The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-19
PARIS, Dec. %, lSi7. 2
State Of TIE French Money Matfers-1he Public
Funds.

|
| Funds
| The public funds and railway shares have, Tor
the las ten days, manifested constant tenden
cy to rise This may be ascribed either 10 the
natural oscillation following the extreme fall
which, having reached its limit, reaction
must have cnsued, or to the approaching close of
the month, sellers being then compelled to re-
alise their operations, and obliged to provide
real stock shares for that purpose. However it
be, a rise has not only taken place, but prices are
now maintained with considerable steadiness.
Nevertheless, mere spectators show much IL
midity, and are unusually reserved in their pur-
chases. They still think that very powerful |
house is interested in preventing certain secu-
| rites from rising beyond certain limit. The |
state of the market, however, is on the whole |
daily improving, and the settlement which took
place on the 10TH which, accord NO to all appear |
| ances, would have produced u fall, had a contra
ry effect. The sellers who have carried on their
railway shares, are still in the same situation
| Therefore, If the prices of stock be continued
TO be sustained, well of shares, there is
reason to expect that the settlement at the end of
the month, will be made upon a rise, in conse
ouence OF the forced repurchase of primes sold at
low rates, aud which must be bought back at any
price. TINS would he the less surprising, mas
much as report has generally prevailed and
been credited, Tor the last ten days, that the Bank
OF France Is about to lower Its rate of discount 10
Al, or even to per cent. Such measure would
seem natural and probable, after the late reduc-
ton of one per cent, made by the Bank of Eng
land and after the rise which has taken place in
the English funds, In anticipation of the receipt
of the approaching dividends on the consols
We are Just beginuingto recover from the sort
of panic which was produced by the recent an
nouncement OF the call of rs francs per share, to
be paid up in February by the share holders in
the Northern Raj way. An article which lately
one contained in the National In reference to
that line, has raised hope that the directors of
that line may be induced to give more time tor
the payment of this call, to such shareholders as
may not be able to pay up at the day assigned,
subject to a reasonable interest the amount
thus postponed, Another cause OF greater ease
in the market at present, Is the payment of the
half-year's interest on the three's, which will
throw about thirty millions of francs the
market.
e Thus, although on the one hand we are under
r the pressure Of the demand for money which
always exists at the termination of the year, and
r are menaced by railway calls, as well as by the
= monthly lnstalment Of ten millions &C count
g OF the new loan, still, we must not lose sight of
A the fact, that at the corresponding epoch last
year. the hrees were at 81, the tve's at ll9, and
all the railway shares at prices greatly above the
8 present rates that there were more calls APP
: preaching, and that the scarcity of subsistence,
: caused, early, large expectations OF specie
n Within the last two days the Bourse has been
i marked by great frmess, although in the same
# interval the English consos have fallen
eighth. II appears, therefore, that at present the
: London market produces no sensible effect on
be, at least In part sscrlbed 10 the causes already
explained, especially 10 the coming dividends on
the three's which Will, in fact be payable to-mor
n row.
: TURIN, Dec. Ii, lS47.
Government Reforms.
\ King Charles Albert has become decidedly the
: most popular of the secular princes OF Italy. The
reforms he has commenced have emanated from
. him spontaneously, even, than those of Tus-
, cany or Rome. He has established municipal
ties, he has reformed the administration of JUS
tice, he has land the foundation Of representa-
tive system, he has relaxed the rgors of The
press, and above all, he has united with
; tuscany and Rome in the customs union,
which is only the precursor of an offensive and
defensive league, into which all the lesser States
OF the Peninsula Will be iniallbly drawn.
| To carry out these projects, King Charles Al
bert has called to his councils the most ght-
; ened statesmen of his kingdom, and he has been
admirably seconded by the splrit OF moderation
and torbearance which has prevailed among his
people. There have been no other tumults save
those of Joy, and no other popular demonstra-
tons than those OF attachment and respect 10
monarch who has set a brilliant example to all
the other soverelgns of Europe. Not a week
passes that the Piedmontese Gasette does not
nounce to us new measures OF reform, each ex-
ceedlng the others IN Importance.
FLORENCE, Dec. H. 1917.
Satisfactory adjustment Of difficulties Nth
Modena.
The difference which prevailed between this
duchy and the prncipality of Modena, has been
happily adjusted without the effusion of blood.
This has been effected by the mediation of the
king of Sardinia. Piollzano is to be resigned to
Modena, and it is said that Massa and Carrsra
are to be annexed to this duchy. Pontreucoli IS
to continue part OF Tuscany, at least until the
Duke of Lucca shall succeed to the duchles OF
Parma, Placenza and Guasalla. If it be true
Gas is Re ported that the Duke of Rlanzares the
| IN shan nj he m no Ger nj 10 phn
TO purchase the reverson OF the latter duchles
from the Duke of Lucca, it s probable that
future question Will arise respecting Ponreucoli;
meanwhile, however, we must wait events.
NAPLES, Dec. 10, 1917.
Ferdinand's Opposition to Reform--FaIse Runners
Of Insmrecton.
We learn here, daily, the truth of the adage,
that hope deferred maket tn the heart sick" We
are constantly fattered with the assurance, that
by perseverance in peaceable solicitation, we
shall obtain those political reforms, which other
States of Italy are receiving from their sove-
reigns. We do not however, as yet, see any
certain prospect of this. We have lately, it is
true had change in the ministry, which brought
into power M Petra Catella, and excluded M
Santangeo, and was accompanied by some minor
changes OF rather favorable character But the
infamous del Caretto stil holds the ministry OF
police and M. Cocle Ia still the Kings confessor
These are the prompers OF all the evil tenden-
cies OF the King. NJ. Pietra Catella has, 1t Is |
said, again and again urged on the King that the
safety If his crown depended on timely conces
sion 10 the spirit OF the age. The answer OF
Ferdinand was, that by concessions Louis XVI
was brought to the scaiiold that he would never
consent TO surrender one of his royal preroga-
lives that he would rather 90 into exile, aud
| serve as private soldier IN the ranks of the !
Russian army, &c. &c
The reports OF directions in Sicily, which |
| will have reached you, are without foundation |
J There have been many popular demonstrations |
but all of peaceful kind. The excitement H. |
very great, and the authorities alarmed; but |
no movement OF an discretionary nature has as |