Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-04-26

Some apprehension seems 10 De 1elt lest the sec
Rotary Of the Treasury, in buying bonds In open
market should be forced 10 pay fancy prices for
them. This danger Is probably more formidable
IN appearance than In fact. II required no
gift OF prophecy TO foresee that the re-
suit OF the adoption OF the wilkins reso-
luton and OF Mr.. Fairchilds first cali for
bonds would be a decided strengthening OF the
Wall street market. That was TO be expected, and
it came on time. There was no special signih-
canoe In IL. Indeed, In spite OF IT, thus far, the
Secretary has found no trouble In buying bo1ds at
a reasonable premium. The sudden rise OF the
market after 50 long period OF depression cannot
but be attended with occasional backsets, and per-
haps some pretty sharp ones Then will come
pressure on sundry over-sanguine spectators, and
they Will have TO draw temporarily upon their re-
serves letting 60 q few Government bonds here
and few there, and at such prices as the Govern.
ments own market has practically created.
The notion that the trustees Of estates who
have invested largely In Government bonds Will
demand fancy prices for them Is worthy OF little
consideration The bonds held By estates as
rule are not for sale. Many of these Investments
have been made under order OF a court and cannot
be changed except after the observance OF certain
solemnities which would consume too much time
10 permit OF taking advantage Of any temporary
turn in the market The current demand for Gov
eminent bonds, moreover, Is not so intense as TO
porous states ana Of the District OF Columbia are
now considered to all intents as good as the
securities OF the United States and their popular
ity holds the prcesof United states bonds in check
as consequence. II IL probable, therefore, that
the Treasury purchases win continue TO be made
&C fair rates-not In large amounts but as fast as
the business necessities OF the country require.
The idea, now under discussion. OF utilizing the
immense force which goes to waste In the falls OF
Niagara. Is not q new one by any means dozen
years ago restless inventor from Connecticut de-
vsloped q scheme--on paper-so perfect that all
the scientific men to whom it was explained
agreed that IL was undoubtedly good thing: but
when capitalists were approached on the subject
they were frightened away By the cost OF the
undertaking. Another and later project was set
on foot by some manufacturers Of Lockport,
n. T., who wanted to cut a canal from the
river above the falls TO their city. with descent
approxmating that from the level Of Lake Erie TO
the level OF Lake ontario. Thomas Evershed. how
ever at once raised the question why the water
should be carried twenty miles across the country
10 gain a moderate descent. while the river was
falling 100 feet perpendicularly at the falls, and
the machinery for communicating power could
be set up almost on the spot. He has now
wrought out his plan In detail, submitted 1t
to the state engineer and received his ap-
prevail and finds that the expense OF
the whole plant Will be less than quarter million
dollars, which is not alarming In view OF the gi-
gantic interests involved. His scheme briefly
summarized eontemplates a tunnel bored from the
river above the falls 70 a point some distance
below them, forming the hypothenuse Of right
angle triangle and conveying the water from the
higher level 70 the lower with an overwhelming
force. The mills to be supplied with power VIII
be built along the line OF the main tunnel
and OF several lateral branches, which 1t Is pro-
posed TO run between IL and the river. 1t differs
from any that has been invented heretofore by
just reversing the order thereof, and bringing the
mills TO the water instead OF conveying the wate;
TO the mills; and the inventor has provided
against marring the grandeur OF the scenery by
putting his group Of factory sites where the build
ings erected on them cannot be seen from the
falls or the village Of Niagara.