The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-24

trom the London Times (Cy Artclob May H.
The rasdc has at length eliminated in tho most ipor
nnt and serious stpppage cd in the city OF
.Lsneon overend, Quincy h Co Qlmed were Elm, Inns
afternoon compelled TO close their doors Thor aoi-
about clio 600 of which 60 600 600 is
depositors who hold bills security and three mitof
~ hundred @osnd pounds aoo Is 900 % 1e od
beng Go, GOO geo in shares OF 100 each ON when go
has been paid, and the closing price THIS evening
Of the shares, which months ago were at near
b ten premium, So discount. AS the sum
Of $500 900 was paid to the old firm for the
goodwill on the constitution last August OF tho
hmited company that sum must now in any case be
garded by the shareholders trerepGbty lost but 1t
nav be hoped that the assets in hand will 60 far TO pre-
vent total exhaustion of the remaining one million
pounds paid up capital since, recently the past
week or two, the managers firmly believed that at the
meeting be held they would be able to show
profits sufficient all losses including that from
ihe fraud OF Pinto, Perez CO.. and to admit of the
declaration OF dividend The breakdown has BEEN Tie
yesu0 Of Of pecuio iue sales 9 the shayes The gen.
era public regarded the company with favor and al
slough it well known that the old firm whose prop
sty many years back reckoncd by millions. had
greatly dissipated their resources by series Of impru
dent advances, IL believed that those Of the
partners who remained TO manage the concern would
henceforh conduct the business with especial
Of caution, owing to their full consciousness of the mis-
takes by which they had suffered in the past That they
have faithfully endeavorcd to do is still the general
opinion but every circumstance has been against them
The frequent OF disasters affecting the assets
81 the old firm constantly affected tho reputation Of the
new one; the n1toytu failure Of Overend Watson Co..
Abe railway contractors, operated injnrously from the
similarity OF name; he hedoy fraud Of Pinto Perez
g. the gerat breakup # TIE finance companie, and The
AOuriy expectation Of a Euopeln rar were all calculated
10 try them TO the utmost But there is reason to
aoub, they would still have worked through had 1t not
been for the persistent sales Of their shares specula
ton Az soon these operations had brought the QUO
tation to discount tho depositors began take alarm
until nj length the drain this morning became sharp
70 be resisted Application was made TO tho Bank Of
England, but the Governors felt it would be vain in
crisis like the present to help establishment unless
they prepared to help all that might be compelled
70 upon them There time TO take any other
step, such making call the shareholders seek
ing assistance either from creditors or Kindred establish
hents; and, moreover, the pending difficulty had be-
come sufficiently known to render any palliative useless
Accordingly suspension was resolved upon.
Tho question now is tchGtfs 10 be d0aep The st0ppage
81 0verend, Quincy Co. will be the signal for the
pepsn Of ercy ohr large tina, has lately been
fma company ,raose DO tim has been ssssd Dy rnor
Caose shares he sctcd fer attack IN the Stoc Ee
sAange Bills Of parties whose engagements enormous
afternoon been returned and unless prompt steps are
taken the close OF the week will be marked by disasters
such have been equallod In commercial his
tory Tho sole evil Is dealt With 10 panic II s
sho ips an,aneous transition fs.s state = toH erDd.
Geo ~ Tdt TO Total stoppage Of credit that has
SyOAght us to the present pass The introduction Of
cAt in new, safe and legitimate way alone supply
She remedy Tomorrow morning, without the slightest
eyodabe delay, the leading institutions and firms who
zee the jeopardy Of tho moment should form deputa
tlen 70 the Chancellor of the Exchequcr with request
Mai he should authorize the Bank oil England ssue
interest bearing post notes. In tho shape of ordinary bank
post bulls. ethlr at tho customary
ny % or n ny days or for any other period
Shey may deem necessary and prudent upon unques-
Goablc security. II this analogous request be
acedcd TO there will be to expect immediate
sbsidence of all unnecessary danger IT, on tho other
han, nothing Is DONE and people left TO trlme each
ether down, the government will find before long ct
character uery different from those waicA haul enaled them
in each succeeding budgg for many yeas pds 10 con-
eTanLEt henstres and the nation on tho easnoss Of
their task and tho unbroken course Of our material
prosperity.