New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-25


Weeks Panic in London-stcppHge Of the
HEouso of Ovorend, Quincy Co.-scencs IN
the Ci,y-Tbe Food Questions How shall
England be Supplied in Case Of Wnrt-Mr.
Gladstone. Hill for the Redistribution OF
seatst Hts Provi-iops-Addiiion Of Church.
Rates-A New Bankruptcy Biil-atems.
From Our Own CoTIespondtnt
LONDON May 70, 1860.
This week the echoes of the wardrum beating 10 arms
throughout midland Europe oyerpower our home topics
or in palmer phrase we talk about the apparently
inevitable hostiitios between Prussia and Austria ana
Austria and Italy than of our proper concerns Ac
cordingy shall give the prominent subject precedence
in this letter Of speaking only Of The English as
1ect Of affairs, which with the exception Of one depart
nent NAV be briefly dismissed. That exception is the
financial which has eliminated in the WORT panic seen ID
this city Of London for many ycaro which hereafter
Touching the war proper English sympaimes may be
roughly stated ar with Austria against Prussia and Win
Italy against Ausra-the first in consequence Of dislike
to absolutsm and Bismark, intensified by the Sches"g
Holsten war for which Austria is held as only guilty III
minor degree; the second from liking for italian Unity
AID Garbadi. Coupled with these divided pTociyltcs
and overriding them really crcdtablc feeling OF regret
that so many honest Germans and Italians tnk It neces
sary or advisable to butcher each Other in quarrel winch
has but one decent side to 1.-THE southern side OF the
offensive quadrlateral Austrias difficulty is naturally
talys opportunity aud Enclslmcn hardly blame The
latter ior taking advantage ofi though they are OF opoh
that with such load Of debt upon her back she had bet
ter have waited awhile for Venc;a than snatch H. At the
risk of burning her fingers in what may prove general
European co11acraon Such the current sentiments,
including the old dstrusi Of the intention, Of the French
Emperor ALWAYS latent in the British mind, and apt %
crop I'D on the slightest occason-hayng It's root
rather in inherent conviction than overt act, for
barring the Juggling of John Bun into that useless
Crmean war which Englshmen think and tax very dli-
fereuy OF uoWa-days than they did IA - aId JJ Napo
leon the Third has really behaved honestly toward hs
country. But nobody gives hn any particular ci'al l"I
IT, except The Tecer0yh, which las ts Owl Mite AK 70
grind in the unhndcred sale Of is If on Par san b"He
wards. the Tory press occasional" winch owes u'so
ism 20 well that applaud anything mat Organ WIKI
numbering arcpubhc. JUS now, However, TIE olcsdAd
especially the titled ones are scodius l. y. b' us e''
geciiy Tor not interfering 10 iic''I "a "., id,
day last in Lords, Earl Russell AMI Lord Clarendon
laited the subject by Earl Grey ana Derby euu
that unpleasant Old incarnation 81 co- Pe, LOT" '''"
de RedciI,-he who 81 amusingy shown 10, years
ago in Dickelss HJusctoH U0Iof as our Representa-
tive at Astautce or some such tile. TINS gentleman
LIS God that at his time offc he could not expect
TO witness the pass which Eug gland coming ia ne
councils Of the world and the Peers di hcay cheeIed
the seuiment-not might reasonably suppose, De-
cause they rcoccd at tie prospect II being speedily
nd Of him. bat chcrsing the Old belief 10 intervention
in the John Bull described by Washington irving VINO
never bcad quarrel m the street wherein ne u"tt nut
he thought his especial business 10 sally forth. cuds ia
hand 10 st it to rights One has ouitcd that nonsense
thank Heaven Nobody but few ehete Tories and thelr
toades OF the press tok Of interference Appontecoine
with ealing says the povorb and England i 80 prosper
Gus that she does Mt dream Of odut othcr@lse Than
by negotiations Yesterday most OF TIE papers eohale@
editorial paragaphs-losc important LOOKING, siaceu
ones the ar-apgrt lines # which resemble the bars OF
gdiron-to the effect that Engandand France conformity
mad suggested 70 Austria the adgisaby Of selling Ven-
tia 10 italy and that like Blrkis, ni Francs Joseph
was willing to treat with his southern enemy lhese
oIaces conclude by informing US iha the war not kcy
nd a
seems however improbable but that there must be-
bloody Of ali the preparation now going forward.
Generally the quarrel resembles tho triangular duel IN
Maryatts novel of Midshpman hasy, only two Of the
comlaants pr pose to ire at once into the third.
Now as 10 the financial effect in London All the week
all kinds Of securities, including Anne ican were uhidNo-
ably effected On TUESDAY The Bank OF England put mp
the of discount per cent to check the outflow OF
gold and restrain excessive applications for advances the
Old Lady of Threldncedcst. having become practically
the only discOuntcr the market. On "Wednesday the
panic while further assailDg of the finance conla-
ncs attacked several of the banks and state Of things
prevailed that could hardly be worse Eng iise hnd
been threatened with war On Friday came the soppa'e
of the house Of Oyercnd Quincy Co.. tue greatest imam
cal catastrophe which has happened III TINS metropolis Tor
time inmenoria. The announcement, made at p M,
soon caused an crowd to gather round the ap
poachcs OF the weknown building at the corner OF Lom-
bard-st aud for hours aeTward ad Brchn-lane were
mobbed Here is the detail If the failure condensed TO Is
brief limits as Is possible;
The liabilities the company estimated At from 80
100000 to 3l2OOO00 intending deposits uec' pianees Ac
and be wound up ludiciousy without the IN
cumbrances Of law court Tue assets u besed viii ap
proach 2Os III the pound. The capital uf the company
Is 10000 In 100 900 shares OF $50 each upon winch bee has
been paid 95 leaving s35 10 be subscribed b each propre
total amount TO be called POI A@oOOuN
In morning shares were quoted at discount lnhca
ing that there 10 immediate eDenson put IN 'ne
ate noon when transpred that had closed Its
doofs the eceded TO l0 discount u appears ha nee
shares fell discount few weeks ago STEADY dTn
upon the resources OF the establishment bas oeh snt On
the depOoIs but particular pressure was experienced i
Yesterday The managers therefore deemed necessary TO
apply thin morning for assistance at the Bank Of England and
as this perempoy Denied no other couiss Was 1911 pu'
Stop payment at once
Here is It's history and that Of the firm:
AS al ntstock association ITS creer has been very BRIEF
II founded only july last aud was then generally
regarded ts medium ior safe Investments ana Tue shares
commanded good premium IN the market and AT one he
quoted as high as andc premium Latiery however
their value nns Deeh deprecated ana uey rapu!
discount which they inst touched on the l3n utc But II
the history Of the company brief that OF the original @ Is
long and occupies important place IA the Annals OF Brth
capitalists The old house established about 60 years ago
by Mr. Thomas Richardson and Mr. JOAN Oyerend aud was
the first Of its class few years later Mr. Samuel Quincy
whose father partner in Gurney Co.'S bank at Nor
became partner in the firm and remained actively
=, sseir decease were succeeagd Nv Mr. Smoe and Mr.
Henry Edmund Quincy and Mr. Robert Brkbeck and upon
the VI the hrm into ited liability COMPANY the
services of the last two gentlemen re.ned assist IN
conducting business The other comprise
Mr. John Henry Quincy. Mr.. Henry Ford Barclay. Mr
Tboms. Chin Mr. Harry o. (,ordon and MIR William
Rennie The bankers the Bank Of England; MessTs
Barclay, Beyan Triton Iweis q Co. and Messrs. Young
we. ss head Of he house pTesou 70 ~ ds.noV
the paid for the goodwill by the company
Aud here the general effect on the Stock Exchange:
1.-The panic returned with intensity never forgot
ten by those it, All descriptions Of
were pressed for sale with absolute dsre.
gard OF their value and speculative engagements closed
y the brokers the greatest possible haste without reference
<he clients and in many absolutely contrary 10 their
INSTRUCTIONS In short there general sacrifice OF prop
ey the effects which but fail with severity
upon those who may be the victims 10 The reign Stock RI
change terror In bank and finance shares
freely offered for nothing.
There time when many circumstances
combined produce crisis Other known for their
commercial political pancs bnt remembered when
both these Influences operated at the same time.
But al Of this was the words Of Sancho Panzs only
tsrs and ehsesecskes 10 the awful nsnio the city