Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-05-22
'Eae Very latest.

pool May 18th via Queenstown, has arrived.
The continental news continues warlike, but there
arc still hopes of peace.
EsIe Very latest.
Via Liverpool
LIVERPOOL, May 12-Evening-There is a better
feeling to-day and general improvements most
curites
The continental news continues warlike but Ber-
lin dispatch of to-day says that hopes are still enter
tanned in some places for the maintenance of peace
probably on the ground that Austria will make some
concessions. 1t is believed that formal treaty has
yet been concluded between Prussia and Italy.
Tho Paris correspondent of the London Telegraph
believes good authority that there is still chance
for peace if England and Russia will Join France in
Congress.
--latest via Queenstownl
LIVERPOOL, May l3.-German politics are un-
changed.
1t is reported at Vienna that the last raised Mex-
can volunteers will enter the Austrian army.
The steamer Imperatrice, from Mexico has arrived
at Nazair with troops and 100000 francs, including
three million francs for the French treasury.
TIE FINANCIAL PANIC.
The financial panic eliminated late on Thursday
afternoon on the suspension of Messrs. Overend,
Gurney & Co. Their business was converted in Au-
gust last into united liability company with nomi-
nal capital of f500O00O sterling, of which million
and half paid up. Their liabilities are sta ted
at from ten to twelve millions sterling and the break
down is attributed to heavy speculative sales OF
shares which forced them down from 10 premium to
discount The depositors then became alarmed,
and the drain the house the 10th very Sc
we're.
Applications for assistance were made at the Bank
of England but the Governors declined to grant any,
on the ground that it would be vain in a crisis like
the present, to assist establishment unless pre-
pared to help other applications. 1t too late to
make call on the shareholders or take my other
step. The doors of the establishment were conse-
quently closed. This failure does not compromise
| the Gurney Bank at Norwich.
On the following morning an intense excitement
prevailed in the financial circles of London. Liver
pool and other centres and business was almost sus-
pended
The Times of the 12th in the city article, says
"The first failure announced was that of a compare
lively small bank-the English Joint Stock. for
f800000 sterling. Then came that of Messrs Petro
i Belts for f4,OO0O0O; then that of W. Shumpton,
railway contractor for G2O9O0O, and finally it was
understood that the Liverpool Mercantile Credit
Association, whose paid up capital is half million
sterling. and consolidated company with paid up
|scapita of quarter of million sterling must pass
into liquidation Later in the evening it transpired
that the Government had resolved to suspend the
bank charter act.
The assets of Petro 4 Belts even under the most
depressed circumstances, estimated at five mil
lions sterling and it lis confidently assumed that in
short time proposition for the adjustment of all
claims can be submitted. Every one hopes this may
be the case, for Sir Morton Pero and the partner
bank prominently among those who have car
ried the fame of English enterprise to all parts of
the globe. 1t is already known that several failures
among dealers will be anpoQnced in connection with
the approaching half monthly statement.
Commercial InteiIiSencss
Cotton has declined I'D Gid. for American on the
week, with sales in that time of 1900 bales The
market Friday dull and weak; sales 5000 bales
Owing to the financial panic, Messrs. Overend,
Quincy i Co. had failed, and the bank rate has been
advanced to per cent.
Consols closed at S5gS5%. U. 5. 5-20's 64965.
LATEST VIA QUEENSTOWN.
Cotton advanced I'D. on Saturday. with sales Of
90 900 bales. Middling Uplands l21ad.
Breadstuffs-The market on Friiay was quiet.
Flour Cd @ls; higher on the week. Wheat Sd. higher,
and Corn Il. higher
At Saturdays market breadstufs were quiet but
firm.
.Provisions-The market is tending downward, and
closed dull.
The bank rate has advanced to 10 per cent.
Consols close etSe2z9S65s United States 520's GAG
&c. There is better feeling and general improve
ment. There rumors of failures in Liverpool.
and one house well known to the American trade is
named freely.