The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-28
THREATE MING ATTITUDE OF
ITALY AND PRUSSIA.
THE MONEY PANIC.

NUNIlNUANUE Oh QUIET IN LONDON-FAILURF
OF TIE COMMERCIAL BANK CORPORATION OF
INDlA-LIABILITIEs OF WAKEFIELD NASH & co
ACTIVE DEMAND FOR SPECIE FOR THE CoNTI-
NlNT-THE RATE OF DISCOUNT MAINTAINED AT
TEN PER GENT ETC ETC
The city Of Boston reports that the abatement of
the great money panic exc c,temeDt in England con-
unued 10 prevail at the latest moment, the 18th OF
May.
THE SITUATION ON CHANGE
From the London Times (CI'y ArticteJ, May I6
The panic be0IDs to abate, and the indications in.
that, although many difficulties must vet be
looked Tor the effects OF the shock viii be less gene.
raj and disastrous than on rmer occasions. The
general consequences of the pan IN 1867 were far
les disastrous han those OF l847, and there is good
ground to trust that on the present occasion we
Dnng these periods Of mania within the inhu-
ence OF corrective repression. On the present
occ aslon there has been no very serious suuan-
dering OF national attn, ana the run en-.
countered mas been manly from a fall in
tie pilces OF securities, which previously cal
culated as symbols OF what they ana not actually
represent In this way, 1t has been estlmated al
lea flSO 600 GOO sterling has disappeared even since
tDe commencement OF the present year, but it IS
simply from the appointment OF preposerous yalua.
ton, and not from destrUcuOn OF loss of anything
POSITIVE Even OF TINS al least haf WI be recovered
with the return Of confidence, since tho enormous
amount Is chiefly due TO the act that every enter.
PRISE and every seculty in the Kingdom, Including
the funds and the lest foreign stocks have been
beaten down by the disappearance of the fictitious
prem ums oil a numoer OF interior concerns Tire
prospect is much less dscOuraging than m ght be
supposed
been OCcGslOned by the discredit awakened through
the sus pen sIon of the Bank act being by Dersons
abroad cOnfOunded with a suspension OF gold nav
ments, and this circumstance tends to retard the
IecOy cry OF our markets Some foreign balances at
our hlVn raes of interest being called for in
gold from the fact OF lllls on London being re-
PaTded W tn doubt; at the time the discount
demand at The bank continues extremely large from
the strict caution exercised bY al other establish
ments. On the whole however, there was Yesterday
less disposition among individual capitalists to
hoard their resources, and occasionally loans were
obtained at point slightly below the bank charge
he demano Tor silver Tor the Continent has been
brisk during the last few days, and the supply quite
II Itadeouate. Seyeral amounts OF gold in soVeregns,
PrussIan ImpeTias, bars have been withdrawn from
the bank Tor transn issiOn abroad.
On the 10th OF Apr meeting was held al the
Commercial Bank Corporation of India and the
East, when report was read showing that the
Ggtnts OF the Company III India China, and Ame-
RIGA had all led the esablishmen INTO runous loss
1t appears that the Directors have found it me-
cessaTy TO resolve at once upon suspension.
The immediate cause of this resolution is the re-
accept the dTars drawn by the agents Of the com.
panirs IN China. the capital is El,OOOOOO in four
hundred thousand shares of fZ5, and is all paid up
hut the COMPANY being Incorporated by royal char
ter, the shareholders are respon IOle for further
ion. Last year there was reserve of f2SS SO2
The branches are at Bombay Calcutta, Foo Uhoo
Foo. HankoW. nOng hong rhanghae. Singapore,
Yokohama, and san Francisco. The number Of
shareholders IS about six hundred
The circular Issued By DOllet OmmaneY & Co.,
bankers and army agents Westminster, states that
their suspension OF payments was taken vito view
to protect far possible the interests of their
friends the monetary crisis having caused run on
them during lch they were unable to procure
advances on their securities
RAILROAD FINANCE IN ENGLAND.
In the English House OF Lords on Monday NIGHT
LORD Redesdale mace the following observations ON
RAILWAY financial operations IN England - There was
another in -taDce OF very large concern. 1t had
been working for a considerable period, and was q
very energetic hne, which stopped at no expense
to carry out its Office He menhoned it because IU
was connected pa ty with the contractors who had
Just laed, and when their lordsnIrs heard the pro-
ceedings that had occurred in regard to the raising
at Or piaI
baTIassment OF the Company Last year there was
scheme for the extension OF that line into the
city, for which a separate capital was raised for
large amount. In the course Of the year the con-
tractors went to the Credit Aobher Company for
4 Peer-what was the name OF the Company
Lord Redesda e-The London, Chatham. and
Dover Railway. Thew raised that sum on the fol.
lowing terms s:-For f21 cash there was Given f4O
of fully pad-up stock thus sacrificing fls to obtain
f21 ltwas in effect getting t677 800 ~ sacrifice
of f522 SEQ. And this was noted at the time as
most successful opera ION on the part OF Messrs Sir
Morton Peto and Company, who were quite satisfied
at GETTING money on such terms. During the present
year the value OF money had increased, as had also
Increased, most probably, the embarrassment @ OF
stock could be had for f27 los and sum of
f624 $50 was raised at sacrifice of fl 046 700 Was
il possible suppose that system so reck ess could
ever stand ano was 1t either reasonable OF proper to
allow It to go ONT
CONDITION OF THE SCOTCH BANKS.
From the Glasgow Herald, Nay 10.
II is satisfactory to know that In the midst of the
panic which has disturbed so disastrously. and we
believe causeessly the various markets or the coun
try, the Scotch banks were never s0under. more
prosperous, or their resources more ample than at
present Trade with us also generally sound, and
in many departments there is much briskness. Amy
panic fe In this quarter has been confined almost
entirely to the stock Exchange, where much valua-
BILE property has been thrown away at prices pre-.
Dosterousy below their real worth, and what, when
ihe storm blows by, they viii again speedily attain
THE LATEST.
LIVERPOOL. May II, ls66.-Fernie Brothers, of
LIVERPOOL, have suspended Their liabilities are
heavy but their assets are considerably In excess
thereof, 0theT suspensions are reported,