Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-23
n On s'v 4 A KIT.


cent Many failures have taken place principally in the dry
goods Of them heavy great many notes are
settled by merchants mutually avoid protests this iac
NAV be found few failures publicly made
known.
The made in the Express this morning that he
u Bank this city received the bills and stock oil hs
Philadelphia institution par payment Tor notes made pay
able here utterly without Foundations no such TRANSACTIONS
have taken place. The United States Bank has declined max
a collection for the Proydence banks and has them
10 withdraw the paper lodged with the bank For paper ma
turing Providnce specie generally demaoded' ana one "
the banks has given notice that legal damages Will be exacted
on all protested paper AT Boston, the banks are very hrm
and something easier in the
al discounts BY banks Money worth two per cent per
month"; at which large amount has been offered The
mayor Baltimore has vetoed the recent resolution OF the
common council city, authorng the issue Of 100000
in small notes.
Wall street was under good deal OF excitement today in
Bank continuing to throw out safety
fund bills.
The following list Of all the banks the bills Of which
are now redeemed the Bank the usual rates.
Broome Comfy Bank Ontario Bank,
Central Bank, berry Valley Ontario Branch Bank,
Herkiner County Bank, Oneida Bank,
Jefferson County Bank, Bank oil Ithaca,
Bank Of Monroe Albany City Bank,
Montgomery bank, Cayuga Bank
The Leather Manufacturers Bank redsem the following:
Sieuben County Bank Rome County Bank
this city are taken Wall street. from to 5per cent dis
count.
There is every probability that all will be thrown out The
bank succeeded in making any ar
have the bills received at BY the city banks
The been applied and various objections made
The Merchants Bank did not perceive that the City
Banks the merchants, would be much benefited ny
the rlan. Much anxiety is manifested for the result
The effect much like that Of suspension, and arises
from the causes part which enumerated yesterday The
involved the great process Of reduction IN prices
which has going for months and which now rapidly
ISSUE From the LIST Of January 1895 to the
lt January 1885, the banking capital Of the state Of New
York. increased OOO The whole increase throughout
the United States the period, sloo 100000 This
great capital called into action BY the artificial
business, and the great rise in prices the year 1886
The suspension which followed in the spring Of 1887
POLITICAL rather than commercially that is the state Of msrcan-
tile affairs although tending the point Of bankruptcy had
yet made suspension imperative This fact was exemp-
fed the rapid recovery the maintenance Of prices and
the year Of great manufact ring property which ioi
lowed in England Trade here however, clogged and
mr. the great increase Of capital employed bank
ing money remained scarce for the that class OF
bans under the control Of clique of spectators
whose hold produce order to force up prices
This policy bore the germ Of its defeat and the present
crisis Paper been maturing old debts have been falling
due without probability Of renewal and the immense Of
prices produce should the views ofgraspng spscula
tors and allow crops go forward in actual payment is
aured be In this position saas mcs the
Safety Fund The Genesee Banks have bolstsred -four
tn Dues County Banks have supported catie the Orange
County bue the banks Of the Western counties lumber
These aided BY the banks OF the neghborng sae
The banks Of Vermont have employed their means IN holding
WOOL thoie OF Ono grain and pork As the markets hare
the falling there has been chance to
realize and the weight has accumulated until about to
break through and let prices find their natural level
whatever that may be-
The Losses aenong fall will be borns by the banks and
the weaker institutions will, doubt, breah altogether; BY
mean, Of which the bank capital which created to meta
associative Business will 90 Of eztance leaving the heal
thy aud sound banks 20 These WI, be msch stronger
for The process. as the banks number the great
will be the proportion specie held By each, and the more
ehsent will be its action
We lind this process going the suspension proceed
south and Each important point presents SEINE banks
which are in strong condition, and undertake TO hold out
while weak banks eagerly vpend The nine banks in Phi
aJepha which voted against the and the returns Of
which we recently gave. extending their discounts and
will IL stated eItrcate themselves from the wreck Of the
other b,nks possible, and resume In the mean
time the banks with the United States bank at their
head arc extending their and pungng deeper into the
e They have agreed to receive silver change at rates
above its actual value as follows -
cen, piece, at 81 cents IS cent pieces a, Is cents
10 la 80 IS
thereby rating their paper at icper cen, discount
Tb;, course will accelerate the issue between the redeem
able and rr.acemabe systems while the sound banks BY
tanning and gradually Strengthening themselves, will be the
centres around which will the trade Of each
toa.
The following table Of those banks which have deter
mined pay specie the failure Of those around
them:
rHr cosp,r,osor THOSE sASk' WHICH CON-
r,SuEp "A rArEsr DATES