Skip to main content
Hide Articles List

17 articles on this Page

'" .-." A RAMBLE IN BELGIUM.

SPAIN, FRANCE, AND PRUSSIA.

[No title]

[No title]

[No title]

ACTION AGAINST A DENTIST.

The WORKING MEN'S INTERNATIONAL…

THE PANIC ON THE LONDON STOCK…

News
Cite
Share

THE PANIC ON THE LONDON STOCK EXCHANGE. (From Tuesday's Times. MONDAY EVENING A panic more severe than any in the Stock Exchange during the past sixteen years was witnessed to-day. At one time the average further fall in foreign secu- rities, as shown in actual transactions, was at least 5 or 6 per cent., while there were many cases in which, if additional realizations had been forced, the reduc- tion would have been much greater. Spanish, Italian, Turkish, and Egyptian, as the stocks most dealt with in the French market, were, of course, principally affected, but the alarm was in a great measure indis- criminate, and United States' bonds, Argentine, and other descriptions totally unconnected with European complications, together with British railway stocks and the shares of Joint-Stock Companies, even including such as would be likely to be benefitted by war, were all heavily borne down and in some instances almost unsaleable. Consols, which this day week were at 93, and which closed on Saturday at 92 to §, went during a short period to 9 If, a price which is about 2 per cent, below the average pumt at which they were maintained during the two years of the Indian mutiny, and is exactly the same as the average during the fOliC equally anxious years of the American struggle. This course of the market presents a repetition of all recent ex- perience, the results of the dread of events having almost invariably b een greater than those from the events themselves. Thus, in the week before the declaration of the Crimean War Consols touched 85J, and the aver- age price throughout the four subsequent years of severe trial was 90§, while just before the commence- ment of the war of France against the Austrians in Italy the shares of the Lombardo-Venetian Railway, which was in no way seriously damaged by the contest, went to as low a point as if it was apprehended that the sole object of the respective armies would be the demolition of that undertaking. Looking at these precedents, it may be considered probable that if the apprehended conflict were to break out forthwith prices would not again be thrown to the level they have touched to-day. While the public are rushing to sell, no one asks what they are to do with the money realized, or reflects on the folly of expecting an adequate price being obtained when there are thousands seeking to part with their property and only a score or two of dealers to whom at the moment it can be offered. Such a panic as that which prevailed to-day can be arrested only when quotations have been preposterously driven down as to convince capitalists that, come what may, there can be little danger in buying. Accordingly, in the course of the afternoon many purchases were made, and a rebound of about 3 or 4 per cent. was in the most speculative cases established, more favourable reports from Berlin and Paris having concurrently arrived. Weak holders having to an extraordinary extent been replaced by solid investors. the inherent character of the market is greatly changed, but even yet the depre- ciation shown by a comparison of present prices with those of a week ago is enormous. At the worst moment, reckoning all classes of securities common to the Paris and London Exchanges, it could not have represented a less sum than from 60 to 100 millions sterlirg. Among a few persons at Paris enjoying early information great gains may have been made, but the amount of general distress occasioned has been un- usually severe, owing to the fact that for the last six months operations for a rise have been extensive and continuous in all the markets. Thursday next is the commencement of the half-monthly settlement, and there is reason to fear it will be attended by several failures. Consols this morning opened at 92 to J, went to 91$, and ultimately rallied to 92 to i for delivery, and 92 £ to i for August. The Continental letters to-day, detailing the general impressions regarding the present crisis, state that in usually well-informed quarters it is believed that General Prim never entertained an idea of the storm that would be raised, and that the rigid secrecy ob- served was simply consequent on a conviction prevalent in Spain that France has hitherto impeded every pre- liminary nomination in order to favour the Prince of Asturias. Prussia, it is reiterated, has had nothing to do with any stage of the negotiations, and all the Prus- sian journals, including those of Frankfort, advise per. fect calmness, owing to the faith that there can be no logical pretext for a quarrel. So far from there being any strong feeling in Germany on the subject, there is it is alleged, no doubt that any ordinary and courteous representations on the part of France would at once have been attended to. By many people in Paris, however, it is confidently assumed that the Emperor is personally determined on war or on a great diplo- matic success, and that the summons to the King of Prussia to prohibit Prince Leopold from accepting the throne is accompanied by a demand for a strict execu- tion of the Treaty of Prague. According to these writers, the Due de Gramont warmly shares the Emperor's view, but M. Ollivier is wavering. Late this afternoon reports were circulated of a satisfactory turn in the affair. The resignation of the Due de Gramont constituted one rumour, and the withdrawal by Prince Leopold of his acceptance of the Crown was another.

CHARLES DICKENS AND WASHINGTON…

IA BABY SHOW.

COMPENSATION FOR RAILWAY ACCIDENTS.

THREATENING TO SHOOT A GENTLEMAN.

THE FRAUDS BY BENJAMIN HIGGS.

A BETTER CONTEST THAN WAR!…

FLOODS IN AUSTRALIA.

THE COUNTESS OF DERWENTWATEB.

Uttsceilancotts fnttlligflttt,