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September 24, 1904.
RECORT) ANT) GiTTTTIE
617
BUSIlteSSMioTHEHESOFGEtJER^ IjJTERfST.
PRICE PER YEAR IN ADVANCE SIX DOLLARS
Tablished eVtrv Saturday
Communications ebonld be addresseil to
C. W. SWEET. 14-16 Vesey Street, New YorK
J. T. LINDSEY, Buainess Manager Telephone. Cortlandt 3157
granted and could not be granted. But tlieir demands secure a
fair hearing, and are agreed to, whenever they possess any show
of reason. The unions will come more and more to realize the
fact that they are being fairly treated, just as they will come to
realize the fact established by the experience of the past year,
that the real union is the union recognized by the Employerd'
Association.
"EiUered al tfie Post Office al Neia York. JV. K, as second-class matter."
Vol. LXXIV.
September 24, 1904.
No. 1906.
THE stock market has had bcth its ups and its downs during
the past week; but it has gone down more than it has
gone up. Its character, however, has not essentially changed.
It is still the creature of flagrant manipulation; it still moves
after a very irregular fashion, some stocks advancing while
others are receding; it still has a tendency to he more active
when prices are declining than !t is when they are advancing;
and the commission business is still exceedingly small. In short
the hull campaign has 'been checked, and while the speculators
are keeping up their tactics, it looks as if prices would fall some¬
what further before they can advance again. The speculative
movement in favor of higher prices was based upon a correct
reading of the general situation; but it was carried a little
further than was justifled by the conditions—particularly in
view of the fact that both the wheat and the corn crops will be
smaller than was anticipated. These commodities as well as
cotton will sell for good prices, and the farmei's will remain
prosperous; but the railroads will not get the tonnage they ex¬
pected and will do well to keep their present earnings intact.
Tbe industrial corporations on the other hand are likely to do
much better than they have been doing and will probably ad¬
vance still further before the end of the year. There is no oc¬
casion for any considerable fall in the quotations for securities;
but the current situation apparently favors in the immediate
future a weaker ratlier than a stronger market.
THE power of the Building Trades Alliance is practically
broken. Two of the unions have seceded during the week
and another union has heen split up. In the meantime a great
many individual members of the plumbers' and plasterers' or-
ganizat'ons have gone back to work, so that operations are being
resumed on many important buildin.gs. There can be little doubt
that within a week or two the other unions in the Alliance will
come to terms and the lockout will be declared off. The result
will be ponseauently as decisive a victory for the Employers' As-
aociotion as was the result of last year; and it will mean a sub¬
stantial increape :n th^ powpr and the prestige of the Associa¬
tion and its policy. The arbitration agreement, instead of being
iporibund. as so many of the daily papers declared, will have
more vitality and authority than it has yet possessed. Doubt-
Ipps it will he necessary again and again to uphold it with a!!
the Tiower of the Association, for the unions are too much in the
habit of striking not to lanse occasionally into violations of the
agreement. It will still remain true, consequently, that the per-
mpnence ot the agreement depends absolutely upon the extent
to which the Association is able to keep its existing organiza¬
tion and unity of action. But tho success of the Association in
twice breaking down determined resistance to the agreement
P'-oves that its policy commends itself to the element in the
unions which want steady work. The resistance would unques¬
tionably have been much more determined, provided the me¬
chanics could have convinced themselves that they were fighting
for anything essential to their prosperity; and this combination
of almof-t complete organization and great power with a pro¬
gramme that is fair to both parties is and will be irresistible.
That the interests of the mechanic are protected by the agree¬
ment Is sufficiently shown by the experience of the past year.
The year has been one of declining business in which fewer
workmen could be employed than formerly. The conditions
were such as would, in an open market for labor, have led inevi¬
tably to reductions in wages. But nothing cf the kind has either
happened or even heen attempted, for the mistake in dealing
with the masons' laborers was merely an effort to equalize con¬
ditions, not to lower the standard. On the contrary,
wages have been in several instances increased, in spite
of the fact that the cost of huilding â– was already too
hTgfr. Of-course, all the demands of the unions have not-been
New York City and the State Election.
â– ^pHE state conventions of the two national parties have been
â– -A- held, and two party tickets aud platforms have been sub¬
mitted to the voters of the State for approval or rejection early
in November. Since the interests of New York City are vitally
affected by the poitical influences which prevail at Albany, it is
relevant to inquire whether either the candidates or the plat¬
forms of the two competing parties offer anything particularly
tempting to the voters iu New York City, whose ownership of
real estate gives them a personal as well as a public interest in
the result.
We wish it eould be said that the action of either convention
promised in the event of success advantages to New York; but
such is not the case. Property owners in this city know precisely
what they have to expect from Governor Odell and his party.
The policy of the organization is naturally determined by the
ideas and the interests of the voters in the rural counties—
the counties in which the Republican vote resides; and the ideas
and interests of these voters are generally inimical to New York
City. Their representatives have resolutely refused to give to
the city that extent of local control over taxation, the saloons
and its corporate business, to which it is entitled; and whenever
its representatives claim anything of this kind its demands are
almost contemptuously ignored. Neither can anything in thia
respect be expected from the Democrats. The platform, indeed,
contains the usual declarations in favor of home rule; but inas¬
much as that party, no matter how good its chance of electing
its candidate for Governor, has no prospect of controlling the
Legislature, it is hopeless to expect the passage of any legisla¬
tion, which will give the city any more effective control over its
iccal affairs. Moreover, even the Democratic Governor cannot
be depended on to take any particular interest in New York City.
It is extremely unfortunate that the party leaders failed to nomi¬
nate a candidate from this city. Either Mr. Grout Mr. Shepard
or Mr. Jerome, each in his own way might have served the city
well in Albany; but they were all of them rejected in favor of a
man who, whatever his merits, has no special knowledge of New
York City or interest in it. Our local interests, consequently,
have no prospect of heing furthered by the outcome of the State
election during the current year.
While, however, Nev.- York City has little to gain from the
issue of the State election, the probabilities are that it will also
have very little to lose. Next to legislation at Albany in favor
of a larger measure of home rule, the best that can happen to
New York City is a political situation which tends to prevent
the enactment of any important legislation at all; and this Is
just the situation which is likely to occur. There can be nd
doubt that the present leader of the Republican party in the
State has raade himself very unpopular. One meets Republicans
cn every side, who propose to vote for Roosevelt, but against
the Republican State ticket. The Democrats have dene their
best to alienate these voters by failing to nominate a man who
would appeal to electors of independent mind; but it is doubtful
w-hether they have succeeded wholly in blotting out the advan¬
tage, with which they started. At least it seems entirely possi¬
ble that even if Rooseveit carries the State and the Republicans
i;ontrol the Legislature, the Democratic candidate for Governor
will be elected. In that case, of course, the coming session of
the Legislature will be a sterile one and nothing of any import¬
ance will be accomplislied. The matter upon which action is
most urgent^the matter viz. of finding some new source of state
revenue, which will be sufficient to pay interest on the canal
bonds—this matter will necessarily have to be postponed; and
such postponement is very desirable, because if the Republicans
are free to deal with it as they please, the additional revenue
is likely to be raised in a manner displeasing to New York City—
such for instance as a tax upon real estate conveyances.
In conclusion, it should be added, that while the administra¬
tion cf Governor Odell has been in some respects deservedly
unpopular, he has. on the whole, by the legislation he has caused
to be enacted done some good and but very little harm to New
Yory City. He has prevented the constitution of such an iniquity
as a State Police Department; he has stood consistently behind
the moveiuent towards teneraent bouse reform and has pre¬
vented the emasculation of the existing tenemeut house law;-
and he has left the-flscal system of the State in a much better-
condttion-than -that-in'which-he found--it.-"W-e-are" aware-that