The Bank rate has been raised to 5 per cent,
in consequence of a Stock Exchange panic in New York. It was found, on an investigation of the affairs of the Reading Railroad, that an unexpectedly heavy "assessment" would have to be made ; the price fell for the moment by a third, and all the weak lines declined in sympathy. The Banks which had lent on shares called in their money, shares were sold at any price, and for two days the rates paid for loans varied from 50 to 150 per cent., according to the securities. Large orders for gold were accordingly sent to London, E640,000 being ordered by one group of exchange houses, and the Bank of England has thought it wise to put up its rate. The panic has had no other reflex effect here; but it must have hit the speculators, who believe that Englishmen just now will give any price for any rubbish, pretty severely.
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