November lfl/18»8





Record  and  Guide.





641





#







^                                 ESTABLISHED ^ ÍM^RCH Zl<^ I B6i^[^

OCVÍtTEO TO M- ESTWE . SuiLOlf/ũ AjíUlTECTUí^E ,KoUSDÍOU) OeGOR^TWÍ

BifsiíÍEss aiídIhemes of CeHeivI îj^Tîîtfy
PRICE, PER ¥EAR IN ADVAIÍCE, SIX DOLLARS.

Rtbiisftefi every Saturda-y.

TBLBPHOWBI        ...       -      CORTLANDT 1370.

^omiDunications sbould be addressed to

C. W. SWEET, 14 & i6 Vesey St

J, 1. LINDSEY, Business Mænager,





"Entered at the Post-oífice at New York, N, T., aa aeconã-claaa matter.'





VOL,  L,





NOVEMBER 19,  1892.





No. 1,888





A supple'ment, iU'ustrating the neio Power Stationfor the Brond-
■way Cabîe Coinpany, is issneã ivith this mimber, and every reader
of thepaper should see that he is supplied icith one.





have been reduced 30 per cent on tlie standard, and seeing that
■ĩvages in the dístrict oE the English Miuers' Federation have uot
beeu reduced at all, and stand now 40 per ceut higher thau they
■were in 1888, thÍB has led to a strong feeling of discontent in the
minds of the colliers. The Miners' Federatiou have been niakíng
very persistent efforts to ca[íture the South Wales dîstrict, but liith-
erto without success, owing to the existence of the sliding scale.
If the scale goes, it is feared that the nien raay, in a body, go over
to the Miners' Federation. Soiue of their leaders are already urg-
ing them to take this course. All the elements of a big struggle
are present, for it îs very oertaîn that the eniployers must insist
upon substautial veductions of wages in the coming
year. Prices liave beeii aft'ected unfavorably all over
the Continent by the faihtre of the Russian Finance Minister
to arrange for a new loan, In Berliii, particularly, speculation is
stagnant and bueiness depressed because of the new army biU ĩ,nå
the proposed increase ĩn taxation. Tating all the otlier causes of
stagnation into account, the outlook ĩs veryunfavorableforarecov-
ery in business. The ouly bright spot appears to be that the nego-
tiatious between Germany and Russia for a commercial treaty are
slowly progressing. Germauy wishes to obtain markets for her
exports; Russia needs money and is trying to reopen the German
market for her loans. Such are the causea at work in favor of
a treaty.





IN the past week tliere has been a good deal of pounding at
prices on  the Stock Exchange and a great shouting at the
declines so produced, as if some one wanted to convince the public
that this is a beai market by sheer diut of noise. But the public does
not take conviction  very  easily.     Consequently the   long stock
coming on the market is but  small.    Had  there been any active
selliug by outsiders the resulis on quotatious would have beeu
much more serious.    Besidea the hvely antagonism oE professioual
operations  the market  had to sustain  the effect of  news from
London of activity in tbegold market there and the nutting up of
Escbange here, which, together, raised a fear of a new demaud
arising on this side for gold for European accouuls.     The result
of   all   tbis   must   be   very   disappointing   to   the short.    Sugar
which was the first objectof their attack is not lower than it was a
week ago, Atchison has lost two poiuts, Chicago Gas one, St. Paul
one, New England a half, Western  Union a quarter,  Reading two
and a-half, and Lackawauua and Delawareand Hudson two points
each; DistiIIers gained one and aquarter, Louisville  aiid Nashville
a half and Northern Paciflc an eighth,    These  bave  been the most
active stocks, and the results given.came from a comparison of the
lowest prices at each end of the week.    It will be seeu that the
heaviest losses have beeu in tbe Coalers, and that fact is explained
by the prevailing temperature,    A-nionth more of thermometer aa
high     would     compel     the     suspensiou of    mining   of   anthra-
cile   for   a    wliile.      Atchison    has   declined   more   than other
Westeru   stocks- because    it    has    been     naade    the   subjeet
of e.speciai attack for two  or three  days.    Tlie latest advance in
AtchisoQ, seeing how recently the Company has had to readjust
Íts finauces, was without warrant, and excused bear   attacks, but
the result of  the latter cannot be  very  encouraging,  aeeing how
much stock it lias been uecessary to put out to produce a decline
of   3   per   cent.     Those    who   are   bebiud    theae attacks    may
beguidedbya  knowledge  superior  to their  neighbora, but it is
quite evident, from the foregoing facts, that the  puhlic is keeping
a   tigbt   grip   on   the    securities    it   lias,    and   it   would   only
do     that    in    the     belief     that    the    future    promises     well
for    the   buBÍne.ss   of   the   country.    The   Brussels   Confereuce
on the ailver question may influence  prices, hut it can  hardly be
adversely.   It îs reasonable to auppose tbat the worst of the silver
coinage business has aheady been seeu.   Should the conference do
nothiiig to belp the United States in this  uiatter, it cannot disap-
point auy oue, because no oue expects that it will; tlie determina-
tîou of this point will  compel  Congress  to  reconsider  its silver
enactments, and that will mean tbe coraing of relief.    In contiu-
gency, very iiuprohable, judging froiu all uews from the other side,
of the conference arousing onty a hope of interuãtional agreement
tending toward bi-metallacy, tbere would be a very rapid  ruah  to
cover on the part of the bears.





XN addition to the strike oE the cottou spiuuers, another important
-^ strike seems probable iu Eugland. In the important Cĩardiíf
coal diatrict a break-down has recently taVten piace in the negotia-
tions for the renewal of the alidiug scale whĩcli, unless some
arrangemeut can be made, will terminate with the close of the
"year. During the last seventeeu years the scale has worked salis-
factorily ; but in June last the workmen decided, by an immeuse
'majority, to give notice to terminate the acale. Suhsequeutly they
expressed themselves iu favor oE the principle of the scale, but
demanded extensive alterations iu the present one. But the
employers have refused to consider these alterations and are
deraanding modifications iu their favor. The case ia eomplicatedby
the  fact    that   during    the   past    eighteen   mouths   tbe   wagea





Our Laat Ohance,

THE Rapid Transit Commissioners have practĩcally closed tlie
first stage of their work. After months oE labor they have
formulated au adequate scheme of Rapid Transit, which not only
meets the present urgent requiremeuta of the city, but advances
well into the future for the neede oE the time when New York wiil
be the largeat cily in the world.

We beheve there can be no doubt that the systera of transportation
which the Commissioners have given us isthe best on the whole
that can be devised. Xdeally speaking, it is perhaps in many
respects faully. Criticiam "- in the air" can, o£ course, auggeet a
great mauy improvemeuta, all of which would be well enough if it
were possible to construct a Rapid Transit system out of all relation •
to the many practical, fiuanciar and eugíneering diíficulties ■which
bave to be encouutered in actual enterprises, aud particulavly in
oue such as that to which the Commissiouers addressed themselvee.
It is not au exaggeration to say that there haa beeu no more
momeutoua crisia in the historyof New York City thau the one we
are now entering upon. Noproof ia needed for the proposition that
New York has, practically speaking, outgrown even alí the poten-
tialities o£ the elevated roads, and it ia equally mauifest that with-
outsome system of trausportation, not ouly equal to the preseut
needs of tlie city, but to its futuve requiremeuts, the growth of the
metropolis will be very seriously hampered, and the interests of
thousands of citizens seriously aífected.

To-day millions of dollars worth of property is suffering from the
lack oE adeq-iate trausp.u-tation. Recent progress,on the West Side
aud on the East tíide, north of 5yth street, has had to be forced in
tUe face of adverse conditions, aud in Harlem, vacant houses and a
great deal of vacantproperty areseeking purchaaers that can come
only with increaaed transit facilities. North of the Harlem River
there isa vaat region, thedevelopment of which isutterly ĩmpossible
under present conditions. In short, no city in the world has ever
requîred a great public improvement so much as New York re-
quires rapid transit to-day. It is no louger merely a matier o£
comfort that is at stake, as it was a few years ago, nor even a
matter of public decency and public health, importaut as those are,
— the very vitality of the metropolis itself ia concerued.

Prom the luoment the Commissioners flxed tlie chief pavticulara
of their plaua, The Record and Goide has been of the opinion that
private capital would not be forthcoming to build the new road.
Now tiiat the plaua are completed and all of the details made public
we see no reaaou to cliange our opiuion. We ahall be surprised if,
on December 29th next, any one conies forward to bid for the frau-
chise, despite the fact that the Conimissiouers have aUeady con-
ceded to tbe purchaser what practically amouutsto the possession
of the francbiee in perpetuity. We regard this concessiou aa avery
uufortunate one for the city. It turns the future Rapid Transit
systeni of New York over into the hands of private individuals. It
deprives the city of all or all but little control over one of the most
important instrumeutalities of its welfare. The future, with aU its
posaibilitiea, all its requirenienta, whichcanuot be foreseen, are ío
bebartered, if poaaible, for aaum which, no matter how large it
may be, must be inadequate. A wise policy dictatea that all fran-
chises of a pubiic character ahould revert, after a hniited number
of yeara, to tlie municipality.

Theie is little use, however, in discuaaing matters of this kind
now, much niore importaut considerations face tlie cĩty. Thequea-
tiou of questions now is:

What shaĩl ive do if the franchîse is not sold -next Deccmber ?
As we have pointed out before, in case no purchasev be forthcom-
ing,  New  Yovk  will  have either  to fall back upon the elevated
roads, and permit them to be improved and extended, as much aa