St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-04-01
LONDON MORE CONFIDENT.
The Foreis ners Are Thinking
More Of Our Securities
Every Day.
VERY PROSPEROUS NATION
In Prospect - Manufacturers
Can Now Produce at Nod
crate Profits.
Snecial to the Globe.

Special to the Globe.
NEW YORK, March 51.-During
the past week the Wall street mar
kets have retained the aspects of
general recovery apparent for the
two previous weeks. The accession
of confidence among investors is APP
parent in a still large demand for
bonds and for the higher class of
railroad shares. The speculative in
terest shows no abatement; but nat
urally, after the advance of last
week, there has been considerable
selling TO realize profits. 1t deserves
notice, however, that these sales
have had much less effect upon
prices than might have been expect
ed, one set of operators being ready
to take what others deem it prudent
to sell; which is significant evidence
of the improved market valuation
of securities and of a conviction that
prices are destined to a still higher
range of values. London continues
to exhibit renewed confidence in our
securities. There has been no i'm
portant realizing here on account
OF that market, and the operations
on the London exchange are assum-
ing a quite active phase 1t is evil
dent that British investors have re-
gained, in an important measure,
their former confidence in our in
vestments. That first condition of
buying having been realized, there
are other helpful consequences that
are likely to follow: Nearly every
thing dealt in on the London ex-
change has been forced up by re-
cent speculation to
UNREASONABLE HIGH
prices; and the main thing in which
it is now possible to create an ex-
citing interest is new gold mining
enterprises, which are being ex-
tensively organized, and most of
Which appear to be of a very du-
biouS and unattractive character.
Improved confidence in our obliga-
tons and their current relatively low
prices, together with the prospect Of
their increased earning capacity.
can hardly fail to restore very ma
terlaIly the demand for American in
Vestments. The extent to which this
source of demand might alternately
develop may be inferred from the
TACT that the amount of our stocks
and bonds returned in 1893 and 1894
under the effects of the silver scare.
has been generally estimated at not
less than 5000, 0G0, eco. The amount of
gold-bearing bonds exported last
week was $2,000,O 900; but this week
the shipments have been light. This
revival on the London market is
important as having a direct bearing
on the foreign exchanges. AS if was
almost entirely the return of securi-
ties that caused the extraordinary
exports of gold during the late de-
preston, so the renewal of exports
OF these obliga tons will tend to hold
the
SHIPMENTS OF SPECIE
In check, thereby facilitating the 1e-
storative work of the loan syndicate
ana Strengthening the position of The
United States treasury. 1t is also a
matter of some weight, in orr reJa-
ions with European investors, that
there is now every assurance of an
immediate return of general nation
al prosperity. AS a state of panic
ana depression has always an IN
favorable effect upon the foreign
credlt OF a nation, so a state of
prosperity encourages confidence.
LOT the pam reason that industrial
activity is conducive to good earn
1ngs and diminishes the risk of in
VeStments. 1t may be said that we
nave not yet escaped from the I'M
favorable contingencies connected
WIKI silver; which is true. But do
the United States stand alone in that
respect? Judging from the accounts
that reach US, the commerce of Great
brltaln and her dependencies is suf-
Ierlng much more than ours from
thls cause. And in Germany the i'm
portant agrarian interest has es-
pouSed the cause of bimetaIlism
with an energy which shows that
country to be vitality concerned in
the silver question. Indeed, if NAV
be seriously questioned whether. as
a political issue, there is more dan
ger of
UNWHOLESOME LEGISLATION
on this question in the United States
than there is in either of those two
nations. Under these circumstances
1t is not easy to see why England
.hould single out our investments
Tor special discrimination on ac-
count of our silver agitation. The
truth is that the late alarm among