The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-25
YANKEES DRUMMING EUROPE
AGENTS OF MANUFACTURER FIGHT
ING FOR NEW BUSINESS.
London Financiers SkepticaI About
the Offer to Loan Money to Russia
Senior Sagasta's Condition.

to assert that the foremost topic compelling
attention in Europe in general, and in
Great Britain in particular, overshadowing
the dreary broils of domestic politics, is the
remarkably aggressive commercial pros
perity which the United States is manifest
ing. Hardly newspaper review or a pub
lie speaker during the past month has
failed to notice with what giant strides
America is coming into the first place in
the alignment of the powers. 1t is cer-
tainly the chief subject of conversation on
Lombard street and on the continental
bourses. The manager of one of the great
est London banks recently drew an Ameri-
can business man into his private office and
said in an awestricken tone: This is the
first time in the history of finance that New
York has been in position to dictate money
rates to London, Berlin and Paris" The
bank manager added that London's pur-
chases of American securities were feath-
er's weight compared with the balance of
trade in New York'S favor.
Mr.. James Bryce, in a speech before the
Leicester Chamber of Commerce, sounded
emphasized the fact that the exports of the
United States and Germany had increased
9S4,OOO,OOO and Ell, 100000, respectively, be-
tween 1891 and 1897, while Great Britains
decreased &15,0O0, 900. He further pointed out
that the business of the United States was
developing along many important lines
which Great Britain, he added, should have
held against all competitors. Mr.. Bryce un-
hesitatingly asserted that the United
States could produce rails cheaper than
Great Britain, and said he saw no possibiI-
ity Of opening new markets except in China.
Great Britain seems to have become recon-
ciled to the capture of the iron markets by
the United States. American firms are uni
formly successful in bidding against the
British firms. The Carnegie Company and
the Illinois Steel Company have opened ex-
tensive offices in London and are making in
roads upon the British preserves. Colonel
Hunsiker the Carnegie representative, has
contracted for $4,000 tons of plates for the
Coolgardie road, Australia, and the COM
pany was unable to undertake the contract
for 10000 tons more.
A dispatch from Berlin says it is fact
that the Russian government has ordered
$1,000 tons of American rails and the pros
pect of American competition for the con-
tracts in connection with Russia's extensive
railroads alarms the manufacturers here
and elsewhere Consuls assert that all
Europe Is swarming as never before with
the agents of American manufacturers of
Steel street-railways electrical apparatus
and all kinds of machinery. who are leading
the commercial invasion.
The reports of attempts to float Russian
loan in New York have been received skep-
tically here. Several financiers have told
representatives of the Associated Press that
Russia tried to raise money in London Paris,
Berlin and Amsterdam and that she seems
n n 10 Tinted a
forlorn hope, possibly with the view of reap
ing incidental political advantage; but it is
admitted that it is question of short time
when capitalists will have to reckon with
New York as a competitor in high finance.
The Daily Chronicle comments on the fact
that American capitalists 'have the cour-
age Of their financial opinions if they think
they know the European situation better
than the capitalists of the old world
There is much interest regarding the
choice of a successor to Mr.. Ethan Allen
Hitchcock as United States ambassador at
St Petersburg 1t is considered that the
post demands the presence of the strongest
diplomat, in view of the entrance of the
United States into the East. Russia has
sent one of her ablest men to Washington,
though transfer from Washington to Con-
considered in the service as being promo
tion. Russia expects President Mckinley
to reciprocate. Mr.. Hitchcock carries home
with him the conviction that Russia is still
a stanch friend of America, which he has
endeavored to impress upon the State De-
partment at Washington and on all inhuen-
tiaI Americans he has met abroad.
The English habit of entirely dropping Sc
rious affairs at the holiday season has re-
spited the squabbles about the Liberal lead
ership. But Sir Edward Russell. who is
writing his "reminiscences, furnished ma
teriaI for a new controversy. He writes that
when Lord Rosebery was resigning the pre-
miership the Queen earnestly. almost af-
fectionately, begged him not to turn Con-
servative. He explains that her Majesty
dreaos the alignment of all the aristocracy
on the Tory side against all the common
atty on the Liberal side. Lord Rosebery
has promptly requested the newspapers to
deny the statement, and Sir Edward Rus
sell says: Il have good reason to believe it
is true, though nobody shall drag from me
my authority" The English newspapers,
pursuing their traditional policy of keeping
the sovereign above partisan politics. re-
frain from commenting on the incident. but
the people discuss the story with the utmost
interest.
The Hungarian politicians OF the Opposi-
ton party threaten to throw Hungary into
a state of anarchy before they consent to
an extra constitutional compromise with
Austria. They have carried out their prom
ise to issue a manifesto to the people urging
them to refuse to pay taxes or to allow the
anroIling or recruits As the clergy is