The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-27

which, being ndepesdens Of any ARTIFICIAL ipuIss would
not have involved Ne penalyof an ultimate reaction.
POSITION OF THE FRENCH BANKERS.
IErom the Lsndsn News, Nay lSl
Once more the managers Of the Credit Mobier society
of Paris have met the annual gathering Of their share
vidend 70 offer them. Let the case fairly pay
ment at The rate Of I'VE per cent denomnated
"interett" and absorbing sum Of fl2O eOO made
on the Sst OF December last; only the "divdends"
properly 80 called that suspended According TO
the managers' showing balance Of profit amounting
company on the 3lst December In 1859, however, in
1885, adverse political events occurring setween the date
70 which the companys accounts made and shat o.
which its annual meeting Ii held, have " modified
favorably the esimates Of it's inventory In the FIRST
haf OF the year 1858 pub confidence shaken not
much by the attempt the life OF Napoleon ILL., by is
Consequences In 1859 the approacp and actual outbreak
OF war have occasoned immense depreciation in all
classes Of securities The Council Of the Credit Mobi
ier Society, in their usual mKnil0qnent style,
almost profess certain degree OF sasfacton ut wiz
Messing the prompstude with which their interests
sympathize with the crisis In the fortunes OF the nation
Reviewing tho Of affairs IN The latter Of the
past year they declare proudly that their "eforts
operate the establishment confidence and TO Give
activity TO public cred a. TO stimulate gambling
on the Bourse), "were Immediately crowned xith
cess which continued 10 the end Of the year" rhe
patriotic example set by the company large portion
Of whose prons are made by ministerng, upon exorb
tant terms TO the necessities Of specuaors for the rise
The scopddepcen which the s,ci.ty sd,d not hssi
tate TO display, rapidly s1read" The three per cent
Ientea, now at The melancholy price Of 81 "a rose from
67h 10 beyond 70, and other securities proportion
How vast ID the sphere Of this compsDys benefae-
tons. When public securities rise 10 itself n
larger portion of The credn; we they fail there is alo0
some peg at hand hereon hang the responsibility me
report complacenty declares that he prosperity Of
company closely copnected with general prosperi
~ that Inc results obtained in the latter OF 1855 mad
not only eaced all trace Of the long stagnaton Of affairs
and Of the long continued depreciation Of all securities
but had rep aced us in brilliant situation" IN ether
'oords the whoe tribe Of specuatos busy
as BEES and The great company Which stod beAsd them
thing Of it. But why did not the directors, in mere
honesty carry their sketch little further and portray
the misery and despair Of the victms whom they have
lured beyond their depth, and eDguphed in the quick
sands OF specuation9 How many their proeges have
been left sadded with stock Al ten fifteen per cent
above present pricesp The comPanys grand object amid
all ITS bombasc professions solely care of it.
self and with this view, at each fortnghty monthly
settlement, it exacted vigorously in cash the price de-
manded for its ASSISTANCE The managers Of cacula
ted that whether the gamblers 70 whom they granted ac
ties succeeded or not their own profit The
prices 10 the hghe possible point and then TO
out all their securities upon other people, perhaps the
tendency Of m operations is clearly perncioas 70 the in
terests of the community at LARGE and it s therefore,
earnestly TO be hoped that projects Of kindred character
will at all times nd something uncongenia In the English
fluffy Of great stock jobbers without the addition Of
gigantic company welding resources 70 the extent OF mil
gambling.
ton in the depreciation 10 which the "rortfoo OF the
Credit Aobiier has been subjected during the last few
months appears that the amount of securities held by
is f3 000 and that the fall in prices since the be
ginning Of the year has swallowed tho whole of the
balance OF profit, amounting to EST 900. Hence, Of
second year in which this unpslstaSe result has
been arrived at There are other indications, TOO that
the public faith in this peculiar institution is
the wane. During the years 1866 and 1856 the
current accounts funds entrusted to by the public
exceeded four millions sterling At the 3st December,
1857 the had declined f24o OO0 and at the
Bis. December 1885, TO g., 527 000 The public require
to be tckled with large dividend the founders
OF this well knew when they declare dstri
buttons at the rate of forty and twenty I've per cent per
annum respectively for the years 1856 and 1885, The
fact that dividend could be squeezed at the two
gree Of importance regards the company's prestige
Az usual the directors refer in sangune 70 the
pooh poohed as not ocasonsc By causes affecting their
intrinsic value but by "external and general causes"
return Of prosperity is consequently described in
evitable Ultimately it may be so, but what during the
intervalr France Ia only now entering upon war, the
END of which cannot be foreseen and the pressure of
which upon financial interests must be most severe. The
position Of company like the Credit,Mobilier holding
securities OF purely speculative character-for the
extent Of three and quarter millions sterling must a.
suredy be uncertain in the extreme. The directors may
wen refer, IN tome expressing sense Of relief to the
siderable time 10 come the shares In the Russian rail-
ways. would be rather curious TO learn how much Of
appear, hosoeu haus had greet stroke of luck Olsen
gaging themselves during the months from their
NecttCn ottH tne AuJt0w rTQNCtS J0eepn haNUdy C0M
pany Better far to be mixed up with such homo
prises as the "Compagne Generate Maritime" and "Com
pagne Immobere" Owners or the celebrated Hotel du
Louvrealthough neither Of these companies has been
able TO pay any dividend at the annual meetings just held
TRADE OF PARIS.
GFrsm the Paris Presse May IL
The declaration Of war, while at length removing the
uncertainty which for the last four months has exercised
depressing influence upon trade, has not produced any
perceptible change. manufacturers have still
hand few orders for the United States and for tho pro-
nces but Par has long ceased TO buy anyth beyond
ban