The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-29
by the Associated Press.

|
LONDON, Jan. 2S.-The attitude of
British investors toward American
business underwent a notable change
during the past week. The mind of
the British public is always slow to
grasp changes. and people here are
only just beginning to realize what
financiers and politicians have for
months considered the most important
fact of the year-the tremendous COM
mercial advancement of the United
! States. Ever since the Venezuelan af-
fair the only idea of British holders
OF American securities has been to sell,
whenever they could do so with any
profit. or without too great a loss. In
the. beginning of the present upward
rush of American stocks both specu-
| latorS and conservative holders Of
| transatlantic securities were eager to
take advantage of the opportunity to
unload, the former selling for profit, in
view of the crash in the market which
was deemed inevitable; the latter to
get rid of what they regarded as un-
safe property which they had been
| long holding.
Both British and American finan-
c1ers agree that the pendulum has
now begun to swing in the other di-
rection. Investors, seeing that the an
| tlcipated disasters do not materialize,
and that the United States is appar-
emily in for period of great prosper
ity, are coming to the conclusion that
they were overhasty in unloading
their American holdings. They are re-
| tracing their steps, and are giving or
| ders to their brokers to rebuy the
stock they discarded with feeling Of
JOY at getting rid of dead wood,
| though the newspapers are still croak-
Ing over the panic which Wall street
| is destined to witness in the near fu-
ture, according to all their prophecies.
| BUSINESS men who have been inter-
viewed agree that, so far as all the
lines of legitimate industry are con-
cerned, the United States has every
reason to be optimistic. Mr.. Alfred
| Charles de Rothschilds, Of N. M
Rothschilds & Son, spoke enthusiasts
tically Of the American outlook. He
said:
! There seems to be a period of un-
paralleled prosperity before America
| So far as American investments are
concerned, the public must, as in any
other field, discriminate between what
| Is good and what is bad. But your
| crops, manufactures and commerce all
seem to combine to place the country
on an unusually sound basis which
cannot fail to, awaken admiration
| throughout the world
| one OF the most prominent bankers
! remarked:
'"The United Etates is rather too en-
terprising for the peace of mind of Eu-
rope. 1t is rather hard to believe that
| the statistics of American exports can
| be true"
The Statist is not sure the figures of
American business represent increased
prosperity. From the decrease in i'm
tports it argues that the high tariff is
| limo hn III 10
| themselves many comforts, and that
| the farmers. during the years of de-
preston, contracted debts which they
are determined to pay before they al
low themselves their customary COM
| forts.
| The Spectator sermonizes on the eff
feet Of the speculative boom on the ma
| tiOnal character and says:
Ten per cent of the whole popula-
ton are having good, big gamble,
! and being Americans, who do not care
| much when they are ruined, they are
| enjoying themselves nightly"
This paper believes that the prin-
! cipal effect of such booms is to in
| crease national sanguineness, adding:
| mo typical American ever fears any
result of his own actions: but there
are few typical Americans without
| some look of care"
~
England has been enjoying a little
| boom of her own in South african min
ing enterprises, to which an impetus
| has been given by the presence here of
| Cecil Rhodes, the South African mag
! nate, but which attracted small atten-
| ton In the newspapers in comparison
with the more sensational business
across the Atlantic Mr. Rhodes agent
1r III To riS
met has promised an imperial guaran-
tee Of the Cape to Cairo railway, from
Bu1awayo to the Zambesi river, a dis
lance of $50 miles, and when that sec
ton is built. the government will prob
ably guarantee the road to Lake Tan
ganyka.
There Is an interesting story of Mr..
Rhodes success in connection with the
Soudan campaign, which, incidentally.
played an important part in influence
ing the cabinet in his favor The gov
eminent, it appears, could not buy the
engines and plant necessary to operate
Gen. Kitcnener's strategic railroad
which has an unusual guage, and when
Mr.. Rhodes heard Of this, he sacrificed
the equipment bought for the British
chartered South Africa company, and
so enabled the campaign to be finished
nearly a year sooner than would have
been possible if he had not come to the
rescue.
CONGO REVOLT.
A representative of the Associated
Press has had an interview with Mr.
Werner of the American Presbyterian
Congo mission, who has just arrived
in England on his way to America, af-
ter four years residence at Luebo. In
the Kassai district. He said.
THE present mutiny is probably the
last desperate attempt to throw off
the white mans control. 1t is also a
most serious outbreak, on account of
the inaccessibility of the region When
| it is remembered that Baron Dhanis
| (the Belgian commander) is 300 miles
from his base Of supplies, with only
| handful of whites, it Is small wonder
that 50 many Europeans have already
been sacrificed. and it will occasion no
surprise if further disasters await the
Belgians. Nothing but building a rail-
way is likely to effectually suppress
the rebellion. According to my latest
| information, Baron Dhanis is practi-
cally surrounded by mutinous natives,
and it is reported that panic re gns
throughout the Congo territory How
| ever, this may be untrue"
| Mr.. Werner admitted that there had
| been some isolated cases of bad con-
duct on the part of subordinate VIII te
officers. But, he explained, the admin
! istration, as whole, is we'll intention
| ed and improving.
! "Most of the REPORTS of maladminis-
| tration and barbarity,' he said, "are
either untrue or greatly exaggerated
| Naturally it is extremely difficult for
| the central authorities to control the
| Of rfri A4O