The herald., 1898-12-25
EUROPEAN ATTENTION
ATTRACTED By PROSPERITY OF
AMERICA
A FINANCIAL MILESTONE SET
When a British Banker Is Forced to
Admit That New York Dictated
Money Rates
Associated Press Special Wire

Associated Press Speclal wire
LONDON. Dec 24.-(Copyright, 1881 1t
ia no exaggeration TO assert that the lore
most topic compelling attention IN Europe
in general and in Great Britain III particu-
lar. overshadowing the oreary brolls oil do
mestic politics, is the remarkable, aggres-
>iye commercial prosperity which the l mt
ed States is manifesting. Hardly newspa
per review or a public speaker during the
mast month has failed to notice with what
rant strides America is coming into the
first place in the alignment OF the powers.
n is certainly the chief subject OF conversa-
tion on Lombard street and on the continen-
tai bourses.
The manager of one of the greatest Lon
don banks recently drew an American busl-
ness man into his private office and SAID, IN
an awestruck tone
"This is the first time in the history OF
finance that New York has been in posi-
ton to dictate money rates TO London, Ber-
. lin and Paris
The bank manager added that London :
purchases of American securities were a
feathers weight compared with the balance
of trade in New York ; favor.
James Bruce. in a speech before the
Leicester chamber of commerce, sounded a
warning to British manufacturers. lie en-
phasized the fact that the exports OF the
United States and Germany had increased
34,O000O0 and G2l 000, GOO respectively be-
tween 1891 and 1897, while Great Britain's
decreased fl5,O00000 He further pointed
out that the business Of the United States
was developing along many important lines,
H. l,;+ lo nIIasl sborilI bn
held against all competitors. Mr.. Bryce
unhesitatingly asserts that the United
States produces cheaper rails than Great
Britain, and said he saw no possibility OF
opening new markets except in China.
THE IRON MARKET
Great Britain seems to have become recon
ciled to the capture OF the iron markets by
the United States. American firms are
uniformly 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 reserves. Colonel
Hunsaker. the Carnegie representative, has
contracted $4,000 tons Of plates Tor the Cool
gardi road, Australia, and the company was
unable to undertake the contract ior 30,
600 tons more.
A dispatch from Berlin says it i fact
that the Russian government has ordered
$4,000 tons OF American rails, and the pros
pect Of American competition for the con-
tracts in connection with Russia's extensive
railroads alarms manufacturers here and
elsewhere. Conslils assert that all Europe
is swarming, as never before, with the agents
of American manufacturers OF steel. street
81 oil d.
of machinery, who are leading the CONNER
cial invasion.
THAT FOREIGN LOAN
The reports Of attempts to float a British
loan in New \ ork have been received skep-
tically here Several tinanciers have told
representatives OF the Associated Press that
Russia tried to raise money in London,
Paris, Berlin and Amsterdam and that she
seems to have turned to the United States as
a forlorn hope, possibly with the view OF
reaping incidental political advantages. But,
it is admitted that it is question OF a
short time when capitalists will have to
reckon with New orll as a competitor in
high finance.
The Daily Chronicle comments upon the
fact that American capitalists "have the
courage of their financial opinions ii they
think they know the European situation
better than the capitalists of the Old
world"
IIITCHCOCk'S SUCCESSOR
There is much interest here regarding the
choice OF a successor to Ethan Alien Hitch
cock as United States ambassador at st.
Petersburg. 1t is considered that the post
demands the presence Of the strongest dipo-
mat, in view OF the entrance OF the United
States into the east.
Russia has sent one of her ablest men to
Washington, though a transfer from Wash
ington to Constantinople or Madrid has hith-
erto been considered in the service a. being
promotion, Russia expects President Nc
Kinely TO reciprocate.
Mr.. Hitchcock carries home with him the
conviction that Russia is still staunch
friend of America, which he has endeavored
to impress upon the state department at
Washington and on all influential Ameri-
cans he has met abroad.
Nino,, IL