The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-24
and MONEY TALKS
CAPITALISTS HOLD TOO MUCH
TURKISH PAPER TO ALLOW A
LONG WAR.
WAR SCARE is MAGNIFlED.
IMMIGRATION TO THE NORTHWEST
WILL BE LIGHT, SAYS SAM
UEL HILL.
MARKET FOR OUR NO. L HARD.
J. j. HiII's Experiment in Sending
Wheat to the Orient Creating
Great Interest.

when L left Europe the general i'm
preston, not only among the people
of average intelligence and informal
ton, but the judgment of the business
men and bankers was that there would
be no war of any serious consequence
in the Levant. AS they argued,
Europe cannot afford to allow these
countries to fight to a finish; there
are too many Turkish bonds in circu-
lation or in the hands of English and
continental investors. Pick up any Of
the leading newspapers that cover the
financial news and you will see quoted
among the securities sold on the
Bourse and on Lombard street some
thing like this: Turkish, Group H."
at a certain quotation; Turkish,
Group ILL.," at another, and perhaps
Turkish. Group W. at another. Then
Turkish lottery obligations and other
Turkish securities. What do these
argue? Clearly, that Europe cannot
afford to permit the ACKNOWLEDGMENT Of
the Ottoman empire at this time
In words such as these Samuel Hill
discussed the chances Of the war be-
tween Greece and Turkey now in pro-
greSS. He did not affect the oracle
but 1t was plain to be seen that ac-
cOTdirg to the opinion of a man who
has talked with the money kings Of
the old world within two weeks the
Grecian war scare is considerably
magnified on its way to the American
breakfast table. Mr.. Hill arrived in
Minneapolis yesterday, having been ell
route six weeks, going and coming on
one of his occasional flying trips. He
was a member Of what in the North
west will be perfectly understood when
it is described as James ]. Hills party,
and confined himself principally to the
subject of Northwestern immigration.
This is one Of the great features Of
the railroad business as understood by
the Hills.
1--WE are not going to get the great
influx of population in the Northwest
that we have seen during several
previous years." Mr. Hill said to the
G o b e reporter. THE condition of the
classes from which the immigrants
have come during the past forty or fifty
years is much better in Europe today,
than it has been. There has been
a thinning out by that extensive emf
grafton, which we have seen here, and
which has carried these people to points
all over the new world and to Australia.
We will get comparatively few Ger
mans. l visited Germany with a view
to stirring up as much interest as |
could and to learn what the outlook
was, 1 found that the tide was wa;
turned toward South America. The
reason is plain. 1t is for the benefit
of the Vaterland. When they establish
a colony of Germans in one of those
Spanish countries, they retain all their
home ties, commercial, financial and
social, although they are politically
separated; but when a German immi-
grant comes to the United States, he
is cut off from the home country. To
the German who goes to South Ameri-
ca, German manufacturers can still sell
their wares, but to the German who
comes to the United States the oppor-
tunity of buying in the home market
or the worlds market, is before him,
and as a customer he is lost to the Ger
man industrial system. But besides all
this, business is prosperous in Ger
many and there is no incentive to the
German farmer to leave his home and
come to a country in which he is told
he runs the risk of receiving his pay in
50-cent dollars. In Belgium and in
England the agricultural classes are
| prosperous This leaves only the Scan
dinavian countries to draw from.
Everything points to a fair amount
| OF immigration from these countries.
| The rise of the price of wheat, which
has been promptly communicated by
residents of this state to their friends
in the old country, has led people from
! the Scandinavian countries to turn
their attention this way once more.
| The principal question asked about
| the Northwest was the price of our
| chief staple, wheat, and the fact that
| Mr.. James J. Hill has succeeded in
| finding new consumers in China and
| Japan for our surplus wheat particu-
/ larly that raised on the Pacific coast
/ has resulted in the raise of the price
! in the Red river valley. This fact has
/ interested the Europeans, who have
! friends here, very much, and, as I said
! it will result in an increase in the i'm
! migration"
/ Discussing the financial condition in
! London, Mr.. Hill said he thought it did
not differ materially from that in New
! York The discount rate in London is
about per cent, and money can be
: had in New York or Boston at 80 per
cent at present. There is a great deal
! of idle capital in London and all over
! England, and if investors could be
| only reasonably sure that it could be
! invested here safely, there would be
| no end of money. But the financial
! world is still worrying about the tariff
! and the money scare which this country
! had last election. The ONLY thing the
English investor will buy in unlimited
quantities, is securities of established
| reputation.