The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-26

This shows an average difference OF only about
ene-half per cent in the extreme prices from the
beginning to the end Of the week. 1t is not with
out the range of probabilities that
THE RESIGNATION OF THEIRS
and the appointment Of MacMahon as President Of
France, reported by our foreign advices this morn
Ing, may set at work revolutionary influences that
will afrect the foreign market react upon England
and be reflected to the United States. Doubtless
this fact will be seized upon tomorrow or during
the week. as all other perturbations are made use
Of in Wall street. pretext tor fresh onslaught
Of the bulls at the Gold Board; but there Is no rea-
son to anticipate any change in the financial con-
aiton OF France until at least her people begin to
show some symptoms Of returning frenzy. These
DO not yet appear. Our
GOVERNMENT BONDS
are stronger to-day than they have been for long
time, and the large and continued purchases for
foreign account have nearly exhausted the present
supply. The Germans principally have been con-
verted into strong bears in gold in consequence OF
the firm tone OF American securities abroad, even
N the face Of the advanced rates OF the Bank OF
England, and have been heavy buyers of
bonds for shipment. 1t may be added that in the
history OF the issues the people of Great Britain
and the Continent have never been SO thoroughly
impressed with their value for permanent invest
ment as at present. Hence the estimate that THE
aggregate expectation o. cur.bonds since the first
OF the year amounts to something like forty mil
Hons Of dollars does not seem to be far from the
truth THIS fact alone one of the elements OF
monetary health. The
CLOSING PRICES OF GOVERNMENTS
ON Saturday afternoon were as follows limited
States currency skies, 118 1861; do. skies,
1851, registered, ll9h o 119A; do. do. do,
coupon, 1929 a 1929; do. ave.twenties, regis
tered, May and November, 1861 III; do.
do., 1852, coupon, do, 116x o III; do do, 1884
do, do, Il6x III; DO. do, 1865, do, do. 11S5s
llsk; do. do. 1867, registered, January and July
1ls lls1s; do. do, 1896, coupon, do, 1195s a
al9; do do, 1861 do, do, 121 y 1927 do. do, 1868,
DO, do, 1904 12oh; do. ten-forties, registered
1l2k ll2A; do do, coupon, 1l41S 1l4zi; do.
nves Of 1881, registered, 1l5A ZIG; do. do. do,
coupon, l15k lie.
THE FOREIGN MARKET.
While 1t is true that we of the United States are
beyond the pale OF direct foreign financial inter.
ference, it is still the fact that every Bourse in
Christendom. our own included yields more or
less to those magnetic influences, wherever they
may emanate, that drive the needle around the
dial plate In its record OF the course OF trade 1t
is, therefore, satisfactory to contemplate at this
time the condition OF affairs on the Continent and
IN England resultant IRON the recent disturbance
in Vienna. Our Lcldcn exchanges just received
furnish the data; and may pause here for
moment to say that they bear out the remarks
which have heretofore appeared in this column
concerning that event. For several years past
and especially late, Austria has been the locale
OF as many
s'wILDcAr' sPECuLATIoSs
as ever disgraced any community in the world
Money was abundant, credit free as the air and
men rushed, thoughtless OF the settling day, into
every scheme that promised profit. Associations
were formed for various purposes with millions
for their capital. Stock was heavily watered and
shares Hooded the market. Speculations proved
rotten, and at last. the failure Of one OF the nan
cial houses OF the Austrian capital pricked the
bubble and fully developed the extent OF the
money making mania. Profound depression fol-
lowed. Frankfort responded TO the tremulous
condition and Berlin was moved to scarcely less
degree. The wave OF disturbance swept through
Paris to London, where 1t received its check A
Few years ago a financial panic In Vienna would
nave peen IKE ripple against rock. Now, how
ever, SO intimately identified with each other are
these money centres that
COMMERCIAL INJURY
70 one necessarily more or less affects ALL Thus yien-
ma borrowed from Berlin and Frankfort, they from
Paris, ana all four asked London for help. England,
however, had not enough available capta to sunpIv
the whole Continent, and therefore, after sending
abroad what could be spared, made money art,a.
cially dearer In order TO compel an economy or
consumption. The rate Of discount was advanced
10 per cent, and the STABILITY Of English resources
has been daily exempned since that time In the
-steadiness OF the London market and the active
demand for Oil profitable securities. Among
these, consos have shown their strength during
the week at o. United states new fves at ssS u,
en-forties at sSx $751; while the rate OF discount
for three months bills in open market Is fully
per cent below that OF the Bank OF England.
TIE ENGLISH MARKET,
therefore, at the present moment Is free from the
fictitious Influences that precede the Vienna crisis
and has been a double gamer from the proper pre-
caution taken at the right moment, directly by the
enhanced value 1t charges for all advances and in