The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-05-24
flnantial arl0 Commercial.
Monetary Affairs.
By Telegraph


The Commercial. money article says the draw
upon banks for the payment of checks drawn
against gold, continues to be severely felt among
parties dependent upon loans. Most OF the out
standing per cent. loans have been put up to s
per cent. and this morning the demand from
borrowers is very active the general rate being
per cent. CALL with reception at per cent. The
demand, however. is readily met nor does there
seem to be any groundfor apprehension that there
will be any difficulty in borrowing at the current
rate. The banks are perhaps not unwilling TO
keep the market somewhat close, so as TO sustain
the rate at and per cent. for this reason: they
not likely to fall hack upon their clearing
house certificates. or upon their temporary deposits
in the Treasury. except under sharper pressure
than al present exists; the market, however. il
likely to receive steady relief from the Treasury
through the presentation OF one year certificates for
redemption
The Sub Treasury has delivered about 81 Deo,-
oeo of gold this morning account of last Mon
days sale A similar amount was delivered yes
teraay. and to morrow from three to four million
will be delivered. which will complete the transae-
tions with the late buyers Of gold.
This morning the stock market WAS depressed
undeE the pinch in the money market; ON the one
side there was some realization, and on the other
considerable bidding to cover shorts. A larger
amount of short contracts. however. are being put
ont, so tina. it may he questioned whether the
maFke; is now less sold than before the pres
ent condition Of affairs The bears assaulted them
very sharply, with view of depressing the market
generally, andthe price fell 3per cent, and closing
at 6S3; prices at Ia II lower. Governments were
active and steady at about yesterdays prices, ex-
eept 7-3as, which are lower. Discounts arc less
active, the banks ut present prefer call loans to
paper, and bills are and per cent. higher with
slight accumulation in the hands Of dealers.
Foreign exchange is nominal at about yester-
days figures. Gold is in large demand for export.
and Driees tenn strop oiy upuard
Bank Panic In L0Md on-.Heavy Failure.
Sir Morton Peto among them.
HALIFAX, May 81.
The steamship Cuba, from Liverpool on tho
18th. ria Queenstown the 18th. arrived here TO-
day route to Boston.
GREAT BRITAIN.
The 6nanlial panic eliminated late on Thurs
day afternoon, the 10th, in the suspension of
Overender, Quincy / Co. The business was con-
verified in August last with limited liability com
pany, with nominal capital Of f5,e000O0 ster-
ling, of which FL 5000 600 was paid up. The La
blities are stated at from 900, 600 to fl2 o00
700. The breakdown is attributed to heavy spec
ulative sales of shares which forced them down
from 10 premium to below par. Buyers began to
get alarmed, and the draw on the 10th was very
heavy. Assistance was asked from the bank of
England, but they declined to grant any on the
ground that it would be vain in crisis like this to
assist one establishment unless they were pre-
pared to help other applications as we'll. 1t was
too late to call on the shareholders or take any
steps. The doors Of the establishment were conse-
qnently closed. The failure does not compromise
the Quincy bank at Norwich.
On the following morning. Friday, intense ex-
citement prevailed in the financial circles of Lon
don, Liverpool and other centres, and business
was almost suspended.
The Times of the 18th, in its city article says
The Bank Of England yesterday raised its rate of
discount from to 9per cent, and special advances
terms, and it was only on unexceptionable bills
that accommodation could be obtained. Mean
while additional and most serious disasters were
hourly announced. The FIRST was that Of q COM
paratively small bank-the English joint stock
for 100000 sterling. Then came that Of Peto L
Shrimpton, railway contractors, tpr 5000 900, and
finally it was understood that the Imperial Mer-
camille Credit association, whose paid up capital
is f500,000 sterling, and the Consolidated Dis
count company, with paid-up capital Of $780,
900 sterling must, with extremely heavy commit
ments, pass into liquidation. During the day the
most intense anxiety was manifested to ASCERTAIN
If any steps had been taken, by leading merchants
and bankers, to represent to the Government the
extent of the crisis, and false notice in the
stock exchange that an extra issue of bank notes
to the extent Of fIo,000,000 had been ordered
caused at one time general rebound in prices
Later in the evening it transpired that the Gov
ernment had resolved to suspend the bankcharter
act.
The assets Of Peto 4 Belts, even under most |
depressed circumstances, estimated at E5, 000,-
300 sterling, and it is confidently assumed that in
. short time proposition for the adjustment of |
all claims can be submitted Every one will hone |
that this may be the case, for Sir Morton Peto |
and his partner rank prominently among those |
y no have carried the fame of English enterprise |
to all parts Of the globe, while they have com
manded high personal regard in all sections !
among their cuuntryman.
1t u airesdy known that severnl failures among |
1eaiefs Will be announced in connection with the |
half-monthly settlement on the stock
exchange. largo number Of country bankers I
we're IN London to confer with their agents, to |
orovide.against all danger from local runs Ru- |
nors were circulated in the course Of the day Of |
|evcre run on the bank Of Barnatts, Hovres, Hon
,urg Co., but they were entirely without foun- |
iation. There was . run upon two or three |
,ther banks, but being we'll met soon subsidized. |
Both in London and in the country ample prepa- |
ations were very gsneaally made for such contin-
yeIcies.
In the liverpool cotton market there wss an in |
panic st the commencement, ON Friday, |
nut less unsteadiness ct the close.
At Manchester thsrs was eonplsts patAs.
At Glasgow the Iron brokers resolved TO suspend
business till Monday.
In. The produce naRksE q LonlOa prices ~etS
.inost wholly nominal. Taking into accopnt the |
lepreciation thAt las sinnltan6oasly Soeurred In
English funds, railway and fossign seouritiss, |
e, ~ Aiminutioa = ~ uaeket, va1ne a. ~ \
Eepefty since the bsginnine of tie year, nay IS /
pesiqsEs = seesa Moey - - sterling, - -
sSssaae Il asssss = sso1eos setsa gesd Inn -