St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-29
PAINTS IT R0SEATE
j. w. TAYLOR, BACK FROM THE
EAST, ENTHUSIASTIC OVER
THE LOOKOUT.
SIGNS OF BUSINESS REVIVAL
SEEN ON ALL HANDS BOTH IN NEW
YORK AND PHILADEL-
pHIA.
SIGNS OF BUSINESS REVIVAL
INQUIRY FOR WESTERN LANDS.
Money for Investment in This City
Not Hard to Obtain in the
East.

]. w. Taylor, the real estate man, has
returned from a three weeks visit to
the money centers of the East. Mr.
Taylor was everywhere met with sur
prising signs of a businss revival.
Il was in New York" said Mr. Tay-
Tor yesterday to a Clio b e reporter,
when the government bond issue was
made. Foreign investors knew these
bonds were a bargain, and had sent
in orders to American bankers The
foreigners expected that the bonds
would run up to premium of about
709, which would make them gilt-edged
security, and the bids from over the
water were made on that basis. But
when 109 was passed, and the new
bonds kept going higher and higher,
the Englishmen positively got nervous
and sent cables anxiously inquiring
where those bonds were likely to stop
booming. Well, they didn't stop till
they reached lis, which marked them
as the highest-priced securities issued
by any nation, and gave the United
States better credit than any coun-
try in the world.
so soor as the news of this eXtraor-
binary demand for the bonds was thor
oughly circulated abroad, money be-
gan to come over in large quantities,
and when 1 left New York there was
every evidence that foreign capital will
make heavy investments this year on
our side of the water. Meantime. there
is such demand for money for yari-
Gus enterprises that it is quoted on
call in New York at 315 and per cent,
While prime mercantile paper brings
51a to T. Now this is not because money
is tight and hard to get, but simply be-
cause the demand has suddenly in
creased. Why, last week showed the
biggest record for real estate trans
fers in New York that there has been
Tor seven years. Rents in both that
city and Philadelphia remain about the
same. Every one reports, especially in
Philadelphia, large demand for build
lngS suited for light manufacturing
pr1ses are being started.
Wall street is by no means discour-
aged. There was, you know, quite a
notable rise in railway stocks, although
a slight reaction has set in. And be
SIDES, the demand for state bonds is
much better now than it has been for
long time, which is always good
sign.
Perhaps the most agreeable thing
that L heard when L was East was told
me by very wealthy man. who has
always dealt heavily in Western farm
ing lands. He said he had been in
business for long time and that he
recalled that one of the first signs of
better times, after the panic of 1873.
was the revival Of inquiry for farms in
Iowa and Minnesota. Soon afterwards
the market began to improve for real
estate in Western cities. The same
thing is being repeated. This man
told me that he had lately met more
customers who want to invest in Min
nesota farming lands than he had for
the past eight years.
Il found no difficulty in securing ali
the money 1 asked for to loan on ST.
Paul real estate. The people there are
perfectly satisfied to make loans on
the basis of our present values They
think that our real estate is worth
every cent that we ask for it now, and
that there is no danger of it's going
lower.
"The gold reserve? New York isn't
worrying about that any more. The
bankers think that the government
will find no difficulty now in keeping
the reserve at the proper figure. And
when you consider the wonderful
credit that the nation has just estab-
lished and the anxiety Of foreigners to
send their money over, 1 imagine that
the bankers are more than half right
you can say, too, that all the state
ments made to me in New York and
Philadelphia came from conservative
business men of the highest position in
financial circles.