New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-07
WORLD AFFAIRS VIEWED BY OBSERVERS ABROAD
BONDS AND SHARES FALL
ON Paris BOURSE.


Copyright. 1eoe. by The Tribune Association)
Paris, JAN 6.-Jacoh H Schiff's address to the
New-fork Chamber of Commerce. pointing out
the inelastc currency system which disturbed the
New-fork market, has had its contrecoup on the
Farls Bourse, where, notwithstanding the bright
er outlook at AlSeciras and in Russia there has
peen general fall in bonds and shares of every
description the dangers of the American in
elastic currency system calls the attention of
leadlng French f1nanciers to the fact that on
thursday, January 4, the banknote circulation
OF the Bank Of France greater than at any
previous time, amounting to over four milliard
nine hundred million francs. The maximum
emission of currency established by law is five
milliard francs. that if the public had called
Tor nlnety-fve million francs more than they did
on January it would have been impossible for
the Bank OF France to have supplied the de-
mand, and 1t would have been obliged to resort
TO specie payments. Financial experts now urge
the government to authorize the increase of the
present maximum of the emission period. In
view of the present political situation it is sig
nificant that the Bank of Frances gold reserve
is one Of the largest ever recorded, amounting
January TO $500 900 in gold coin, and
there is in addition to this s21SO00. 900 in silver
making total metal reserve of sSO0,0OO,0 0o Be
sides this the portfolio OF the Bank of France
contains nearly $500. 100000 worth of govern
ment bonds and first class commercial paper.
1t is pointed out by Edmond Thery, the eminent
economist, that the business condition of France
during the last year has been better than in
any year since 1885, and his statistics. covering
15e leading French securities listed the
Bourse, representing capital Of eleven milliard
dollars, show al appreciation of value between
December 80, 1904, and December 80, 1905, of
s2OO,OOO,OOO, and this in spite of the friction
he
sugar failures. In this connection it is interest
ing to note that NJ. Kokovzoffs former Minister
of Finance OF Russia, who arrived in Paris on
Monday, has been urgently but vainly seeking
the assistance of the French government for the
proposed Russian loan Of $3.50. 900. but Prime
Minister Rouvier. after consulting the leading
banking establishments. was unable to give NJ.
Kokevzoff a favorabIy reply, and the proposal of
the Russian government was yesterday definitely
refused.
MOROCCAN OUTLOOK PEACEFUL.
In the last forty-eight hours the outlook re-
garding the Algecras conference has taken
decidedly pacific turn, attributed here to the
strong personal influence of Edward VII
brought to bear upon his imperial nephew.
In the last fortnight the German Emperor and
the King of England have been in regular cor
respondence and the Kaiser's letters according
to information from most trustworthy source
express thoroughly peaceful and conciliatory
desires. This welcome change is also rejected
in the statements made by Count Won Tatten-
bach. who in France has all along been looked
upon as the stormy petrol of the situation. Tbs
Kaiser is reported to be convinced that
the aspirations of the Pan-GerTnan party and
the advocates of colonization under the German
could not be improved by pushing
their claims at Algeciras for seaports on the
Atlantic coast of Morocco as basis for securing
a. future naval station in Liberia. where over
two-t thirds Of the commerce is already In the
hands Of the German firm of Woermann In
diplomatic circles here it Is thought that an
open door for the commerce of all nations win
be the first point discussed at Algeciras. and
the propositions formulated by the Washington
Cabinet In regard TO an open door in Manchurla
will be taken as model for the open door plan
suggested by France in Morocco. The two car
dinal points Of French policy in Morocco are
an open door for all commerce and that the
internal police of Morocco shall not be fntrusted
to German officers placed under German con-
troll but that the entire frontier contlgu-
Gus to Algeria must be under French influence
The French government recognizes the validity
of the old treaties concluded between Morocco
and the United States, and is favorably as
posed to the proposals expected to be submitted
to the conference by MesSrS- " HlIe anu 1NAi
mere the American delegates in regard to the
OF Jews. Christians and other nom
MosIem residents and merchants from Ill treat
ment and persecution: but the idea OF enforcing
upon the Sultan system Of international gen.
darmerie or police said to be contemplated py
the United States government Is not regaroeu
here as practical in view of the failure OF such
an experiment in other Oriental Countries not
ably in Macedonia and Albania
KAISER TO CELEBRATE.
The Tribune correspondent has trustworthy
authority for stating that the German Emperor
has expressed TO King Edward his absolute
confidence IN a peaceful solution at Algeciras-
II IS his opinion that Germany has nothing to
gain by an aggressive just now. winch
even If successful would be a terrible dow 10
the German merchant marine and commerce.
1,daed +he crucial moment passed last June,
and to-day when public opinion is worked up
~, reckIass German journalists to unJustl1ed
the real trend is for peace. More
over the silver wedding of Emperor William
will he celebrated on February q. and with
,, ,rrenressibIe protagonist instinct the Kaiser
has decided to make this an occasion for a
Grand Notwithstanding gesture OF peace, con-
citation and good will to all.
Mr.. MCCORMICK SAILS
Ambassador Mccormack sailed yesterday
from Cherbourg the Neutrality-suspicious.
,,,,or Amerika for a brief visit home. intending
IN be back in Paris before the middle OF req
ruary Among the other passengers on TIC
aroerika are Mr.. and Mrs. ]. Cliff smith, Cap
+a,n r. D. Webster and family Adolph Stahi'
faNrne