The record-union., 1898-05-05
WALL STREET, BUSINESS AND
WAR.


of Wall street in that city stood patriot
ically. 1t was induced to this step by
the constant charge that Wall street
was bitterly antagonistic to the Govern
ment position towards Cuba and Spain,
and would exert itself to neutrallze
Government efforts in case Of war.
In the sun" of a recent date we ind
a report Of the result Of the inquiry
prosecuted. 1t turns out to be quite the
opposite Of the charge made. The re-
port is quite too long to reproduce in
full here. but it amounts to this, that
the business men of New York, the mer-
chants. bankers and corporations, are
doing their part, and are encouraging all
patriotic effort. AS the sun" puts it.
'They are giving the soundest kind Of
proof of their loyalty" 1t is added:
1t has been the habit of those who
express their patriotism altogether in
conversation and red ink to denounce
business conservatism as utterly incom-
patible with patriotism. During ma
tionaI political discussion a year ago
such accusations against corporate in
terests were part Of the stock in trade
of the folks who wanted to tighten the
load OF the country's responsibility by
throwing the national credit overheard
The same sort of people have been
bowling in anticipation Of groans and
tears from business men upon the an
nouncement from Washington that war
was unavoidable. The business COM
munity did not wait for that announce
ment to come before it took measures
to disappoint these folks.
Three weeks ago the largest of all
the life insurance corporations in New
York offered the President a loan for
Government uses of $10000,000 on the
Governments own terms, fixing no con-
ditions whatever and declaring that it
made the offer because while war would
be injurious to its business more than
to any other it has confidence in the
Administration, and If war cannot be
averted with honor 1t must be fought
with bravery and for the integrity Of
American institutions.
Many other insurance companies fol-
lowed this example, and notified the
Government accordingly. The next step
was the free tender from Wall street
capitalists Of yachts and steamers to
the Government, with the simple and
reasonable condition that if not lost in
war, they should be returned at its close
to the donors. Some Of them preferred
to sell outright, the Government to name
the price for the ships, or to take them
at no price at all.
Then came the proposition from Wall
street to raise a Wall-street regiment,
but says the Sun" the movement
quickly outran such limitations and
went to the extent of encouraging en-
listment in any regiment whatever. Men
did not want to stop at gifts of money
and boats but wanted to go into the
field themselves, and aid their employees
to go also. Many Of them are mem
bers already of the organized militia
and the sun says that an emergency
call for Troop a at midday would find
two-thirds of the membership below
City Hall Park.
The employers of the young men have
told them to answer the call for men
and when they return their places will
be found open for them. One great firm
sent for its employees, trusted clerks,
cashiers and men without whom the
business can scarcely be conducted at
all, and notified them that if they
wanted to enlist their wages while alb
sent would be doubled. and continue
and be paid to any assignees they chose
to name.
Other houses said "go and your places
will be ready on return" Others said
ago and we will care for your families. -
One Of the great surety companies is
sued a letter encouraging it's men to
enlist, and the President told the Sun
reporter that If the Government wanted
the building the company occupied it
could have 1t freely, and if it wanted the
ground the company would give 1t
freely and at Its own cost tear down the
building and clear the lot.
whole row of banks announced that
their men who went to the front would
nnd their places open on return. and
that their families would be cared for in
their absence. Practically all the ma
tional banks in New York have issued
similar statements and the greatest OF
the express companies Of the East, with
1ts chief offices in New York, has noti-
fed its men in like manner.
One great British corporation two
weeks ago told its hundreds of en-
ployes that if they went to the war
their places would be held open for re-
sumption on their return. Merchants OF
New York are following the example OF
Wanamaker of Philadelphia and urging
their employees to enlist, promising them
wages while gone and their old places
on return. The large houses in Brook
lyn, Paterson and Newark have fol-
lowed suit, and one of the chief Of insur-
ance corporations has sent out word
that it valves to all policy holders under
it the war clause and will pay in full for
lives lost in the war
One of the greater railroads leading
into the West and having its offices in
New York has issued letter to its en-
ployes that if they go to the war their
places will be open to them on return
and that men taken on in the meantime
will be taken with the understanding
that they must vacate for the soldiers
return.
At the Merchants Association rooms