The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-29
BRITISH FINANCIAL TROUBLES.
UnaccOuntable FluctuatiOn in Govern
ments and Railway Stocks.
YAKOOB KAHNS SUBMISSION.
Spain Threatened With More Trouble
in Catalonia.
rBY CABLE TO THE HERALD

LONDON, Dec. 90, 1878.
The Daily Ners yesterday morning said :-"Instead
of Christmas turning the tide of events or reviving
the cotton trade at Blackburn the markets have
gradually dwndled and this week there has been less
employment than ever Six mills are at a standstill
through bankruptcy and Others are definitely
closed for three weeks. Those best versed in the
cotton trade say the prospects of improvement are
far from Immediate The Oldham cotton trade strike
however, appears to be approaching the end. there
large numbers Of operatives returning to work at
the reduction OF wages. 1t is calculated that 500 900
spindles have been restarted during the past two
weeks at the reduced rate
THE PROSPECTS
The Economist says:-"The rate Of discount for
bank bills 54 per cent and for trade bills 81
per cent. Business in the money market has been
moderate. There has been an indispostion
outside Of the Bank of England to afford
accommodation, and, as natural consequence
there was steady flow Of applicants to that
quarter. The only feature Of the Stock Exchange
has been depression in home railways. The changes
in foreigns slightly favorable. With the ap
proach OF resumption United States governments
have shown trihc less hrmness. In the railroad
department the leading feature has been adj
vance in Erie" The Times. in its financial
article yesterday, said:--"We have reason to
believe that of the joint stock banks in
the city has decided to take up its acccptances out
standing at five per cent interest II this be true it
. very important reform. and the promptitude with
which the step has been decided upon demonstrates
very forciby what sautary effect has been produced
by the bank failures"
MEANS
The Times yesterday morning says:-"The reported
arrival Of Yakoob Khan at Jcllalabad yet be
regarded complete submission of the Afgnans as
nation to the English terms yet it may be accepted
sign Of the willingness of large and powerful
section to treat with the British
HOW RUSSIA TURKEY AGREE.
1t is expected at Constantinope that the Sultan will
soon issue trade, the request OF Caratheodori
Pacha. Minister Of Foreign Affairs, decreeing
the appointment of second negotator in
the discussion relative to q defnitive treaty
of peace with Russia. The negotiations will
begin Immediately. Russia. 1t is said, will not
from Turkey an immediate settlement Of the indem-
nifty. but will accept promise of future arrange
ment. As the treaty is signed the evacuation
Of Turkish territory by the Russians will begin.
CABLE NOTES.
Private intelligence received in Paris from the from
tier of Catalonia. Spain. yesterday. asserted that
band of 400 armed has appeared at Labaa in the
province of Barcelona.
despatch from Geneva says:-"The Geneva
Chamber Of Commerce has issued circulars to all the
other Chambers of Commerce of the confederation
inviting their cooperation in the proposed opposi-
ton to the new federal tariffs and pointing
out how greatly the adoption Of system Of protec-
tive duties will injure the trade of Switzerland and
impede its prosperity