The record-union., 1898-12-25

copyrighted, 1898, by Associated Press.I
LONDON, Dec. 24 - It is no exag-
geration to assert that the foremost
topic compelling attention IN Europe
in general. and in Great Britain III
particular, overshadowing the dreary
broils of domestic politics, is the re-
markable, aggressive, commercial pros
perity which the United states Is MAN
ifesting. Hardly a newspaper review
or a public speaker during the past
month has failed to notice with Wnat
giant strides America is coming INTO
the first place in the alignment or the
Powers. 1t is certainly the chief sub
ject of conversation on Lombard street
and on the Continental bourses.
The manager of one of the largest
London banks recently drew an Amer
lean business man into his private
office and said, in awestruck tones
This is the first time in the history
Of finance that New York has been
in a position to dictate money rates
to London, Berlin and Paris" The
bank manager added that London's s
purchases of American securities were
a feathers weight compared with the
balance of trade in New York's favor.
James Bryce, in a speech before the
Leicester Chamber of Commerce,
sounded a warning to British manu-
facturers. He emphasized the fact
that the exports Of the United States
and Germany had increased 34,000,0O0
pounds and 21,C00,000 pounds, re-
spectively, between 1891 and 1897,
while Great Britain's decrease was To-
10000 pounds 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 competi-
tors. Mr.. Bryce unhesitatingly as
serted that the United States could
produce rails cheaper than Great Brit
ain, and said he saw no possibility of
okening new markets except in China.
Great Britain seems to have become
reconciled to the capture Of the iron
markets by the United States. Ameri-
can firms are uniformly successful in
bidding against the British firms. The
Carnegie Company and the Illinois
Steel Company have opened extensive
offices in London, and are making in
roads upon the British reserve. Col-
onel Hunsaker, the Carnegie repre-
sentative, has contracted for 10000
tons of plates for the Coolgardie Road,
Australia. and the company was un-
able to undertake the contract for 3d.
600 tons more.
a dispatch from Berlin says it is a
fact that the Russian Government has
ordered $4,000 tons of American rails,
and the prospect of American competi-
tion for the contracts in connection
iotc avfanciUn ilrOa DIS
alarms manufacturers here and else
where. Consuls assert that all Europe
is swarming as never before with the
agents of American manufacturers of
steel, street railroads, electrical ap-
paratus and all kinds of machinery,
who are leading the commercial in
vasion.
The reports of attempts to float a
British loan in New York have been
received skeptically here. Several
ftnanciers have told representatives of
the Associated Press that Russia tried
TO raise money in London, Paris, Ber-
lin 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 ad-
vantages. But it is admitted that it is
a question of a short time when CAPT.
talists viii have to reckon with New
York as a competitor in high finance.
The Daily Chronicle" comments up
on the fact that American capitalists
have the courage of their financial
opinions if they think they know the
European situation better than the
capitalists of the Old World"
There is much interest here regard
ing the choice of a successor of E. A.
Hitchcock as United States Embassa-
dor 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 a
transfer from Washington TO Constan-
tinople or Madrid has hitherto been
considered in the service as being a
promotion Russia expects President
Mckinley to reciprocate.
Mr.. Hitchcock carries home with
him the conviction that Russia is still
q. stanch friend of America. which he
has endeavored to impress upon the
State Department at Washington, and
on all influential Americans he mas
met abroad.
The English habit of entirely drop
ping serious affairs at the holiday ses-
sion has respited the squabbles about
the liberal leadership, but Sir Edward
Russell, who is writing his reminiscen-
ces, furnished material for a new con-
trogersy. He writes that while Lord
Rosebery was resigning the Premier
ship the Queen earnestly, almost affec-
tionately, begged him not to turn Con-
servative. He explains that her maj
esty breads the alignment of all the
aristocracy on the Tory side, against
all the Commoners on the Liberal side.
Lord Rosebery has promptly requested
the newspapers to deny the statement,
and Sir Edward Russell says Il have
good reason to believe it is true, though
nobody shall drag from me my author
ity."
The English newspapers. pursuing
their traditional policy of keeping the
sovereign above partisan politics. re-
frain from commenting upon the incl