The New York herald., 1870-08-02
The Honey Punir-rhe "Run Down..

From the London Times tcity articlej July 1871
A severe panic prevailed in The stock markets to-
day Monday, and a most important fail occurred
in qnO.atOns. Many stocks were again quite I'M
salabe, Notwithstanding the extent OF the recent
reducton variety of rumors were circulated with
regard TO the probable action OF Eng and ana Russia
during the war; and it Was freely stated at one period
that the latter Power had determined to Join Prussia
against France According to another rumor our
government had arranged 10 ask Parliament for an
extraordinary credit Tor the army and navy. Al.
though these statements led TO many saes the mar
kets more particularly influenced by the
nouncement OF three fresh failures In the Stock Ex-
change and the sOppage Of the Norwich Crown Bank.
In connection with these difficulties very large
amount Of stock was thrown upon the MARKET. e.,
many recent speculative accounts for rise were
closed. 1t Is understood that Sir Robert Harvey Of
the unconventional bank, has been a large specu-
laOr. in public securities for some years past. OF
late he appears to have been operating to an enOr-
nous extent In foreign stocks through several
brokers' and his total differences IN connection with
the fOrtnlghtly settlement are said to range from
,O06 10 G100000. Among the other unavOrabe
features the advance in the value OF money on
the Continent n ana decided rise IN the price OF
VIII be felt throughout France. and VIII, doubt
less, uend to damp to some extent the enthusiasm pre-
vaillng In connection with the wGr. large amount
OF money is waiting to be invested, but the public
pause tor the moment, apparently doubling whether
Sss as sas e in Se %
foreign stocks during the last fortnight has
amounted TO about fifteen per cent. The English
falling falling % two Der cent Closed one and fveeigthtSs
lower. In the foreign department violent agitation
was OpserVaOle, and the Closing prices, tnOugn not
the worst Of the day, were very much below those
current on Saturday. Turkish stocks were forced
for sale, and declined three to SIX per cent. Bra
Zillan of 1865, Buenos Ayres (sCriph Egyp-
tan, Italian, Peruvian, Portuguese aud Russian
also gave way to o serious extent. Spanish
securities were comparatively steady, hope
prevailing that this country may manage 10
hold aiOof from the war. The reduction in
English railway stocks was also Important North
Eastern fell AZ per cent; Great Western 3k; South
Eastern, 81; Midland 2h; Lancashire and York
shire, London and North Western and Great North
ern, TO "a, DC. United States $40 bonds declined
IL TO Il per cent, owing to large sales on German
account. Illinois Central Railway shares were also
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 Important rise In the gold preminm and the
increase In tho remittances OF gold to This country
from the United States. Nearly all the foreign rail-
way shares receded; the most important movement
(fl los being in Great Luxembourg. reduction
took place in banking, miscellaneous and telegraph
Shares Colonial Government bonds were likewise
offered