The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-24


issue, and we undertook to make immediate spphca-
ton TO Parliament for lt sanction.
There are other points OF detail, but that is the
substance of the letter which shall be in the hands
OF the governor and deputy governor OF the bank
the effect of alaying the feeling of uneasness which
prevails in the country, especially as 1t does not
arise from any general unsoundnessi in the condition
OF our commercial relations, but only from causes
OF peculiar and specific character In that res ect
we are able to draw favorable distinction between
the present crisis and Others in former times; but
there Is also another distinction and that is the ex
rnordinary rapidty with which the crisis has come
upon us, and which has prevented the adoption Of
measures which otherwise would have been taken
for It's relief We have not, however hes1tated 10
act to address ourselves TO the subject with all the
means in our power and we trust that the
ceedings will meet with the appreciation of Parha-
ment
The Effect on the Country.
LIVERPOOL.
From te London Times, Nay l2
At Liverpool the alarm which had existed on
Change ior some days reached a climax yester-
day on the confirmed announcement oil 0verend,
Gurney Co.'s suspension. Rumors of difficult
ties IN local mercantile circles and the advance
OF the rate OF discount added to The excitement.
The effect on the cotton market was not so
severe as might have been anticipated; but in
the share market business was perfectly para
lyzej, and one or two temporary suspensions
were announced. Tue suggestion in the citv
article OF the Times tn at deputation of leading
hrms should wait upon the Chancellor of the
EXchequer, with request for relief led to the
hope that such course might be adopted and
when the news arrived of the suspension of the
Bank act it was received with cheers. The i'm.
mediate effect OF this intelligence was to restore
confidence, and at the close of business much
more cheerful tone prevailed. During the day
five or six of the London banks were nositivelv
reported to have shut their doors, and this occa.
stoned slight run on one or two of the local
establishments, which was, however promptly
met,
MANCHESTER.
From the Manchester Guardian, Mdy IL.
Since Tuesday business has been conducted
on very limited scale. Some transactions
occurred on Wednesday on the part OF manufac-
turers, who are very bare of yarn and obliged
to buy something to keep their looms going To-
day, however, business has been completely
suspended, sellers not even attempting to hnd
buyers, until late in the day, when few pur-
chases have been made, somewhat better feel
ing having arisen on the announcement-Whlch
has, however, since been sho Wn TO have been at
least premature-ot the Bank of England being
allowed to issue an extra f5,000,000 OF notes,
and double that amount If necessary. Great
anxiety, however, prevails. The present state
OF things is not to be wondered atbconsIderng
the intensity OF the monetary crisis in the
metropolis. The announcement of the failure
oil concern like Overend, Gurney & Co.,
although it scarcely enjoyed the reputation
which il once possessed fell like q thunder clan
on the community, and is sufficient for time
TO paralyze commerce and dry up tine very
sources of credit.
NORWICH, May 1.-THE intelligence of the
suspension OF Overend, Gurney q Co. was re-
celVed in this city last evening. This afternoon
the Mayor (Mr. W. P. Nichols) con nvened almeet-
ing of the citizens at the Guildhall, for the pur
pose OF expressing entire confidence in the Nor
wich house.
DERBY, May 1.-THE annouuc ement received
this morning that Oyerend Gurney n Co "a DIS.
count Company had suspended payment caused
great sensation, as there are a great number
OF holders OF their stock in Derby. The panic
was increased when, at 8 O'Clock, instead of the
Derby branch of the English Joint Stock Bank
Company Oimited) opening its premises as
usual. the following notice was posted on the
door:-"This bank has stopped payment TOR the
present" AS there are a great number of share
holders in Derby, the excitement throughout the
day has been very great
BRIGHTON, May 11.--Evening-Thi morning
the utmost surprise was caused by the announce.
ment affixed TO the door OF the branch of the
English JOINT Stock Bank, "Ths bank has
intelligence got nosed abroad considerable ex-
cltepent ensued. The branch has only been
established about eighteen months, and the
business is, therefore, comparatively small.
There are, however, we believe about one hun
dred and thirty accounts, and there are some
tolerably large deposits. If the estate and secu-
rites do not realize WELL much inconvenience
and suffering are likely to accrue to this locality
the customers generally being of class who
can Ill spare any losses.
The Crisis ON the Continent,
From the London ines May q
At the close of last week the French three per
cents stood at 645, as compared with GA at the
corresponding date of 1865; the French Credit
Mobiher at 565f., AS compared with 77Of. at the
date of 1865; the Spanish Credit
Mobilier at 2923f as compared with 4S24f at
the corresponding date OF 1865; the Austrian
five per cents at 6lf, as compared with 75t at
the corresponding date of 1865; the Prussiau
per cents at 95 as compared with
lO2 at the COrresDOnding date of 1868. the italian
hye per cents, 1861, at 423 lnOw. below 4O)
as compared with 65I at the cores.
ponding date of 1865; the South Austrian
Lombardo-V Venetian, and Central Italy Rail way
at 327st., as compared with 5389f. at the cor.
responding date OF 1865; and the Roman Rail |
way at ST. as compared with 26Ot at the cor
responding date of 1865. 1t will be seen that
Italy has gone the most to the wall, In the
ItTneS OF April Fl attention was called to the |
failure of the Roman Railway Company to pay
the coupon which became due on its ordinary
shares April l, 1866, although a subvention was |
due from the Italian Government. This was the |
beginning of the terrible financial crisis through
which Italy has since passed.
The Treaties Of 1916. |
WHY NAPOLEON "DKTEsTs" THE DEEDS.
Paris May III Correspondence of London Times
| mentioned yesterday that the words reported |
In the k0Riteur as addressed by the Emperor to |
the Mayor of Auxerre on SUNDAY, and which |
produced such panic, had not it was said, /
been spoken on that occasion, but we're delibe- /
rately written down on his return, and sent by |
him to that journal, with orders for their imme.
tiate insertion. What confirms this fact is the /
silence of the local pager, the Constitution
pAuIelTe, which, in its account OF the proceed
ngs of Sunday, has nothing of these words |
In its report OF the tete ID simply says:-
"The oortege ad vanced up the avenue of the railway
taton between double row Of hremen three deep |
md which reached 70 the bridge. When It arrived
OlloWed by the Municipal Council, advanced carry. |