New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-24
Great Britain.


THE GREAT FINANCIAL PAyTC-THB ST0PPAGE OF OVER
END GURNEY AND COMPANY.
The Times gives the following statement OF the ercum
stances under which Overend Quincy q 20. snspen"'s
0yerend Quincy Co.'S liabilities 70 about $40
100000 of which sG09oOo is TO depoors who hold ~. -
up capital coo nominal capital being s5p~e
in shares Of $50 EACH hich 2l5 has been pail ava ~
closing prices this evening of the shares which SIX months
ago were at nearly 70 preminm was = discount As &c s
constitution August OF the limited company that qua
must now be arded BY the shareholders as IRE
go lar TO prevent total exhaustion Of the remaining 81 CO.,
coo Of paid up ara S as ,. % ,s hat Dcr ~
be held they would be able show pro coyeaD
ard 10 admit OF the declaration Of a dividend The break
down result 81 Of speculative sales q to
shares The general public regarded the company wiz in
SS asT @S MANY ye back was rectoaed BY o0s
had greatly dsspaed their by series OF nG
remained 10 manage the would henceforh
the business with especial amount Of caution owg
their full consciousness OF the mistakes when they hau
suffered in the last That they have faithfully endeay0rei !"
do Is still the general opinion bur every las
been against them. The freq ent recurrence OF disasters
affecting the II the old firm constantly affected the req
uation Of the new one the notorious failure o. 1vero
Watson CO. the railway contrac ors operated innr,os,y
from the similarity Of nsme THO eayy fraud OF Pinto pn
S pnca,ion Of Earonean war were ali Calculated TO
try them But there to doubt they
sscnt sales their pculitlon AS ese
operations had brought the quotation discount the dep
tors began TO take and length the drain this morning
bee sharp be resisted Application was made 20 the
Bank Of England but the Governors M would b. vain IN
crisis like the present 10 help establishment unless they
were prepared help al that might b. compelled 70 ngo
them There h no @ 20 ,e any Snr p ss az
creditors kindred establishments ard the perde
question sov L. What to be done' The .tcpTase .
sion q "a. H.. Is.v ssss i,sws
psny whose POSITION has been assaed by rumor whose
shares nav selected for attack tho Stock Exchange
Bills II parties whose engagements are enormous and whose
fortune believed be ample, have already this afternoon
returned unless prompt steps are taken me co "
the he nv disasters such as have never been
equaled in our commercial history The sole evil 20 he
dealt with panic. The Of the finance mania las ore
ago wrought and the prices Of the these
have fallen TO point leave FIR they concerned
little dread but for those who represent TIE
city and resources ole render 1t impossible for
devise OF siemming IN insane torrent tha
must not metropolis AMI all the great provincial
centers well as our Indian onF COLONEL
and foreign markets but 9t once lead US 70 .,
to throw thousands OF peope 9ut OF empoymens,
the calamity Of to-day but sides there was perfect help
essuess The time Tor discussion or cocnsel Ihe
question of way be decided ia lew hons
II the transition from of wild
Of credit to total sfoppag Of credit that has brought @
TO the present pass The Introduction Of credit In new cafe
aud legitimate way alone supply the remedy WHhout
the slightest avodabe delay the leading institutions AND
ation TO the Chancellor Escbequer with request that
he should authorize the Bank Of England to issue interest
bearing postnotes the shape OF ordinary bank post b
the customary days 20 days or for any other
might be considered better extent
deem and prudent upon uoqrtonabe security ~
analogous request be aeeeded TO- there viii he
reason immediate subse'c Of all unnecessary
danger IT, on the other hand nothag is done ana P.ps
left rampe each other down. the Government VIII Ind
viii be of character very different from which have
enabled them in each succeeding Budget for SO many years
past graduate themselves snd the nation on tho esntss
their task and the unbroken course Of our material pros
SUSPENSION OF THg BANK ACT.
In the House of Commons, on Friday, May IL,
Mr. Dsrae asked whether there truth in the report
prevalent out Of doors that the mad suthoed
spect to the issue OF notes o..
were disposed relax these provisions suPposas they had
not yet done so.
the report Government bad authorized ster at
ysrsnce with the provisions tie Bank Charter Act Of s
point fact the Government had not arrived at any de-
cson subject Of the Of things which they arc IN
formed prevailed the city but be would 80 further and
half hours ago no reached him from tho
city on slbec Of that OF ass Within the last two
formation from very influential in the city and he bad
seen Of the mpora nebers OF the body Of be
away from his engagements IN Ia ea TO receive deiSia
ion from the joiatsoes ein.s ts Information rleh he
in the city without paraue = oar financial history and
the suggestion made :, h aps ~ had sa
exact information Of the act a state Of things 10 the city
famed the greatest portion Of s pOsa6s money
country and In the time OF extse demand constituted rear
Hs should therefore like Of events
during the day he hoped that would not be supposed
saving this that he did II fee possible 10 raise
question as to position Of the aA tse The representa-
IONS which had been made general and OF an indefinite
character but at the same time , were o. sfnd and ,hs
ouarer from which they de-, entitled them 10 great
xxseht and the most careful and immediate
s,Sar,ion At the hands OF ne bcyTlment However
yery abort space he sho Lave enlarged means OF
formation present he Only thar the state Of
tbings would receive IT, cos careful and anxious al
tenon of the Government In r, 10 bis honorable n.tnd
Mr. Bailey. he could Only &c mad not the least reason
20 EXPECT any request Of he nom the Governors Of tie
Bank of England and il bette uo to ask any questions
upon any hypothesis when It rested to matters Of 80 iI
poran character.
stated that the Bank Er6l1 authorized suspend
Bank Act. He said in rep % MI Beszey that be Lad
already early 10 the ming Eat be had received Tep
senstions private banker sith respect 70 the e,
ordinary state Of things in TIC c that day. BE h,d s
received jepuation FROM the os ock banks whose
senations are more urgent tla he Lad anticipated nc
aIso since then received fun count OF the oPeratohi ,
Bank OF England daring the Jay and found tls ="
desire 10 sustain the 81 TIC country sne
disaster they had extended tlelr osns 70 SUI
exceeding $4,000 ooo and hal fieed mo ,ns RE ,e,..
nv ann closely approaching 5000 Ot reaucns fe ~
ron % 600 600 70 a lite iess h.n 4S0oo"1 'hs
state fhin,s the Go -