North Branch democrat. [volume] (Tunkhannock, Pa.) 1854-1867, 1866-05-30
The Thrones of European Mooey Kings
Shaking.

The steamer Cuba brings most impor'
tant financial news from Europe. 1t seems
that on the 10th instant, a elimination in
the panic was reached by the heavy failure
of Messrs Overend. Gurrey & Co.. with
liabilities at from ten to twelve million
pounds sterling, brought about by heavy
speculative sales of shares. They made
application to the Bank of England for aid
which was refused on the ground that they
could not help one Bank and not another.
On the following morning. the 1lth, the
price Of discount to ten per cent, and the
pressure of these terms were enormous;--
in the meantime and almost hourly the
most serious disasters were announced. The
English Joint Stock Company failed for
S68,O0O pounds sterling, then followed that
of Peto & Belts (Sir Morton Peto) for
four millions sterling, only to be succeeded
by that of W. Shrimpton, a railway con-
tractor, for 100000 pounds sterling, and
the Liverpool Mercantile Credit Associa-
tion and the Consolidated Discount Com
pany, with extremely heavy commitments,
passed iuto liquidation. Later in the eve
ming of the llth the Government suspend
ed the Bank Charter Act.
1t is said to be known that several heavy
dealers will announce their failures in con-
nection with the approaching half monthly
settlement. In the Liverpool Cotton Mar.
ket the panic was fearful at the commence
ment on Friday. At Manchester it was
complete, and in Glasgow the iron brokers
resolved to suspend business until Monday.
The losses in the produce Market will
reach, since the beginning Of the year, on
account of the depreciation in English funds
railroad securities, &c. One hundred and
three millions Of pounds sterling, to say
nothing of the losses on cotton goods, iron
&c.
On Friday, in London, the doors of the
most respectable banking houses were be-
seiged by regular mobs, and the throngs
heaving and tumbling about Lombard
street rendered it almost impossible. Nc
such excitement has been Witnessed since
the great panic in England in 1885. The
action of the Government in suspcndins
| the Bank Charter was announced in thu
House of Commons on Friday, at midnigh
by Mr.. Gladstone, who had been engaged
all the evening with bankers and others
who represented the panic in London with
out parallel in the financial history Of tn
country.
We also learn by the same steamer tha
the cholera continued to prevail on boart
the Helvetia.
For moment the question of war be-
tween Austria. Prussia and italy is over
shadowed by the financial panic. but still
there is not the slightest modification il
the threatening aspect of affairs. Th'
whole Prussian army and great bodies Q
troops are massed along the frontiers
Austria is parting for war, and musteriu
every available man into her service.
Florence papers regard the war As inev.
liable. Orders are also said to have bee
issued from Constantinople that the Turk
ish army shall be raised to its full strength
A Vienna telegram of the 9th instant state
that the departure of the Austrian corp
for service in Mexico was fixed for tn
10th but on the 18th, in consequence O
tho protest of the American minister, MI
Motley, the East Rifle Volunteers. VIII
joined the corps. have. been sent home o
unlimited fnrlough. and in Liverpool
was reported on the 18th that the Mexica
volunteers will enter the Austrian army.
If war breaks out on the continent
!, large conversion of securities into COL
will he the consequence. American 500
are held in great numbers abroad, and the
have already been forced on the marke
to such an extent as to cause temporar
decin". On account of this, gold rises here
OF course the price of breadstuffs are muc
affected Flonr and wheat are lower
Europe than at home. Cargoes of Mich
gan wheat are coming back. French flou
is also coming. The wheat harvest will h
later than usual. Southern wheat will b
first in the market.-Er.
The Tornado at Rochester.