The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-23
THE MONEY CRISIS.
Initiation OF the Panic Excitement.

- IRON tne London Times (city articlel May IL
There has been less excitement in the various mar.
kets today Saturday 5h but consols have closed at
further decline OF oneclghth, while shares foreign
securities there has also In majority Of cases been
another fall The continental news seems hourly TO
establish the certainty Of war, and those who now
look hack 10 the course OF tue Paris market and IA
the heavy and indiscriminate sales commenced bv
the always rcu.trfarasd French credit noblisr
more than month ago, are disposed to entertain a
conviction that ts result will be bat fulamcnt OF
long settled frogfi6iine At the same time there IL
growing impression that the experience Of tho Or mean
aud Italian wars will be repeated In the present instance
and that recovery In the markets can be expected
until hostlities shall have actually commenced after
which all those who have sold in anticipation Of that
currcnee viii begin to realize profits and TO ask them.
selves what they 70 do with their money. Among
the reports current in the Stock Exchange this afternoon
was one TO the effect ho Mr. GLadsto,e gang to Paris
for an fntcYreio eth the Emperor
CREDIT ASSOCIATION COUNTING rr.
Iron the London Tines (city articel May7l
report has been Issued this evening By The Imperial
Mercant 10 Credit Association, company whose shares
soon alter their introduction, went 20 exrnord nary
premium, with 60 paid on each $50, and which have
this week touched discount The number Of shars
ooo and the pad up capital f500 600 and the
current testimony Of Messrs. Coleman rurquani & Co
and Mossrs. Quer, Ball 4 Co, after careful exam.
nation in detail,H IS that reckoning tho value OF
the assets at recent prices, a Of fl00 600, or
onc-hfth part OF the paid up capital, will the
whole loSs This would show the shares TO be intrinsic
ally worth four pounds EACH and thus far calculated
70 allay alarm, since, although the value OF securities
sent which not succeeded by strong reaction such
rs uimaicly 10 fehabiitae 10 great the in
,efess OF tnoss Who had been able TO hold through u
But the report Tails 10 give any sht the grand point
TO which the anxiety If Shareholders s In each instance
now directed. Fsoep; IN companies where there Is
reason 70 anp'-hend abaolnto fra1d, u the liability
70 calls, rather than a. conr TIA hof oil neir cspi-
idt c'ne, that fr.ghtcus the proprietary, since
thero ate large number whose whos available
means consist Of shares and 60 whom In the present
state o. ne market Nhoa Ia impossible to raise loans
o On, any sacn noalng fresh call y simply no,aca.on
a no matter VIA, may be their trust as 20 tho future
.ney must iorce Their property of any terms that
81, ,hn Se oo.aned The question consequently vs. can
Me company whiio they quietly waiiinr the re-
oosey ava realization q their assets their way 10
meet ~ Outstanding commitments milling due in tho
interval and N not, what will be their require
mcntst Until sonc satisfaction shall have been
anofccf ~ TVS respect the euoued statement WI not
pfoucc The full erc desired II Is also defect that q
reaches only 70 the 14th uit, since as " embraces
hyn ng more than estimate there IL no apparent
son WHY should not have been brought down W the