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☆ The last photos of John Franklin’s doomed polar expedition party fetch over $545,000
▼ + stars: | 2023-08-25 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

Editor’s Note: This article was updated with the final sale price and other details following the auction’s conclusion. London, UK CNN —Sir John Franklin’s doomed expedition to the Arctic captivated the Victorian public with its mysterious disappearance, fruitless rescue missions and gory tales of cannibalism. Commissioned by Franklin’s wife, Jane, this set of daguerreotypes — the first successful form of photography — represents the last ever photographs taken of the 14 men and was assumed to be lost until now. Engraving showing the end of Sir John Franklin's ill-fated Arctic expedition, taken from a painting by W. Thomas Smith exhibited in the Royal Academy in 1896. But after two years without contact from the expedition, Lady Franklin pushed the Admiralty in London to send a search party.

Persons: John Franklin’s, Franklin, Sir John Franklin, Emily Bierman, Franklin’s, Jane, Sir John Franklin's, Thomas Smith, Shutterstock, Lady Franklin, ” Bierman, ”, Bierman, “, John Rae, Jared Harris, Tobias Menzies, Ciarán Hinds Organizations: UK CNN, CNN, Royal Academy, Admiralty, Illustrated London, HMS, AMC Locations: London, UK, Scottish

☆ Last photos of doomed Franklin polar expedition party go on sale
▼ + stars: | 2023-08-25 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —Sir John Franklin’s doomed expedition to the Arctic captivated the Victorian public with its mysterious disappearance, fruitless rescue missions and gory tales of cannibalism. Commissioned by Franklin’s wife, Jane, this set of daguerreotypes – the first successful form of photography – represents the last ever photographs taken of the 14 men and was assumed to be lost until now. Engraving showing the end of Sir John Franklin's ill-fated Arctic expedition, taken from a painting by W. Thomas Smith exhibited in the Royal Academy in 1896. Historia/Shutterstock“Lady Franklin having the foresight to memorialize this really important and historic moment of this expedition about to begin, it is very poignant in retrospect, of course, because then they disappear,” Bierman said. But after two years without contact from the expedition, Lady Franklin pushed the Admiralty in London to send a search party.

Persons: John Franklin’s, Franklin, Sir John Franklin, Emily Bierman, Franklin’s, Jane, Sir John Franklin's, Thomas Smith, Shutterstock, Lady Franklin, ” Bierman, ”, Bierman, “, John Rae, Jared Harris, Tobias Menzies, Ciarán Hinds Organizations: CNN, Royal Academy, Admiralty, Illustrated London, HMS, AMC Locations: London, Scottish

The narrowing rate differentials between the U.S. and Europe, as markets price in more European rate increases than in the U.S., has been boosting European currencies in recent months. The Fed has guided markets away from the possibility of rate cuts this year, though markets are pricing them in nonetheless. The European Central Bank announces its rate decision later in the day. "So I think central banks, including the Fed, are at or very near the peak in their cash rates." The Norwegian crown took a short trip after Norway's central bank raised interest rates by 25 basis points as expected.

Traders currently see a 50% chance of no rate hike at that meeting, with rate cuts priced in for the second half of the year. Shares of First Republic Bank (FRC.N) tumbled more than 60% as news of fresh financing failed to reassure investors, and so did Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O). U.S. bank regulators sought to reassure nervous customers on Monday who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. Regulators also moved swiftly to close New York's Signature Bank SBNY.O, which had come under pressure in recent days. In China, where SVB was the main go-to foreign bank for the majority of start-ups, entrepreneurs and venture funds were also scrambling for alternative funding.

SVB's meltdown sparked a partisan battle in Washington on Monday, with Democrats arguing that a Trump-era change to bank oversight rules undermined the stability of regional banks. In the money markets, indicators of credit risk in the U.S. and euro zone banking systems edged up. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. On Monday morning, U.S. bank regulators sought to reassure nervous customers who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. A furious race to reprice interest rate expectations also sent waves through markets as investors bet the Fed will be reluctant to hike next week.

Biden said his administration's actions over the weekend meant "Americans can have confidence that the banking system is safe", while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. Shares in U.S. banking giants JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) nevertheless weakened. But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" U.S. regulators stepped in on Sunday after the collapse of SVB, which had seen a run after a big bond portfolio hit. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023.

Germany's Commerzbank (CBKG.DE) fell as much as 12.7%, while Credit Suisse (CSGN.S) hit a new record low after falling 15%. Biden said his administration's rapid actions at the weekend should reassure Americans that the U.S. banking system is safe, and promised stiffer bank regulation after the country's biggest bank failure since the 2008 financial crisis. "Americans can have confidence that the banking system is safe. But big U.S. banks including JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) also weakened. In the money markets, a closely watched indicator of credit risk in the U.S. banking system edged up, as did other indicators of credit risk in the euro zone.

[1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. Germany's Commerzbank (CBKG.DE) fell as much as 12.7%, while Credit Suisse (CSGN.S) hit a new record low after falling more than 15%. Dowding said he did not think that a lot of the issues affecting U.S. banks would be present in European lenders. It said Silicon Valley Bank UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds as of March 10. U.S. banks lost more than $100 billion in stock market value late last week following SVB's failure, while European banks have now lost a similar amount, a Reuters calculation showed.

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