A Stock Exchange panic has agitated New York. It turns
out that Messrs. Ward and Grant, stockbrokers, who recently failed, ()Wed over $14,000,000, with very uncertain assets. Much of this money was owing to banks; the banks drew in their loans; another firm of stockbrokers failed; it was discovered that they had been dealing largely for the president of a bank ; that bank also closed its doors, and there was a general stampede. The banks alarmed, compelled their customers to sell stocks, and the shares of the speculative railways, which have been declining steadily for three years, went down, in some instances 30 per cent. on previous prices. The banks of New York, however, met and agreed to support any solvent bank ; and it is believed that the panic is over—with this result, only, that all firms loaded with railway obligations are in danger. The effect in London was not great, except in the market for American securities, and this was temporary, investors of large means being convinced that the bonds have fallen to their lowest point, and snapping them up greedily. Some speculators will be ruined, bat the only chance of serious mischief is that some bank may have lent large sums upon American Railway obligations. There is, however, no visible sign of any such transaction, and the public has for months shown the greatest aversion to speculation, while money ia cheap, and the Bank strong.
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