New Orleans daily crescent., 1866-06-05

LONDON MONEY MARKET, May l9-The weekly
return of the Bank of England was the most extra,
ordinary ever published. Although the bank had
not availed itself of the privilege granted by the
suspension of the Bank Charter Act, the figures in
the statement exhibit unprecedentedly violent
changes. The decrease in the bullion was esq.,
1885, and in the notes unemployed, G4,2l9,495
sterling.
analysis of the bank returns shows an increase in
one week of 600 900 in the advances on private
securities This unprecedented amount proves
how enormous has been the pressure for accom-
mediation on the part of the panic stricken com
munity. Inasmuch, however, as great deal Of
this borrowing was merely precautionary, f5OOO,-
900 have been added to the private deposits, and
the increase of 76 COO in the circulation results
mainly from the desire of country bankers to Sc
cure themselves against all contingencies, and the
notes withdrawn are not really thrown into cir
culation, but are for the most part boarded.
The reserve of notes is reduced to 100000, so
that it is quite within the power Of any one OF the
great joint stock banks, by withdrawing its current
balance, to force the Bank of England to avail
itself of the authorization contained in the recent
treasury letter. There seems to be now fair
prospect that the bank will be able to tide over
the crisis without violating the law. The 00C
of coin and bullion Withdrawn must have beer
taken away chiefly by provincial, Scotch ant
Irish banks as measure Of precaution.
INDIAN CoTToN MERCHANTs-On the 18th thu
tone of affairs in the London market was favor
able. ConsoIs were irmer closing at 87461s71.
Money was in better supply, and frst.cass bills
were in some instances taken at 81 f} cent.
AMERICAN SECURITIEs.-B Bros. say 800
have advanced to G546I66c, under extensive pur
chases for the United States, In other stock II
change quotations nominal.
Some additional suspensions are reported, in
Guiding the Oriental Commercial Bank, the Ney
Zealand Banking Corporation and Messrs. Fran
The News attributes the great failure of Ovel
end, Gurney Co., to " simple overstraning c
credit, +" and adds:
. There can be no doubt that these iont-stoc
failures the last in particular, have materially col
tributed to cause the recent panic; but it is nc
fair to attribute their collapse to the necessarl
precarious nature of financial business generally
incredibly gross mismanagement in some case
and misealculation in others rather deserve Ii
blame. Another cause has been the persisteI
effort for long time past to excite public alarm
Warnings have been multiplied to such an eXten
although based upon no real grounds whateve
that the more ignorant portion of the public hay
gradually become frightened in earnest. Of cour
the joint-stoek failures were made the groundWol
] for whole succession of terrifying lectures.
'Fall in prices, however small, was magnifed in
panic. 1t is easy enough to propagate misChi
in this way. Timid holders were thus induced
sell their shares, and the speculative portion
the pubIie-persons mostly uneonnectad with Il
CITY, but daHblng little on the Stock E
change-wePe acute enough to take advantage
the disturbance and stimulate it by ambiguo
whispers WHICH they were accustomed to spre