The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-07
FURTHER NEWS BY THE CALEDONIA.
SPECIAL DISPATCHES
TO THE
NEW YORK HERALD,
&C., &C., &c.
France.
PARIS, scembar l6, 1917.

vousy to that hoped that the crisis was past that
business would resume It's normal condition. and that
prices would return to and retain their average amount
The sursrpgs of the population the first three months
of the year. forgotten in the benefits OF an ahuu
dant harvest. Money became abundant, manufao
lures had become more active, commerce revived The
fears entertained respecting the possible effect of tn sd
judcation OF the new loan dssipated the nome IL
decision was announced for instead Of falling as was A.
turaly enough apprehended prices rose immediate yoh
the announcement The truth was that the state o. l.
certainty and apprehension which preceded that 81 or
tion had itssf most unfavorae effect on the m IKE
But besides this 1t occurred that at the moment OF tie
adjudication, the crisis which had affected the English
market began subsids specie returned the Bank of
England reduced its of discount and assisted COM
merce freely In short. confidence was In great
gree restored at the other side Of the channel and W"
could not fail to DO sensible here of the reaction OF this
movement Nevertheless, this momen airy sunshine OF
tho market has BEEN within the last ten days over
oouded. Prices which had risen have declined not GER
tauy the very low points to which at epoch they
had fallen but stiu the downward movement has been
general and quite unequivocal
Yet the only cause which be assigned for this
which is professionally the that might
and ought have been foreseen The vast railway en-
trrprises which have been commenced, begin to
ours fssdne on the part OF the shareholders These
great works cannot be prosecuted 80 as to be put into
condition to bring returns to their owners without
speedy and large supply OF money and calls have &C
cordinaly become urgent, and must be made, notwth
standing the reluctance Of the directors to press on
The great northern line connecting Paris with Belgium
aud the ports OF the Channel Boulcgne Calais 40 has
cali of75 irauos per share making total demand on the
narkt OF 80 millions Of francs to BE paid up before the
end Of February This notice had an instant aud cleo
trio effect on the prices every description of security
and prices dropped down suddenly The rhrees fell 80
But this not alone operating cause Attention
being awakened and alarm excited, enquiries were
dessd to the condition Of other great lines ana the
probability of approaching calls from them and 1t coon
known that the Paris and Lyons line Will require
almost Immediately thirty millions, the strasbourg line
IL millions. and the Nantes lue five or Six milions
Several other lines must either make calls on their
shareholders effect loans In either case the same
pressure will be exerted the market In short there
is moral srainty that within from three to four months
OF hundred millions must be Obtained or
these great works must 10 wholly partially suspended
The prospect of this pressure has inevitably pro
ducei something approaching co panic In our share
Last week the Northern shares fell Is francs
lyons ISL Use, the Strssbourg l5f the Avgnon LOT
Orleans 26f 25othe Rouen ST. Too, and the Havre2o
Ou the other hand, there not wanting those who
ard this panic unreasonable and Is being 10
great degree produced by ths bourse, who
pa. calculations, such have just mentionedi cir
countsractiug and compsns.tng circumstances These
contend h.t the will be- ghtened ana renewed
by the Of the dividends on the three per cents
which will be made few dsys and which will alone
throw about thirty millions on the market VI the tnr
~ millions called for by the Northern company twenty
millions will be returned to the treasury and VIII nnt
their way bick the public in the shape OF the dvi
dends of tho Ewes, which, dating from the 2aa March
will throw from sixty to seventy millions on the market
Even thu naming ten millions Of the Northern call
will not be- Immediately expended on the works, and
good portion OF it viii ind its way back to the market
to aid In the payment Of tho monthly nstaments OF the
loan.
It is commended therefore, that the condition Of the
makstis in reality much less alarming than the actual
quotations the bourse would indicate Under the In
hasoce Of good harvest, suoh should occur affairs
age state. What It really Important to ascertain In
order t. arrive At safe conclusions Is to the pros
prisss in which the capital of the country Is thus
being gradually less absorbed are really good or
bad profit able Improbable 1t Is commended thAt mo
doubt that great trunk lines Of railway leading
from the csptalo France to Belgium, and the Engnsh
channel Lyons aud Msrseles to Strssbourg and the
German states Of the Rhine Sc, offer really and per
manenuy profitable Investment to capitalists IL Is fa
to look profits they must instantly rsa1e 'psy
temporary sacrifices which their construction renders
PARIS Dec. l6, ls47.
We are still here in the same stagnant state The
reform meetings 60 in the provinces with certain
spirit The Chambers open the 2sth, when strug-
gle between ths ministerial party and the opposition lie
expected to take pscs immediately on the question OF
the election of the President Of the Chamber OF Depu
ties. The minister's will propose to rs.eleot NJ, Guisot
The candidate Of the opposition is not yet decided on
Switzerland.
BERNIE, Dec. 10, ls47.
The inter. cantoual war is at an end The nsursent
oantons have submitted almost without blow to the
federal authority Notwithstanding the loud boasts Of
the Sunderland allied States have laid down their
in week. the federal troops not losing an hundred
men killed. and two or three times that number wound
cd The proposed Intervention Of the great powers,
greatly to the disappointment of Prince Metternch,
At present We arc dsbandng our troops. Those of
the snadsrbInd are already dispersed New election:
which will produce liberal majority
Italy.
ROME, d &c. g, lst7.
In the Italian peninsula the work of peaoe! reform
progresses. In Eternal CITY, have new parlia
ment, under the title Of Council Of state,n and
municipality, which will be the model for similar in
st,utions in other cities The evacuation of Ferrara
by the Ausrians 10 certain. The dispute bstween Tus
cany and Modeua s In process Of settlement by the
btration of the Pope and the King Of Sardinia The
states of Piedmont and Tuscany advancing steadily
in the OF internal reform customs league
hiss been concluded, and although Naples still holds
that country viii omen his eyes TO his own interests II
he does not frankly adopt system Of rational reform In
scoordance with the spirit of the times, revolution
will become inevitable
Views OF American Affairs In En- gland.
From the London Daily News, Dec I
The party tactics Of the Congress, which meets at
Washington towards the end OF this month, will BE-
Watched with keen interest in America for the stake
plsyed for Is the Presidency
the ~higs the sssailing party are most forward in
ther move meut the democrats as the party In DO wer
display more Of dipomatic reserve GsI. Taylor, Mr.
Gay and Cen Scott have been successfully named by
sections the wbig interest no candidate has as vet
been distinctly named by the government patty.
The policy OF the Union with regard to Mexico seems
10 90 tDc question: on WHICH, pstttc. pre-
pairing 10 try each others strength The declarations
made this topio-as yet all on tho wing sde-may be
taken index Of the national wishes. Mr. Clay ba,
uureservsdly cleared against the Mexican war, and
against all territorial acquisition by It's means. This
pro has been avoraby received by the section Of
public opinion In the Uotsd States which corresponds
Exeter Hall In this country but the real whg party
denurs to it, The wary practical leaders Of the party
indeed to avoid the danger of schsm In their ranks
profess adopt MIR Clays mspifssto, only with modi
fcation. They ask territorial acquisition beyond
marrow slip OF land along TIE Pacific, to connect the
herbor OF San Fernando with Oregon, aud incorporate
the port into the American territory But some
he-y spirits declare against this attempt st compromise
vow that Mr.. Clay must DO thrown overheard, and 40
over to Gen Scott II pretty clear that Mr. Clay
has overshot the mark that his quaker policy will not