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M E Y PM A nk Sunday, Sept. 15- 6P. M extraordinary panic existed in Wall street banks, yeaterday the highA most 12 o'clock up to the hoar for closing cause the of which was est From degree of excitement prevailed- the the State Bank to redeem more safety fund money, and full history. any 19 per cent discount. us from the sudden refusal on the part Let of the prices give a yesterday immediately morning, fell 5 of the board of brokers rates of At the firm at slight improvement on opening announced, the that the prices were At the " second call" it was At was refused at the State U.S. fund a broker who had purchased same previous safety moment day. money leading offered it freelyat Bank. 4} per bank cent the stock previous, at five per the same stock so large depressed 3 per cent, sales declined Another house then cent, offered being made freely, pro- at that the price was the board closed; other stocks per at which rate Commerce liper cent; Vicksburg and Hudson 1) per cent; Paterson portionably. 102, Bank of I becoming per cent; gener- HarDel. After the Board, the facts lem per scene which ensued known, the day, there is naturally on market cent; ally Saturday being cent. settling beggared other. The all description. that day men. much larger easy, from the had and the morning amount wa: apparently due than on any city fact banks which Western we increastioned in our Saturday 's paper, that the the large amount of ed their line of rendered discounts; the merchants comparatively them of easy. the money in town of the redemption deprived The brokers The sudden stoppage unless at a heavy sacrifice. entire. use of these means, and some refused to buy country money again, at 10 alarmed, at five per cent, and others, hurrying ly; all directions were to be seen the hour In to dispose of their money, and as It was per cent. and others fro, purchased seeking very high. persons then of three to appreached the excitement ran would probably be made bank announced Monday, for that the some redemption arrangement resumed of some the deser redemption ptions of of the a notes, part and of and the notes. latterly the State Many of the merchants, on deposited this assurance, their coununwilling to submit to the shave, until Monday. In this being on their-notes at the banks. settled. The try money of theobligations for the day were not idle. way most time the stock jobbers were the board, In the mean the market by their sales shares at of the same firm who pressing depressed the market, and near 400 The alarm continued bank were sold at or near par. of the United United States rumors affecting the standing amount of post created States bank. thousand It was stated for sale, that which an enormous fact contributed which to in notes had been sent and on the timid let fly" their stocks, that those crease the designing alarm, bought. It then became evident at a prethe more create the panic by heavy sales, who contributed.to deliverable on Tuesday, were purchasing by the mium of 3} per cent, way, making a clear three per cent stocks be. at par in the usual seemed to check the panie, and took place came operation. firm, and This at the second board the following sales b 60. 100 State Bauk, 250 50 : Del. do de and Hudson, do do 65} 102je. 651 604 D.W. n.w.; 30 50 30 50 Harlem, do do 471 461 461 H.W. This in demand at these rates. 24 was nearly recovering the prices at the morning card, fund and stocks were assigned for refusing to redeem the complied safety with were, that the banks had in the notes the The terms reasons of the agreement, no provision and generally the had quantity been made, not was so large market was yesterday, the bank for which was unable to go on. of The the chief arrangement inducements that of July last, and one the part made on the 20th renew it, was the agreement thrown on upon for the State bank Fund to banks to reduce amount system of of the Safety redemption one half, by means of a at the the banks for the details of which we published the protime. internal The exchange, following was the answer of the bank to position of the committee E.Q.,CHAIRMAN: BANK OF THE STATE OF NEW York, JULY arrangement 19, 1339. proposed WM. Believing OLIVER, annexed) that will the diminish effect of your authorized the receipt to of agree the country to your (see Bank copy Notes at least one half.! this bank the right to discontinue the notes the of arrangement proposition, reserving generally, when or this to discontinue bank may deem it necessary proper. any bank or banks, to the Merchants' receiving Exchange business Bank with and and It is understood Manufacturers' that Bank will continue terms to do as proposed Leather their rresponding banks. and use upon the the same Bank Messenger servant. as heretofore.-1 this Bank, am, and very seal respectfully, up your obedient R. WITHERS, Cashier. of By this letter the it redemption appears... that without the bat.k notice. mercantile reserved This reservation, the interests, right discontinuing accompanied by immediate a total disregard cause of to the the extraordinary cause has panic unhas been the yesterday. The remote which we witnessed relative position of the western crops been the The western crops are so doubtedly England. abundant recede greatly that, and in the absence of any foreign subsequent to the arrival their present was entertained that in case the those from Liverpool, of the low hope rates; demand, but wouldnot prices must only be maintain- of fai- of of the crop in England, prices of affairs, the lure ed value. In this pesture and shippers, farmers and is but rise in at the rates offered by millers of the farmers. would the latter not were sell not disposed to meet banks the views had not sufficiently re. the mean time it appears that The the money came to the city, in the stricted their discounts for the purchase of fall supplies, The State in Bank, large amounts, hands of and traders without their credits reserved to meet power them. of refusing them. in a therefore, exercised of the notes, did not, however, occur the merchants, day, The pressure due regard to thej interest of that made or an hour, and give timely notice, such be as discontinued would have prompted last,that the arrangement would would have on on the the 27th 24 June of that month, would in which have case made no their panic calculations, occurred, the merchants arrangements. The country and the had time to make other but the also have been a judicious course, announce would brokers have would their provisions sudden for banks their facts which accompanied the preconcerted stock much the appearance of a take notes ment, in This operation aavantage artificial movehave very part of some person or persons, create to in of ment, the excitable the state speculate of the on market large and scale. Saturday, of all panic, in order to the largest amount of money. days in the at this moment particularly have to changes hands, from the south, the merchants having week, and is that on which They when money strain be procered good their engagements. been the timely assistance of of the day, suddenly find every bled by eafmot nerve to for make the payments payments from the west, by the them capri- eas- moto provide of the meansjwithin their grasp, them in deprived bank established to 10 cious selves of a assist loss of per movements They must then submit to a. the market ments throw any securities they possess a nest of harpica raise the money. to depress artificially the stock a cent. or of work pressure. At the same moment undergone upon market, ruinous and have he to been at that his securities have and the broker, finds on offering, He, therefore, between the bank liabilities. depreciation. cut of 10 per cent of his immediate ical shaved future movements of the banks are yet of problemat redemption by The is, that the old arrangement reduced tolalf per the The brokers probability will be renewed, some and the modification rate of the present will arrangement of In the al wance the new of a controlline institution requirite cent discount, in which case banks with the N. Am. T. & B. and
