Record and Guide





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ESTABUSHIDW iJympH BV^ 1868.

Bi/su^ESs Alfa Themes Of GejJer^V lNtEfi.Esi.

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Vol. LXI,





MAY 7, 1S98.





1,573





A DOZEN circumstances may be found in the record of the
past week proving that business has simply been
held up in the past month or six weeks to await first, the out¬
come of the Cuban discussions in Congress, and afterwards, when
war became a certainty, for an indication of what the result
promised to be. The actions at Matanzas and Manila removing
doubt that exiS'Led in the commercial ■ftforid, renewed activity im¬
mediately follows. The stock market was the flrst to respond
to improved good feeling, especially because it was least de¬
pressed by the fears that had previously animated business
centres, and the rise in prices has been suDstantial. One of
the most interesting movements of the week is that of Rock
Island, which sold at the same price as St. Paul for the first
time in six or seven years. There was a time when Rock Island
had an investment value that St. Paul never had, and which it
now promises to regain. The new 4 % bonds have again become
favorites, and are booked for higher quotations than ever. Gen¬
erally the temper of the speculative public warrants the expec¬
tation of a continuation of the upward movement. Not alone is
Wall street reflecting this cheerful feeling, 'but the improved re¬
ports from the iron and steel trade, tne satisfactory carpet sale
in this city, and similar things all point in the same direction.
In fact, the change of feeling in the past ten days is so re¬
markable that at first thought it may seem to be overdone, but
a little consideration will show that this is not so. The high
price of wheat, because of the promise of a successful agri¬
cultural year it contains, would alone justify a highly optimistic
spirit, but when the probable extension of our foreign trade, as
a result of the success of our arms, is added it is difficult to see
bow we can be over-sanguine. A commercial era is opened t;;
this country by the Spanish war more brilliant than any we
have yet seen.





JUDGING- by recent political announcements, the world will
not fall into a condition of calm when our dispute with
Spain is disposed of. Tbere is something ominous in Lord
Salisbury's reference to living and dying nations and his intima¬
tion that the former would devour the latter, contained in the
Primrose Day speech delivered this week. The fact that Britain
is smarting severely under the diplomatic defeat in China will
not make a settlement of the West African question with France
easier when that question again becomes acute, as it must do
soon. Then, too, tliere is Cecil Rhodes on his feet again, chast¬
ened somewhat by a harsh experience, it is true, but more de¬
termined than ever to secure a commercial highway from Cairo
to the Cape proteeltd and controlled by one flag. This remark¬
able man has, while under a cloud, done what would have re¬
quired bright intellect to do under the best of circumstances.
He defeated and then pacified the Matabeles, carried a railroad
into Rhodesia, laid out vast tracts of land for cultivation and is
now moving natives by the thousand into tbe new country in
order that there may be no want of labor. By these means he
has regained his political position in South Africa and his offlcial
control of the Chartered Company. With a judgment improved
by reverses and an ambition undiminished, Cecil Rhodes i6
likely to continue prominent for the rest of his days. The suc¬
cess of last Sunday's attack on the Spanish defences of tbe
Philippines raises a host of conjectures as to what influence it
will have on the Eastern question, while the deplorable result
on Spain itself can for the present only be guessed at. There is
also the question what Influence a successful war, placing in tts
disposal valuable foreign possessions, will have upon the United
States itself. There has been no time yet for public opinion
to crystallize upon this question, but in view of the nation's de¬
sire to extend its foreign trade It is likely to modify its tradi-
- tlonal policy of inclusiveness.     In South America Chili has





served what may be considered an ultimatum on Argentina, re¬
quiring that the boundary dispute be settled within a short time,
and is evidently provoking a quarrel; and the Brazilian Republic
has ended a period of extravagance in the usual way—by default¬
ing on its bonds. Leaving political and turning to financial and
commercial matters, it may be stated that high rates for money
are still maintained abroad, with the probabilities pointing'to
still higher ones if the American demand continues. British and
German trades continue active in all the main branches—iron,
coal, cotton, etc. Seeing its intimate connection with Spain,
where commercial chaos seems about to set in, the strength of
the Paris market is remarkable and something to be thankful
for. Trade conditions in Austria have been so bad that an in¬
quiry has been made by a representative organization into the
causes. They are the usual ones^high taxes, expensive raw
material, Leavy freights, etc. Regarding taxes, it is stated, for
illustration, that in Vienna they amount to 71.88 fl. per head,
compared with 25.18 fl. per head in Berlin.





PRESENT indications point to a speedy victory for the stono
contractors in their fight with the striking unions, al¬
though a general sympathetic strike ia not impossible. Tiie
strike, it will be remembered, originated seven weeks ago with
a demand by the Machine Stone Workers, Rubbers and Helpers'
Association for an eight-hour instead of a nine-hour workday,
tbe strike being joined sympathetically by the Journeymen Stong
Cutters' Association. The contractors, represented by the New
York Stone Trade Association, as stated in a previous report,have
been entirely successful in their efioft to obtain men, who-have
organized themselves into two new unions, namely, the Stone
Cutters' Society of the City of New York and the Machine Stone
Workers' Association. The two new unions, recruited largely
from the strikers, comprise about 800 members in New York,
Brooklyn and Newark, and work in the stone yards is pro¬
ceeding as if no strike existed. The agreement between the
New York Stone Trade Association and the new unions is cal¬
culated to insure stability in the relations between the men and
their employers. Each union separately contracts with the Nsw
York Stone 'trade Association that, in case of disagreement
between an employer and his employees, the disagreement shal!
he arbitrated by a committee of six, consisting of three mem¬
bers from each party to the compact. The committee, if unable
to reach a conclusion, shall have power to select a seventh
member, whose decision shall be final. The contractors further
pledge themselves to employ none but union members, who, in
turn, covenant not to work for any contractor not a member of
the New York Stone Trade Association. The wages and hours
of work remain the same as those which obtained before the
strike. The reciprocity clause in respect of employment is par¬
ticularly noteworthy, as it compels cooicerted action on the part
of employere, something hitherto almost impossible of attain¬
ment. The New York Stone Trade Association contains,54
members, pretty nearly all the large stone contractors in New
York, Brooklyn and Newark. The contractors are fully able to
supply the cut stone which they have contracted to furnish for
new buildings now under construction, and,.indeed, are aolicit-
ing new orders. Hitherto, however, most builders, intimidated
by the threat of the Board of Walking Delegates to order out
the remaining trades, bave hesitated to accept stone cut in
yards affected by the strike, although some builders have not
been deterred from using such stone. But affairs have now
taken a new turn by the resolution of the Builders' League for¬
mally approving and endorsing the position of the New York
Stone Trade Association. The situation is also strengthened for
employers by the renewal of the mason builders' agreement,
which was arranged at a meeting held on Thursday evening last.
Previously there was a fear that some of the bricklayers' union.=i,
openly sympathetic towards the striking stone cutters, might
influence the general body, but this, it seems,.they were unable
to do.





OF THE several sections of the old city of New York, that
part of the former 24th Ward which lies east of the Bronx
is undoubtedly most injuriously affected by the cessation of
work on public improvements. The larger part of the land com¬
prised in this district is unimproved land held in large parcels.
Some notable auction sales of estates, subdivided into building
lots available for immediate improvement, have been held since
annexation in 1895. But, generally speaking, the pr&fesaloQal
real estate operator and builder, as well as the lay home-
seeker, have hesitated to invest their capital until an official
street plan shali have been adopted for the district, for in the
absence of such a plan private improvements would be prac¬
tically a waste of money, except, perhaps, in the old village lay¬
outs.     Mayor  Strong's  administration  adopted  the policy of





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