Evening journal., 1900-07-23
iron and STEEL
TRADE IN BETTER
Chinese Disturbance Has Not
Affected Markets
LONDON MARKET UNSETTLED
Money Is Easy Now Crop Reports Are
Generally Favorable and Agri-
cultural Glasses Prosperous
LONDON MARKET UNSETTLED
sneclnl to the Evenlnr 1nnrnnl


New York, July 2l.-The general sit
uation in China has within the week as
sumed a more serious aspect, and, in
the absence of authenticated reports 10
the contrary. the fate of the American
and European colony at Pekin seems to
be sealed The great Powers are still
working harmoniously together, but
there seems to have been a wOeful un-
derestimation of the discipline and
Military equipment of the Chinese. Our
government is very wisely refraining
from declaration OF war. We have
nothing to gain and a great deal to lose
commercially by the recognition Of a
state Of war on the part of ourselves
or the ether Powers through the abro-
CATION Of existing treaties or any modi-
fication of the open-door agreement so
ably consummated by Secretary Hay
Affairs at Tien-Tsin are in a more
hopeful condition, but the Quelling of
the rebellion promises to be a laborious
and costly task. IL is to be hoped that
this may be brought about, even though
slwly. without a formal state of war
which would entail strained conditions
all over the world
The London money market has been
in an unsettled state ever since the
beginning Of the Transvaal war Ger
many and Russia have lately been
Passing through the throes of an I'm
dustriaT' panic France alone Of the
continental Powers exhibiting at pres
ent any financial strength. But com
paratiyely high discount rates at all
European centres, Paris included would
act unfayorably upon the placing of
any necessary war loans there. The
United States alone seems, through ex-
traordinary prosperous conditions, in
position to furnish q portion OF the
needed funds in case of emergency.
While the loss of the ENJOYS and others
In China is to be very deeply deplored.
the common cause Of rescue and retri-
button is serving to emphasize the fact
that the very highest self-interest of
each and ell OF the interested nations
lies in mutual good faith and cooper
alton. Caucasian civilization must
unite as matter OF self-preservation.
Petty differences and jealousies are be-
ing eliminated. and a certain brother
hood. which in the end cannot fail to
be Of benefit. is being established
among the Western nations. One fact
seems to be clearly demonstrated. and
that is. the extreme hazard OF any hold
ing by foreigners of interior towns or
districts in China. ANY further acuui-
sitiOns will no doubt be confined 10
points on the coast, where the superior
ity of European naval power may be
Joined in defense against MongOlian
uprising Any interior settlement
among this vast aggregation Of 400.-
100000 people is simply at their mercy
through mere force OF numbers, and
might be wiDed out over night. The
time seems ripe for a division of China
into a number of principalities with
distinct governments. The continual
ton Of this vast nation under one cen
tral government is a standing menace tC
the rest Of the world Although the
prejudice against Western civilization
may never he overcome. still a divi.
sion of the Chinese government as sug.
gested would provide a greater meas
ure Of safety for other peoples. as in.
ternecine strife would serve to keeI
the Chinese pretty well occupied with
their own affairs. with consequently
less time for foreign aggressions. This
situation suggests an anecdcte Of tho
great Louis XIV. who, when asked II
he were aware that his stable of fine
horses was much given 10 the lickinf
Of each ether. replied that he was. anC
that he should do nothing to correct
the habit, as the horses were thus les.
/ likely 10 kick the coachman. AS
have indicated above. the partition oN
China into European holdings appears
far from desirable, and indeed more re.
mote than heretofore. The problem
Of settlement requires the ablest states
m2nship and a far look into the future
The iron and steel trade presents g
more encouraging aspect this week
/ Several good Western orders have beer
/ placed: and while large consumers in
/ general are still hesitating, being as ye
I a little in doubt az 10 whether the mar
ket has reached bottom, indications O
a revival of business are not lacking
i The lower level Of prices has brough
many inquiries from abroad, covering
I range Of material from pig iron to thl
most highly finished steel products
pointing 10 an early increase in an al
ready flattering foreign trade. The ad
vance in the Bank of England's dis
count rate to per cent. and the drol
I in cCnsOls under 9S. are due to tn
more acute state of affairs in China, a
: we'll as TO the prolongation Of tn
South African struggle. One effec
may not unlikely be to induce Euro
pean selling Of our stocks Tor at leas
b to defer buying for the presenO, which
in conjunction with the more seriou
view of the situation taken here. /
likely to bring about hesitation, If no
a lower range of prices.
The stock market. while, while rela
- lively dull. showed unexpecte
D strength. Strong inside support an
dividend rumors were the chief explC
nations, Union Pacific, Baltimore an
Ohio. Illinois Central, Missouri Pacifl
and Sugar being the chief features Il
this connection. There is also a stron
undertone to the market, based appar
entity upon the expectation CT a trad
revival in the coming Fall and a salts
factory result Of the elections. AS yei
however, few are bold enough to bu
stocks on a large scale. on the prospec
Of another victory for the Scum
Money cause; the vicissitudes OF a cam
paign naturally operating TO checl
speculation until the worst that ma