The day book. [volume] (Norfolk, Va.) 1857-1867, 1866-05-23
FOREIGN NEWS.

FOREIGN NEWS.
Important War IMPENDING Heavy Failures,
de-, dc.
The Cuba, from Liverpool, May 18th,
brings highly important advices, as viii be
seen by the following summary:
Cotton declined aald., for American, on
the week, with sales in that time of $4,000
bales The market on Friday was dull and
weak; Sales 5000 bales. Overend, Quincy
g. Co. had failed; the bank rate had been ad-
vancsd to Q per cent. Consols, 85aS53; U.
5. 5-20s, 64a65. III q II FEE
LATEST VIA QUEENSTOWN.
Cotton advanced I'D. on Saturday, with
sales of 10000 bales; middling Uplands, 129d
Bank rate of discount advanced to ten per ct
Consols 86aa86b; U. S. 5-20's, 64a66. There
is a better feeling and general improve
ment. F "a - r.-lf-s ~
There are runors of failure in Liverpool
of house well known to American trade
named Fuely
Continental news continued warlike, but
there were still hopes of peace. 0fsi
Breadstuffs on Friday were quiet. Flour
6da1s. higher on the week Wheat, Sd.
higher.
Provisions tending. downward at Saturdays
market. Breadstuffs were quiet, but firm.
Provisions dull, with declining tendency.
LATEST VIA LIVERPOOL. :
Liverpool, May 12-Evening There is a
little better feeling and general improvement
| in most securities to-day. ..s .
4 Continental news continues warlike, but a
Berlin despatch to-day says hopes are still en-
4 oH in RI fcr ,fopo
of peace. O. s
1t is believed that no formal treaty has yet
been concluded between Prussia and Italy
LATEST VIA QUEENSTOWN
Liverpool, May ls.-German politics re-
main unchanged aagF g8F lfsVf s
| 1t is reported at Vienna that the last
raised Mexican volunteers will enter the Aus
trian army. 5e, ,.,,,,
/ Steamer L'Emperatrice Eugene, from
Mexico, arrived at Nazaire, with troops and
nine million of francs-including three mil
lions for the French treasury
The financial panic eliminated late on
4 Thursday afternoon in the suspension of
Overend, Quincy & Co. Their liabilities are
stated at from ten to twelve million pounds
Their failure was attributed to heavy specu-
lative sales of shares. .,...
Their depositors then became alarmed, and
the draw on the 10th instant was very Sc
we're. Application for assistance was made
at the Bank of England,i but. the governors
declined to grant any, on the ground that it
would be ruin in crisis like the present to
assist one establishment unless prepared to.
help all other applications The doors of the
establishment were consequently closed.
On the following morning intense eycite-
Iment prevailed in the financial circles of Lon
don, Liverpool and other centres, and business
was almost suspended. ~. y ~ % 9 - ~
The city article of the Times of the 18th
instant, says the first failure was that of COM
paratively small bank-the English Joint
Stockton 100000 ! then came that of Peto
& Belts, for $4,000, 900; then w Shempton,
for $4,000 900 and it was finally understood
that tho f1uernnnl Mercantile Credit Asancia-
ton, whose paid up capital is 100000, and
the Consolidated Discount Company, with a
paid up capital Of e25O,000, must pass into
| liquidation. =
Later in the evening, it transpired that the
/ Government had resolved 10 suspend the bank
charter act. 6sJt ssA
The assets of Peto & Belts were estimated
at 100000 pounds sterling. 1t is confident
4 ly assumed that in a short time a proposition
for adjustment of claims can be submitted.
4 The Times, of the 18th, in its city article,
says: baeel62t5 e y otsabA ,q9sa'59a (
The Bank Of England yesterday raised the
rate of discount from 5 to 9 per cent, and the
charge for special advances to TO- The pres
sure at these terms was enormous; and twas
Eonly on unexceptionable bills that an accom-
mediation could be obtained In the mean
while, additional and most serious disasters
were hourly announced. y, s ,o.,sf ,vsg.
/ A large number Of country bankers were in
London, to confer with their London agents
to provide against all danger from local runs.
Insthe Liverpool Cotton market there was
an increased panic at the commencement on
4 Friday, but less unsteadiness at the close. At
Manchester there was a complete panic. AT
Glasgow the iron brokers resolved to sus-
/ pend business till Monday In the Produce
markets at London prices were almost wholly
nominal, Taking into account the ,deprecia-
ton that has simultaneously occurred in
English funds, railroad and foreign securi-
ties, &c., the diminution in the market value
Of this property since the beginning of the
year may be considered to reach one hun
dred and thirty millions sterling, to say moth
ing of the losses on cotton, cotton goods iron
and other articles. zij VA
The Times, in an editorial says - he
If anything can justify the suspension of
the Bank Charter act, the panic which
swayed the city to and fro on Friday may ex-
cuse the step Although we believed the
reign Of terror was approaching its end, and
would hays. speedily ceased had no infraction
of the bank law been permitted. Even now
it is probable the license allowed oths banks
win not be used, It cannot however, be
denied that about midday yesterday the tu-
4 multi became rout 9I9ifls