March 19, 1904.





RECORD AJVD  GUIDE





60^





I







BUMlfESS AI^ThEUES Of G£ltot^- IlfTO^d
?JUCE PER YEAR IN ADVANCE SIX DOLLARS

VabUshad eVerg Saturday

Communications should be addressed to

C. W. SWEET, 14.16 Vesey Street, New Yorh

S. *. LINDSEY, Buslneea Manager                          Tolephono, Cortlandt 81S7

"SWered af the Post Office al Neui York, N. T.. as aecond-class matter."





Vol.   LXXIII.





MARCH  19.   1904.





No   1879





""T^HE strength oi the stock market during the past week
-^ makes one inevitably wonder wiiat the result would have
been in case Justice Brewer had found the Northern Securities
Company to be a reasonable instead of an unreasonable business
combination. If the market, that is, behaves as it does after a
comparatively unfavorable decision, how would It have behaved
in case the decision liad been decidedly favorable? As a matter
of fact, however, the decision was more favorable than was
feared by the large financial interests. The intermediate posi¬
tion of Justice Brew.er leaves them, for the time being at any
rate, well protected against blackmailing suits and affords a
reasonable certainty that the corporate structure reared by the
great railroad systems in the past decade do not in all proba¬
bility transgress the ultimate interpretation of even such a
(irastie statute as the Anti-Trust Law, It looks consequently as
if these interests were supporting prices with more zeal than'
they have at any time during the past few months. The advance
in prices has been due apparently to steady buying on the part of
such interests assisted by the covering of short contracts of pro¬
fessional speculators. How far the upward movement will go
and how long it will continue under existing conditions, it is
difficult to guess; but on the whole it does not look as if much
of a bull speculation were possible during the present spring.
It is improbable that the public will be coaxed into any consider¬
able buyiiii'g; and just now financial conditions do not favor any
speculative movement, which would tax the lending powers of
the banks. What the leading interests wish to accomplish prob¬
ably is the restoration of a better tone to the market, so that
railroad and other corporations can float the securities which
they are obliged to issue on more favorable terms. The general
situation, however, is undoubtedly improving, and should en¬
courage a conservative advance in prices. The iron and steel
trades are picking up; the railroads have pulled through a most
disastrous winter; the prices of commodities are falling; the
winter wheat prospects have inproved; and the prices of good
stocks are exceedingly low. Of course, the situation comtains
many weak points, necessititing caution; but there are good rea¬
sons to look forward with some confidence toward better times.





X PTER their experiences of last summer, it is no wonder
^~^ that people interested in real estate deals and building
operations, have visibly flinched at the danger of a renewal of
the labor troubles. It is not to be expected as long as the
situation remains uncertain in this essential respect that the
many new real estate and building projects which were heaving
in sight, will be vigorously pushed. Rather, we may expect, in
case the tear is not mended in a few weeks, almost a complete
paralysis ot important business; but there is every reason to
suppose that the tear will soon be mended. After a lean sum¬
mer and a winter in which the weather almost suspended outside
work, the mechanics are in no position to adopt a stubborn at¬
titude. In the mean time, however, it must be expected that the
increasing activity foreshadowed by the news of last week will
be temporarily checked, and that everybody who can will play
a waiting game. Even, however, under existing circumstances
two announcements of importanice were made during the week.
Of these by far the more interesting was the sale of the old
Broadway Tabernacle property at the corner of Broadway and
Thirty-fourth street. Just what will be done with the prop¬
erty by its new owners has not been divulged; but it is im¬
probable that the purchase has been made for speculative pur¬
poses. It is a very expensive parcel to hold for resale, because
it yields little or no income, and eats up a great many thousand
dollars a year in interest and taxes. It has probably been pur¬
chased with some definite dispositioin In mind; and it is
possible to make a pretty fair guess as to what that disposition
will prove to be.     A hotel Is most improbable, because there





are enough hotels, either building or to be built in New York
City. It is not likely to be an office building, because on the
whole the office space available in that part of the city is rather
iu excess of the demand than under it. In all probability the
purchase has some connection with the retail trade, because
Greeley Square, as we remarked elsewhere in this issue of the
Record and Guide, promises to become very much the most im¬
portant up-town business center, and Thirty-fourth street very
much the most important cross-town street. This neighbor¬
hood will be more convenient to more people than any other
neighborhood in the city—particularly in case a Thirty-fourth
street subway is constructed, and a tunnel connection made with
the New Jersey trolley terminals. It is interesting to note also
that although there has been such a comparative absence of
speculation in high-priced real estate, prices of such property
really seem to stiffen rather than show any signs of weakness.
The other important item of news, viz.. that the Engineering
Building is to go through, calls attention to the fact that dur¬
ing the next year or two. whatever the fate of regular commer¬
cial building, there will be a gi'eat deal of money spent on semi-
public or public buildings, which are erected independently of
ordinary business reasons.





A FTER a year or more of patient effort under somewhat
^^^ discouraging conditions, the Municipal Art Society has suc¬
ceeded in having a Public Improvement Commission appointed
by the Mayor, Inasmuch as the expenses of this commission
are paid hy the city, its work will bear a certain official stamp;
but obviously the, extent to which the recommendations will
have a permanent influence upon the future plan of New York
and the disposition of its new buildings, will depend upon the
moderation and good sense shown by the commission in its re¬
port. It is all very well to prepare comprehensive schemes for
the improvement and embellishment of a great city; but such
plans, no matter how lively the paper approval when first pro¬
mulgated, are always subsequently confronted by inertia or the
active resistance of special interests. Even in Washington,
where the problem was comparatively simple and the. report of
the Park Commission universally acclaimed, an executive de¬
partment of the United States Government is already proposing
to situate its new building in absolute defiance of the plans of
the commission. Obviously the difficulty of actually realizing
any such comprehensive plan will be much greater in New Yorlc
than in Washington; and no project cf street revision, and the
rest will have a ghost of a chance, unless it almost imposes
itself by its adequacy to the immediate practical requirements
of the growing city. New York is not a national or even a state
capital. It is an industrial city, whose rapid and enormous
growth and peculiar location have made its problems of inter¬
nal communication more than usually momentous. At the pres¬
ent time these problems have not begun to be solved; but upon
their solution depends the future prosperity of the city and the
well-being cf its inhabitants. This is the condition which makes
the work of the commission necessary, and which affords it its
great opportunity Lo be useful. As to the rest of the programme,
such as civic centres and the like, they are pleasant things to
talk about; but they should not be emphasized in the report.
In the present state of public opinion and municipal finance,
the problem cf making a better looking city out of New York
must be dealt with very gradually. If the commission will help
to make it a better organized and more convenient city, the ques¬
tion of good looks may be left for subsequent and more aus¬
picious consideration.





THERE is no occasion for any undue apprehension or de¬
spondency over the bricklayers' strike, which is now
unfortunately tieing up work on so many important jobs in Man¬
hattan. That the situation has its serious aspects is undoubt¬
edly true; but that this particular strike means the death of the
arbitration agreement and the failure of the whole reorganizing
movement in the building trades is untrue. No doubt the
bricklayers have broken the agreement; but they had a plausible
excuse for so doing, because of an incautious action on the part
of the Mason Builders' Association. There is no reason as yet
to suppose that a little patient negotiation and self-restraint
will not straighten out the complication. Strong pressure is
being brought to bear upon the bricklayers to induce them to
return to work and not to imperil the arbitration agreement;
and. provided no precipitate action is taken, it may well be suc¬
cessful. On the other hand, in case it is not successful there is
no doubt as to the course which the employers will be obliged
to adopt. They wilt have to repeat their tactics of last year
and shut down on construction work absolutely until they bring
the bricklayers to terms. Any indication of weakness at the
present time would  be suicidal, and  would simply place the