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Entered as second-class matter in the New York Post-Office. 6% AND AND SAFETY This Company, organized over sixteen years ago, confines its business to the ownership of selected real estate in and adjoining New York City. Its business is firmly established, its present ownership including extensive and valuable properties located directly at stations of the new Underground Rapid Transit System within 25 minutes of the City Hall. Conservative investors who are familiar with the stability of New York City real estate values realize that there is no security in the world equal to it for absolute safety and profit-earning power. The Company issues 6% Investment Certificates sold at par and guaranteed, principal and interest, the interest payable in semi-annual coupons at the Chemical National Bank, New York. The money received on Certificates is additionally invested in the Company's business and earns business profits which enable it to pay 6%, a rate steadily maintained through the recent years of shrinkage and great loss in stock values and speculative enterprises. Readers of The Outlook have doubtless noticed other particulars in recent issues. Circulars giving full information will be sent on request. Write to-day. Sixteenth Annual Statement, S Assets, January 1, 1904 { $6,212,807.34 Capital and Surplus, 1,008,502.54 AMERICAN REAL ESTATE 915 Dun Building, New York City COMPANY SUMMER SPORTS All great TENNIS, GOLFING, AUTOMOBILING, FISHING. All fun, but all necessitate a visit to the tub. Make the bath a pleasure by using HAND SAPOLIO, the only soap that removes all scurf, casts off the constantly dying outer skin, and gives the inner skin a chance to assimilate new life. ATHLETES, to keep in good trim, must look well to the condition of the skin. To this end, HAND SAPOLIO should be used in their daily baths. It liberates the activities of the pores, promotes healthy circulation, and helps every function of the body, from the action of the muscles to the digestion of the food. WOULD YOU WIN PLACE? Be clean, both in and out. We cannot undertake the former task-that lies with yourself-but the latter we can aid with HAND SAPOLIO. The safest soap in existence. Test it yourself. The Butchers' Strike SATURDAY, On Tuesday of last week the employes in the principal packing houses of the country went on strike. As Chicago is the great center of the cattle killing and packing industry, it is naturally the point of pivotal interest in the conflict. Although the tie-up was not absolute, the strike appears to have been more effective than the employers anticipated. According to the newspaper estimates, about 50,000 workers quit and about 35,000 more were indirectly thrown out of employment. The strikers in Chicago numbered about 30,000 and in Kansas City, the point second in importance as a packing center, about 10,000. Omaha, East St. Louis and St. Joseph followed with about 5,000 each, and smaller centers with a less number. The purpose of the strike was to prevent a reduction in wages, and to secure to common laborers the same right to a trade agreement as is conceded to the skilled workers. The question of the open or closed shop was not involved. Although the closed shop is neither demanded nor conceded, practically all of the skilled workers and the great majority of the unskilled workers in the packing houses are members of the union. The Chicago agreement expired on May 28 last, at which time some of the packers reduced the wages of unskilled workers from 18% to 172 cents an hour or less and others evinced a desire to do the same thing. The packers, moreover, while expressing a willingness to renew the arrangements with the skilled workers at the old rates, refused to make any agreement at all with the unskilled work ers. They wished to be free to employ this class of labor at the market rate, which they contended was less than they were paying. The skilled workers promptly made the fight of the unskilled men their fight. In doing this they did not pretend to be actuated by altruistic JULY 23, 1904 motives. Their argument to themselves was that the existence in the same industry of an unorganized and poorly paid body of unskilled workers would be a continual menace to the welfare of the organized, and better paid, skilled workers. Consequently, after failure to secnre results by negotiation, a strike was declared of all the butcher workmen, not in Chicago alone, but in all the principal packing centers. same concerns control the principal packing houses of the country. To stop business in Chicago by a strike there, and allow the houses in other places to run would be to invite defeat, because cattle shipments would simply be diverted from Chicago, and the same concern would carry on at one place the business it was prevented from doing at the other. After the strike was declared, but before the men had actually quit work, Mr. J. Ogden Armour, for the packers, wrote a letter to President Donnelly, offering to arbitrate the points in dispute. For some reason the officers of the union (very stupidly, it would appear) seemed to think they could not stop the strike after it had been regularly ordered. The Chicago newspapers very generally criticised the union leaders for allowing the strike to take place in the face of the offer to arbitrate, even though that offer was somewhat belated, and demanded that advantage be taken of it after the strike was on. The State Board of Arbitration used its good offices to bring the two sides together, but thus far without success. Although both sides profess to desire arbitration, neither party is willing to accept the conditions of arbitration laid down by the other. And after some negotiations, hopes of a peaceful agreement were, for the present at least, disappointed when on Saturday a conference between representatives of the strikers and the packing-houses failed to agree. It was reported that the point of disagreement was as to whether all strikers should be taken back to work at once at the old wages—those in force before May 28. The employers were only willing to take the men back as they were needed, retaining the men employed since the strike began, and to pay during the arbitration the scale of wages in operation at the time the strike began. Consequences of the Strike Only a few weeks ago the Chicago Packing Trades Council, the representative body of the men now out in Chicago, adopted resolutions deprecating the use of violence in labor controversies. President Donnelly appears to have done everything in his power, in accordance with the spirit of this resolution, to prevent lawlessness. He forbade picketing, and ordered the men to stay away from the packing houses where they had been employed. Considering the number of unskilled workers involved, the strike at this writing has been notable for its comparative absence of violence. The tie-up served to demonstrate the dependence of the country upon the few great packing houses, just as the hard coal strike called attention to the importance of that industry to the every-day life of the people. Before the strike was a day old the price of meat began to rise appreciably in points far removed from the packing centers, and its continuance for a month would mean great hardship, notwithstanding the fact. that there is supposed to be in cold storage a supply of meat sufficient to last a month or six weeks. Since the refrigerator car has come into general use the small butcher has almost disappeared. Dressed meat for the cities and even the villages in nearly all parts of the country now comes from the few great packing centers. The principal concerns involved in the strike are Armour & Co., Swift & Co., Nelson Morris & Co., the National Packing Company, Schwarzschild & Sulzberger and the Cudahy Company. These companies dominate the packing industry. Their principal plants are in Chicago, Kansas City, Omaha, East St. Louis, St. Joseph and Sioux City, while some killing is done in Fort Worth, New York City, Milwaukee, St. Paul and a few lesser places. A few figures concerning Chicago will show the magnitude of this industry. The receipts of cattle at that market for the year 1903 were 3,432,486 head; of hogs, 7,847,859 head; of sheep, 4,582,760 head. The shipments of dressed beef from Chicago last year were 1,252,233,792 pounds; of lard, 371,000,959 pounds; of barreled pork, 175,795 barrels; of other hog meats, 580,282,643 pounds. If the public is wise, it will lessen its demand for meats for a while, and live on fish, fruits and cereals—a perfectly practicable and perhaps a really advantageous change, at least for the summer months. An English View of Mr. Roosevelt The London "Spectator" in a recent editorial presents an estimate of President Roosevelt from a British point of view; not as a party leader, rather as a public man of a type conspicuously characteristic of English-speaking peoples. In this estimate it characterizes him as "essentially a moderate man-a man who realizes the value of the just mean; a man who, in our political phraseology, takes 'the Whig view.'" Because Mr. Roosevelt has been vigorous and uncompromising, as well as straightforward, in his expressions of opinion, many have concluded that his opinions are those of an extremist. The "Spectator" argues thus: After all, the moderate view is not necessarily the weak or undecided view. The |