Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-05-22
Great COnlagratiOn in n. Y.
The Academy of Music and other
Buildings Burned.
Loss Between Three and Four Mil
lions of Dollars.
Associated Press Report.
Foreign News.

HALIFAX, May 21,-The steamship Cuba
from Liverpool 18th via Queenstown 18th
arrived here to-day en- route to Boston.
LIVERPOOL, May 12.-The cotton brokers'
circular reports the sales for the week at
1900 bales, of which $500 were to specu-
lators and 1000 to exporters. The market
has been very dull, and prices declined 39
Id. for American, and ia I'D. for other de-
scriptions. Authorized quotations are fair
Orleans 16d.; middling do. 134d; fair Mobile
15d.; middling do. 13d /; fair uplands 144d
middling do. I2sd.
The market closed dull and weak owing
TO the panic failere of 0yerend, Guerney
Co., and the further advance of bank rato
to per cent. The stock in port is estima-
ted at $1,000 bales, of which 5000 are
American.
The Manchester market is unsettled.
Breadstuffs have an advancing tendency
close quiet.
Richardson, Spence & Co. and Others re-
port -four quiet and firm at an advance Of
6dG1s per sack.
Provisions have a downward tendency.
Beef is very dull and still declining.
Pork declining.
Bacon easier and Is lower.
Butter scarce.
Butter firmer at 70s.
TalloW tends downward.
Petroleum fiat at 2s for refined and 14@
l5s for crude.
London Money Market-Consols closed
Friday at s5@sG4 for money.
United States j-20s G4@65.
Illinois Central shares 74@76.
Erie 43@54.
The bullion in the bank of England has
decreased f353,OOO.
Baring's circular says that there is
AosD IN, A
ing to the prevailing distrust. United
States 520s nominally 60@65. The Bank
has raised its rate of discount to nine per
cent.
LIVERPOOL, May 12.-Cotton sales to-day
20, 900 bales, including 5000 bales to specu-
lators and exporters. The market is frmer
and prices are ID higher. Middling up
lands are quoted at about 129@123d.
Breadstuffs quiet and firm.
HProvisions dull and tending downward.
The Times editorial says: If anything
can Justify the suspension of the Bank
Charter Act panic which swayed the city
to and fro on Friday, We may excuse the
step, although We believe the reign ofterror
was approaching its end, and would have
speedily ceased had no infraetion of bank
law been permitted. Even now it is prob
able that the license allowed to the Bank
will not be used. 1t cannot, however, be
denied that about midday yesterday the
turmoil became intense. The doors Of the
most respectable banking houses were be-
sieged-more perhaps by mob actuated by
that strange sympathy which makes and
keeps mob together than by the creditors
of banks,-snd throngs, tearing and tum-
bling about Lombard street, made that mar
row thoroughfare impossible. Such excite
ment on all sides has not been witnessed
II ef1 ha of
aggravated the suspicious of his neighbor,
/ and rumors ct that time unfounded were
circulated in the afternoon that the Govern
| ment had authorizrd the Bank Directors to
| issue five millions pounds additional in
| notes. It seemed as if the fear and distrust
| of the commercial world had become bound
/ less. The statement was baseless st the
| time, but seemed to allay the panic, which
| had no solid foundation. The announce
ment of Peto's suspension did not revive
| the panic in its first intensity. Later in the
evening it transpired that the Government
| hadresolved to suspend the bank charter act
The assets Of Peto and Belts, even under
the most depressed circumstances, are esti-
mated at five millions sterling. and it is
confidently assumed that in short time a
proposition for the adjustment Of all claims
can be submitted. Every one will hope
that this may be the case, for Sir Morton
Peto and his partner rank prominently
| among those who have carried the fame of
English enterprise to all parts of the globe,
while they have commanded the high per-
sonal regard in all sections among their
countrymen.
It is already known that several failures
emong dealers will be announced in con-
nection with the approaching half monthly
settlements on stock exchange. A large
i ofa han in T.oT1.
don to confer with their London agents to
| provide against all danger from local runE
and the statement Of their stoppages pro-
duced but little effect --4-.-.-.
The Times adds: "We need to be pur-
suaded that had the Government stood firm
the panic would have subsidized itself, and
il, as we are to expect, confidence will be
speedily restored, we shall attribute it tC
natural causes rather than to the iuterfer-
eaee of the executive government"
The Daily News applauds the wise enc
prompt action Of the Government, and says
} Touring Friday the bank had extended it
loans and discounts until the amount ex
eeeded four millions sterling. The effee
was TO reduce the bank reserves by nearly
, three millions. This diminution and pre-
vaiIing distrust justified the government
Intervention, The action Of the govern
ment was announced in the House Of Com
mons on Friday at midnight by Mr.. Glad
stone, who had been engaged all evening
in consultation with bankers and otherz
who represented 70 him that the panic il
the city was without g parallel n the
: | nancial history of the country. Mr.. Glad
8 stone said he had addressed a letter to th
= Bank Of England to the effect that if the
could find reason to afford relief to th
. wants of legitimate commerce, and max
J, such advances as would require the issu
of notes. In nregard to the amount allowe
by the Government recommended thel