The St. Louis Republic., 1903-04-20
Local Investments Attract Wealth
From Many Sections of
the Country.
GIVES IMPETUS TO BUSINESS.
New Industries Are Promoted
With Home Capital and Later
Sought After in the Mar
kets of Finance.

Bankers who have closely studied local
business and financial conditions say that
IN the course OF the last few years enor-
nous sums OF outside capital seeking per-
manent investment have been steadily how-
ing into ST. Louis. BY degrees. they say.
many OF The city's great industries are slip
/ ping mo the hands OF outsiders.
| II. Louis IS becoming more attractive ev-
eiy ear 10 Eastern and even European cap
I iIalsJs.
/ wHere formerly nearly all the more i'm
! pOrtant industrial. commercial and railway
Z s9iPItaHOns CpsIattd here wee ownei
Witnin the city. an inspection Of their stock
books now would reveal the names OF end
less Eastern and Northern capitalists.
Inese charges are beng - gradually
made that II l. not Until the consummatiOn
OF some exceedingly large deal. such as the
sale OF the Laclede Gas Light Company or
the acquisition OF the East Side street rail-
NIv companies by The Brown Brothers. that
forward
NEW CAPITAL Is WELCOMED.
For the most part local hntnc.crs and
business men hail the ady~nt OF outside syn
dicates with pleasure. TIE big transactions,
thoy put through mean the release OF vast
sums or ST. Louis capital Financial instI-
tutions and new Industries and enterprises
capital
In discussing this phase OF the situation,
prominent national bank official said:
Louis business men Is almost proverbial.
Before the owners Of the great corporations
here agree TO sell TO outside capitalists. Il
i pretty safe 10 say that they nave made
money IN them and arc receiving a good
price from the purchaser. New men come
In confident that more can be made from
the properties by change OF management
and reorganization Of the finances. The
local man has made his profit and is salts
fed.
1t Is an exceedingly difficult matter TO
trace the local money which these sales
turn loose. In a general way the banker
who keeDs close watch on business affairs
can follow its drift. In the first place
much OF the money goes back into securt-
ties of the reorsanized companies. This
Is shown by the fact that many Of the old
directors are reelected on the new boards
NEW ENTERPRISES ARE STARTED.
Endless new enterprises started here by
local capitalists formerly Identified with the
I'd corporations account for many thou
sands OF dollars OF the released capital
Millions OF money which St LOuisans are
spending in the development OF the South
and Southwest come from the sums paid
bv Eastern investors in ST. Louis proper
i believe in recent years much more St.
Louis capital Is being invested in secur-
tiles listed on the New York Stock Ex.
change than was formerly the case. But
OF the wealth released. however. l believe
a majority remains in St Louis and Is re-
the city The phenomenal growth OF our
city and It's commerce in the last decade
proves this"
change which Is considered OF even
greater Importance has come in the as
meet OF the money market OF st. Louis
The financial institutions here have be-
come practically independent OF New York.
As a hlancial center. ST. Louis draws from
: nd supplies a region which is little af-
fected by fluctuations in the metropolis
A. the present time local financial insti-
tutions have abundant money for all pur-
~oses and reGuirements. and still much left
over. In New York money is scarce. For
~nerlv shortage OF funds in the East and
every furry and panic were Immediately
felt in ST. Louis. Now. as a banker re-
Gently said. 81 does not matter much here
whether there is strincency in New York
Or Bombay.