Evening star. [volume] (Washington, D.C.) 1854-1972, 1866-05-22
EVENING STAR.
LATER FROM EUROPE.
FINANCIAL Panic-FaIlures-Aus an

Rfnanciai fantc-faIlures-Austr ane
The steamship Cuba. from Liverpool on
may IL, mas arrived At New York. owing
TO the financial panic. Overend, Quincy q Co.
mad faaled, and the Bank rate had been al
yanced TO nine per cent Consols, sassy.
United States EIG-Twenties, o4ab5 Tnere
are minors of a failure in bverpooi OF house
Welled- known to American trade. named
Euely Continental ne ws still continues war
like; bpt Berlin dispatch says hopes are en-
tersained in soma quarters Of the maintenance
of peace, probably on the ground that Austria
viii make some concessions. 1t is believed
that no formal treaty has yet been. concluded
between Prussia and Italy. The Paris CORES
pendent OF the London Telegraph believes. on
COED authority, that there is still a, chance for
peace. II En gland and Russia will join Franc &c
in congress. II is reported at Vienna that
the last-raised Mexican VOLUNTEERS will enter
the Austrian army. The steamer Empress
.Eugenie, from Mexico, arrived with troops
and nine million francs, including three mil
lions for the French treasury.
Thursday afternoon IN the suspension ofOver
end, Quincy x Co. Their business was con-
yerted In August last into the United Liability
Company. with nominal capital of five mil
lions sterling, OF which a million and a half
was paid up Their Liabilities are stated at
from ten totwelve millions of pounds Their
failure was attributed 10 heavy. speculative
saes OF shares, which forced them down from
ten per cent. premium 10 discount Their do :
positories then became alarmed, and the drain
on the 10th instant was very severe. Appli-
Caton LOT RESISTANCE was made At the Bank of
EnglaI.d, but the governors declined to grant
any, on the ground that u would be ruin in a
crisis like the present to assist one establish
ment unless prepared TO help ~tifer applicants.
Ii was too late TO call on stocr holders or take
any other step, and the doors of the establish
ment were consequently closed. The failure
does not compromise the Quincy Bank at
Norwich. On the following morning intense
excitement prevailed in the financial cir
eles OF London, Liverpool and other CEN
tres, and business was alrnosts u pended The
city article OF the Times of the 18th instant
says the first failure announced was that
ola comparatively small bank, the ERglish
Joint Stock for eO0,ag0 pounds sterling; then
came that of PeIo Il Belts for 4OO,0tu pounds
sterling: then w. Shemptore, 4 Galway con-
tractor, fer 100000 pounds sterling; and il was
finally understood that the Liverpool Mercau-
tile Credit Association, whose paid up capital
rs half million pounds s-erlIng, and the Com
solidated Discount Company, with a paid up
capital OF a'Q narter of a million pounds ste
ling, n ust pass into liquidation, Late in the
efplng II transpirFd that the Government
bad resolved 20 suspend the ban charter ac.
The assets OF Peto and Belts, even under the
most depressed circumstances, are estimated
at f5,CtO,CC0- II is confidently assumed that in
snort time 4 proposition tor an adjustment
OF claims can De-. submitted. Everyone homes
this may be the case, for Sir Morton Pe.o and
partner rank prominently among those who
nave carried the fame of English enterprise 10
all parts of the globe.