LATER EUROPEAN NEWS

Grey River Argus, Volume XIII, Issue 1614, 7 October 1873, Page 2

LATER EUROPEAN NEWS

GREAT COMMERCIAL PANIC. EXCITEMENT IN NEW YORK AND LONDON. COLONIAL 'SECURITIES UNAFFECTED. [ANGIO-AtrSTKALIAN PRESS TELEGRAPH : *' AGENCY.] The Hero, from Sydney^ has arrived at Auckland, and the Tararua, from Melbourne, at the Blnff. They, bring the following important English and American news : — .; London, Sept. 28. There is immense excitement in Wall street, New York. The failure of, the firni of Cooke'arid Co. was.follbwe"d by : a Commercial; , panic. . Messrs- Fish, Hatch, and fourteen firms 1 in -New York; have suspended payment.^ There. ; was,ra general run on the banks in Washington and Philadelphia. • It-was at once [announced that .the : .Secretary of the Treasury ; would' redeem all Governthent Bills as ; they, r . became due. On ;the ; ! 20th; the . ! .London Stock change, was depressed, arid Cbrisbls receded, f Colonial' Governm'erit securitibff, however, remained firm. . The excitement in New York was .beginning, to, abate, when it' was revived by 'a Huspension of payment; on the part of 'the Union Trust Company, in consequence of defalcations by its secretary- andra refusal of the Clearing House to aid iriameasure for mutual assistance by the Banks.' Under iihese circ'unistarices the members of ; the. Stock Exchange decided to stop operations for the day in order to facilitate settlement; and the brokers' room was closed accordingly. In consequence of the Court having forbidden the Tichborne claimant to appear in public again, the defence is being curtailed, and the trial is now^ approaching 1 its close. ' '. '■;.-' ■ The Spanish steamer Murillo, which sank the emigrant ship Northfleet, has b,een .seized at Dover, and; proceeds to London in custody of an. Admiralty Marshal. „ . ,'.," 1 The telegraph cable bej^Veen Lisbon amd Madeira has^ beea^ebmpieted. -; \ The release of Mount arid Morris, the Carl criminals, 'produced great astonishment, and called; forth .severe condemnation. Mr Michie, the Victorian Agent-. General, ■has'written in explanation a letter io' the ; 2%ies 'on the subject. \ . ''.'■- ; The English cricketers. leave Southampton for Melboufrie by the mail steamer, on the 22nd October^ ' The Government- ;are shipping large quantities of railway iron to the. Gold Coast for. the construction of a line^which. it is proposed to rriake from Cape CoaSt Castle to Copmaissie, the Ashantee capital. A large bank' at Baltiiriore has sus-,, pended payment.;,, The banking-houses. of Henry Clews/ of New York,, and;. Clews, of Habachi, London, have, also suspended payment. Thei Associated 'Banks are issuing loan certificates for clearing- 1 pur-' poses, to obviate payments away in currency. This is considered ' to be the only means of sliding over, the [crisis and of bringing about an improved feeling in financial: and!commercial ; circles; : - I; The Treasurer has ceased-buying -bondsy and is now awaiting directions from the President of -the' United States. The purchases - already- .made ; amount ' to 12;000,W0dor '' " President Grant approved of the cessa■tion of purchasing bonds by the Treasury. He refuses ip employ the legal, tender < reserye, J conceiving that the Govefnmeiit . have extended to the banks the utmost' help which ; they can legally do. ; The banks in the West arid -South have partially suspended currency payments. The exportation, of graiu.and cotton' is ; everywhere arrested.. '. Gold to the anaourit of L 275,000 was shipped to America from Liverpool, yesterday., . ,- ■ . , .; ; , \ Three banks in Chicago, and several important houses in New York, ' have failed. ' ,-■■ r Uncertainty and stagnation continue. •■ Admiral Yelverton has surrendered the insurgent frigates Almanac and Vittoria throughthe Spanish Government. ; ' Obituary.— Sir Robert Ramsay Mackenzie. i! -" ' '"■■■ :;