The herald., 1895-05-03
Foreign Interest in the C0untry's
investments
A RESTORATION OF WAGES
The Return of Prosperity Felt TO b.
Coming
The Grip of the Eastern Hcat Trust--Further
Shipments of European Oranges
Partially Stopped

article contributed to the Weekly Finan-
cial Review touching investments and
commerce, has much to say that is cheer
ing. 1t is indeed refreshing to hear the
reports of prosperity that. admitted upon
all sides. is breaking upon the country.
In part Messrs. Clews & Co. say
The foreign interest in our investments
is steadily assuming increased import
ance. Somewhat unexpectedly Germany
has appeared among the buyers OF the
better class OF stocks and during the
week some quite important purchases on
Berlin account have been made. This
new feature can hardly be viewed as
merely temporary spurt. 1t has been the
result of previous inquiry and appears to
be the outcome of d purpose on the part
of German investment houses to return
as last in tentative way to their former
encouragement to the employment or
capital in the United States. The great
fall in the prices of our securities pending
the depression OF the last two years has
afforded an except onally favorable oppor-
tunity for buying; and there can be no
doubt that the important endorsement of
American credit by the Rothschilds, in
the pending syndicate operations. has
had material influence among German
investors in Strengthening confidence IN
our future. With characteristic caution
they have waited for facts contirmatory Of
this recovery of confidence. and have
found such evidence in the rise in prices
of several of our leading staples, which
they construe 40 satisfactory proof of the
beginning of a return of business. This
change of feeling at Berlin has been the
subject of inquiry by cable and letters
by foreign bankers here; and tn cir replies
generally confirm the view above ex
pressed.
1t is reasonable to suppose that this
German movement has also been encour-
aged by the increased interest in our Sc
curities shown by London, which still
continues co follow the recovery in prices
here without any attempt at realizing. 1t
is not easy to overestma the real sig
nificance of this return of London and
Berlin to American investments, nor is
the change matter OF wonder. In
neither country is there in process any
important internal development calling
for new capital. and as to Investment i'll
the colonies and in the raw populations
to which such enormous sums have been
unproductively loaned within the last
twenty years, they must have had exper-
ience enough of that kind. Outside their
own territorial limits, these two nations,
with their immense annual savings, can
find nowhere the safety and solidity OF
investment that is afforded by the Unitd
States. Public opinion here has turned
in favor of a freer commercial policy;
we have reached Il point of ability for
economical production which in many de-
partments surpasses their own industries;
we are bent upon a sound reconstruction
of our currency system, and when the sill
yer question has been moved out of the
path OF confidence, we may count upon
ten years of prosperity unequaled in our
history. The men who control the course
of investment in Great Britain and Ger
many are not ignorant of this outlook,
and the probability is that from this
time forward they will err not on the
side of distrust of this country. but from
Willingness to lend that will tempt us
into undue borrowing.
The restoration of wages. which is grad
dually going on, is sn evidence OF not
only an improvement in business, but
carries with it the faith OF employers that
the change is of substantial and per-
manent character. Such testimony comes
from many mercantile interests, especially
cotton and wooden factories. | can cite
mo better corroborative instance than
that of the Washington mills which Il AZ
ing the depression about a year ago
stopped their works which comprised
machinery mile III length. These works
are now running night and day to keep
up with the orders for the goods they
manufacture. 1t is well to note III this
connection that the goods of this man.
moth concern are of the finest quality of
wooden fabrics made in this country,
showing that the present demand repre-
sents return to more eXtraavagnt outlays
from quarter that has been exercising
rigid economy for prolonged period.
There are Il larger number of buyers of
ia th,,, l.
before in any previous month of April.
Every section of the country seems to be
proportionately represented, and the buy
ing is ON quite an increased scale over
what has been witnessed for many
months past. This is the reason why the
jobbers in dry goods, hardware, groceries
and in all other lines of trade feel so
much more iubilant than they have done
for over a year. People in trade will soon
begin to realize as OF old that success be-
gets success. 1t takes return of pros
perity. however, to bring it about, which
is now generally felt to be forthcoming
( < 4
Whether the 'beef famine in the
east is the result of scarcity of cattle or
whether it is the effect of squeezing
process of the Chicago combination, or
again, whether it is the result of the two
The Herald is not prepared to say. A
late dispatch, however. says that
there is a very good prospect that the
grip of the meat trust will be broken with
in the next few days by the Cleveland ad-
ministration. Inside adyices received
from the authorities at Washington are
about to remove the embargo on Cana
dian cattle, which has been in operation
for several years past"
4 * 4
The situation in the orange trade is
practically unchanged. About all the
navels are shipped; next week, it is
thought, will see this variety OF fruit
cleaned up. The demand for fancy seed
lings is very good, especially in the east
Our shipments to the Atlantic coast this
season have had their effects and those
effects are, happily for the home grower.
being felt with force. The poorer grades
of Messina stock are now being disposed
of through New York auctioneers at an
average of about 80 cents per box. Very
many of the eastern spectators are badly
left, and California oranges are making
record which will be of great benefit to
Southern California not only for tho next
season. but for all time. The invasion of
the Atlantic coast markets by California
oranges was hardly anticipated by the
handlers of foreign stock. The situation
today is that most of the importers have
withdrawn their letters of credit by
which the business is conducted and fur
ther shipments will be at the risk of the
peOple at the other end. Consequently no