, but it did not do so
exactly, any more than did the private dwellings erected at
different points and times. Only one block front has been wholly
filled up with private dwellings which cannot be called a suc¬
cess, and all the private houses erected on this thoroughfare
together occupy only the equivalent of two block fronts. To¬
day, however, the problem is solved by the eager approval and
demand for apartments in tbe large houses tbat have been and
are being built. Another point of difference between tbe build¬
ing movements on tbe east and west sides of the park is in tha
directions they have severally taken. While on Fifth avenue the
movement ran from Fifty-ninth street northerly, on Central
Park West, it has the appearance of having proceeded from One
Hundred and Ninth street southerly. The result is to-day that
while on Fifth avenue it is the more southerly blocks that are
the most closely built up, on Central Park West it is the more
northerly. Of course, a good deal of latitude must be allowed
tbis statement, because of the many varying circumstances that
shape architectural development in cities, and qualify statements
made in regard thereto; but in the main the directions of tbe
several movements have been as stated.
If we leave out of the calculation that portion between 77th
street and Slst street, laid out as park and site of the Museum