The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-26
CRISIS I'M ENGLAND
Threatened Financial
RevulSiOn.
Alarm Created BY the Advance Of the
Bank Rate Of Interest.
A GREAT CRASH ANTICIPATED.
Enormous Increase OF Exports
to the United States.
English Capitalists Shaking Their
Z Heads and Pointing to Another
American Catastrophe.
United States Merchants Said 70,
be Already Largely Indebted
to England.
Plenty. Of Promises but No Money ior-
British Manufactures.
PANIC IN FOREIGN SECURITIES.
~~~~~>~D>~.~>~-~~~>~~>>
Views OF a New York Imporses
i'm London.
&C.. &c. 60.
United States Merchants Said to-
be Already Largely Indebted
to England.
Plenty Of Promises but No Money ior-
British Manufactures.
PANIC IN FOREIGN SECURITIES.
Views OF a New York Importer.
in London.
&C.. &c. 60.
THE FIRST WARNING.

THE FIRST WARNING.
From the London Times tNony Artcich Jan II
very Of the LIST Of Janrary last consoss
that occasion, as at SENT showed fan Of two
cent from the price the previous year yet the
exhibited very noursln totals, The trade the
months had exceeded former sum, there
had rs long reaeou ana
regard to other branches OF sp cuiaon, there n
discount and the warning furnished by Of dis
astrous failures wouil have the effect, for time a.
least Of putting stop to tho chicancry Of tho pro
fessiona company mongers. II Is only in the latter
respect that the view Is at present dreieni GER
tain section OF the public have shown that there
bounds their greedy creduiousncs' aud that there
fore, Is vain TO eSpccs permanent tbeck 70 the
share mania until AS in 1877 IL shalt have resulted in
crash such may men Tor years tLeroa ter c-
shi INK from the very name Of new enterprise. But
wLiIc there to be slgns every side that
ca profits have been gained surprising all experience.
the On stion arises in what form are hcsc accumulated
prons to be foundS they do not exist in TIC shape
nearly three -quatcrs OF million less, ep tho rate 81
money Is seven per cent Instead et.sSxs Neither arc
they to he seen in largo increase ot~cuI stores Of
imported commodities, since IN majority of instances,
and especially the costly one o: cotton. the quantities
Tam td a. ,cga d. ca-h end 0xds M epwry
is les RIGA ton ~ TIC Isl Of Jdn.ary las. Our
interval have exceeded tho vauo Of tho British products
we have shipped to them, not merely 10 the extent Of
be supposed to have furnished BIT also Of the rcdneton
We have sustained IN our IRE existing supplies Of money
mil neSts Tor fore i'm cans Iho amount Of saes es.
In bcn below rather than above the average and uso
from foreign countries In Ito shape OF d.vidrnds
Neither has there been any great addition 70 ths humber
e banks 2. .ssa public .Os r
n nccotiny for X eSs tnss Ne puri,t =, ro. the
first IS The enormous ezP<nd9ye On " ~es tsiIs rst
egce .ra e. ssx and o.Aev sdifes wAsrh prsass Eom
s mr.: e; % s a. S.S % co, s .ae a@
If d.s,opnnf III second consists in ihs prcbs
Sur;r Tic pas four rshs h. be"n cpsd os Nv s,v
ing credit to Am rcan house, being 81 tho time
known that agent, fyns az par ofs STATE ksss lafJy
bee. o rslv en- we'd here n o<u;sn0 ,pbs virs1a 10
tie s1gclos: ef spptie ~ Ms oSnTprsss
rriwd ds1eg tss ,sar As regards he bulldsIs ss--
Il n TOOK place IA The sbapo az a foreign ioau
Indeed, is innucnce on the money marhct rs lcss
iaioo e ~ '' ON such NONE sns IA lie
manufacture of the bricks IRON and various thngs Of
wain they are md sT%pSsd rS the al, Of
Tor clothing &C. whc works thems also
this espend,are being unattended bv The pc,etor o,
n nglc item that can shipped repayment; whereas
in the case Of foreign loans We have always the aterna
tive 10 MON mt. or severe pressure OF npdnc mar@t
for them at como price the continent or eisowtcrc
IS incaeuaSe bat we cannot diyer, our
sans from the manufacture OF Interchangeable CONNECT
ties wiihou. finding that We must ssDd away mercy to
large credits having been granted America 81 woaid
be druit any other way 20 account fo The ces-aiior
country Our epos,o,t ns fA,Gtr kau been "a "a eat a.
o dinoy s-a aud ia re.un she Aas had frfe prdseeie
erammi 10 a. the cotton stIpYnen;s being stu limited
while IN the grain trade the high cosC OF transportation
and OF all the essarics " life consequent upon c,res
siye taxuton combined with protective tarr have
caused Russia Germany and France almost entirely &c.
drive her from competition. During the whole of this
year she has sent only OF wheat and -four
aRaipst 573 49, In 1884 and 10 s126 25 Even
Of petroleum. her new soure OF wealth, tho q1autry
shipped lher this year been but 100 tory
Is ass in 1894 and 90 272 IN 1888 Asaosg a f,s a a.
eoanfes at he sae fisae there has Tea fgr Tsr pa.
ina uifcf aes toaa. 80 that all the riches fbsv
have derived from the great increase OF their mir fa
have disappeared from Europc 10 be rcpr scn,od ru,y
by these or analogous sccures
SO long as The causes thus described cnntnne 40 lorr
must the gradual Sc In the rate OF discount
and there is A. prcscut eyeyv indication tha,,hv vii
greatly increase dur nr the new year the roilony 70 H
ne a int ia Tia w vi are n,,rs u, han o,as,
pri gt ore ysi,a hia h. n,t fre,v vrarr ara n, a.
on M mar Of xmerifau 80 esosr, 10 a fa,s
fd o. his ssd> tr ne rel, ration q ess coEsby ten
as yd assumed cn are ~ ner conkmPdtd y" port "a.
IL We are 10 perst IN cmpfoy ng insc pc.ton ol "I
ropuaiion ~ hsh wages IN work. wncn wi,unfaW l'r
from the insiiuucurc o. e'portaoo nrtic'es tn voht
pflng " pack eash OF ~ equvsicn, am ~ W hhhe
ume sendpg constantly Increasing oi .eh "
America, we cnnno, eApeci 70 nave we gahaiy sdppw
a. nome Iln rae OF In,eIes' mus, ri.e 70 VOC 20 ~
whsieso may pc ,nat w s'a. ,ne ne Do,n or IurR
iny eaphi INTO piicks snu mofiar, suu ct shlIlbt
on 70 inc tnitoa STATES. 10 iIsc elash ne Iruei
osag eesne, anu 'ns.e par'ss wou'u 80 se SAN
Win the deapd MIGHT sapDy y New