The Sun.
London, England, 1866-05-11 00:00:00

tIONEY MARKET

AND
COMMERCIAL INTELLIGENcE

TWELVE O'CLOCK.
A monetary and commercial panic now reigns
throughout the City. The crisis has been precipi-
tated by
the suspension, late yesterday after-
noon,no of Overend, Gurney, and Company,
of the largest discount undertakings in
.4`3lldon• It was only converted into a
ut Stock Association last July, having formerly
benen the oldest and most successful of financial
Enterprises. The old partners were well known
the colossal fortunes which they . ac-
quired in this business ; but some time after
the junior partners had succeeded tq the
an
inagement of the concern rumours were cir-
culated respecting heavy lossses. Notwithstanding
this reaction from their former success the house
still enjoyed a first-rate position, and when it was
ansformed into a limited liability company it rose
to a
; higher estimation, at least with the out-
"c public. The company must have lately
°/erladened itself with securities for unfinished
~Nl,°l'ks, not immediately convertible, and when
this became known the shares went to a
discount only three weeks since, and a
steady drain by the depositors upon its resources
ensued. This could not be sustained very long,
and all aid being refused by the Bank of England
and other large establishments no other course
could be adopted than that of closing its doors.
This stoppage has excited wide-spread alarm,
aild crowds of people may be seen around the dif-
fer ut
e banking houses. Many, it is true, are idle
„4.trs, but the majority are either depositors or
Bank
interested parties. The English Joint-Stock
13'anic has been obliged to suspend payment in con-
Otlence of an expected drain upon its resources.
;0' is hoped that this stoppage will
be merely tem-
.,.
orrarY, and that the bank will be enabled to re-
il.,l:e its business on Monday.
he Bank of England Directors have raised the
rate of discount this morning to 9 per cent. This
d,easnte was expected in consequence of the large
Upon
that has been, and is still likely to be, made
"P,op the resources of the national establishment.
made
Weekly return from the Bank of England,
The e. 1115 to the 9th inst., shows some slight changes.
thechief variation has been a considerable diminu-
in the stock 0„of gold, with a large increase in
Lner Securities. On the other hand, the re-
notes of notes has been slightly augmented, and a
large addition made to the public deposits. Sub-
joined
41ctive arc
the particulars :
Culation
Ilion Decrease
...£22,344,395
528,375
••• ••• ••• •••
• • ••• 13,136,140
353,000
T •• • .. .
)18b:
Otherlie I)1
a el
ll'
rse°iat
sa:
••••
1 533
2725
289231535:7"::2835552237819472:
•.. ••• ••• •••
Dep i
nocsretskse
••• ***
858,837
(3.„.31:t t Decrease
••
***
Goverurn
rSascuri
aftrinctaeri!oa Otherse Bids ••• ... 462,265
Securities 10,194,254
Other Securities 8 •.. •.• •4 • •e• 200,000
20,844,217
Notes
i.,nlencrease
463,822
U triployed
4 950 325
Thlncrea
Increase
e ••• ••• ••• ••• 111,075
Year
commenced Second series of colonial wool sales for the
oilleandigioren yesterday. 'The attendance of
buyers was good, but the bid-
ous auct swereion were languid,
. and, compared with the previ-
s, tb,

-) -le rates realised were fully Id. to 2d.
Per
,lb. lower for most descriptions.
A,' ihe dealings in the Foreign and Colonial Produce
very arkets during the last few days have been on a
limited scale. Sugar,- however, has generally
.silstained former values. Tea has been dull, while
of
u coffee, rice, and tallow there has been little chane
importance. g
The gold taken to the bullion department of the
43ank of England yesterday afternoon amounted to
47,000.

Two'CLoca. At the Paris Bourse this morning, according to
Renter's telegram, the Three per Cent Relates were
quoted 62f. 60c. Very agitated.
I\TO information has been received at the Bank
eePecting additional powers to be given to the
ttnthorities for the further issue of notes. A very
heavy pressure has been experienced at the Bank
for discount accommodation, but out of doors the
brokers will not work at any price.
The Stock Markets have shown considerable
0-etivitY, and prices have fluctuated very materially.
'ensols have improved to 85:1 for money, and 841
41,,e1 for the account. The Reduced Annuities
goer 831 I, and the New Threes, 82i 82i ; Exthe-
iner Bills for March, Bs. dis. ; India 5 per Cents,
/31°0341 ; ditto Enfaced 5 per Cents., 101; and
~,(18)prem.
fort
' °r nightly settlement has commenced in the
illeign. and Share departments, and prices have, in
9
aieY instances, been nearly nominal. Greek are
14,1 ; Spanish Passive, 21 ; the Certificates,
83i ; Italian, 36 38 ; Turkish 5 per Cents., 274
63 jand Mexican, 15 ; United States 5-20 Bonds,
.rut) Erie, 43 45 ; Illinois, 72 74.
v 4.-tn the Railway
.Share Market business has been
Y inactive, and a further decline has taken place
krivaluce• Great Northern A Stock has declined
D o; Metropolitan, £4 ; London, Chatham, and
4,,,v,er and North Western, each £1 ss. ; Lancashire
10`. nrkshire, £1 ; Midland, 155.; Great Western,
tait Eastern, 59.
and Colonial lines are also de-
PalEtBllB;edal:F(l°GrGeriregeat Luxembourg have receded 10s.,
Great Indian Peninsula, £l.
allaal;_k and Aliscellaneous Shares are very dull,
have a., almost nominal prices. Bank of London
Air declined to 10 15, London and County to 64,
b_ lance to 13 15 Union of London to 48. Credit
711nier and Mobilier of E
Aerial Mer England are marked 4 dis. ;
count Co cantile Credit, 42 dis. ; National Dis-
., 3 prem. ; and Overend, Gurney, and

Co., after being at 15 dis., are now quoted 12}
11 dis.

BRITISH FUNDS-CLOSING PRICES.

GOVERNMENT FUNDS.
3 per Cent. Consols
Do. Account, May 9 843 4 1 5144 5
3 per Cent. Reduced B3 1
3
New 3 per Cent B3xl 21 31
New 21 per Cent. Jan. 1894 —
Do. 5 per Cent. Jan. 1873
Annuities, 30 yrs, expire sth Jan., 1880
Do. for 30 yrs, expire sth April, 1885 —
Do (Red Sea Telegraph), Aug., 1908 —
March. June.
Exchequer Bills, £l,OOO, 3 per Cent. — dis
Do. £5OO —
Do £lOO and £200
Bank 0; England Stock, 5 per Cent
Do Account
INDIAN GOVERNMENT SECURITIES.
Indian Stock, 101 per Cent., April 1874 —
Do. Account
Do. 5 per Cent. July, 1870
Do. 4 per Cent., Oct. 1888
Do. Certificates —
Do. Enfaced Paper 4 per Cent —
Do. 5 per Cent., Jan. 1872
Do. 51 per Cent., May 1879 —
Do. Deb., 4 per Cent., Aug. 1866
Do. Bonds, £l,OOO l5
Do. under £l,000
FOREIGN FUNDS—CLOSING PRICES.
Argentine Republic, 6 per Cont., £l5 pd — pm
Austrian Bonds, 5 per Cent, 1859
Brazilian 5 per Cent
Do. 41 per Cent., 1852-58-60
Do. 1863
Do. 186,5
Do Account
Do. Scrip, £45 paid
3uenos Ayres 6 per Cent
Do 1 per Cent. (Deferred 3 per Cent.)
Chilian 6 per Cent 9B
Do Scrip, £25 paid
Do. 41 per Cent
Do. 6 per Cent
Colombian 6 per Cent.
Juba, 6 per Cent.
`fgyptiau 7 per Cent
Do., Second Issue B3
Do £lOO Bonds
Do. 1864
Do £lOO Bonds
Do. Government Railway Debentures —
Do. £5O paid
Sireek 5 per Cents., 1824-5, ex Coupons
Do. Account
Do. Coupons
Do. Account
,Inatemala 5 per Cent. —
talian 5 per Cent 1865
Do Account —
Do. Maremmana Railway —
Ilexican 3 per Cent
Do. Account
Do 1864 l3}
Do 6 per Cent. Anglo-French —
llontevidean 6 per Cent., £3O paid
lloorish Imperial 5 per Cent
‘Tew Granada —
Portuguese 3
Do 3 per Cent., 1856, '7, '9, '6O, '62, '3,
421
Do. Account
per Cent., 1853
Russian 5 per Cent., 1822, £ St —
Do 41 per Cent. 1850
Do 41 per Cent., 1860
Do 3 pet Cent. 1859 —
Do 5 per Cent. 1862 B2 1/ 2 801
Do 5 per Cent. 1864 B7l
Sardinian 5 per Cent
Do. Account
Spanish 3 per Cent
Do Account
Do New Deferred —
Do Account
Do Passive —
Do Account 2l 201
iranish Cert. of Coup not funded —
Do Account l4l 1 14
Swedish 4 per Cent.
Do. 41 per Cent. 1864
T urkish 6 per Cent. 1854
Do Account Bl
Do 6 per Cent. 1858
Do Account
Do £lOO Bonds
Do 6 per Cent. 1862
Do Account 57
Do £lOO Bonds 6O
Do 6 per Cent., 1863 —
Do 5 per Cent., 1865, paid up Scrip —
Do Account
Do. 4 per Cent. Guaranteed —
Venezuela 3 per Cent. —
Ditto account —
Do 6 per Cent., 1862 —
Do. Account
Do. 1864 —
Dividends on the above payable in London.
Dutch irt re* ePtit., Ex. 12 Gail —
Do 1 per Cent. Certificates
French Rentos 3 per Cent.
Italian 5 per Cent., 1861, Ex. 25f.
Do. Account '

TIIREE O'CLOCK.
lonsols for money
Do., Account 9th inst B4l 51 ex div.