Telegram-herald., 1891-07-20
EUROPEAN DREIBUND
II 10 Regarded ss Having the
Sympathy Of England
RUSSIA AND FRANCE nusI BE QUIET
VIII 1his Sonaities et Political Siresm-
staaess Cssdaee 40 = More Paeahs
Aspeet Ia ksrspes-fhs kssntS
in This Cosstrs.


Nrw YokK, July 10. lssl.-The Stock
Exchange owes along slnsglshly. with
its daily safes of about los, 900 sharss.
one day iayorlng the bulls" aud next
the ''bears,' butwith no liked tendency
either one way OF the other. only Ole
thing remains fixed-the predominant
conviction that stocks are lntTinsically
worth the prices st winch they are now
held. This estimate protects the mar
ket sgainst the attacks Of the room
traders, but II does lot ellcit any out
side buying. IL may possibly prove 10
te the basis OF a buying movement at
some later stage, but al present its
benefit TO the market Is rather negative
than positive. la the absence of intlu-
ences nearer 10 hand, Mall-si. has fol-
lowed with soms interest the exiraordl-
nary court .nierchanges that have just
closed IN Great Britain. Nhstever
may be calculated 10 affect interns-
tionsl politics ia Europe has. at The
SPECIAL Time. an unusually direct bear
ing upon hnaucial interests. Europe ls
now IN q state OF armed peace. The
leadin: nations have divided Themselves
into two hostile camps, each eide
EQUIPPED FOR conflict and waiting only
the accident that shall precIpltate one
of the greatest struggles of modern
times. Under such q state of things
and Immediately subsequent 10 the re-
newal Of the Dreihund, II is an incident
of no small importance that Emperor
William sDould become the guest of
Great Britain and receive from that
country extraordinary expressions not
only of National regard. but also of
court attachment. The event is no
mere exchange of imperial family
courtesIes. no mere excursion for the
gratificatIon OF the ambitions of young
and adventurous emperor. Coming. as
IL does, coDtemporaneousiy with q per-
petuation of the offensive and deien-
sive alliance between Germany, Aus
tro-Hungsry and Italy - against Rus
STA and France, the Emperor's VISIT
must be regarded as virtual declara-
tion of at least Englsnd's
sympathy with the Dreihupd
and as implying that she has Interests
which run parallel With the triple A.
lance, and which she would find Il 10
her welfare to protect IN the event of
their being endangered from any
threatened ascendancv Of Russia and
France over their triple opponents. Al
though the secrets of the diplomatic
conferences Of last week nj London
may not be divulged. yet Europe will
benceforth regard the Dfeibund as var
tually backed, at least under certain
contingencies, by the moral and physl-
cal force OF Great Britain. THE 10 =
change of profound importance IN the
situation of European politics. 1t places
Russia snd France NJ such an over
whelmlng disadvantage as 10 virtually
bind over those countries To keep the
peace, on penaliy.of utter discontinue.
1t would be an estimsble blessing should
this new situation merely protect Eu-
rope against the horrors OF q long Inn
pending war; but it is not impossible
that a combination 80 overwhelmingly
powerful may Alec make Il possible TO
bring about a reduction of the costly
armamsnts that are now dcstructively
drslnng Europe OF it's resources; or in
any event, n constant increase of arma-
ments will become the less necessary.
1t ~ould seem reasonable TO anticipate
that. after the fret natural expressions
of chsgrin and retaliation from Russia
and France, the political situation of
Europe will assume a more settled and
pacific ASPECT. Public opinion is likely
10 conclude that new guarantees for an
that assumption will remove the most
powerful obstacle that now exists 10
confidence in financial affairs. The
cause that above all others has crippled
the larger movements of enterprise and
has induced the European kngs OF
finance TO hold their resources within
resdy reach has been the fear that
each recurring spring might find the
leading powers IN the throes OF
Great Europ.sn Conflict,
Whatever sbstes that psralynng fear
makes for confidence Iu financial CIR
cles. and for the achievement of the
political and economic reforms that are
now pressing upon every European
government. III these differences are
reasonable, i is permissible 10 hope
that the events of the last few days
may infuse into European finance q
new confidence and check the discour-
agements which the Disasters 81 lasi
fall have spread over every branch ~
enterprise m every transatlantic cen
ter of finance and commerce. Such .
result would bring direct advantages 20
this country. All that - needed 10
give full effect 10 the benefits OF our
abundant harvest 10 q restoration a
confidence IN the countries with whlch
we have commercial intercourse. II
would mean better foreign market.
and better prices for our grain. ss well
% for all other syportsbe products.
Tie bone Influences affecting the
stock market show no msterial
changes. No variations IN the wheat
crop have arisen 90 modifv the original
estimates IF output. The railroads
maintain Their late rate Of earnings
| Money continues 10 fov hither from
the interior. though iu lighter volume
and the hanks keep up then reserves Al
about eoubie the surpins ~ tie insi
two yesf. while the exports of gold
seem 20 have virtus ~ ces sed To fhf,
/ extent. the sitn.tIon - favorable to 4
recovery Of activity 81 q lsier stsge
HEsKs 1Lrws.