Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-28


the other southern aud southwestern States who would
could not pay their debts consequences Of the disruption
the unsettled state OF their monetary affairs by
dency Of this trade Baltimore Philadelphia our mer
chants not affected in tie least although gen.
orally supposed TO be the EARLY in the spring New
York city dealers slightly felt the dminuion but
the merchandise swept from these southern narts
their merchants compelled here for supplies and
in this have dealers disposed Of nearly every
tige Of the immense spring Importation.
The New York dry goods merchants have completely
gained themselves from the revulson Of 1887 that they
making extensive arrangements for large fall trade although
by the Cambridge arnsd that the orders received in Eng
land for manufactures small and the mercantile classes
evnced ssrprize therea But this is easily explained
Anterior to the organization Of steam navigation our
merchants order their goods early April
the first Of May but since the establishment OF the steam
they have nearly month longer to consider and watch the
here Consequently instead sending their orders
the packets middle Of April they despatched them BY
the Liverpool steamer which sailed hence the 18Th ut,
from that time the departure Of the Great Western
the lsth inst. they have gone forward.
From all hear the orders have been large Being
IS per those of the fall of 1885, but d.
mnuton of fully 20 per from the importation Of 1886 the
year expansion and erang The merchants got out Of
their troubles and began improve in healthy business last
fall and advanced since then with rapid strides till they
arrived the position they occupy The immense
productions of this year will wipe every and mark
the late revuon and and hereafter the dry
good, merchants Of this city and country will forward
increasing they business, unless they again wild
with mad speculation and trading.
The great Of the day the process equaza.
in the prices of the leading staples Of the country Since
the pr 1887 high prices have been prolonged by general
combinations under the sanction and support of the banks
These combinations have caused portion Of the derange
in the internal exchanges, which have long afflicted
and still act, the country The reaction began time
ago and provisions the prices Of which
like process in has begun in England and
the face Of prosperous do what prevent
the price Of this staple from being reduced natural ando
derae rate Forced in trade always end in dsas
When prices values demand consumption and produc.
left fad their level the trade exchanges and
all commercial operations are healthy and active
Tuesday, juno 2J-6P.M.
Wall street in state Of calm, incident upon the anxiety
apparent for the arrival Of the Liverpool hip Stocks
have undergone little i'm provemeAt in rates to-day :;
the low rates to which they have fallen having tempted
again into the market Bank Of Commerce improved
per cent Dry Dock Del Hudson vicksburg Bank
Of Kentucky Mohawk Illinois declined per cent The
for money still continues high this city, and Phladel
phia equally In both cities the demand chiefly confined
those concerned in the bo ring Of high pces-a class
whose depe ate position prompts them to meet almost
any demand of the capitalists in order enable them hold
A
demand for money of the year when regular trade
is comparatively very dull and when fall in prices produce
has taken wi ch would have eased the market had bank
| ing facilities and trade taken their naturA course.
The Wall street papers making desperate attempts
favor Of the specuto by eDdeavog sustain prices and
excite feeling which will be calculated check health
and natural equalization prices and the value Of commod
ties goSg forward Fer this purpose the old story Of the
short CROP still harped uPon in order to revive the droop
ing confidence ofhose holders unku grapng
have blocked the circle Of commerce.
mediate Of that decrease consumption which has
acted upon the deficiency and neutrred its effect upon
prices There are however, many sle motion which
must the expiration Of the summer, still greater
revulsion in the commercial world and consequent increased
depression in prices These the results Of the
syem which has been pursued both by Institutions and
government The period has the
money must be paid and nothing has been provided for tbs
emergency in the Of the months 6
900, S500oo0o must be RENTED to England payment
tie interest state stocks the time large amount
of Southern post notes will fall due, which be paid
Also the government post treasury notes. 10 the
80 000 fall due in all July and August To
amount Of indebtedness what has been provided We have
hand large Of PR OF all descriptions but
for this there is salethe markets all hands are falling
Trade both at home and abroad sagnan
Proportonaby decreased To what aay
trace the difficulties with which surrounded Sim.
I
nicious and pararng influence Of which felt in every de-
parmen Of trade In the first period Of which sue
ceeded the explosion Of 1897 fell TO point below its
real value and dull 6a7c This did rot arrive from the
sagnatios OF demand hut from the inability planters to
forwsrd to the Of activity The u Bank seized the
emergency and her capital enabled the cotton to 90 for
ward faster than the trade required Holding wa,
therefore highly necessary and healthy and caused cotton
TO rise TO its proper valuei0allc That the which in
general health and unrsraned trade when price,
all articles Of consumption regulated by the OF de-
msnd and .aura supply, win enable the planter TO realize
fair profit AT these prices the Bank worked of its stock and
retired from the market At that period the country was partly
debt andhad an ample supply oprodsce Of Of
which Europe much in Al the same moment We
much in want Of the proceeds in the shape Of money or
merchandise.
In 'uch position true policy would dictate that we should
have sent forward commodities have disposed of them
at the highest market value speedily s possible The ae,,
y othe exchange would have promoted healthy trade and
have given the Of wealth Of the
European capitalists This policy however was unfortunately
not adopted The banks Of supplying dealer, with the
means Of conducting their business employed their whole re-
in purchasing directly and indirectly the crop, Of III.
country not however, send forward and realize the value
but to hold in order aing artificial scarcity to force
prices unnaiuay high The phenomenon therefore presented
itself overy high prices while money m the trading cas.e.
worth si per cent per month The was an utter
stagnaon Of trade while all sides large quan
| Of mer Al