The Sun.
London, England, 1842-07-02 00:00:00

LONDON AND BIRMINGHAM

RAIL WAY.

A Special Meeting of the Directors and Proprietors of this
Railway took place yesterday, at the Company's offices, Eusten-
square, for the purpose of considering the propriety of empow-
ering the Directors to purchase the interest of the proprietors
of the Warwick and Leamington Railway, and also to enable
them to raise funds for that purpose by creating, from time to
time, new shares.
GEORGE CARR GLYNNE, Esq. took the Chair at 12 o'clock,
and, after shortly stating the object of the meeting, proposed two
resolutions for the sanction of the Proprietors for the purpose
of carrying that object into effect. The purport of these reso-
lutions was, that the Directors should be empowered to pur-
chase the Warwick and Leamington Railway; and that, in
order to provide funds for that purpose, they should be em-
powered to create from time to time such number of new shares,
and under such terms and conditions, as they should think fit.
These resolutions were unanimously agreed to, and the meet-
ing separated.

MONEY MARKET and CITY NEWS.
TIMES.—The market for Foreign Securities has been
thrown into an extraordinary state of excitement by a panic
among the dealers in Mexican Stock. This was occasioned by
some sales made in consequence of a letter from New York,
in which it was stated that the house of Messrs. Lizardi and
Co. of New Orleans, had stopped payment, it being known
that house is connected with the firm of the same stains in Lon-
don, who, at present as the agents of the Mexican Govern-
ment, hold the funds for the payment of the October dividend.
The stock at once fell about 6 per cent, or to about the quota-
tion of 31. The first excitement having a little subsided, par.
ties came in to purchase at the reduced price, reflecting that
at all events, if the entire dividend were lost, such loss
would be much more than compensated by the very low '
price of the stock. This caused a rally of the quotation to
33, when a complete contradiction was given by Messrs. ,
Lizardi to the New York letter ; not only did they prove 4
by the production of their own advises from New
Orleans thot the house there had not stopped, but I
also that stoppage was impossible, as there was, not 1
a single existing liability against them, while they •
had large sums to receive, and had sent considerable remit-
tances to London. It may be stated that these advises par-
ticularly alluded to the failure of the bulks at New Orleans,
arid the writers spoke in terms of great satisfaction of the cir-
cumstance that they bad not lost a dollar by the general de-
rangement of affairs. As soon as this contradiction was made
known the stock rote to 36, from which it again receded to 34,
from those who had purchased at the lowest price being
anxious to realize at a profit of three or four per cent. The
closing quotation was 35 to 36. It may seem extraordinary
at the brat glance that the mere belief that a single half-
year's dividend was in jeopardy should cause a fall so much
out of proportion with the apprehended loss ; but the decline
must be taken as a sign of the high estimation with which
the holders of Mexican Stock regard the agency of Messrs.
Lizardi and Co., and that they considered the chance of
having the benefit of that agency as likely to affect the per-
manent value of the stock to a degree that could not be mea-
sured by one or two dividends. Notwithstanding such violent
fluctuations as have taken place, it does not appear that the
public have gained or lost anything by the general movement,
but that the operations have been exclusively confined to the
jobbers.
The following letter was written by Messrs. Lizardi and Co.
to the Chairman of the Committee of the Stock Exchange :
"26, Austinfriars, June 30.
Gentlemen,—We beg leave to contradict in the most ex-
plicit manner a report which we understand has been circu-
lated on the Stock-Exchange, that the house of Lizard' and Co.,
in New Orleans, had suspended payment. As that house at
the date of our last letters (the 6th of June) had literally no
obligations out, and owed nothing, it is difficult to find any
honest foundation for such report.—We are, gentlemen, your
obedient servants, " F. DE LIZARD! AND CO.
To the Chairman and Committee of the
Stock-Exchange."
This panic, to a certain extent, increased the difficulty of
the settlement in the foreign market, as it rendered money
scarce, and produced extreme caution in affording accommoda-
tion. Fortunately, however, the settlement passed off, with
more case than could have been expected, considering the ex -
reme pressure occasioned by including the fluctuations.

We are sorry to say that, according to the letters
received yesterday from Lancashire and Yorkshire, the in-
telligence brought by the Columbia has rather increased than
diminished the previous gloom which prevailed in the manu-
facttu ing districts. The recent continental failures have fallen
heavily upon 'Blanchester, as was at the time apprehended,
she effeetlas been shown this week in a further decline of prices.
Faith builds in the dunzeon and the Izrz,:ir
its sublimest shrines ; and up, through the roofs of stone, that
shut out all but the eye of heaven, ascends the ladder where the
elgela glib to sad fro... Prayer.