Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 53, no. 1364: May 5, 1894

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May 5, 1894 Record and Guide. 101 ESTABLISHED-^ MARPHSl'i^ 1868, DeV&TEDIO REJ^LEsTWE.BuiLDIf^O A,RprflTECTUl^E,HoUSE«0U)DEQQl^nOlJ, BUsii^ESs Atio Themes ofGeHeraL 1>(tei\esi. PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published every Saturday. Telephone,......Cortlandt 1370 Oommuiiloatious sliould be addressed to C. W. SWEET, 14-16 Vesey Stieet. J. 1. LINDSEY. Business Manager. Brooklyn Office, 276-282 Washington Street, Opp. Post Office. "Entered at the Post-office at New Tork, N. T., as second-class mutter." Vol. LIIL MAY 5, 1894. No. 1,3G4 For additional Brooklyn matter, see Brooklyn Department immediately following N^ew Jersey records {patie 731). npHE markets continue to suifer the consequences of the delays *- and uncertainties attending the Tariif Bill in Congress and are additionally burdened by the prospect of a very dull summer as a consequence of the obstructions that have been placed in the way of commerce, of gold shipments and other things that always have a tendency to disturb prices. For instance, the disagreements which prepare the way to settle¬ ments of disputes between different classes of securities issued on properties in the hands of receivers are becoming quite prominent and as a result the stocks and junior bouds of such properties suffer. The receut declaration of the holders of the Reading "generals" to enforce the terms of their mortgage will doubtless compel the Income bonds and stock to do something to keep themselves alive and it is essentially proper that this should be so. In Atchison, it is said, and the probabilities point that way, that the greatest sacrifices will be demanded of the guaranteed bonds, which sacrifices will be enforced even if it is necessary to foreclose the first mortgage to bring them about. The investigation of Northern Pacific affairs will do a great deal of good in ventilating oue of the most reckless cases of railroad financing iu the couutiy, espe¬ cially if it results iu compelling restitution. Iu the Industrial Stocks the features have been Lead and Sugar; the former has been put up on reports, doubtless unfounded, of a forthcoming dividend, and the latter, as everyone knows, has been manipu¬ lated on Washiugton news. There are signs of coming collapse in both movements. THE first of May slipped by this year with unusual quietude in the Labor world. There were strikes in progress, it is true, but they were not the outcome of that spring fever which annually fills the workingman's breast at the appearance of the foliage and other green things. The absence of any agitation about the eight hours day was particularly noticeable because for some years past the first of May has recurred as an anniver¬ sary for demonstrations favoring a reduction iu the hours of labor. To the universal dull times in all countries, pro¬ tectionist, free trade, monarchical and republican, is no doubt to be attributed the peace and quietude we enjoy, but as what the physicians call a "predisposing cause" there was undoubtedly that change of sentiment which has affected the world iu the last year or two in relation to this much debated matter. A great deal of the old rancor, hot head- edness and prejudice which in the past marked a large part of all that was written and said on the subject of shorter hours of labor has died out, passed away if one may say so iu direct ratio with the extension of experience. It is curious, indeed, how long it took before experience was called into this controversy. Theory was allowed to say a great deal on the matter and the self interests of one side and another still more. The very last instructor to be given a hearing was Experience, and Experience, so far as it has spoken up to the present has rather tended to show that the controversy has been iu no small part a wrong headed and empty one. The cry of the theorist and the cry of the employer has been that the adoption of an eight-hours day would proportionately decrease the productiveness of labor, and consequently the wealth of the community. Nothing seemed more certain than that the output of eight hours work must be sniiiller than the output of nine or more hours of labor and even the workingman himself did not controvert the notion. He assumed its correctness and then sought to override the interests of the hated capitalist by force. It turns out, however, that the certainty is no certainty. In some directions at least the accepted conclusions are positively erroneous. Experience has com¬ menced to instruct people. The Salford Iron Works, on the other side, employ 1,500 men. It happens that this important Lancashire establishment is controlled by a public-spirited iron¬ master, Mr. William Mather, who has just published a report upou the operation of the eight-hour system in his establish¬ ment. His'men formerly worked fifty-three hours a week. A year ago the time of labor was reduced to forty-eight hours, and the effect of the change was carefully noted. The result of the experiment of reducing the hours of labor by 10 per cent a week is that it entailed a decrease of ouly a half of one per centin the amount of the product turned out, and even this deficiency was offset by certain economies. This experience is not an isolated oue. Mr. Allen, iu his engineering works at Sunderland, has obtained .similar results, and now the British Goverument has been so impressed by the results of these experiments that it has voluntarily introduced the eight hour system iuto the national arsenals and dockyards. It can liardly be doubted that the effect of these examples will be widespread, and that in a large number of industries shorter labor thau hitherto will soon pre¬ vail. Herbert Spencer has decried the modern " apotheosis of work." It is tiiie the cominercial nations of the world have acquired the habit of glorifying work as though civilization is very largely