The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-04-02
qEuS AND THE FUTURE
NEW YORK BANKER JUMPS OVER
THE PRESENT TO MAKE SOME
PREDICTIONS
ABOUT ERA OF PROGRESSION
Market of the Last Few Days May
Have Temporary Reactions,
but Will Continue to
Expand.

"a NEW YORK. March 3l-(speciaI)-
! view, says
| We have had strong and satisfactory
market for several days. Prices have
| risen very generally, one Of the best
features 4 being the breadth of the mar
| keli SO some temporary reactions now
need cause no surprise, for early buyers
are sure to take their profits. This.
however, does not mean that the pres
SHC upward movement Is at an end it
IS altogether based upon too many sound
reasons TO prove nothing but a short
anq temporary squirt. The present rise
- pased upon the excellent business con-
utllohs that prevail; upon the large earn
Ings or the securities dealt in on thu
So SeoGh exchange; upon the passage OF the
new currency Dill, which esta blIshes the
soId standard and allows of moderate
expansion OF the currency and upon the
scarcity OF safe and profitable invest
menus. Lately the rise In values has
peen stimulated by foreign buying. Lon
'oon mas purchased quite freely and some
81 II, these securities will be shipped to
Europe, while a considerable portion viii
| pc held here on speculative account; con
dltlons favoring that method Of opera
5lon rather than their transfer to Lon
don There Is no doubt that considerable
OF TINS foreign buying is due to the pas
sage or our currency bill, which carried
LnuGh more weight in foreign financial
circles than over here where public opin-
Ion was better understood The inactiv-
lty In the Kaffir market, which is likely
20 last until the Transvaal war Is ended.
is further inducement for London oner.
ket. A
AS frequently intimated in these adj
SIces' the most marked advances have
peen In the securities of reorganized COM
panles Which first benefit from the gains
IN earnings Gilt-edge bonds and the old
SSs ata dividend payers are neglected,
STOCK operator. Preferred railroad stocks
ana loW-priced bonds have proved the
pest purchases. The preferred stocks Of
the best industrials are also likely to
yIeld good returns to their owners; while
the common stocks of these issues are
ueSlecteo' because no one expects pres
oiIl eAceptlonal profits to continue fnded-
nltely, and the common issues will. OF
course, take the full brunt of fluctuations
IN business. April settlements have had
surprisingly slight effect upon the money
market. and at this writing there is no
prospect OF disturbance from that quar-
Ter. me monetary outlook is generally
assuring, and moderate II not easy rates
come. o "
The effect of the placing Of this coun-
try on permanent gold basis bv national
enactment has not yet been fully annre-
clated In Wall street, as 1t has been
amongst the great financlers and capt.
f 6aIa OF London American securities
nave backing now for intrinsic warth
such as they have never had haSssre.
through the status which the adopT-on
~ me gold standard has given them, OF
L
attention OF the world will be called
more forcibly than ever before to Amer
icah securities from this time forth, MAX
IHs lnefn more sought after for perna-
nent noldlng. Now that the misgivings
as TO the future OF our money have been
setued. FACTORS such as a large CONNER
cldI palance In our favor will encourage
amongst Foreigners the purchase of Amer4
lean securities, while the fear of drift.
lnS TO silver basis had previously dis
cOuraged them from doing so. Large rail.
road earnings such as We are now hav-
ing VIII also encourage making invest
msnts In this country a large scale
Wnen the South African war is teruin-
ated. 1t is not surprising therefore. that
rallroad stocks have now commenced to
/ a .1oo,!1l a after a prolonged lull in the
market. The sound way in which most
or the railroads have been reorganized In
the last few years must be Considered
as a most favorable factor by operators
ana investors In American railway shares.
The present wonderful showing made
oy american railway and industrial cor
poTatlons only foreshadows the immense
ACTIVITY to come. The entire world is on
terlng upon an era of commercial nro.
erosion and prosperity that will far sur
pass all present records. National con-
Wea man WIN If oe made henceforth by the
WeaPols OF commerce rather than by
tnoSe or war The great increase in tha
goId product of the world is the moving
power, and the faster If Is brouph+ mn
from the bowels Of the earth the Greater
Wlli be the impetus of business Ventures
ana developments. The future will hs
OIiILanC III inventions and discoveries
ana In the advancement of gigantic bus
mess enterprises without limit as to
sphere We are to witness a race of
mankind for supremacy in the worlds
markets: The open door" will be the
policy of all the great powers. The com.
pletion of the Trans-Siberian railway
points to the development of the hereto
lore almost unknown resources of Rus
sla, upon the ending of the TransvaaJ
war we shall see a tremendous sween II
civilization into Africa, which means the
opening up of it's fabulous resources. Who
can galnsay that the results will be
globe where they will not be felt. Such
are are the conditions prevailing in this clos
ing year OF a wonderful century The
da ZZlinpr ~ - Alu6SQ