New-York tribune., 1901-07-14
NEWS OF TWO CAPITALS.
LONDON.
FINANCIAL WRITER'S PREDICTING
TROUBLES ON THIS SIDE.
FINANCIAL
CONCENTRATION IN RAILWAY MANAGE
MENT A NECEssITY-MEAGRE NEWS
FROM SOUTH AFRICA AND CHINA
PARLIAMENT NEARING THE
END OF THE SESSION
END OF THE SESSION.
Copyright: 1901: BY The New-York Tribune,

END OF THE SESSION.
Copyright; 1901: BY The New-Yori Trbune)
IBY TRIBUNEl
London July Revolutionary signals are flying
IN Lombard Street. and America is regarded as
the possible centre of disturbance in the busi-
ness world. The financial writers do not agree
either in their premises or their conclusions. but
they warn British investors and operators that
n is necessary for them to act with prudence
and caution since ii is evident that speculation
IN America has been greatly checked, and there
Is no recovery from the break in prices. Stress
Is lad upon the uncertainties of the crop pros
meets caused by the excessive heat and drouth
and by shrinkage in the European demand for
American exports. but fairminded statisticians
are constrained to admit that British purchases
from the United States steadily increasing
while British shipments III exchange are declin-
ing and that while there signs of uneasiness
IN Wall Street American trade continues TO be
excellent and Europe will be forced to supply
considerable quantity of gold during the autumn
TO meet the heavy balance against her. Dis
couragfng articles here the business outlook
ere usually drawn TO a close with the forecast
that sooner or later America may experience a
period OF bad crops and depressed trade, and
that British investors ought not to overlook the
risks which they run In loading UP with securi-
ties dependent upon continuance Of unusually
favorable conditions of management and con-
centration. Much OF this pesslmism is caused
by the timidity and inertia prevailing in British
commercial circles. There is also much credulity
respecting rumors that Russia. Germany. Aus
tra- Hungary and other European powers are
bent upon establishing boycott against Ameri-
can goods in the near future. Count Won
Bulow's visit TO ST. Petersburg is explained
due TO this cause, and American trusts are de-
scribed as menacing all Continental industries
he
lngs of Vienna and Cologne Journalists America
is too rich and powerful customer to be boy
rotted by any Continental nation.
The truth is that the German and Belgian
steel and iron manufacturers are meeting the
American steel trust with combination OF
their own and that the course of events is in
the same direction. Here the manufacturers are
sluggish and inhospitabe to new ideas: the
staffordsnire ironmasters, for example, have an
nounced that they holding their ground
easily against American and German combina-
,ions. that competition is capricious, and that
foreign sales in this market retarded by
lack of system in the delivery Of goods. These
Ironraasters have convinced themselves that
their home trade is safe so long as they resist
the temptation 70 make undue advances In
prices; ft1st however, is a temptation to which
British traders, being human, readily yield
other manufacturers are taking broader views
combination. There is. moreover. growing
agitation in favor of railway concentration and
reform Letters are constantly appearing in
rrint on the unsatisfactory results of railway
management in the United Kingdom, and the
necessity for a new order-a policy by Whlch an
tiouated methods may be abandoned, fooIsh
eornpetition avoided various economies erected
train service improved. rates reduced and diVi-
dends increased. The shareholders Of all the
railways are urged TO form an association for
bringing about a combination of all the corpora
tious This meth5d of operations is not prac-
t;cable. but the fact is highly significant that
concentration in railway management is recog-
rized by many thoughtful men as an imperative
reeessity both for the shareholders and the ma
ton.
E,,elisbrnen are convinced that nothing is go
Inc n, anywhere in the world outside of South
Africa and the least said about the Boer war
the better for everybody. THE Daily Mail
certainly has made it clear that the military
censors are not interested in having the truth
known about Darkest Africa.
The news from China those who attempt
to follow the neagre dispatches is equally un-
satisfactory. The foreign armies are scuttling
out detachment after detachment, and nothing
has been settled. Nobody in diplomatic circles
seems TO know how the indemnity will be
raised what will be the aggregate amount or
ghat faction viii remain in control at Peking
after the policy Of withdrawal of the foreign
garrisous Is carried out The civilized powers,
after months Of military occupation, vaccination
and diplomacy have obtained vague and un-
satisfactory promise TO pay the costs OF the war
in the form Of an indemnity; but no security
has been offered for the redemption of pledges
The chief instigators of the attack upon the en-
bassies have gone unpublished, and have re-
gained their influence Qf they had ever lost it),
and there are strange reports about the organl-
nation of a fresh series of secret societies not
unlike the Boxers. The powers have indeed
completely failed in q trial of wits with the
heathen Chin~e. The European Foreign ofilces
have lacked the resources of patience required
Tor Continuous diplomatic action against the
willy Orientals
Otherwise there is nothing happening outside
of South Africa. Bulgaria is trying TO raise
money in St Petersburg. but there is no revival
ot the old time jealousy between Russia and
Austria for control of the Balkan peninsula
The two eInperors keep matters In their own
hands. and have no intention Of having any
disagreement over either Bulgaria or Servia.
Domestic politics have reached as low ebb
ss foreign diplomacy. The tempest in the Lib
''al teapot has passed. and several hostesses
ciaaHnhg the credlt Tor having saved the
situation by smiling alike upon the Imperialists,
'he Wings and the Radicals in their drawing
rooms. and filing their hearts with sweetness
sno light. The Asquith dinner is affair
:. 10 Importance and the talk has ended about
ae necessity for separating the Imperiaist
eep from the Radical goats.
'hahelal votes alone concern the drowsy Min
eiiaiists Anything inconvenient inoppor
ae Is put off until another session. when there