The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-01
The Great Influx Of For
cign Capital.
a "Reminiscences Of Stock Ingation In The
Early Days OF the War rs Applied
to the Present Situation.
The'Surplus Wealth Of Europe Seeking Invest
ment ana Turning Toward America.
st lpendors Results of the WASHINGTON
TreGty and Erie Reformation.
WALL STREET.


Oufsi,.e o. the markets which affected mere
directly oy the pending leg,s alton AZ Washington
trade for the weex has been active and TO the
chants generally Satisfactory. There was a fair
disiribuuon Of dty goods Tor tne Easter holidays
ana u rep.ensanfeat OF stocks for the coming sea-
son. Cotton WAY nrm and freely taken for EXPORT
Wheat was irregular, nut on the whole active at
fsir Prices the Southern dealers beng neavy
buyers. we tnrow out the suggestion that the cur
rent demand for noar ana wheat from the South
may be taken Jan element in aiding 10 solve the
problem OF tEG exent OF the cotton or q, both in
dcIermcipTH that witch ~ coming TO marker and
si9aH-salculatlng that winch Is being planted.
THE WEEK w WALL STREE.
The excitement and activity oL(fhe week In Wall
street almost equaea the SIsy times Of the original
ISSUE OF paper money and the mind OF the spectator
has been uewildered by The profusion OF thought
ana theories Which offered themselves in explanation
OF the great speculative animation OF the tunes. The
sallent feature OF all has been the European nquiry
Tor American railway securities ana Investment
therein II We review the history or the situation
Of matters in America ana Europe for the past
decade we shall fnd that In tins country the
prostitution OF the fst days OF The was followed
ny the lusn times OF the enormous issues OF green
backs and national bank notes aud consequent
enhancement OF railway securities pretty nearly all
over the country but IN the West particularly and
IN the great trunk lines leading 10 the metropolis,
especially those honestly and carefully managed,
such as the Pennsylvania, the New jersey Central
and the New York Central. The new Hood OF paper
money SO to speak, entered ana vivIned The agri-
cultural, manufacturing and commercial interests
anu sweiled them to giant PROPORTIONS, thus de-
handing OF the previously dropping energies OF the
railway system commensurate expansion to
cOinplish the uanic suddenly required of their
facilities. Tne history OF our railways SHOWS that
since the climax OF this imitation was reached back
In the early days or the war. the TIDE OF prices The
Stock Exchange has risen and fallen quite regularly,
but seldom has risen above those early days. In
some instances there have been exceptions. New
YORK Central, for example, did not reach fullest
imitation until 1899 when 1t soil at us, and Lake
Shore taking rs value with scrip on) Is seemingly
about to reach It's maximum at an early day. The
fact was evident, however, mat the public were
gradually becoming more conservative, and,
despite clique Efforts add the fostering OF special
speculative movements, would not enlist In
speculation with the Original reckessness. Some
OF TINS may be attributed The losses inflicted by
the panics or 1854 and 1852 not to speak OF the dts
favor cast upoa railway investments 10y the free.
booting operations OF the Erie Ring From year to
year the Clique enJrss less elfectua or they
iailcd entirely. Meantime, as speculation has been
waning here, Europe mas been flooded with money
That Is, those portions of Europe which are
ies sympathetic with us In monetary matters, viz,
England ana Germany. Germany already country
OF abundant currency before the war with France,
has been made pletuoric VITA money by the MIL
hons extracted ron France. her people have
become ricn as IL were. Hundreds OF artisans and
employees have gathered little fortunes in the re-
cent Degerent activity OF their country. The capt.
taists OF Germany nave loaded their correspondent
In London with heavy deposits, both for safe keep
Ing and for interest Tue great stream OF money
flowing from France has been diverted in great
part 10 England. Enormous deposits OF cash in
London ana low rates OF interest nave animated The
industries or Great Britain and the people
there ieel the imitation reflected from Germany.
TINS great mass Of new European wealth was burst
Ing its boundaries. 1t sought to come here. the
fragrant outrages OF the Erie Ring and the agitation
Of the Alabama question served as dixie to keep It
back Germany, however, took our bonds all along
with more or less freedom. The Alabama question
was almost eliminated by the Washington Treaty
and, despite the agitation about consequential dam
ages, Is now practically out Of the way With the
Washington Treaty Great Britain eagerly absorbed
our bonds, taking 1t VIII be remembered the great
bulk OF the new Gves offered by the Syndicate.
Next came the overthrow or the Erie
Ring. with TINS contamination England and
Europe in general have become ravenous
Tor American securities. Erie advanced from So to
G7s IN ten days. Now the demand Is scattering TO
New YORK Central and Lage shore. and even 10
non-1lvldend-pay ng securities IKE Union PACING,
which garnished with enormous land grants.
their cnicl recommendation to Europeans. VINO are
beginning TO see the inevitable destiny OF great
Western plains The tired toneless stock market
OF the stock Exchange Is beginning 10 pusaIe with
the INFUSION oil tins new wealth, the teemng capital
Of the Old world giving At a lie blood ike that
which hlled II when our government, eight or nine
years ago, began hlling the arteries Of trade. manu-
faclure agriculture win ~ issues OF paper.
LATEST PRICES OF GovERSMeSrs.
Tue following were the closing prices on SGtur-
day evening for government Donds:-Unne1
states currency skies, ll5s. . ilsli; 10. lXes
1881. registered. ilss lsa.; 40. 90
coupon, il5. a ilS'.; do. hve.twentes, reci5-
tered, Mar ana November n-4 ll2it; DO
DO 1861. coupon. TO-. ii2s ll44; 90 40. 1864,
do. do. ia. Il2h; 90. 40. lssS 10. do, ll23s
il25s; do. DO. 1907, registered. January ana
July li2ss i2aa: do. do. 1895. coupon DO, iIi'.
NIX: 40. do. 1867, do, do. ll2y. us; 90. do
1865, DO. DO. Ii25s i3. do. nyss o. 1851. funded,
registered. 1895. no.; Ia 20. 10. coupon. 1897.
a 10; 40. ien.lori.es. registered, lcs a iosls do
do, coupon Loss i0sh.
COURSE THE GOLD MARKET.
The extreme nuctualions daily IA the pnce Of gold
during the week we're a. loiowss-
HiJheS' Lowss.