New-York daily tribune., 1857-09-26

as we anticipated some months ago, when exsmin-
ing its howery Report for 1856, has again set in,
this time filing the monetary mind Of Europe with
considerable alarm. In the course Of few days
the shares Of the concern declined from $50 francs
to about $50, this latter quotation being far from
the lowest point to which they are Likely to ebb.
The Iise and subsidence Of the primeval waters
affords no subject of greater interest to the geOOgiss
than the a, cent and declension of the Credit Mob-
ler shares to the politician. There are different
epocts 10 be dstp euished in the oscillations of the
latter. Their first issue in 1852 was clevery man.
aged. The shares were divided into three series,
tie holders Of the first series being entitled to the
second and third series at par. The consequence
was that the fortunate po,se,sors of the first series
had all tie advantage of limited supply Of shares
in highly excited market, and alec Of the exagge-
rsted anticipatons Of the large premium to
be quickly attained by the stock Of the society.
With $50 francs paid the first issue, the market
price of the shares rose at once to 1,775 francs.
Their OSCILLATIONS during the years 1852 j3 and "a
are Of minor political interest, since they indicate
the different phases through which the forming en-
teIprse lad to run rather than the trials of the
full grown concern. In 1855 the Credit Mobilier
had reached IFS apogec, the momentay quotation
at 1900 fraLcs of its shares marking its greatest
distance from common earthly business. Since that
time tie oscillations in tie prices of the Credit
Mobilitr shares, il closely considered, and if tho
average Of periods say of months, be taken, ex
hibit downward movement, regulated, in spite of
accidental deviatiODs, by constant and unerring
law. The law is this, that from the highest point
reached in each Of these periods the prices subside
to lowest average point which, in its turn, be-
comes the highest starting point for the subsequent
period. Thus the figures of 400 francs, 300
fralcs, 100 francs, mark successfully the lowest
average point Of one period and the highest
average point Of the other. During the
whole Of the present Summer, the shares were
un,ble to reach for any more protracted time, the
hight Cf 1000 francs; aid the present crisis if it
does not result in worse consequences, will bring
down the highest average price of the shares to
about 500 france, thence to siIk down, in due
course of time, to still lower average level. This
process csD of course, not go on ad icnta, nor is
it compatible with the organic laws of the Credit
Mobier that it's stocks should be reduced to their
nominal quotation of 800 francs. An immense dis
proportion between capital aod operations, hence
the realization Of extraordinary profits, and, conse
seauenily, an unusual elevation Of the market price
of its shares over their original amount are condi-
items for the Credit Mobiier not of prosperity, but
of life. We need the lees dwell on this point, as
we have sufficiently elucidatei it when examining
IL. ,ka Pa f,ou par
to 23 per cent in 1856.
The present depreciation of the Credit MObilier
shares is connected with circumstances likely to be
mistaken for causes, although they are only effects.
Mr.. A. Thurneyssen, one Of the most - respectable
directors Of the Credit Moblier, has been declared
bankrupt in consequence Of the law tribunals pro-
nouncng him liable for debt Of 5000 900 francs,
contracted by his nephew, Mr.. Charles Thurneys-
zen, who fraudulently decamped from France in
May last. That the mere bankruptcy of an
Individual director cannot at all account for the
present state Of the Credit Mobilier, will be
understood at once by referring to the
bankruptcy Of Mr.. Place, which passed away
without shaking to any sensible degree the Bons-
psrtist bulwark. The public mind, however, is
more apt 70 be struck by the sudden downfall of an
ndIy dual than TO trace the sOw decline of an nst-
tuition. Panic sezes the masses only when danger
assumes gross and palpabe fOrm. For instance,
Laws shares and bank notes went on enjoying the
superstitous confidence Of France as long as the
Regent and his counselors contented themselves
with depreciating the metallic money which the
notes pretended to represent. The public did not
understand that when the mint coined the mark of
silver in double the original number of Gvres, the
bank note representing given amount Of silver
lyIes was deprecated one hall. But the
very moment the notes themselves be
came, by order . Of council, deprecated
in their official denomination, AID note
Of 100 lvres was to be exchanged for note
Of 20 livres, the process was at once understood,
sid tie bubble burst Thus the fall OF almost %
per cent in the pr fits Of the Credit Moolier did
rot for moneut attract The attention even OF the
EreEsh Money article writers, while tie ~hois
p,tts Of Europe is nov ful Of din aud ba,t- about
Mr. A. Thurrey,sen. bankruptcy. The latter. L
gsti, IS sece neil i,dby sssra7aIrs eTcsnA:A4'eA