The New York herald., 1869-03-28
AUS

The Railroad Mania-Au Glasses of People
Affected BY little Rage Tor Speculation
IncTsase OF iaporsations-How HALLWAY
SEccBiafions AGect the lotteries.
VIENNA, February os, 1869.
Alone In Europe the bourses Of Vienna and Pesih
are at the present moment the seats OF o railroad
banking and general JOINT stock company mania
which il equal in raotes to anything which mas oc-
cured In Great Britain, the United States anl
France snce tire construction OF railroads con-
menced. and that "a saying great deal To-day
viii coanne myself to the larger OF the two bourses
mentioned above, that OF Vienna. ana merely
say that that of Pesth faithfully reproduces
the main features OF the Cisleithan capital.
speak to Yienese on politics and ten to
one, you win find him the veriest pessimist
you can conceive, but broach the subject OF none.
tary Investments, and he Ia the widest Of optimists
Every body is investing and specializing; the door
keepers OF the private houses and the walters in the
cafes have long furnished well known contingent
to The queues which form in front Of banking house
when sad house is receiving applications for shares
In nascent company; but now we hear OF the
factory operatives rushing into the vortex and
bringing home in triumph bank share. or rather,
the scrip OF share in o bank not yet actually
founded. or the speculation IN scrip more anon
Let US rst take the quotations OF shares In the most
souu VI Au7tIah 'htcpflses ana compare the prices
OF few OF them with what they we're only two years
and one year ago. The quotations for 1857 and sos
are taken from Henop's Stock Exchange Calen,iar:-
w. =, req. ~, feo 28,
Northern Railroad. ........... l,ti0 lgso 2slT
Southern Railroad. ........... 2l0 IT2 232
state Railroad d................ az Isl 40
shares oil the Austrian Credit
Company. ................ W. ls5 2o2
Shares of the Anglo-Austrian
BANK. vi IlB 293
the premium on silver at the three above dases
respectively was z5z, lax and 20I.
The above i've quotations are given as specimen
bricks, but the rise the shares oil the two financial
and banking companies last named better reprcse
the present compicxion OF the b0urse than do the
quotations. OF the railroads, which do not seem 10
offer 80 many temptations as the monetary institu-
tions do 10 the giddy Specializing crowd.
But the most inflated OF all departments OF specu-
lati0n Is not the share, but the scrip department.
New emissions take place every fortnight, and the
scrip thrown on the market Immediately com
muIlds high premium The fact that all the new
scrip is eagerly caught IN and negotiated at large
premium OF course stimulates adventurous Indi-
viduas TO devote themselves 70 the business Of get
ting up companies so that they may net the pront,
winch follow tine first issue Of the stock. The
weekly OF the National Bank Of Austria show
stationary recedng figures in the item of money
lent ON bills of exchange, but Constantly increasing
amount OF money put out by the company ON loans
Ia public and nrlvate stocks
II stands TO reason that the phenomena above de-
scribed could only take place IN an easy money
ket Money ~, indeed, plentiful. and to he had at
relatively cheap rates Of interest The Austrian and
Hungarian speculaGor, with his Inconvertible State
and bank notes In his portfolio fears no drain oI
bullion. no BANK Of England screw, and never needs
to look with apprehcnson towards the daclina of
the banks preserve OF n0tcsV
Another legitimate deduction from these prcyr ses
would be that IN this speculative era the effective
consuming power Of the people has increased 1.d Ia
increasing. The import returns for C8 have just
been published tine export ditto have not yet 40
pearedD and n we take the two articles o. conee