The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-01-29


deavoring to Rebuy the Stocks
They Discarded.
Copyrighted, 1899. by Associated Press.1
LONDON, Jan. 2S.-The attitude Of
British investors toward American
business underwent a notable change
curing 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
f1nanciers 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 up
ward rush of American stocks both
spectators 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 unsafe
property which they had been long
holding.
Both British and American financiers
who have talked with a representative
OF the Associated Press on the subject
agree that the pendulum has now be-
gun to swing in the other direction.
Investors, seeing that the anticipated
disasters do not materialize, and that
the United States is apparently in for
period of great prosperity, are com
ing to the conclusion that they were
over hasty in unloading their American
holdings. They are retracing their
steps, and are giving orders to their
brokers to re-buy the stocks they dis
carded with a feeling Of joy at getting
rid of deadwood. though the newspapers
are still croaking dismally over the
panic which Wall street is destined to
witness in the near future, according to
al, their prophecies. Business men who
have been interviewed by a representa-
tive of the Associated Press agree that
SO far as all the lines of legitimate in
dustry are concerned, the United
States has every reason to be optimis-
tic
Rothschild & Sons, spoke enthusiast
cally 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
/ Il, 70 v1a ho
on an unusually sound basis, which
cannot fail to awaken admiration
throughout the world.
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, DIR. Rutherford
Harris. says the Cabinet has promised
an imperial guarantee for the railway
from Buluwayo to the Zambesi River, a
distance of $50 miles, and that when
that section is completed the Govern
ment will guarantee the road to Lake
Tanganyika.
There is an interesting story OF
Rhodes services in connection with the
Soudan campaign, which, incidentally
played an important part in influencing
the Cabinet in his favor. The Govern
ment, it appears, could not buy the en-
gines and plant necessary to operate
General Kitchener's strategic railroad,
which was an unusual gauge, and when
Rhodes heard of this he sacrificed the
equipment bought for the British Char
tered 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.
A representative of the Associated
Press had an interview with Rev. Dr.
Werner of the American Presbyterian
Congo Mission, who has just arrived in
England on his way to America. after
four years residence in Luebo, in the
Kasidi district. He said: 'sThe present
mutiny is practically the last desperate
attempt to throw off the white mans
control. 1t is also the most serious
outbreak, on account of the inaccessi-
bility of the region. When it is remem-
bered that Baron d'Hanis is 200 miles
from his base of supplies, with only a
handful of whites, it is no wonder that
SO many Europeans have already been
sacrificed, and it will occasion no sur
prise 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 d'Hanis is practi-
oally surrounded by mutinous natives,
and it is reported that panic reigns
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 the subordinate
white officers. But, he explained, the
administration as a whole is well in
tended and improving.
France, as the incendiary factor in
European politics. has suddenly subsid-
ed. The diplomats in London and Paris
are comforting daily, which, in connec-
ton with the hints of the Home Sec
rotary, Sir Mathew White Ridley, in
his speech at the Unionist denonstra-
ton at Blackpool ON January 9th gives
color to the story that a great treaty is
being made by which all the disputes
between Great Britain and France will
be settled. One report which finds
credence Is to the effect that Great
Britain gives France the Congo Free
State as compensation for her demands
in connection with Madagascar and
Newfoundland and to placate her for
the conquest of the Soudan Whatever
may be the reason, the tone Of the
French statesmen and press toward