Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-09-28
Correspondence of the Intellgencer.l
J.etter from PhIIndeIphIn-TheF Financial
Crisis In the Rnst.
PnILADELPnIA, Sent. 20,

PHILADELPHIA, Sept. 70, 1901.
EDs MISUNDERSTANDING Money! is the
only talk here, from morning until night. You
who are in Wheeling can have no idea Of the
real state of financial affairs in this city, New
York and Boston. Boston, we believe, is in
worse condition than either New York or this
city, however much they may try TO conceal 1t.
Business men here nor in Now York have much
sympathy with the banks, being generally of the
opinion that the present distresscS of those in
situations have not been brought about by their
boosted "commendabc efforts TO sustain the
merchants and manufacturers but as leading
merchants told me, it all comes from their lend
ing themselves to the gamblers i'll stocks and
produce, heavy part of which comes out of
the attempts to speculate in Sugar. The crowd
is so great in Chestnut AID Third streets, within
about three squares of the banks, as to render
the sidewalks almost impossible. The news
to-day is that the New York banks still hold out
with their specie payments, but it il generally
known here that they will come down on Mon
day or Tuesday, at farthest, unless something
/ unforeseen at present should occur.
The news OF the suspension Of the Baltimore
banks could add nothing to the excitement that
already existed here, so intense had it become.
The people arc now prepared for just anything
that may turn up, no matter what 1t may be-
Those who have noney loaned out arc about in
as bad a fix as those who have none to lend, for
they can now neither get principal nor interest
Some Of them say that they expect TO get tneiI
loans back in the course of time, but the more
knowing ones having lost sight of time, arc
patiently looking forward to eternityas the only
place where their accounts are likely to bl
squared. II it be in eternity, as some philoso
piers say, that men follow their worldly occupa
tons in Satan's department, then should say
that the trade in sugar and railroad stock, i:
likely to :be heavy business in that quarter
after while.
O'CLOCK M.-Thc latest news that have
been able to get hold of before the closing o
the mail, is that the Bank Presidents have bee;
in consultation this afternoon, and although
nothing definite has been done, there is reasoI
to believe that they have ascertained the view
Of the Governor aud are about to take SOM
steps which will have the effect to restore con
tidence.
Tho Farmers Bank of Reading has suspend
cd. The only other bank in Reading, is tin
Branch Of the Bank Of Pennsylvania, which o
course suspended with the principal bank. Tin
Union Bank, chartered by the last Legislature
has not yet gone into operation.
All the places in the interior ofthc State from
which We have any accounts are following tn
example Of Philadelphia, and there can be n,
doubt that by the time this letter reaches yol
every bank in the State of Pennsylvania vii
have suspended specie payments
Stocks have been brought 10 a complete
stand by the money panic, and prices, with on
or two exceptions are completely nominal
Yours, u.