Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-06-21
u d = Y M a IL X II T..
Thursday, juno Soft p. WI.

Thursday, june 9O---G p. WI.
There growing panic in Wall street The want Of con-
6aence caused by the general fall prices of produce is in
creasing and thereby checking all disposition operate
continued depression prevailed in Wall street TODAY Stocks
have fallen in almost every instance Bank Commerce de-
clined cent? Dry Dock Bank per cent Delaware and
Hudson cent? United States Bank per cent; vicksburr
per cent Bank of Kentucky per cent? Canton per cent
New Jersey Rail Road per cent; Stonngon per cent?
Harlem per
There sales yesterday Of four the extent
of6oo barrels at &c. which further decline We may now
naturally look from the south for the of the
news Brought BY the Great Western. By reference to the
letter Of our New Orleans which is dated three
days before the advces by the reached city, will
be that great appehnsons for the effect
OF her news 1t was even feared that greater panic
that Of 1886 would result from news On the
18th inst that reached there on the same day cotton
fell cents per H. 10 per Such fall carry down
great number Of dealers, and Of Institutions which
were largely involved in speculation entered still deeper il
oruer 10 force good result The stoppage Of tose nsu
lions interested IN cotton viii necessarily impulse
the already falling rates of provisions interviewer are the
banks OF the whole country with the Of merchandise
The fall Of any particular species produce necessarily
involves the standing of the banks the its growth
Thus lead and pork have attention and
the means OF the Western Banks institution particular
mas invested S2oooooo IN speculaons, in pork 81
lead 100000; lard s2ooooo groceries $4,000
Since the contraton Of the Southern Banks caused by the
ABSORPTION Of their cotton prices produce
have gradually fallen. The example the Cotton Banks has
however, been followed, and prices fell produce kept
back This the added state Of the rivers
why The supply in the lower ports Of the Mississippi been
short The stocks have therefore, accumulated Interior
ana now that prices falling without hope Of retrieve bank
ruptcy and insolvency will be throughout Il country
The flour banks OF western New York involved losses
Of those they have endeavored pork and lead
off hex havs
to the institutions above referred to- purchased hogs
cents h. and the pork packed SI4 per bb This
pork was sent south and proportion to Buffalo, where
for S2 Dbl the banks thus realizing so per sales
The rapid fall in prices and The quantity hand and
coming in will occasion Losses which will counter
balance previous gain, and they must 20 down.
The cotton banks Of the south sink before the accumula
ing protests ofexchange and as the fall in p
al home The banks in New York the centre ot.
circle Of impending bankruptcy They stand however upon
rock their business has not been extended 60 d business
paper has been the Of their daton Their cir
collation. is, srsfore entirely within control The scan.
ne.s Of business done this spring in New York which has
been such Of triumph Philadelphia friends will
prove her salvation The specializing individuals and nttu
tons will be the immediate sufferers the but the
whole trading community will suffer or less according
the extent Of their operations by the failure the gigantic
peculaons which have been started and sustained by ordd
avarce That the 'pecuato who the prime
many worthy aad m-ritoous merchants of necessity be
bsne down. unless the banks step with timely assist,
snce and support them through the difficulty The fall prices
the first step towards healthy which has taken
place since the panic Of 1896 The artificial bolsteng then
put practice has at last been broken through by album
dance Of the crops and the reaction Of its operations
ap,riod when prices unnauray high dapgerou. for
the banks to ward any great ernt but those
banks have prudenty through high prices
they find the merchants distress from the effects general
fall prices being their lowest point here be risk
coming forward to their assistance Having touched their
points prices necessarily rise. The banks therefore
for season. risk Of rcvuon danger does not
arise until BY overaction banks stimulated TO point at
which reaction In the present posture banks
amply able support those who worthy of support
that Is, the regular merchant and l, those whose operation,
speculative fad the ruin they merit. With udciou man.
agemen the distinction between these classes easily be
distinguished the part Of the institutions They will there
FORE without doubt step forward and sustain the merchants
In such emergency expected from
the law, which have hitherto been Of little
use 10 the community. From msmansge ment their bills,
which paper currency undoubtedly best are at h.
per cent discount in Wall street, while the Safety
Fund redeemed regularly at per This arises solely
from the Of point OF general redemption unless
the Convention which the 26th Of this month";
arrangement BY which general agency FOR all banks
may be essbshedi in this city, the discounts the notes will
be much increased On other hand should such an ar.
rngmeat Be- made the great confidence which public has
ia The csrreEcy uader the law, viii enable them take
sanas. Of the present crisis and to obtain portion which
will hereafter give them the ascendancy financial affairs
sales nt sIsc stock Exchange.
100 shares Bank of Commerce looicl2 Merchants Bank
lls-5 Bank of America l2il-24 Dry Dock 00-Is North
Am Bk 7sj 10 Is, a. do 7s5o Am Ex Bk s0b6e-lo
l. 4 90 1888 iaois s6 ~ do $3.50 Del Hsd 7Olh3o
do 7os3 los do 10 30 do 7ob5a 6osms 10 do se3
do 7o3 100 do zoe 80 do 70o o5 do roc 1880
do 70tb3-5o Farmers lo9isso-50 OHIO ioa 100 do
l0iss0, 90 do le4l, 30 do lsi00 Bank II7l3s vck
burg "a 20 do 455s Bk Of Kentucky s so do SIZE do s
90 do s7t2o Equitable 1920 Etna lieias Seventeenth
Ward 77oo Long Island sos 2m5O Utica and Syracuse Ill
Canton - 30 do 3eb6o 10 60 3s 80 do a. go % do
3sis3o-25 Mohawk 60-O0 Paterson s2b6o-b0 NJ X %
1870 Stoniagton ~ 10 do 26 10 DO 26i2s Harlem 5olb3
55 do so 80 do 50w 100 do 5o3 30 do b6 100 do 81 20
% do e 50 DO 5ous so do 50nw CO do sole 10 do 60.o
0s do So2o $50 do 81 3Odsy 90 Sosio 100 do bow 30
do b0Ac.
Grain Trndc-Tbe Crops.
The agricultural prospects q the United States never
better favorable than they Al this moment
Prem receive intelligence tho