The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-08-03
III UNIVERSAL PANIC.
The Panic In the London Money Market

The Panic In the London Money Market.
The London Times of Monday, July 10, in its
''City Article, " says:-
A severe panic prevailed in the stock markets
to-day, and a most important fall occurred In quota
lions. Many stocks were again quite unsaleable,
Notwithstanding the'extent OF the recent reduction.
The markets were more particularly influenced by
the announcement OF three fresh failures in the
Stock Exchange, and the stoppagd of the Norwich
Crown Bank. In connection with these difficulties a
very large amount of stock was thrown upon the
MARKET. e., many recent speculative accounts for
a rise were closed.
Among the other unfavorable features were the
advance in the value OF money on the Continent,
and a decided rise in the price of wheat. The up
ward movement In the corn market will soon be
felt throughout France, and Will, doubtless, tend to
dampen to some extent the enthusiasm prevailing in
connection with the war. A large amount of money
is waiting to be invested, but the public pause for
the moment, apparently doubling whether we have
however, that the fall In some OF the foreign stocks
during the last fortnight has amounted to about
fifteen per cent. The English funds showed extra
ordinary depression, and after falling two per cent,
closed one and hve-eighths lower. In the foreign
department violent agitation was observable, and
the closing prices, though not the worst of
the day, Were very much below those cur
rent on Saturday. Turkish stocks were forced
for sale, and declined three to six per cent. Bra
lillian Of 1865, Buenos Ayres scrip, Egyptian, Italian,
Peruvian, Portuguese, and Russian also gave way
to a serious extent. Spanish securities were CON-
~paratiyely STEADY, a hope prevailing that this country
may manage to hold aloof from the war. The re-
duction in English railway stocks was also import
ant. United States $50 bonds declined ~ to 2 per
cent owing to large sales on German account.
Illinois Central hallway SnareS were also 4 lower.
Most OF the American securities disposed OF here of
late have been subsequently despatched to New
York, and this fact tends to explain the recent i'm
portant rise in tho gold premium and the increase
in the remittances Of gold to this country from the
United States. Nearly all the foreign railway shares
receded; the most important movement lei 1851
being In Great A reduction took place
in banking, miscellaneous, and telegraph shares.
Effects of the Wa. rS ON the Grain Market and
The rumor which caused so much agitation in
London on the 18th ultimo, that Russia had de-
termined to join the war, it is stated emanated
from the Baltic Coffee House, and was put in
circulation at exactly the right moment to exert
a powerful influence on the corn market. The
first effect was to raise the pretensions of
holders of wheat to an extravagant degree, and
an advance of IS. @10s. a quarter was asked
from purchasers. Transactions were in conse-
quence brought almost to a standstill, but ulti-
mately factors abated their demands. The rates
of premium against war risk on vessels at sea,
or about to sail, also rose, and an enormous
business is reported to have been transacted at
Lloyds and with the various marine insurance
companies.
How the War Interfered with Emigration to
the United States.
The Liverpool correspondent of the London
Daily NelUs writes:-
"A year or two ago enormous numbers of German
emigrants were In the habit OF proceeding, via Liver
pool, to the United States, particularly during the
autumn: More recently, however, that branch OF
other German ports, so that the emigration trade
OF Liverpool will not Sustain any serious diminu-
ton from the impending war, unless, indeed,
two countries emigration via Liverpool has latterly
been very extensive be drawn into the conflict. II
Is anticipated that, notwithstanding the restrictions
on the Continent, large numbers OF intending Ger
man emigrants will pass the frontier into Holland
and Belgium, and take passage thence to America.
A considerable emigration from France wa Hayre