The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1873-10-01
TIE FINANCIAL OUTLOOK.

WIN vigorously W uoAp GuSAnSetN cS'
THE FINANCIAL OUTLOOK.
The recent financial crash in New
York, beginning with Jay Cook, has
spread over the whole country, till
there is not q city that has not felt
its depressing effects. At the South
there seems to have been less panic
accompanying the sudden revulsion
than elsewhere. At all the chief cit
les the banks agreed among them
selves te suspend the payment in
currency of all balances over a few
hundred dollars, and. the wisdom Of
this course has no doubt prevented to
o great extent the wild confusion and
want of confidence that marked its
presence in the Eastern cities, where
suspensions were forced by panicky
alarmists, to the great detriment of
commercial interests. At Memphis
and Nashville there appears to have
been no panic. and business men con.
tinue to show their confidence in the
banks by making their customary de-
posits.
The Knoxville papers announce
that the tidal wave from New York
reached that city on Friday, causing
the suspension of the Exchange and
Deposit Bank, followed next day by
the Knoxville and Commercial banks.
But, as at Nashville, there was no
panic. The confidence of the PEG.
pie In the integrity of the bank off,
GERS, together with the fact that all
Of them were abundantly able to Sc
cure and make good any losses that
might possibly occur to depositors
out OF their personal means, prevent
ed it. The Chronicle obtained from
the Presidents OF the different banks
Of Knoxville their views of the con-
dition Of affairs. and it should tend
20 restore public confidence, as we
have no doubt it will, as they are all
essentially of one opinion.
Col. Baxter, President of the Ex-
change and Deposit Bank thought it
would have been better for the other
banks which had suspended to have
done so when he did, as they would
have been enabled to resume pay
ment so much the sooner. His
bank was perfectly good for every
dollar of it's Indebtedness. and he
regarded every other bank in the
city as equally solvent. all they
wanted being the indulgence of de-
positors for short time.
y. NJ. McClung, Esq, President
Of the Commercial Bank, said that
there was really no occasion for any
excitement. The trouble was owing
altogether to q want of confidence
on the part Of depositors. who drew
out their money to hold, when they
bad no immediate use for the same.
The Commercial had to bear the
brunt and made a good stand, pay.
ing out $4,000 during the morning.
but owing to the suspe nsion of the
Ews othe: banks they had to yield
to the pressure. He hoped to re-
sumo payment in ten days.
Maj. R. C. jackson, Presid mt of
che East Tennessee National Bank.
thought the trouble about over
TITS bank would pass through all
right.
Col. G. n. Mc'Ghee, Pre- sident
OF the Peoples Bank says he will
meetevery obligation without trouble.
He thinks the excitement here
IL st an end, and that the suspend
ed banks are amply able to pay
every dollar they owe, if reasonable
time is gra nted them. Instead of
diminishing, $4,000 having leen
paid in during the day, while less
than %. 500 had be en- drawn out.
The prevailing sentiment, says the
Chronicle, was hopeful, and while the
suspensions may cause a lull in
bust ness, yet it win only be tempo,
FAEy, and it is not thought there will
be any change in values. The con-
Adence Of leading business men in
the integrity Of the officers Of the
three suspended banks remains un-
shaken, and their ability to meet all
! obligations with little indulgence
ie also believed, while the two that
have weatheTed the storm are not in
. the slightest degree questioned.