The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-12-25
The Money Market for the
First Time on Record.
SALE OF STEEL RAILS TO RUSSIA
BY United States Has Caused the Brit
ish to Recognize the Impor-
tance of This Country as
an Iron Producer.

London, December 24-It was no exag-
geration to assert that the foremost topic
compelling attention in Europe in general,
and in Great Britain in particular, over
shadowing the dreary broils of domestic
politics is the remarkable, aggressive, COM
mercial prosperity which the United States
is manifosting. Hardly a newspaper review
or a public 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. Ii is certainly the
chief subject of conversation in Lombard
street and on the continental bourses. The
manager of one of the greatest London
banks recently drew an American business
man into his private office and said in awe
struck tone: "This is the first time in the
history of finance that New York has been
in position to dictate money rates to Lon
don Berlin and Paris"
The bank manager added that London's
purchases of American securities were a
feathers weight compared with the balance
of trade in New Yorks favor.
Note of Warning sounded
Mr.. James Bryce, in a speech before the
Leicester chamber of commerce, sounded a
warning to British manufacturers. He en-
phaszed the fact that the exports of the
United States and Germany had increased
100000 pounds sterling and 2100O 900 pounds
respectively between 1891 and 1897, while
Great Britain's decreased 15,00000O pounds.
He further pointed out that the business of
the United States was developing among
many important lines which Great Britain
he added, should have held against all COM
petitors. Mr.. Bryce unhesitatingly asserted
that the United States could produce rails
cheaper than Great Britain and said he saw
no possibility of opening new markets ex-
cept in China.
Great Britain seems to have become rec
oncied 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
inroads upon the British preserves. Colonel
Hunsiker, the Carnegie representative, has
contracted for 10000 tons of plates for the
Coalgardie road in Australia, and the COM
pany was unable to undertake the contract
for 30,000 tons more.
Ordered American Iron
A dispatch from Berlin says it Is fact
that the Russian government has ordered
| 5000 tons of American rails and the pros
| poets of American competition for the con-
| tracts in connection with Russias exten-
| sion of railroads alarms anufacturers
here and elsewhere Consuls assert that all
Europe is swarming as never before with
the agents of American manufactures of
steel, street railways, electrical apparatus
and all kinds of machinery who leading
the commercial invasion.
The report of attempt to float a Russian
loan in New York have been received skep-
tieally here. Several fnanciers have told
representa- tives of the Associated Press
that Russia tried to raise money in Lon
don, Paris and Berlin and Amsterdam, and
that she seems to have turned to the Unit
ed States as forlorn hope; possibly with
the view of reaping incidental political ad-
vantages. But 1t is admitted that it is
question of a short time when capitalists
will have to reckon with New York as a
competitor in high finance.
The Daily Chronicle comments upon 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"
Demands Strongest Diplomat
There is much interest here regarding
the choice of successor to Mr.. Ethan
Allen Hitchcock as United States ambas-
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 Washing
ton, though a transfer from Washington
to Constantinople or Madrid has hitherto
been considered In the service being a
promotion. Russia expects President Nc
kinley to reciprocate.
Mr.. Hitchcock carries home with him
the conviction that Russia is still staunch
friend of America, which he has endeav-
ored to impress upon the state department
at Washing ton and on all influential Amer
leans he has met abroad.
The Hungarian politicians of the opposl-
ton party threaten to throw Hungary into
state of anarchy before they consent TO
an extra constitutional Compromise with
Austria.
They have carried out their promise to
issue manifes,o to the people urging them
to refuse to pay taxes to allow the en-
rolling of recruits. AS the clergy are
preaching resistance to the government
which they have never fogiven for passing
the law allowing civil marriages, the re-
bellion may be serious. Trouble is expected
from the municipalities, which have the
right to withhold taxes and recruits as
long as parliament has not legislated there
for.