Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1877-05-16
American Securities Abroad.

HuIUI IVuil SOSNi 's~'
The vitality that is visibly return
ing to railroad shares in our markets
is only the reflex of the improvement
that had previously begun in London.
The declaration of war by Russia had
the effect to send down all classes OF
foreign securities and to strengthen
our own Not only have United
States bonds held their own on fall
ing market, but the inquiry OF lnves-
tors has been directed to American
railway shares especially So that we
witness the strange circumstance OF
our railroads really standing better in
the foreign market than in our own.
Capitalists abroad seeking prudent and
profitable investments, while all is in
the turmoil of doubt and war around
them, naturally turn their eyes to the
the United States, which is net likely
to become involved in any way and
on whose productive resources Europe
is certain to draw to an almost unlim-
tied extent. The London Times city,
or money, article, when it states that
United States funds have not shared
the frmpess of the railway stocks,
simply indicates that foreign investors
comprehend at a glance that the first
result of this call Of Europe OH the
United States for food, grains, and
other products will be an active bust
ness for our leading railroads, mean.
ing, of course, large earnings and as
sured dividends. 1t is now made GER
tain that in spite of past forbidding
experience, the English people are
willing to return to American invest
ments That the home market is so
slow to respond is chargeable rather
to the bear or "wrecking' influence
than to any lack Of real vitality in
railroads themselves. But the bears
have had their day, and now in comes
the turn for the other side. And
with Americon railroad securities in
the London market our other proper
ties duly sympathize.
In respect to the speculative feeling
that made its appearance soon aftel
the declaration Of war and materially
checked exports that has been regulated
by the subsequent rise ofwheatin Chica
60, which is again qualified by the as
certained short crop on hand. All de-
ponds now on the coming harvest
which is to be increased to the utmos
by the sowing of Spring wheat. Thu
South is also reported to be providing
its own breadstufis, thus leaving thu
West wholly free to ship its surplus t.
Europe. The amount of the benefi
which the war will confer on thi
country will of course have to be meas
ured by the continuance Of hostilitie
and their full extent. As it is reall
a war over boundaries, though nomi
nally in the interest Of religion, and a
the dispute in this respect is one tina
concerns all the European powers, tn
probabilities are that its area will b
enlarged as Russia multiplies her con
quests and in that case, it can scarce
ly fail to become contest of year
continuance, during which the Unite
States will have an opportunity to re
cover itself with a rapidity that bu
very recently would have seeme
imaginary. Not only will our agri
cultural interests and those which de
pend on them feel the infusion of tn
new life, but our export trade will tax
! enormous strides; and, if we have nc
lost every particle OF sagacity, we sha
D so legislate as to admit materials 70
a shipbuilding duty free and allow ship
t owners to purchase vessels whereve
t they can buy them lowest. With tn
!. transference OF the British mercantll
n trade to the United States flag, whic
e is among the probabilities that woul
E; follow, it would indeed seem as il
special Providence had our countr
b in its care and keeping.-Bosto's Pos