October 29,1898





Record   and   Guide.





533





^               ^            ESTJiBLISHED^ÍMARCHíl'J^ieee.:^

OE/oĩtí) To RE\L Estaje . SuiLDifíc AjíCidTECTaiXE .HousD/oui DEeoRATV3&.
Bl/5J(ÍE5S AfÍD ĨHEMES Of GeNeRaI Ij^TCíi^SÍ

PRICfl, FER FEAR IN ADrA91€E, SIX DOLLARS.

PufcÍisAed eveTy Saturãai/.

TKLKPHOira         ...        -        COBTLATJDT 1370.

CoitmiimicatioDS sbould be addressed to

C. W. SWEET,  14 & 16 Vesey St.

J. 1, LINDSEY, Business Manager.

"Entered at the Fost-offlce ai Nem ¥ork, N. T., os second-class matter,"





VoL. L.





OCTOEER 29,  1892.





No. 1,285





THE Reading-Boston & Maine-New England corabÍDatiou having
been announced there Í8 an expectation that prices on the
stock market vfíU aag off for a little ■while under duU busihess,
and quotatíons of the last two days have supported that víew. It
i8 likely, too, that the imminence of the election will have an infiu-
ence to check speculation, and that, barring the creation of new
mysteries, thetendency will be downward for the short time that
has to elapse until it is known whether the present administration
ehall be coutinued or changed. But the improving condition of
business and the nearness of tbe time for opening the World's Fair
preclude any idea of a bear market for some time to come. The -
very facttbat people expect so much from the Fair will sustaîn
prices and under any activity send them up. When it is seen
how far tbose expectations .can be realized, or that they
havG been realized, then -wiU come the time to look
out for the marketing of epeculative holdings >nd the big
drop. So far not only bave stocks been Btrongly held, but they
have also boen bougbt up quietly whenever the market reacted.
Thie is evîdent by tbe strength of even issues of no very good
repute, Eeading is destined to make more capital for rumor-mon-
gers this year. It ia associated with several other properties now ;
tbe one with which the next alliance may be expected is Erĩe. It
ĩs hardly possible that such a go-abead management wíll rest con-
tent without a suitable line to Ohicago, and as President McLeod
promised that Erie should be compensated foc the loss of its traffic
alliance with Lehigh Yalley, it seems reasonabĩe to suppose that
tbat compensation will take the form of some close arrangement by
which Readîng will use the Chicago & Erie, between Buffalo and
Chicago. There ís no other linetbat could offer the same facilities
that i5 independent of competitive interests.





THREE important events are ĩmpending în different pai^ts of
Europe, the outcome of which wiU have considerable effect
on the future of business and valuee. In Great Britaín the danger
of a strike among tbe cotton spinners is making all observers anx-
ious. The condition of that industry for nearly two years paat has
been far from satisfactory. "While the price of raw material has
been reduced, the prices of manufactured goods have been reduced
still lower, until it is said the profit on production has been aimost
entirely wiped out. The association of manufacturers ba'J ÍODg
been diecussing a reduction of wagea, ao as to reduce tbe cost of
production, and, finally, they have decided to insist upon cutting
off 5 per cent from the scale. The imion of the operatives have
decided to reeist the reduction, and unless the matter is com-
promieed some 60,000 cotton spinners will go out early in Novem-
ber. Such a strike, if prolonged, will have a most embarrassing
effect on Englisb industriea, and even ĩn time would react upon the
United States by diminishing the demand forrawcotton. Another
important event tbat is pendingis a newRussian loan. It haebeen
evident for a long time that Russia would be obliged soon to make
an appeal to the money market for more funds. Her balances in
tbe various financial centres have been reduced, it is said, to such
a low point that repleniahment is absolutely necessary.
According to official figurea the total funds at the disposal
iif the Treasury amounted on January 1, 1891, to £33,-
000,000. Out úf this a deficit amounting to about £12,000,000
liĩid to be met.. Fm-ther, the Budget for the current
year was framed to show a deHcit of £7,500,000, and the proba-
bility îs tbat, owing to the unsatisfactor's' condilion of the harvest,
the actual deticit will be atiU greater, These funds were, of course,
augmented by the proceeds of the loan floated in Paris a year ago;
but this loan was in large meastire a failurf, and further suijplies
of cash are rapidly becoming necessary. Tbe new Finance Minister
ÍB aaid already to be undertaking negotiationa with foreign capital-
ists, but the place' ^where tbe loan will be floated appears to be
somethĩng o£ a lííizzle.   Russia will receíve no  asBistanco from





London; the Berlin market coutinues to be closed against
her; and France, whĩch even amid the enthusiasm excited by
the Cronatadt demonstrations, gave only a very half-hearted
response to Russia's last appeal, may be expected to have grown
slill more frigid since, Wbat tbe îasue wiU be remains to be sePD ;
but the fact must be remembered that althougb tbe preaent diffi-
culties are due largely to the agriculturaĩ disaster of last year,
tbere is a chronic and apparently irremediable uriBOundness in the
economic and financial conditîon of the coimtry, The other
important event ia tbe proposed increase of tbe German army
expenses, The propositicn of the Government bas tended to
deepen tbe depression for some time prevaĩling in Berlin, and peo-
ple are beginning to wonder wben tbis burden will ceaae to grow,
The debt of Germany, low as it is compared to that of France and
Buesia, is rapidly increasing under the pressure of increasing mili-
taiy expeudittire.





IT is to be hoped and expected that thetrustees of St, Luke's Hos-
pital will consider, in their new building, with partícular care,
tbe effect which its architecture will have upon that of the cathe-
dral. One of the competitive deaigna, which has been rather esten-
Bively and aystematicatly puffed, is noteworthy for the complete
diaregard it shows for tbe more important building. One of tbe
eulogists goes so far as to call the result of this disregard a " pleas-
ing contrajt," and objects to other designs because the architects
had enough of æsthetic sensibility to conform it to tbe cathedral.
There is a very good opportuníty to make a cloisteral, secludedand
dignified quarter with a bomogeneous architectural effect, It is
not to be assumed tbat the trustees of St. Luke's wiU be guilty of
any vandalism that will make thia desirable result impoesible to
be reali^ed, or that wÍU disfigure the cathedral.





AGREAT many people in the North, and wetrust in the South
as well, wiU read Gov. Northen's recent address to the
Georgia Legislature with much moral satisfaction. It marks, let
us hope, a decided step nearer to Civilization in the protection of
human life in the South. For many years, în respect to certain
offenses wKea cowinitted by coĩored peopĩe, the South has openly
beld its own laws in contempt, until bloodtbiraty excess reached
a point where a civilized community could applaud a woman for
setting fire to the negro who outraged her, the wretch baving pre-
viously been rendered inflammable with kerosene. The inviola-
bility of the Law is of far more importance to Civilizatĩon than
inviolabilíty of either person or life; for it is only by maintaining
the iutegrity of the former that the latter can be protected. An
attempt to protect the latter by disregard of the former leads, step
by step as it has in the South. from punĩshmenfc upon proper con-
viction to punishmenfc upon suspicion, This policy could uot be
followed for very long respecting one class of offenses before ifc
would be adopfced respectiog others. The toWratîon of lynching in
the Southhas beenablackblotupon civilizatiou in thiscountry, and
it ie to behoped that theGeorgia Governor's message indieatesan
awaking of public sentiment in the South against these outrageB
upon Social decency and Humanity.





THE Democrats have made two nominationa on their local
ticket, one for Aesemblyman and one for Alderman, both in
the new 33d district, wbich extends from 7Sd street to ISOth street,
on the West Síde, which have a specíal intereat to all concemed in
real estate and building operations, Without for a moment wish-
ing to institute compariaons to the prejudice of other candidatee,
the foUowing facts may be of interest to our readers. Mr. Wiiliam
B. EIIiaoD, a lawyer of repute, bas been named for the Assembly.
Mr. Ellison was oounsel to tbe Builders' Committee on Revision of
the building law, and advocated the paasage of the measure before
the Legislative committees, giving his services gratuitously, aa did
also the members of the builders' committee. He recently con-
ducted a test caee in the Courts wben a construction of the new
building law waa sought to determine whether ct?rtain plana flled
in the bureau of light and ventilation in tbe Health Department
prior to the date when the new building law was put into operation
did not secure to their owners vested righta that would enable
them to build in accordance with the building law as at that time
in force. Mr. Ellison's famfliarity with the building law and hía
friendiy connection wifcb the leading representati ves of the various
building tradeorganizatiODs would make him a desirable member
of the Legielature for tbe building interesta in this city. The otlipr
candidate (for A.Iderman) is Mr. John J. Prague, the well-known
arcbitect and builder. No one has built more on the West Side
than bas Mr. Prague, nor haa any individual been more active than
be in securÍDg public improvements forthatsection, aod inprevent-
ing what would be injurious to its beauty and welfare. It is not
the province of thia journal to take sides witb either parfcy. We
have no merely political preferences, but we believe the building
trades of this city have more than once felt the need in political
quartera of repreeentatives who thorougbly understand the condi-
tioQs prevaUÍQg 1q this city and Ite Qeeds from the poiut of view