New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-20
THE WAR AND THE N4RKETS
SECRETARY GAGE SAYS NEITHER AMER
ICAN NOR ENGLISH SECURITIES
WILL SUFFER

Chicago, Feb. 19-'American securities will
not suffer appreciably from the Boer war, no
matter what setbacks the British forces may re-
ceive" said Secretary Gage to-day The same
indeed. may be said Of English securities The
financial condition OF England is recognized by
hnanciers so strong that every demand for
the prosecution Of the war can easily be met.
Already the needs Of England in the way OF
gold and the possibilities Of the selling of Amer
lean stocks by London are definitely known. and
the financial situation in this country is there
fore perfectly stable and proof against perturba-
lions.
Secretary Gage arrived in Chicago to-day, at
the invitation OF the National Association OF
Merchants and Travellers. before which he is to
deliver an address on The Outlook a dinner
at the Auditorium tomorrow night. He will
main here the greater part Of the week visit
ing friends.
While unwilling to express his personal views
about the war in the Transvaal the matters
in which the United States. directly or by impli
cation. has been connected with il, he did not
hesitate 70 speak Of the inference that might be
drawn from the phenomenal market in securi-
ties both in London and in New-York, so far as
it has been affected by the war.
England has plenty Of capital 10 carry on the
war" he said and that fact is generally
acknowledged by fnancers. This is the ex-
PLANTATION of the little disturbance which reports
of victories or defeats in the Transvaal have
caused in London and in New-YOrk.
AT the very start there were, is we'll
known panicky conditions when q Boer victory
was rumored. The reason Of that that the
financial conditions were not well understood by
men on Change and especially by those inter
ested in securities The natural effect Of the
declaration Of war 10 raise questions TO
what English stockholders would do. what
gold they would want and where they would
GOT g and what the opinion Of other fnancers
in regard TO these questions would be
Naturally there was more or less disturbance
a. rhe start but very quickly the conditions
became defined so that they could be fairly and
uroperlv measured and the general performances
Of the market quickly disappeared. There
fore while in the early stages the war had con
eijara HE effect now matters seem adjusted by
reason OF any news from the front
Scooter, Gage was asked whether this calm
IN ne market could be interpreted meaning
that fnanciers had full confidence that England
WOULD ultimately be successful against its enc
mics but he shook his head as ne rephea, IN me Inc
language quoted above, that II was Engiands
fnancial strength in which the fullest confidence
was felt which alone was responsible FOR the
What would the result on the markets be II
the English in South Africa were generally
driven back?" Mr.. Gage was asked
There would he no serious disturbance even
then answered Mr. Gage
t. answer Ia a question 70 the probable
outcome OF the financial iesls IT, nv penu I
before Congress- Mr.. Gage salo' me leglsia-
ZION desired will probably come Inc Two DIS
which have been passed py Rouse ana Senate
&C IVa4i known In all probs ability harmonious
,,-e nil be agreed upon, and bin will be
no-ked out which both houses VIII pass II will
nrobably contain the Senate provisions as to re-
funding. ,t,s NJ CO. -.
| that the Government was 1oI LaAthg up nuch
money speak OF now anu o ND re- the retuno
ing act was made Ia" - up i8Is
mart Of the surplus