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Some have hoped for unity in the sphere of economics, and have thought that international finance and commerce would build the foundations of an international polity. Their hopes have had to sleep, and a year of war has shown that 'a synchronized bank-rate and reacting bourses' imply no further unity.
The Austrians were shelling Belgrade, the Germans, the Russians, and the French had gone in. That was all. No, not quite all; for the bank-rate in England had suddenly jumped sky-high higher, at any rate, than it had ever jumped before. And even Shuster felt the distant commotion, in that the bazaar had already seen fit to put up the price of sugar and petroleum.
The premiums asked in insurance and underwriting, and the unprecedented advance in the bank-rate, corresponding as it did with a hopeless "slump" in every stock and share quoted on the Stock Exchange, from Consols to mining shares, brought business to a standstill in London on Monday afternoon. On Tuesday entire blocks of offices remained unopened.
"I am tenant here, and, that I may owe you nothing, purpose paying you a second thousand dollars when the crop is in, as well as bank-rate interest on the value of the stock and machines and the money I have used, as shown in the documents handed me by Colonel Barrington. With wheat at its present price nobody would give you more for the land.
'Well, I ses, 'sir, to be 'onest with you, don't you mention that there fact to anybody but me' because when a lidy goes out of her mind over a lorst dawg up goes the price, and you can't calculate bank-rate, as they ses. The price'll go up fablous, Mr. Orkins; there's nothin' rules the market like that there.
By the 1st of February a drop was recorded in many general securities, in "governments", rentes, and consols; in Berlin the bank-rate rose one per cent.; it was stated that specie was accumulating in European vaults; while up leapt futures-cotton in the Liverpool market.
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