The daily gazette., 1881-06-07
The Com ing CTnsE ON the Londrn
STOCK ExehaDge.

which were in the circumstances uns
expected. We had ruaped bad
harvest, aud expected TO have uuusu-
ally hea> sums 10 pay for food in
the coming yer. Our agricultural
population was in distress, and the
internal trade of the country which
had sunk from bad tG worse all
through the yer, could hope tor no
| help from home prosperity Ia the
| year TO come. People we're disposed
| to look gloomily on the future, and
their surprise was therefore the more
keen when they began TO discover
that the very magnitude OF our
agricultural loss wis a gain 10 DOR
inauuiac. .dres. We had 10 buy TODD
abroad ju unusual qrantities. Orr
consumption Of foreign wheat aud
wheat fiou-, for example. reach d
228a pounds per head in 1879 as COM
pared with lSs! pounds iu 1878. Thus
made US heavy debtors TO foreign
coun ries, aud particularly TO lie
United St'tes, and our creditors bad
no help for it but 10 follow the usual
law, tar'f or 10 t"rItl. They took
payment of the principal pert ot
their dLbts in our ma nutaclures. Or
ders for iron m particular poured in
ON us at a rate hat exceeded The "
most expectation. People lisinA irt III
the depths OF despondencv went 10
the other ex eme end began to lose
their heads with excitement, ard rs
prices went up niP " who had never
seen iron or cooper ore or ''pl IS" and
"Ingois" Ill tne'r lives took to buy ing
for the rise like the mo t eXperiepc-
cd 'aders. Prices rose sharply, and
for a few months all went we'll. i.
Everybody made monev end dreaniL
of making more. Where modest
thousands had been more relied the
year before. OF loss Just escap, d
visions arose OF h, nd-eGs ofthOusa,d
and millions. But the furore sooa
passed away. Or" food bill got paid,
and as the sspmer OF $50 came on
orders rom The States fell oil; We
sank slowly back age'n ii not gr'le
to the old slagnation, at lie INTO
the jog troL OF bp iue,s r. llaLeI
by the customels' actual demands.
That was the cPse with the produce
msrke =, and particularly With the rou
trade; but not so with stocks aud shar, ;.
At the irst hint Ct revival Ia trade
81 ,cuia' oIs on the s. 1ck Excha nee began
o "buy Tor The rise,h in the ho, OF sell
my at the profit which we sure 10 crue
if one the public had money 10 w sto.
Trade has soUered dow again, bu, the
sJOck speculalor has held OH his way as
4 ali that was pred cted Ia 1879 aud ''.e
d-st hat OF 1859 ~ : u ~ rcal y ID. The
advance which hss taken place Ia all
kinds Of secnitif IN The injei,al is pei
fectly astounding. For a long TING pas
tbe most expei encrt aiuong 5 oek EH'
change people bIys more or less hell
aloOf, uuable to sse their way; but lon.
alter many OF them thupyili reaction
must occur quotations have continued 10
lse. Investment stocks, b AIDED by Con
suls, have risen to unhatd-.f prices; aud
those whJ seek salty tor th if money
along with .nethine like per ceut. it,
eresL have breu driven from uue refuge
u another, unIl $ me are actually buy
ng nome railway stocks al prices yield
ug them little more Lhau that rae,
uou!d last years dividends be main
ned. Ihe speculation bas ambi aceu
every kind Of stock non insl security
Whatsoever aas al heavy discOuut,iba,
she market operators bJughl, until, by a
Jrocess of sheer exhaustion, tll r.. seems
20 be nothing n0a leh That maII cal.
ay bold OF. The bonds OF bankrupt
states and railways, 81 ares in neglected
or uuTofkable mines, stocks ut non anG
tbal companies, all ana egelythiug tia
,eeaied low 10 price hes baen driveil III,
md for the most p4,C lips remained up
ihe stoc& markets hav" become plr
nomeuat anu ips"Fdtable. There is nn
following them by ordinAl p inciples ol
bi slness or processes of reesoninn
) oeks that pay ~ dividend al all, ant
that may newer pay any, zen stana
higher in price to day than others lid
year ago which yielded soms return L.,
investors. When we ssk how this atat.
OF things is possible, l. 4 al yer always
is "Cbtap money and duh ttade;" and II
| is a tfde enough aaswrr, iof, oddly - il
soCnds, the fac5 that iraie in net lone
The Course exl cted Of II Il enabled til.
stt TX sp culalors to continue their game
| stock utalipg, mo- cover, becomes wear
| ny year more OF a cosmopolll all business,
Much of the business Of Fieuch 50 =cula-
ols Is cone IN Londou, and 'he ,railsac-
lions between this iualEet ard tia n,arkrt
Vi Tie y 'ntin' MT rs well ui New Yok
are both rprstsut and large. Ia his VA,
the srr plus CAPITAL Of iLa eorld becomes
in a measure asai able AZ any even sp,,
70 sustain prices.
The gigantic Buur>e toarkvrs ar, e. .
'uopolitan, a Il so is thslI money, but So
fAr as the Loh.'oil INK t Is tan,ceru..t
we do lot need u axe Ibis Ia lvr ve.,
much into account. VI nave mn Ia
look al The hue sl.ns heiu by Of.
0suks ON deposit, sn1 al the nere sit,
they are under Of earning BIZ dividends,
70 them the offer u the slo", sppeiila
tois m1;t just pOw be Simply irresistible
The fee mass or tbs cap tai is not sc
great - one might suppose from III.
"deposit" 6eu' but 10 - all ava, iahj.
for TIE siock.i 'bbeI ptiee, and back
cd by the cosmopolitan iesonrces afore.
AID, aives h IN power neve- before
known. BY this means, therefore, TIA,
glgant,c SPECULATIVE aCcai'als open OF
the Stoc1 Exchange here have been car
ried on for long Time pasl, aud ma,
continue 10 be csrlied on for some tim,
LONGER. There y eIeat i.i6 ,tioh an,
widespread ursouDdnpss, but at til.
same time the reserves are gc-a, au, sill
premely ef-e,ive, and DO not yet civ,
sjgus OF exhaustion. IN the early mar
of the Imitation, 100, the market opeta
tors unqueStiunably Inv ,e ,,ona, m.