The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1866-05-23

Illinois Central n76978; Erie 44@45. NJ ~ II
The bank rate to-day was advanced to 10
per cent. There was a better feeling and
general Improvement in most securities
LIN IiyER 4 poor ? May I2lfhere IS better
feeling and general improvement in most
securities to-day.
There are ruInors of failures in Liverpool
One house, well known In the American
/ The continental news continues warlike,
but Berlin dispatch to-day says hopes are
tenance of peace, probably on the ground
| that Austria will make some concessions.
I tits believed that no formal treaty has
yet been concluded between Prussia and
The Paris correspondent of the London
Z Telegraph believes, on good authority, that
and Russia will join France In a Congress.
+ LIVERPOOL May 13--GerInan politics are
unchanged. II is rumored at Vienna that
kthe last raised Mexican Volun teers Will en-
ter the Austrian army As2 ~
The steamer I5Im pefatrice Eugenie, from
and 9Oeo, ,o0Of. ana SOoO, ,0OOf. for the French
Treasury. - szss - s - - q -
:Els zasls 1se.Ess Is very q; ilisgslaF bat
i GREAT aBRITAINZThe financial panic
illuminated late on Thursday afternoon,
I the 10th, In the suspension Of OveTend,
Guerney & Co. Busiaess converted in
August last into az limited liza bill ty COM
pany, with a nominal capital of 5000, 900,
bilities are rom GIG, 600 to Ell 20oO, 900 The
! break-down is attributed to heavy specula-
tStive sales of shares, which forced them
I count. Deposftors then began to get
palarmed, and the draw on the 10th was
livery severe. Applieation for assistance
| the Government declined granting any, on
/ the ground that it would be vain, In a
fcrisis like the present, to assist one estab-
| lishment, unless they were prepared to
help other applicants as well. Itwas too
late to make .. cell on the ssharehold lders orr
take any other steps. The doors OF the es-
Htahiishment were ec0nsaquently closed The
/ failure does not compromise the Guerney
lsbanlxa at Norwich. 1BaI sgiaDfs 8l@lHM@@ 97o
| On the following morning. the 1lth-in-
tense excitement pIevailedinthe financial
-circles of London, Liverpool, ana lotRer
/ centerS. and business aim OSt SuSpended.zt2u
The Times, OF the 18th, in its city article,
| says the Bank of England, yesterday,
ffaiSed. the rate of discount from 8 to 8 per
cent, and charges for special advances to
t10 per cent. The pressure, even at these
/ 4unexceptionable bills that any accommO-
| dations could be obtained. Meanwhile,
/ additional and N ost serfous disasters " ere
| hourly ANNOUNCED. sThe firstly was that OF
/ comp paratively small bank, the English
Joint Stock, for eighty thousand sterling,
/ then that of Peto & Belts, for four million
| sterling then that of w. Sheymt0n Rail-
way contractor, for e200,000; and finally it
was understood that the Imperial Mercan-
tile Credit Association, whose paid up cap
ital is 9500, 900 sterling, and the ConSolidat--
| ed Diseounu Company, with paid up eap-f
| itaT OF E2oO,O0O sterling, must, with ex-
| tremely heavy commitments, pass into
| liquidation. During the day, the most in
| tense anxiety was manifested to ascertain
/ if any step had been taken by leading
| merchants and bankers to represent to the
! Government the extent of the crisis; and a
/ false notification, in the Stock Exchange,
/ othe effect that an extra issue of bank
notes to the extent of ten millions had
i been anfh0rizeE1 caused az one time agen7
i erhl febound in prices.
/ the Governmentl had resolved to suspend
i the Bank Charter Act. se.s,sr
l. The assets of Peto & Belts, even under
i the most depressed circumstances, are esti-
mated at 5,000,OO0, and it is confidently as
4 sumed that in a short time q proposition
4 Submitted : Every one win Hope that this
u may be the case, for Sir Morton PetO and
his partner rank prominently anaongth those
II who have carried the fame OF English en-
4 terprise to all parts of the globe, while they
i have eoInn1anded high personal regardsin
4 all sections among their countr-ynfen.N It is
| already known that several failures among
i debtors will be announced, inaconnection
4 with the approaching half-monthly settle
Il ment on the Stock Exchange.
A large number of country bankers were
a in London@tO confer with their London
4 agents, to provide against all danger from
4 Iocalrans. Il Rumors were circulatedFTn the
4 course of the day of q severe run ON the
| bank of BaFnette, and CORES 81 Co., ebut
theysqWeres entirely without foundation.
There was a runA upon two or three
other banks, and, being we'll met, soon
subSided.I Both in London and in the
country, ample preparations were very
generally made for such contingencies. 9
= In the Liverpool cotton market there
was an increased panic at the commence
ment on Friday, but less nnsteadiness at
plete pauseoI At Glasgow the iron. brokers
resolved to suspend business till Monday.
:, In the produce mark tseat. London prices
were almost noninal.s Taking into &c
count the Depreciation that has sin1ulta-
Heously occurred in English funds, railway
and foreign specu1ations, &C., the diminu-
/ n In a m ri
coasidsrsa fo reach one hnndrad and
thirty millions pounds sterling, to say no.
thing of the losses on cotton, cotton goods,
and other articles.
The Times, in an editorial, says: If any
thing can justify the suspension of the
Bank Charter Act, the panic which swayed
the city4o and fro on Eriday pay' excuse
the step. although we believe the reign Of
terror was approaching it's end and would
speedily have ceased had no infraction on
bank law been permitted.
@It can not, however, be denied that, at
about midday, gesterday, the stuJsn ults be-
| came q rout. The doors of the most re-
more. perhaps BY a mob actuated by the
, strange sympathy which makes and keeps
mops together, than by the creditors of
banks. The throngs tearing and tumbl1ng
about Lombard Street, made that narrow
thoFoughfare impossible. Such excite
n1ent on all sides has not been witnessed
since the great crisis of 1875.
Each man exaggerated the suspicious OF
his neighbor,A and until a report, at that
. time unfounded, was circulated in the af,
ternoon, that Government had authorized
| the Bank Directors to issue five millions
additional in notes, it seemed as If the fear
I and distruSt became boundlesS. The state
. | rnent was baselessf at the time, but served
Z to allaysthe panic, which had no solid foun-
) dation. The announcement of Peto's sus-
I pension did not revive the panic in its first
! intensity, and the statement of other stop
pages produced little effect.
! The Times adds: i" We need to be per-
r | suaded that had the Government stood
firm, the panic would have subsidized it.
self; and II, as are to expect, confidence
4 | will be speedily restored, we shall attribute
Tito natural causes rather than to the in
: terference of the EXecutiYe GOYernment.N y