For example, the stocks of the Prussian railways alone
exceed by far the aggregate amount of the Prussian debt, the income of
the railways alone is essentially greater than the amount which the
interest and amortization of the entire State debt demand. The war,
which, according to the French conception, was destined to bring about
the financial and commercial ruin of Germany, has brought forth the
astonishing result that the famous French money market was the first to
fail in this crisis. As early as July 25, before the rejection of the
Austrian ultimatum by Servia had been made known, the offer of 3 per
cent. redeemable French notes to the French Exchange was so great that
the Chambre Syndicale des Agents de Change in the interest of the public
prohibited the quotation of a lower rate than 78 per cent., while bids
of 74 per cent. had already been submitted. Sale in blank was absolutely
forbidden, and in the coulisse business was at a standstill. A few days
later the July liquidation, in the official market as well as in the
coulisse, was postponed until the end of August, which action proved the
necessity of a period of grace. On July 31 the French savings banks, at
the command of the Government, suspended daily payments and paid out
sums to the amount of 50 francs, fourteen days' notice being necessary.
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