The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-08-30
The European Nows-Tho Failures anon
the Corn Dealers.

Vno European NoW6-In0 Failures among
the Corn Dealers.
We have received, by the arrival of the steam
ship Guadalquiver, from Liverpool, ten days
later intelligence from all parts of Europe.
The most unfavorabe feature about the news
is, that previous accounts relative to prices Of
breadstufis are confirmed. In addition to this,
we have advices of extensive failures in the corn
trade, failures amounting to over six millions Of
dollars. This might have been expected from
the tremendous depreciation in prices, but the
reality must produce vast deal of embarrass-
ment in commercial circles, both in Europe and
in the United States. A large amount of pro-
tested bills of exchange, will, without doubt, be
returned by the packet of the 10Th instant, now
at sea nearly eleven days.
1t is impossible. to tell, at present, where the
bulk of the losses will fall, but we have great
fears that it will fall heavily upon parties in this
country. 1t, by no means, follows that because
bankruptcies to certain extent are reported, the
losses will be any where in the neighborhood
Of that amount The assets of insovent houses
generally amount to- a fair per cent on their
liabilities; and it is fair to suppose that the re-
sources of houses engaged in the corn trade,
bear as good proportion to their Liabilities as
those of any other class of busn ess. For more
than twelve months past, prices for readstuffs
have been steadily advancing, and handsome
profits have been,realzed. 1t, therefore, appears
more extraordinary that the first reverse should
have carried down so many houses and pro-
duced SO much bankruptcy.
The announcement of failures to the amount
OF $6,000,000 is we'll calculated to create consi-
derable of panic on this side of the Atlantic
but when the thing comes to be analysed, we
think there will be very little cause for appre-
henslon. That serious losses will be the result
of the recent heavy fall in breadstuffs, no one
can for u moment doubt; but that the effect will
be as alarming as may be at first anticipated, we
do not believe. The depreciation in prices a lone
has not, in our opinion, been the whole cause of
the failures reported. The difficulties in the
money market have, no doubt, had very i'm
portant influence upon thos, temporarily embar
raised, and compelled many to suspend for the
want of immediate means, who will be ulti-
mately able to prove themselves solvent.
1t is, however, always best to be prepared for
the worst and hope for the best.
Notwithstanding the decline in breadstuffs,
and the favorable prospects relative to the har-
vests, throughout Great Britain, the cotton mar
kets on the other side, according to the most re-
cent reports, were exceedingly heavy, and prices
by no means firm. This, in the face of accounts
from this side re alive to the yield of the last
crop and condition of the growing plant, is very
strange, and would be unaccountable, but for the
tightness in the London money market, and the
advanced rate Of interest.
The packet of the 18th inst-the Caledona-will
give us more definite intelligence about the har-
vests and the endorsements among the dealers
In breadstuffs. 1t is our impression that they
will be much more favorable and encouraging.