The Sun.
London, England, 1851-08-20 00:00:00

" Largentiere, Aug. 12, 1851."
The Marquis of NORMANDY has left Paris for the
Pyrenees.

Some time since we directed the public attention
.o the proceedings of the Bears of the Stock Ex-
change with reference to railway property. Shares
in the most eligible companies were depressed to little
more than one-half of their real value. Sinister ru-
mours were industriously circulated for the purpose
of terrifying bona fide holders, and inducing them to
send their stock into the market to be disposed of at
any price that the not very tender consciences of the
ursine fraternity might deem it right to offer. Mean-
while persons, who were not perhaps the owners of a
single share, were selling thousands of pounds' worth
with the most reckless indifference as to the mode in
which they could perform their portions of the con-
tracts if their speculations should prove unprofitable,
and the purchasers should demand: the actual de-
livery and transfer of the stock. They trusted, in
fact, to bringing the property still lower, and being
enabled to pocket considerable differences, utterly
careless of the ruin they might bring on many fami-
lies, who, if induced by fear or necessity to part with
their shares, would be deprived of at least half their
fortunes.
They succeeded but too well for some time. There
was a market constantly falling—prices sinking day
afterday, until at length they succeeded in depreciating
the quotations in the leading trunk lines to en almost
ridiculous extent. A panic was excited, and nothing
appeared too absurd ; the good shared the fate of the
bad, and North-Westerns, Great Westerns, South-
Westerns, South-Easterns were alike peppered by
the indefatigable Bears. We exerted ourselves to the
utmost to resist their machinations, and we are
happy to say that our efforts were not altogether un-
successful. We explained the nature of the trans-
actions, showed that more than nine-tenths of the
sales were merely nominal, and emphatically cautioned
all bond fide holders against allowing their fears to
obtain the mastery of their reason, so as to induce
them to submit to such serious sacrifices as a transfer
of stock at that time would have rendered inevitable.
The prudence of this advice soon became apparent.
Timid sellers no longer rushed madly forward to sell
at any price that could be obtained, while capitalists
became anxious to make investments on the very
favourable terms that could be obtained. The Bears
were caught in their own traps, and were compelled
to disgorge a considerable portion of their ill-gotten
gains before they could succeed in extricating them-
selves from the untoward positions in which they
were placed. The shares of the London and North-
Western Company, which had been quoted in April,
1850, at and below par, rapidly rose to 127 or 128. The
improvement in Great Westerns was even more re-
markable. That was the line especially favoured by
the "speculators for a fall," and they actually suc-
ceeded in bringing down prices to 47 or 48, indeed,
we believe the quotation was one day 46, although it
had never paid less than 4 per cent., and there was
not the slightest probability of any further reduction
taking place. We need scarcely remind our readers
that these very shares were within less than twelve
months worth 90, although every step was resisted
by their inveterate opponents, who sustained heavy
losses in their_ unavailing attempts.
They have now, however, recovered their courage,
and are once more endeavouring to play a similar
game to that of the winter and spring of 1842-50.
We trust, however, that the proprietors will not
again be misled, or suffer themselves to be made in-
struments in the hands of their mischievous adver-
saries. We would earnestly desire, for their own
sakes, that they should despise the unfounded rumours
that have been or may be circulated, that they should
decide for themselves the real value of their property,
and not part with it at a lower rate, under any pos-
sible circumstances. We would also warn them
against lending their stock on any inducement, as the
practical effect of such loans is to enable the Bears to
carry on their projects, and to depreciate the pro-
perty of the person, to whom 'they are applying
ing for the accommodation. "Accommodation,"
forsooth! As,well might a burglar apply to the master
of a house for the " accommodation" of a crowbar,
offering to pay very liberally for its use, or a high..
wayman borrow from a traveller the arms which he
had for his own protection.
What just cause, we ask, is there for the sudden
fall that has taken place in the shares ? The London
and North-Western have been done at 118, and yet,
perhaps, the accounts and the entire state of affairs
have never been more encouraging, as Mr. GLYN
justly remarked at the half-yearly meeting, held on
Friday last. The usual dividend, after the rate of
per cent. per annum, has been fully maintained,
and there is still an available balance of no leas than
124,0771. 7s. sd. in the hands of the bankers, to be
carried to the next half-year's accounts. "Oh I but,"
say the alarmists, " that dividend was not actually
earned. It was necessary to take 8,0001. from the
reserve fund in order to.pay it." Granted ! But a si-
milar demand is made on that fund, at this period
every year, and for a like purpose, and generally to a
greater extent. It was, in fact, with that object
that the reserve fund was instituted to meet such
claims, and keep the dividends equal. The net profits
of the autumn half-year are generally much
greater than those of the first six months; a portion
of the excess is, consequently, set aside at the
February meeting to provide for the anticipated de-
ficiency at the August meeting, and the proprietors
may well be congratulated on having the amount re-
quired so very small.
GREAT WESTERN RAILWAY DOCKS. —lt is pro•
posed to raise "Ohl but," ageinjnytter thean additional capital of 60,0001. by new shares,
crosiers, "much more fox the purpose* of the andutakhag.

There has been a severe hailstorm in the neigh-
bourhood of Lyons, from the effects of which the crops
have suffered severely.
The Bourse was almost completely deserted. The
Five per Cents. opened at 951. 65c., and closed at the
same price for the end of the month; the Three per
Cents. closed at 57f. 40c.; Orleans Railroad Shares,
8901; Rouen, 6101.; Havre, 241 f. 25c.; Great Northern,
466 f. 25c.; Avignon, 2061. 25c.; Vierzon, 431 f. 25c.;
Basle, 1531. 750.; Bordeaux, 393 f. 75c.; Paris and
Strasburg, 3621. 50c.; Tours and Nantes, 271 f. 25c.;
Amiens to Boulogne, 2701.

BUSINESS LONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, AuG. 19.
Boulogne and Amiens, 1051—East Indian, 1834—Great
Indian Peninsula, 534—Northern of France, I,l%—Paris and
Rouen, 25% ex div.