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jctober 15,1888 Record and Guîde. 473 2Î7' ^ ESTfcBySHED^MWpHSl'i^ieeS..^ Dev&'JeI) 10 f^L ES WE , BuiLDIf/G Aíî.CIÍ1TECTJI^E .KoiiSDÍOLD DrGOfl^Tiai Bl/SitÍESS »ÍD ThEMES Of GeHeĩVI- l/íTtHf 5ĩ FRICE, FER rEAR IN ADVAIVCE, SIX DOLLARS. Publisked every Saturday, TaLKPHOi™! .... COBTLiHDT 1370. ConunimicationB sliould be addressed to C. W. SWEET, 14 & i6 Vesey St, J, î. LINDSEY, Bitsiness Manager. "Entered at the Post-offlce at New TorJc, N. T., as secoTid-claas ntoííer." VOL. L. OGTOBER 15, 1893. No. 1,283 AT the moment there are signs of a falliũg off of buying power ia the atock market and other indicationa of an approaching reactĩon, the extent of which willdepend on several things. There is an uncertainty about the rate for money, which is uot satisfac- tory, as was shown only a few days ag> when the transference of the Georgĩa Central loau from one banking house to another caused the rate to advanee to seven per cent. However glibly people may talk about this deal having tied up the banks' surplus fsnds for the day it must be deemed estraordinary that iu the money centre of the country a transaction of its proportions should have caused so much disturbance as to advance rates so violently. Without any new and similar cause the rate shows a tendency to go up under the demand which the actîvíty of the market has created, and the calis from the interior, In ordînary tĩmes this would not cause any remark, but the present peculiar features of the currency are likely to be remeníbered with disadvantage to speculation when- ever the supplies show a falling off. The attempt, too, to put up the price of such îssues as LouÍsviUe, Erie, Missouri Paciflc, in the face of the showing they are making ia calculated to damage rather than better the bull movement. When such attempts are made they only invite short sales and aasist the disorganization of pricea. The business all the roads are to do next year as a result of the World's Fair wiU no doubt be great, but it will not be so assuredly great as to justify any great advance on the already high price that some tliings are selling at, and will at any rate be better on the roads near the scene of the faĩr than those far distant. As against theae one or two black npecks there are the recent ability of the general market to sustain an advance, the more cheerful tone of the busi- ness community and the improvement in generai businesa becoming more apparent every day. Theee all favor better_,prices for sound Ĩ8a\ie8 in the near future. THE lassitude which has CQntinued to characterize business of all kinds in England during the past three months has beeu reflected iu a continuation of the fall in the prices of commoditiest Evidences of the general quietness which haa contributed to thia fall ia not wantiiig. The latest retums from foreign trade show that the value of Engĩish imports this year haa been only one per oent greater thau laat, whilst the value of the exports has fallen away by nine per cent. The freight traffic of the railways for the laat quarter ahows no expausion compared with the corresponding period last year ; and banker's clearings ahow a decrease of over Biĸ per ceiit in London. It looks aa if there might be labor troubles ahead for the cotton trade. Nothing came of the recent conference between the representatives of the Cotton Employers' Federation and the delegates of the operatives. The iatter declined.ln a decided way to entertain tbe queetion of a five per cent reduction in wages even during a ahort period. What they ofEered was considered to be an impracticable proposal and could not be entertained, viz., thatthe Federation, whichnumbera among ite members less than haif the trade, to run Bhort time, and the operativee would bring out the remainíng 25 per cent of the trade. More recently the Employers' Federation has decided unanimously to give the neceasary notice of one month for a five per cent reduction in wages. In Franoe tariff agitation Í8 still keeping on with unabated vigor. At the coming meeting of the French Chambers a great battle wiU be fought over the right of the government to make concessions in treaties below the miiíimum tarîff. An Important meeting of farmers and manufacjftirers has been held at Rouen, and has pasaed a resolution invitin^arliament not to ratify any such concessious. As the governm'íít is morally bound to defend the recent ĩ'ranco- Swiss treaty, mt Jing such conceBaiona and signed by the Miniatera of CommerceaníTforeign Affairs, the ratification wiU inevitably become a cabin luestion. The parliament in voting a minÍDamu tariff Wied unquestionably that the miaimum should forra a barrier against all proposed reductiona below it. The government, when the taríff bUI was being passed, argued its constitutional right to conclude treaties and make concessíons without limit. The protectîonists had no desire toupset the government, and admitted the constitu- tional right, but M. Melîne warned the ministry ihat if it brought any auch treaties before the Chamber it would be overthrown, for the protectionista were a majority in the pavliament and tbe coun- try, The government has taken up the challenge and the issue will have to be fought out, The protectionists will defend the minimum tariff to the last, knowing that if a breach is made the whole fabric will be destroyed. After concessions have been made to Switzer- land, it will be difficult to refuse them to Spain for her wine, the United States for petroleum, and so on. IF there was any one lesson more thoroughly borue in upon the mind of the average New Yorker by the great concourse of- people in thia city during the flrst three days of the week it is the absolute futility of relying upon the elevated railroads for any adequate extension of the rapid transit system of the city. A prac- tical and convinciug object lesson was given of what is to be expected from the elevated roads in the effort to transport the larger population of future yezrs. As on Wednesday, trains enough may be aupplied to constitute an almost unbroken Hne from one end of the road to the other, but it will be at an espense of time and comfort to the passenger. Beyond a certain limit every addi- tional train împedes the general headway. The changes at statíons cannot be made fast enough to keep the trains out of each other's way. A single delay at any station, springing from any of the multitude of causes from which they are constantly aris- ing, blocks the whole line and the road becomes useless. This is even now the frequent experience of regular patrons of the roade. The rapid transit limit on the elevated railroads has long been passed. In the hours when people most want to travel with com- fort and speed the trains are most in each other'a way and travel is sloweat. Any attempt to " increase the present facilities" of these roads by extending their terminal facilities or extendîng the presentlines, while it would lessen the immediate pressure, could not be permanently adequate. The trouble is not now found to exist at the terminals. Trains can follow each other in and out of the terminal stations faster tban they can at the way stations where the traffic is densest—a fact well known to the elevated raiiroad management. The only practicaĩ increase of the facilities of the elevated railroads that would afford a partial reali- zation of comfortable rapid transit would be the parallel- ing of the existing tracks by two or more additional through tracka. Without this manner of extension the efîort to handle the travei of thio city on the elevated railroad lines is like trying to force a 6-inch stream thrtaigh a £-inch pipe. Just imagine, on the other band, what a convenience, what a comparative com- fort, an underground, four-írack, electric raUroad through Broad- way from the Battery to tbe Harlem River would have been on Wednesday I Imagine, again, what a parade or pageant like that of Wednesday would look like in Broadway or the Boule- vard—under an elevated railroad ! And if not in Broadway or the Boulevard, where could such a parade aud review be held? We believe that upon sober consideration of this matter om' readers will agree that the undergi'ound road projected by the Rapid Transit Commissíon ought to be built, iE uot by private euterpriae, then by the city. ACORRESPONDENT of the Nation tells us that the supeti' ority of foreign cities, such as it ie, and eo far as he can make it out, depends less upon their local organization than upon the fact that there is a raore or less strong government over them, backed by the habits and traditions of centuries. This we believe to be true ; and it is a fact often forgotten by those who hold up tbe municipal orgaoization of foreign citiee as some- thing worthy of being imitated by us. We have little to leafn from their forma of government. Our own experience in the kind of organization that helps tbe politician and the kind of organĩzation that hampers him is of more vaiue to us than any very prolonged inquiry into European modeis. Fnglish and con- tinental cities have as a rule been better governed than oui-s, not becauae their organization waa more wisely planned, but because social and poUtical conditions were more favorable. In EerUn, for instance, not oiily have the citizena been more in the habit of participating intimately in the management of their local affaira, as shown by the large number of " honor" offices Ín the municipal government, but the alliance between the local officials and those of the national government has been eo close that the traditions of tbe latter have pervaded the former. Our peculiar type of politician would be inconceivable in such sm-roundings. The municipalitĩes are in the hands of their natural rulers—the more inĩeMigent classes; and the people are more or less in the babit of eeeking intelHgence in their rulers. We are able to give a curioue and interesting example of this habiti Some years ago an