The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-16

y AAs pvy peaosahb snd 9sc9sac me.rs society, the
pcrsS c tA~w hssay ysays vSwsNs though <y cansot
81 sres all the une that the very idea quarrel, Mr.
Dbsash says, Ii Stock Exchange invention Of the 7pes
THE FINANCIAL PANIC IN EUROPE.
From the London News, May g.
NE phenomena OF the city have during the last rev
days attracted the attention Of entire country
y~ parduet 10 tie pcwic Wirnssssd last week W As
Ssoek EseAsrss meals memories are carried osck scots
jssn1 for he mas g ock AVID share properly Srassa ~,
qssss N tie Stock EscAa~Oe bus ysosmsy ,:.asse "a.
yesrs me effect Of single wssks agitation indeed,
been marvellous. Holders Of fi00o0 IN tne orisn 10
hst their proper,y has sud ieny worth only 900
Or fs OOO or less Men Of comparative wealth. VINO were
derate amount open been brought by the stroke Of
wand 70 hopeless embarrassment and absolute beggAry
Most cruel OF ali been the trial the Stock Exchange
nsnt o. botbed where false reports are raised and
serupu'ously propasaied. We have shrewd suspicion
that s members are In the majority Of instances, the
Aupes Of canards set flying elsewhere but which, even
winged from the remotest corner Of Europe nfaliby
Of the last week is concerned tho Stock Exchange
assuredly been the victim, not the decever, the
had been long foresesn and partly provided against
by persons engaged In financial transactions, but
universal dismay was accustomed and every calcn-
hi,sn overthrow by the false alarm sounded, with
. most imposing air Of authority, BY leading jour
nal For the hsbitual speculator we have little com
passion. HIS profession desperate one, and he must
accept all the risks attaching 10 IT, His ann ever is,
either BY superior scutepess or superior nfomatou
@ s ava S
whas he believes to be such, he plays with loaded
We have psanced the case Of the eight hundred or one
thousand gentlemen who form that the popular mind
mysterious body known az the Stock Exchange. Very
pie hold aoof from speculation have escaped loss Per
haps would be exaggeratioo 70 say that, what with
q the Stock Exchange in ne a2grsg1sa million aerlss2
poorer at this moment than Dry feso days ago.
lasns jobbsrs" some brokers, there il reason 70
suspect, TO far too great exseot their princ
pals. others have speculative ciense, and are conse
queny exposed 70 Increased risk The panic which has
just accustomed such devastation has apparently
bsred amongst its victims several rsons In each Of these
eateesries rhe great majority OF the failures ho~evur
have occurred amongst the jobbers." Each "oobrsn
whist dealing with the broker sso rectnes ms position
BY interchanses With mis- fellow "iobsers" Al
each fsrtnighty monthly settlement be bss
both 70 receive e and 70 pay large SUM. soy
bsss," he has 70 bear the bYunt, for a the
settlement be must pay ali the claims upon him,
whilst taking his chance Of receiving what due 70 him
whom be has dealt the position Of the jobber becomes
douby trying is, therefore, scarcely 90 surprising ~
laasy raised and warionly kept up by portion Of the
press has led to the failure Of the number Of
my or sixty members Of the Stock Exchange. depre
citation Of or per cent In the English funds 20 or 30
Per cent in Turkish stocks or 10 per cent In other
Soseen government securities, and Of proportona.e
amount In British, Colonial, Indian and foreign rail
ways and miscellaneous share properly, represents
DO vast an aggregate that we can only form q Just
u the Ssb Tpe sudden pressure IL hs
money market at the time caused all those bankers
and money lenders who had made advances stocks
and shares to call them ~ with extreme haste thus great
ly aseTavatrg the temporary difficulty. certain
Der Of Stock Exchange firms having succombed pres
sure the others at the most critical became
Intense. since every member iet called upon 10 provide
pose ble for his utmost liabilities Irrespective Of the
r3y held the natural resource Ali we're sellers,
none buyers at moment when every outside Spectator
had taken fright when stock upon which loans had been
obtained was forced for sale tout In order TO provide
NE means repay ment and when the moneyed public
deferred from invettpgby the rg6tfu political spectre
copJnred up by the Tines As an inevitable result
Hitiee worth under ordinary circumstances thousands Of
pounds became totally unsaeable and many members of
the Stock Exchange compelled to declare themselves
defaaers merely order winding up OF their
ssrs at the hands OF the official quidator Of the estab
The consequences of this remarkable and lamentable
state o. things may prove Of mother disastrous
ssss,r. character as,,os as might be imagined
sSmssances, the credit of the Stock Exchange, as
body. VIII not be IN much affected, for the ma
satisfactory results. notwithstanding the extraordi-
nary extent OF the fall Indeed, the establishment may
Of weak and speculative firms. Any excessive deprecia
ton In prices will be recfed by steady opera
&c. has r,ctiutd rsI,s, AscA may good ,a
fs some time 70 ceme The mot painful associations
rsis ,ch,ch haze been sUde spread that records
and memories Of thousands Of fdm;lies Easter week. 1862
WI nsrcT De JUgotten
THE EFFECT OF THE WAR ON FREIGHTS.
From the London Times, hay21
zhere has been considerable excitement In the Liver
pool freight market Rates 70 Malta have gone up to 20s
5 GOALS from LIVERPOOL and about 27s 3D. has been paid
kom Cardiff To Gibraltar the rates have aso advanced
ffea 14s 70 1885, 3d. and 20s Is asked. From Cardi
10 Gibraltar 20s is demanded This advance coal
heights the Mediterranean has arisen consequence OF
the de naDd for coal sb government and steam
pspiee account 1t s )ected there will be further I'D
ard this by the fact Of the great rise In
10 10 to France bring flour and wheat, importers
pectng that the Emperor Of tho French will shortly pro
nsos exports ofgain Small vesses make good earnings
with coal account Of the French government who IL
nppears laying exceedingly large stocks at Brest
and other ports Steamers are in demand high rates
= carry coal to France and 70 return with ga'u-2Os
euiw been PAID The British government seem
10 be taking mcss active for supplying Med
teapean ortresses ~h troops and stores The Cunard
Portsmouth, and other vessels spoken Of Under
writer's asking increased rates. and the war risk Ia
demanded for some trades.
THE PURCHASE OF CHARTS AND GUN
BOATS IN ENGLAND.
from the London Tines May g.
Captain Miguel Lob0, Of the Royal Spanish Navy,
kadic,s recent sta ement in the Tine, regarding the
John Fasipeton, any other member Of our present
Cabinet The THaes, on Friday last, simply mentioned
Mat twenty seven guuboats Of very light draught are at
present building the Thames for the Spanish govern
Captain Lobo says this is quite incorrect the
SpAnisb gunboass building the Thames beng In
tended for the Philippine Archipelago" The Nmes made
r.tence TO snecfy their destnaton but left open 70
aurc or conjecture No doubt vas entertained that tho
- 70 sbe object Of the armament.
ministerial journal coptradicts the facts mentioned
Friday respecting the purchase Of charts by the French
end Russian governmental great convenience 10 hav
En ipamout that denials of this Kind can be put