The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-05-28
STRONG Sir jiii Bill FACTORS jItRjj
LARGE RAILROAD EARNINGS, EASY
MONEY AND PROGRESS OF
TRANSVAAL WAR
EASIER MONEY IN. LONDON
VIII Be One of the First Effects
of the Close of the War
Business Out
look.

NEW YORK. May 26-The stock mar
seE sh e{Sm,t good resisting d qualities.
press values, but success has been lin
tied The chief result was to enlarge
the short interest and create buying
power otherwise wanting At pres
ent neither investors nor the outside
| pubic are taking an active part in the
market; but the real holders of stocks
make such display of confidence that
the long expected recessions in values
90 not materialize On the contrary.
prices have been surprisingly strong,
considering the various uncertainties
and the changes to be faced within the
next two or three months.
The strongest bull factors at the mo-
ment are continued large railroad earn
ings, easy money and the prospect Of
an early end of the Transvaal war.
While many Americans have synpa-
thized with the Dutch chiefly because
they have fought valiantly for losing
cause, yet as a nation we were not
only compelled to be neutral by all legal
precedent, but on the merits of the cause
our Judgment could not sanction the po-
English have fought for liberty as each
understood it. But to the Dutch Hber-
ty was Tor the Dutch only; while the
English fought for equal rights for u
men and not for the privileged few of
single nationality. Under British
domlna ton the Dutch will have the
same rights as the English; under Dutch
rule other nationalities had been made
desperate by the petty tyranny Of rulers
whose Interior purpose was the utter
exclusion OF all foreigners, if possible.
The issue may be ctouded by DISCUSSING
t51e minor errors Of both sides; but on
the larger view of the question which
must control-that of equal rights for
all men-there IS but one side fer Amer
leans 10 take, and that is the side OF
Justice and equality before the law. AS
for American interference we have No
African question; and even from the hu-
manltarian point of view it would be
supreme folly to shed more blood for
Britain would never submit TO American
interference. Imagine our temper
should England have assumed to inter
Eene on behalf OF Spain during the late
War; or even to support Aguinaldo at
present. Besides, it would be ungener-
Gus OF US to forget so soon the attitude
of friendship which England preserved
during the Spanish war and her refusal
10 JOIN the other great powers in a re-
inonStrahce against our interference i'll
behalf or Cuba. Whatever criticisms
we may wish to make regarding British
Policy In South Africa, it cannot be
advancing civilization; and the least We
can do for our best friend and our best
customer IS to control our emotions and
maintain an attitude of friendly neut al
ity until this unfortunate struggle is
brought TO q finish
The terminate ton of the war will GER
talnly have stimulating effect by Ie-
lease al the various forces which il has
checked. The relief will be first lett
in the money market. and easier money
in London will mean smaller gold ex-
poTtS and easier rates here. The local
OUTLOOK for monetary conditions is ia
Torable. Trade and industrial require
ments are likely to be less urgent thaa
a year ago, and Secretary Gage seems
disposed to take every legitimate oppor-
tunity of preventing the locking up o.
funds in the treasury until congress
stops the accumulation by reducing the
war taxes, which now burden and irri-
tate the public. The secretary's call
for the redemption of SOS, 0O0,O . per
cent bonds will bring Corresponding
TINS fall when most needed for crop
moving purposes These bonds are a re-
neWed obligation of the government.
payable at the pleasure of the govern
ment, and the calling in of them now to
be paid off establishes the Uni(e ed
states government credit on 2 per cent
worlds government credit, as such a
financial feat has never before been ac-
compliShed by any nation.
AS We have stated in our previous adj
vices, the business outlook does not war
rant any uneasinesS. Some concessions
on values OF merchandise would merely
bring in new orders which have been
held back by high prices, and partial
cessation of the recent rush of orders
is desirable if trade is to continue of
healthy proportions We look for a less
profitable but a smaller and sounder
volume of business during the next six
months than the last. And there is no
doubt whatever that the railroads will
enjoy their present prosperity for
considerable length Of time to come The
lEdustrials are. not the menace to the
market that they once were; specula-
ton In these being largely restricted to
professionals and original holders and
current market prices often being below
the point of issue. AS speculative hold
ings their ownership still involves I'M
usual risk, so long as they have to face
the consequences of eoverca pitalization
and new co.nrC titinn; the latter being
feature worth the attention of the anti
trust constituency. The market was
temporarily disturbed by the failure of
a Cotton exchange firm, but the general
situation is favorable, and prices are
likely to respond to good news Until
the presidential nomina tons are made,
however, there is not likely to be any
big concerted bull movement, and the
political campaign and summer quiet
together will tend to restrict operations
We do not look for any important down
ward movement in the good railroad
stocks and consider them a good pur-
chase on all decided reactions.