The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-01-15
Our Paris Correspondence.
PARIS, December %, 1913.


The Bourse and Money Market Commerce.
So soon as the election of Prince Louis Napo-
leon became ascertalned on the Bourse as a GER
tainty, and the large amount of votes given to
him became partially known, so good an augury
was 1t held to be of a restoration to order, and
power to preserve it, that rise Immediately exit
blted itself. The rise continued until Monday
the 18th inst, when the Five per Gents reached
1850, without any important fluctuation between
that and the quotation of from Is to 66 frar cs
This arose, principally, from large orders to buy
from the provinces but, when prices approached
eighty francs, purchasers became more rare the
spectators for fall commenced their operations
certain that, after rapid rise, the moment was
well chosen. In this anticipation they were not
deceived; Favored by the parquet, who were
Interested IN a reaction, to enable their customers
to settle at lower quotations, and also by the
reports of the dethronement of the Pope, which
was regarded as likely to lead to some complica-
tons, they succeeded IN producing a tall of more
than three francs at the Bourse Of Tuesday, the
10Th. This unexpected movement induced some
holders OF stock to realize, and, during two days
more, the sales for account and cash were con-
tlnued. The sudden proclamation of the President
of the Republic has changed the aspect of affairs
The rise has decidedly declared itself, and would
have continued unlnterruptedly but for the success
full operations of Spectators, aided as they are by
the quantity OF stock given lately to the holders of
treasury bons as an indemnity which is thrown on
the market.
Since the 10th December, the bourse presents
physiognomy toute fat diGerente to what it had
before that period, and particularly the month Of
November. Prices then were sustained fictitious
ly by means OF the discounts, which prevented
speculation, and rendered stock scarce In the mar
ket. Since then confidence has been re-establlsh
ed to an extraordinary extent, by the knowledge of
"A nj
all pledged TO the maintenance OF order, and which
has conferred SO much strength on the govern.
ment OF Louis Napoleon-so that the quotation of
so frances which week before seemed exorbtant
is now regarded as not being so high as the polti-
cal position Of the country could fairly authorize.
Financial difficulties there certainly are, and of a
grave kind; but none that the country cannot easily
overcome, If commerce be restored to its wonted
activity. From all that has passed at the Bourse
since the 10th December, the conclusion is that
the temperance OF capital the certain index of
the return OF confidence has caused the rise, and
that the temporary tendencies to fall have arisen
entirely from the operations of spectators, who,
aided by tortultous circumstances, have success
fully speculated.
The settlement is now to come, and 1t remains
to be seen what will be the result after period of
such fiuctuation. Is there, as 1t is affirmed much
stock to deliver! Can the market support this
burden! On the other hand, will they be able to
continue easily on prices SO high These are all
questions difficult Of solution at present; but they
create great deal of anxiety at this moment among
the hab,tu<s of the Bourse. cannot venture to
pronounce any opinion, fer the situation of affairs
is altogether different since the last settlement, and
to draw any differences from past experience would
be decidedly impossible We must await the is.
sue, which I will repor; to you In due course, if
anything material should arise.
Almost all securities have felt the activity Of the
public funds. Bank shares are very firm, and have
been very much In demand when at about l70O
1t Is SAID that large dividend Is expected for the
next halt year, but from the increased privileges
awarded to the bank it is supposed that on the re-
sumption. of commercial business its profits will
be much larger than they have heretofore been.
The rise on railways has been general, owing in
great measure to the improved position of the
greater number OF the companies, who, being large
holders of treasury bons, have prefted consider
ably by the conversion of these securities into
Three per Cent stock, on which, at the present
price, they will realize large benefits. Much bust.
ness has consequently been dong in them, not
only for cash, but also for account, which has not
been the case for several months past
The shares OF the Burgundy canal and the Quatre
Canaux are much sought for at this moment, and
several commercial companies, shares are again
finding purchasers. This Is fact, deserving par
ticuar notice, as it's direct evidence Of revival
of confidence.
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