Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 66, no. 1699: October 6, 1900

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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