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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