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much from the government at Westminster,-are said to be Lord Strathcona and Sir Christopher Furness. At its recent annual meeting, the great French shipping corporation,-the Compagnie Generale Translantique,-explained that the absence of dividends was due to British and German competition. The French are worried about the steamship combine without seeing anything that they can do about it. It will, of course, be made an excuse for the promotion of various subsidy schemes in France, as in England. The HamburgAmerican line issued to its shareholders, and thus to the public, a month ago, a very full statement of the terms of the arrangement by which the two German shipping lines had entered into a working arrangement with the Morgan syndicate.

Business conditions in the United

A Season of States continue to be favorable; and

Prosperity. but for the disturbance caused by the anthracite coal strike, it might probably be said. with truth that never at any time in the country's history has there been so much well-paid employment for everybody able and willing to work, never so little grinding poverty, and never so bright an outlook in the economic sphere for all classes of young men. There has been no slackening in the demand for iron and steel products. We have not been exporting as much as last year, but one reason for that is the unsatisfied demand of the home market. The railroads were never handling such large quantities of goods, and they are finding it profitable to spend large sums of money in improving their grades and making extensive renewals and betterments. The production of copper in May in the United States reached nearly 26,000 tons, breaking all previous records. For the fiscal year ending with June, the exports of the United States will be from $90,000,000 to $100,000,000 less in value than those of the year ending June, 1901; but they will still exceed those of every other year, and amount to about $1,400,000,000. The imports, on the other hand, will amount to considerably more than those of any previous year, and the so-called balance of trade, -that is to say, the excess of exports over imports,-will be not far from $500,000,000. The falling off in exports is in part due to the shortage of the corn crop; but also largely to the steady demand and high prices for commodities prevailing in this country, which has had the effect of keeping our products for the home market.

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larger than ever before, and thus far the weather has been encouraging, although it will be many weeks before corn is safe from all possible vicissitudes. The winter wheat crop, much of which has now been harvested, will be a little smaller than usual. While the spring wheat outlook is favorable, the acreage is reduced, and the total wheat crop of 1902 will probably be 100,000,000 bushels less than that of last year. will, however, still be the third largest wheat crop in the history of the country. The prospects for other small grains are good, and the reports about the various fruit crops are, as usual, contradictory. The marked feeling in the corn and cotton belts, however, is one of great cheerfulness. If the crops turn out as well as we have reason to expect, the railroads will continue to make the fine earnings they have been

lately reporting. The disposition to unify and extend railroad systems shows no check. The Northern Securities' cases are still in the hands of the courts, but the railroads concerned

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are meanwhile profitably employed. The plan of the United States Steel Corporation to retire $200,000,000 of its preferred stock, and to issue bonds instead, although accepted by the holders of nearly all of the stock, was objected to by a few, and is in litigation.

GOV.-ELECT CHAMBERLAIN, OF

Current American Politics.

OREGON.

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With the approach of midsummer we find active preparation for the Congressional campaigns. In several States, also, governors are to be elected, and nominations have already been made. Oregon, which votes at an unusual date, had a close election on June 2, which resulted in the choice of Republican Congressmen and of Republicans for all the State offices, except that of governor. tional differences in the dominant party allowed the Democrats to elect their candidate, Hon. George L. Chamberlain, by a small majority. On June 16, the people of Connecticut voted upon the draft of a new constitution, submitted to them by the recent convention, which had occupied more than four months in its work. A very light vote was cast, and the project was defeated by about two to one. The principal question at issue was that of representation in

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and refused to put representation upon a modern and equitable basis. Naturally the people of the towns voted against the constitution project and defeated it. A number of Republican State conventions have been held, and their endorsement of the administration of President Roosevelt has been as emphatic as language could make it. It was not a little gratifying to the President that his Cuban policy was so strongly endorsed, and particularly that the Republicans of Western States like South Dakota and Nebraska emphatically repudiated the position of their Senators on Cuban reciprocity, and stood squarely by the President. It is also to be remarked that the Republican conventions have sustained the army administration and the War Department in their work in the Philippines and elsewhere. The Maine Republicans have renominated Hon. John F. Hill. On June 19, the Vermont Republicans nominated Gen. John G. McCullough, after a long and interesting canvass on the part of several prominent candidates. In Pennsylvania, after a tremendous preliminary contest, Senator Quay was successful in securing the nomination for governor of Judge Samuel W. Pennypacker, of Philadelphia. The Kansas Republican nomi

nee for governor is ex-Congressman W. J. Bailey. In South Dakota the Hon. John Perried, a Republican leader of talent, character, and promise, has been renominated. After a lively contest in Nebraska, the Republican convention, on June 18, selected the Hon. John Mickey as its candidate for governor.

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Democrats in

The Democrats, all along the line, are Line of Battle. Putting into their platforms strong resolutions condemning the Republican Philippine policy, and are talking of tariff reform; but they have, as a rule, dropped the money question, and have cut loose from Mr. Bryan and the Kansas City platform of 1900. This is conspicuously true of the Indiana convention, held on June 4, and the Illinois convention, held on June 17. The Democrats of Tennessee have renominated Hon. James B. Fraser, of Chattanooga, for governor; and in Arkansas, Hon. Jefferson Davis has been renominated, and ex-Gov. James P. Clarke is selected to succeed Hon. James K. Jones in the United States Senate. It is too early to discover any important indications as to the Congressional elections, although the Democrats declare that they expect to make considerable gains. A great Democratic harmony meeting occurred on the occasion of the opening of the Tilden Club's new house in New York, on the evening of June 19. Ex-President Cleveland was the most conspicuous guest and speaker, and Ex-Senator David B. Hill came second. Mr. Bryan's presence had been hoped for, and he would have been highly welcomed; but he did. not come. The third speech was made by that brilliant and fast-rising Democratic leader, Gov. A. J. Montague, of Virginia. Colonel Gaston, of Massachusetts, and National Committeeman Thomas Taggert, of Indiana, were the other orators of an occasion which brought together a large number of well-known members of the Democratic party. Mr. Cleveland's speech was a plea for the return to fundamental party principles as represented in the old days by Samuel J. Tilden. His words that attracted the most attention, however, were those that related to himself and his permanent retirement from political activity. Many of the Democrats in the gathering made it plain enough that they were thinking of Mr. Cleveland as a candidate for 1904.

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A GROUP OF DISTINGUISHED DEMOCRATS AT THE TILDEN CLUB MEETING, JUNE 19. (In the front row, reading from right to left, are ex-President Grover Cleveland, ex-Senator David B. Hill, Gov. A. J. Montague, of Virginia, and L. Laflin Kellogg, of New York. Behind Mr. Cleveland is Mr. Robert E. Dowling, president of the Tilden Club. Behind Governor Montague is Hon. John C. Calhoun.)

Guadeloupe, Trinidad, St. Lucia, and Guiana; that about $600,000 had been contributed from all sources for relief, and that aid had been distributed to 10,000 sufferers. In the southern part of the island of Martinique agricultural work was going on as usual. Meanwhile, a number of American scientists and explorers had been making investigations, which were duly reported at great length from day to day in the newspapers. They found, among other things, that there had been no overflow of molten matter from the

Mont Pelée crater, no topographical alteration of the country, and no change in the height of Mont Pelée. It has become known that, coinci dent with the eruptions in the West Indies, there were volcanic disturbances and earthquakes in several other parts of the world, including Central America, Alaska, the Hawaiian Islands, and some European countries. Among some other significant consequences of the new interest in these terrible forces of nature was the change of feeling about Nicaragua as a safe route for the

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his nephew, the Right Hon. Arthur. J. Balfour. The British newspapers manifest much interest in the anticipated discussions of the colonial statesmen, under the auspices of Mr. Chamberlain, on questions of imperial trade and preferential tariffs. The death of Lord Pauncefote, British ambassador at Washington, was deeply regretted in both countries. His successor, who was promply appointed, is the Hon. Michael H. Herbert, formerly a member of the British legation at Washington, but for some years past secretary of the embassy at Paris.

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Various Foreign Notes.

The expected change of ministry in France has already become an accomplished fact, M. Waldeck-Rousseau retiring at his own instance on account of illhealth. We publish elsewhere an article from the pen of Prof. Othon Guerlac on the retiring premier and his successor. It gives an account of the career of the new prime minister and an outline of the political situation. While the new cabinet is more frankly Radical, it has much in common with its predecessor, inasmuch as M. Delcassé remains as Minister of Foreign Affairs, and General Andre as Minister of War. very successful visit of the Rochambeau party to the United States has been the subject of much friendly comment in France. The German

The

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New York Herald.

M. COMBES, NEW FRENCH PREMIER.

The rebellion in Colombia seems to have subsided to a considerable extent, although it is not yet extinct. Chile and Argentina were sensible enough toward the end of May to sign a treaty for general arbitration, limitation of naval armaments, and the placing of landmarks on the frontier. There was friction last month between Brazil and Bolivia owing to the concession by the Bolivian Government to an Anglo-American syndicate of a vast area of rubber forests in the region known as the Republic of Acre, and which is partly claimed by Brazil. The govern ment of Haiti is in process of reorganization.

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HON. A. J. BALFOUR READING TERMS OF PEACE AGREEMENT IN THE HOUSE OF COMMONS.

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Reichstag adjourned on June 12, after having passed a bill to ratify the agreement adopted at the Brussels International Sugar Conference abolishing bounties. The strained relations between the two halves of the Austro-Hungarian empire have reappeared conspicuously in their failure to renew the so called Ausgleich, or tariff and commercial union, which was formed upon the reorganization of the Hapsburg dominions after the disastrous war of 1866. From Russia the reports of serious and widespread disaffection grow worse rather than better, and the enforcement of the new military conscription law in Finland threatens a dangerous crisis.

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-on President's Patton's motion,-of Dr. Woodrow Wilson, a professor in the university, as his successor. We publish elsewhere a sketch of Woodrow Wilson's career from the pen of his college classmate Robert Bridges, of New York. Dr. Patton remains as a professor in Princeton, and he will not be obscured as a-shining light in the educational and theological world or lost as an intellectual force in American life and literature. As for President Woodrow Wilson, it is enough to say that no one doubts his eminent and complete qualifications. Mr. Alexander C. Humphreys, of New York, a well-known engineer, has been chosen to fill the place, as president of the Stevens Institute of Technology at Hoboken,

THE LATE LORD PAUNCEFOTE.

of the late Henry Morton. Dr. Joseph Swain, president of Indiana University, resigns to become head of Swarthmore College. Dr. Dan F. Bradley was inaugurated president of Iowa College on June 11, and Prof. John H. T. Main was installed as dean of the faculty. Dr. George H. Denny was inaugurated as president of Washington and Lee University, on June 17.

Obituary Notes.

Some distinguished names appear in our obituary list this month. King Albert of Saxony died on June 19 at the age of seventy four, and on the same day Lord Acton, the great English scholar and professor of modern history at Cambridge, died at the age of sixty-eight. To Lord Pauncefote's death we have already referred. The death of President John H. Barrows, of Oberlin College, was deeply deplored. The foremost member of the Southern Presbyterian church was the venerable Dr. Benjamin Morgan Palmer, of New Orleans, who was in his eighty-fourth year. Dean Hoffman, of the General Theological Seminary of New York, and the Rev. Dr. George H. Hepworth, also died last month.

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