February 27, 1892





Record   and   Guide.





313





2x                 ^^             ESTABUSHED '^ NVARPH Zl'-2^ 1868. ^

DEVÍ)Ttĩ' P RfA>l- ESTME . BuiLDif/c ApoKlTECrai^E .KoUSCHOU) DEGOI^TIOti.
Basil/ESS A^ÍdThEMES Of GErJEI^L l;íT€I\ESÎ

PRI€E, PER YEAR IN ADVAIVCE, SIX DOLLARS.

Published every Saturday.
TeLEPHONK        ....       COHTI.ANDT 1370.

Communications should be addressed to

C. W. SWEET,  14 & i6 Vesey St.

J. 7. LINDSEY, Business Manager.

"Entered at the Post-offlce at New York, N. Y., as second-class matter."





VOL. XLIX,              FEBRUARY  27,  1892.





!>Í0. 1,250





THE Stock Market has returned to the irregularity and inactivity
which characterized it previous to tlie developnient of the
Readingcombination. The niovement in prices is not large, and
they are sent up or down on rumors that prove to be harmless. In
other words, it is a market which botli the big operators and the
public are closely watching. The general conditions have improved
in certain lines of trade and grown somewhat worse in others.
Iron is weaker, if anything, and stocks are accumulating. The
trade has not adjusted itself as yet to the great changes
produced by the Southern furnaces, which are increasing
in number and outpiit every year. A very diíîerent state
of things, however, is to be found in the cotton-goods mar-
ket. Buyers have been holding ofiF in the expectation of obtaining
some a'îvantage from the fall in raw cotton, but iio important con-
cessions in prices have been made, and orders are now coming in
with great rapidity. Several large houses in the trade haveall they
can do for many weeks in filling orders already received, aud if the
demand keeps on iucreasing theliveliest kind of business may be
anticipated for goods for immediate deliveiy, in many lines of
w hich there is already scarcity.





POLITICAL disturbances and socialistic agitation may be
responsible for part of the rioting at present taking place in
Berlin; but it is evident that business depression has contributed
largely to the misery and dissatisfaction, of which the outbreak is
the unfortunate sign. As we have frequently pointed out Germany
is passing through a period of declining prices, decreasing trade
and diminishing wages and work. The country had two or three
years of prosperity which culminated in inflation and wild specu-
lation, and from the results of this speculation it is now sufĩering
—suffering as only a country can wherein the struggle
for life is hard and the margín between laborers'
income and outgo next to nothing. In Berlin the number of the
unemployed is particularly large, even considering the size of the
city, because of tbe distressing condition of its building trades. For
years a real estate speculation had been carried on ia the capital,
which rivaled that which of ten takes place in some of our cities.
Prices traveled mountain high, and buildingin the outer wards was
mostactive. When thecollapsecame, the local industries felt itmost
severely; and this riot, bloodshed and heated discontent is one
result. Doubtless socialistic agitators have had something to do
in flaming the crowds; but it is easy to exaggerate the political
bearing of the outbreak. Its proximity to the young Emperor's
intemperate, visionary and domineering speech is probably only a
coincidence; but it is sad to reflect that such an autocratic and
hasty spirit is not at all suited to dealing wisely with the mob vio-
lence. What elements of vitality and persistence the revolt may
have, it is impossible at this distance to .judge ; but a small and
flighty fire may be largely increased by indiscretion. No material
change has taken place in the business situation during the flrst
six weeks of the New Year. The rapiJ rise in prices on the Aus-
trian Stock Exchange has been succeeded by a natural r'eaction—a
reaction which has been assisted by the diftĩculties which the gov-
ernment is meeting in realizing its project of a return to specie
payments. In England, trade is stiU moderate in araountand fairly
steady in price. Many industries are, however, still suffering
severely from the disturbed state of foreign markets and the read-
justment of tariíĩs. Wages have thus far been retained on a good
level, and sti-ikes are not numerous. It is interesting to uote that
out of 300 trade uuions who expressed opinions recently as to the
best means of preventing or settling trade disputes, no fewer than
ninety-two were in favor of the establishment of boards of concilia-
lion,    The majority of t mployers, also, who have given opinions





on the subject are in favor of conciliation, and many would have it
undertaken by the State.





THE real estate year is sufiBciently well advanced to make a pre-
diction as to its character fairly safe. From all the signs, it is
evident that the dealings wiU not be enormous, either in the trana-
fersor the new buildings; but the aggregate will, nevertheless, be
very respectable in size. Just as important as the amount of the
operations is its quality, and all signs indicate that the quality of
the dealings will be excellent. The cheap money at present pre-
vailing, and which will continue to prevail, will certainly bring
many investors into the market, for during the past year real prop-
erty in New York vindicated a claim to be considered one of tbe
stablest kinds of investment in the world. The advent of these
investors will tend to put a stop to the unprofitable trading, of
whioh so much took place during 1891. In building, however, more
clearly than in tbe transfers, is it evident that the operations wiU be
of an excellent character. Hard experience during tbe past two
years has taught the building material dealer that he must exercise
somewhat more care about extending his credits; and it is not so
easy as it was for builders with no capital to make other people pay
for their operations. Not only, however, does mcreased caution
on the part of " material men" lielp to prevent a poor class
of operations being undertaken; but the positive con-
ditions are also working in favor of large improvements.
The time is apparently very favorable for the undertaking
of big building enterprises in the lower part of the city, and plans
which have hung fire for years are now being developed wiih some
rapidity. Five or six new buildings are going up on Broadway
south of 14th street, and according to the plans flled and the
announcements made an equally large number of the highest class
of improvements are to be erected south of Chambers street. The
municipal building itselt will mean the distribution of large sums
of money among contractors, and the municipal building will be
only one among many. The need for new oflice buildings on or
near lower Broadway is practically boundless. As soon as erected
they are absorbed, and never for more than a few months at a time
has there been any over-procbiction of oflSces. Of late years their
erectionhas proceeded steadily, but the improved methods of oon-
struction have not had the stimulative efifect that they ought to
have had. This, we believe, is now coming, and it vvill be assisted
by the reductiou in the price of sfcructural iron whicli has lately
taken place. A good class of work will also be undertaken on the
West Side. The building of dwellings will be somewhat restricted
in the future by the fact that many of the remaining lots have
practicaUy been cornered, but this fact will not prevent the con-
tiiiued erection of enormous apartment hotels. Those which have
already been opened have been exceptionally prosperous—a fact so
well kiiown that many others will follow. some of which have
already been announced.





AVERY revolutionary measure has somehow crept into our
good Le^islature at Albanyandhas passedaremarkablyquiet
but not altogether idle existence there in the Assembly since the
22d day of January. It deserves careful attention. Its sponsor is
Mr. Listman, its authors are, so far, unknown, and it is recorded as
bill No. 310. The purpose of this measure, which we print in fuU
elsewhere, is to amend sections 168, 170 and 675 of the Penal Code,
relating to and deflning conspiracies, so that, if it become law, it
will legalize " the orderly and peaceable assembling or co-operation
of pei-sons employed in any calling, trade or handicraft for the
purposeof securing or aidingother persons so employed in securing
an advance in the rate of wages [or compensation or more favor-
able conditions of employment in aiiy other respect, or of main-
tainingoraiding otherpersons so employed in maintaining such rate
or condition or of obtaining or aiding others so employed in obtaining
the redress of any grievance against employers." Furthermore, this
measure enacts that it is not unlawful for persons to combine, bind
theniselves by oath, etc, to persuade, advise or encourage other
persons to enter or leave the employment of any person, firm or cor-
poration, or " to persuade, advise or eucourage by peaceful means
any person, flrm or corporation to withhold\iisoritscustom,patron-
age or employmentîrnm SLuy person, firm or corporation." Plainly
this means nothing less than giving to the Boycott a clear fleld ín
the industrial world, andstarting it on the rampage in search of all
labor grievances, real or imaginary. We do not care to say that
the Boycott cannot be an instrument of civilization. There have
been cases; there may yet be cases where it has and might serve as
a last and just resort against injustice. Combination in labor haa
not been an unmitigated evil; indeed it has produced a real
addition to tho welfare of Humanity. But men, whether we label
them in the catalogue as Laborers or as Capitalists, are men with
the faults and weaknesses of men, and Labor has not shown iteelf
a whit wiser or less unselfish or broader in its views and aims than
bas Capital, which it has always berated and not infrequently
belied. In sbort, Capital has no t appeared to any particuJar disad-
vantage in comparison with   Labor,   Tlie Boycott is social war, ia