The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-30
THE MONEY PANIC.

CONDITION OF THE BANK OF ENGLAND--AN Elk.
POUNDS STERLING ADVANCED ON SECURITIES IN
wEEK-THE LATEST FAILURES ETC.
The weekly return of the Bank of Eugland,
brought by the Persia, is the most extraordinary
ever published
Although the bank has not availed itself of the
privilege granted by the suspension of the Bank
Charter act, the figures IN the statement exhibit
pIecedeDtedly violent changes.
Tho decrease in the bullion was 1885,, 1856, and in
the notes unemployed ga 219 495 sterling
From tie London Ne10s (City Articiel, May 1s.
An analysis of the bank returns shows an increase
in one week Of 900 in the advances private
securities his unprecedented amount proves how
enormous has been the pressure for accommodation
on the part of the panic-strIcken community. Inas
much, however as great deal OF this borro wing
was merely precautionary, f5 900 900 have been
ADDED to the private deposits and the increase of
f86OO0 in the circulation results mainly from the
desire OF country bankers to secure themselves
AGAINST all CONTINGENCIES, and the notes withdrawn
are not really thrown INTO circulation but tor
the most part hOaTded.
The reserve of notes is reduced to f30 OOO so that
it is quite within the power Of any one OF the great
balance to force the Bank OF England to avail itself
OF the authorization contained in the recent rrea-
sury let er There 81 ems to be now taIr prospect
that the bank will be able to tide over the with
out violating the law. The fS32 600 Of com and ou-
lion Withdrawn must have been taken away chiefly
of precautiOn.
THE SITUATION ON 'oHANGE.
From the London Times (Ct'y Artiote), May 10.
There has been again much better tone In all the
mhrke To-Day at one time tendency towards
fresh advance in Lonsos, chiefly from the influence
OF numerous purchases tor investment on the part
of the public. The first and last bargains were at
yesterdays quotations. S1f 10 tor delivery, 86t TO
dividend for the account; but there was during
the morning temporary ADVANCE OF /. At the Bank
to-day, although the discount demand continues
large, theIe has been no pressure and in the STOCK
Exchange advances have again been offered at from
Expectations OF gold to the continent still take
place, account of the number of short bal sent
over for that purpose during the dIstrus excited by
he ia IN NJ laqf and noV flV npr
| haps, rom the suspension of the Bank act being
| cOnlounded bV some parties with suspension OF
| specie payments The TACT, however thar when the
panic occurred the total I'D held by the Bank was
not far be OW an average, and nearly double the
amount held iB the panic of 1867 renders these opera
uous unimportant especially as a large amount OF
coin lately withdrawn for the p OVlnces may bo eX
pected shortly to fnd its way back
| The sum OF f68 900 in gold was Withdrawn from
the bank to. day for the continent, but there was
return Of a considerable amount OF sOyereigns from
Scotland. lt ts understood, also, that 10000 soye
| reigns on their from Alexandria to the
| Bank of Egypt, which will be sent to the bank Oh
| their arrival.
| = FamjeR & Co., of Gresham house, a Bombay firm
| of extensive business. Their liabilities are believed
| 10 be chiefly in connection with cotton, and are
| stated TO be f365,OOO
The Latest.
| LIVERPOOL, Evening, May l9-The AJricG's new
| was not developed till after business hours.
| Another London bank, the European" J" suspended
| to-day. The liauihues are reported heavy,
closing fiat There are Tumors of additional suspen
| sions in commercial circles.
1t is generally stated that Bout, English & Bran
don, OF tliYerpool will show ample assets and pay
| twenty shilhngs In the pound.
The liabilities Of the European Bank are estimated
| at million sterling.
A report has been issued by the Imperial Merean
TIC I!eG' ASsos.A 'IoA' CSmSanI whose sAAles