Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-09-25
sion whatever was felt in regard to it. It is

sion whatever was felt in regard to it. 1t is
the oldest banking house in Philadelphia and
has grown to Its present proportions by adj
herring strictly to legitimate banking bust
ness. Though the name of Drexel may not
be as well known to the outside public as
Cooke, his ability as fnancier is well known
He is the last man in Philadelphia to be taken
for the rich and able man he is. He walks in
two miles from his West PHILADELPHIA resi-
dence with his old fashioned bag pants, dollar
hat, and farmers boots, but he was smart
enough to make half million dollars yester-
day, as have heard currently reported on
the street. His inseparable companion is Geo
w. Childs of the Public Ledger. and whenev-
er Drexel is seen on the street, Childs NAV be
seen few steps behind, holding his pants up
as lady would her skirts to step over peb-
Bile. should be much pleased to give the &c
eentrlcltles OF these two men, and their strik-
ing peculiarities as well as their several abil-
tiles and works, but will wait some future
letter if you so desire.
Drexel q Co., was the centre of attraction
for speculation and takers during these three
memorable days just closed. Pennsylvania
Railroad stock dropped from ffty-four to for
ty-three and half in two days but recovered
to fifty this morning. Reading followed suit,
and Lehigh navigation went from thrty-tour
and half on Thursday to twenty on Friday.
But twas ready cash only that could buy,
margins were out in the cold Oh, for thou
sands to buy this latter stock, It's a fortune to
buy under twenty Our greatest STAN
pede, and greatest success was the Fidelity
Trust Co., on Chestnut street below Fourth
Street. Early yesterday morning crowds
gathered in front of this truly magnificent
building, checks in hand to draw their money.
As the old clock in Independence Hall struck
its first note for ten o'clock, the doors were
thrown back aud the crowd rushed in. Twas
at hand to witness the events of the day and
noticed that while mechanics and small depos
itors were clamorous for their money, bust
ness men and capitalists were depositing as
usual, and one man who drew out five thou
sand dollars looked at it a minute and immed-
lately turned to the other desk and put it back
again. This company kept open an hour
later than usual and paid out the large sum
of nine hundred and fifty thousand dollars.
There was no hesitation or embarrassment
and all were satisfied. To-day the run con-
tinued and half million more paid out. Mr..
Browne assures every one OF his ability to
stand this kind of business till the people are
tired of it.
The reason of the run on this institution
was owing to its close Identification with the
house of Z. w. Clarke & Co., which sus-
pended on Thursday. There is no doubt but
what the prompt meeting of all claims by the
Fidelity has ayerted a wide spread panic, for
had they closed their doors a run on all the
banks of the city would have been the result.
The Union Banking Company on the corner
of Fourth and Chestnut streets was not quite
as fortunate. 1t stood the run on their coun-
ter throughout Friday and paid out seven
hundred thousand dollars, and did not open
to-day. This latter company is a State con-
Germ. All other banks in Philadelphia are as
yet unmolested, but all are ready for any
emergency that is likely to occur. Some
dozen or fifteen bankers and brokers have so
far gone under, and tonight there is a rumor
afoat of two of our largest dry goods houses
having failed. But rumors sometimes cause
a failure, was the case with DeHaven &
| Co., large bankers on Third street. The
Philadelphia correspondent of the New York
Herald sent word to that paper that they had
failed, and the next morning tumult COM
menced that caused the closing of their doors.
Philadelphia has close connection with New
York in all matters of finance, and being so
contiguous 1t is very susceptible of any
t change in stocks or fluctuations in values, sc
q that Philadelphia and New York seem to bt
v almost ore in this panic. All the New Yorl
o morning papers are served here by sever
X o'clock in the morning, so that we look in
e New York paper for daily news of our owl
l. city.
The climax here seems to have beer
reached, and the ability and ease with whicl
q most of our leading brokers and all the bank
y met their affairs, treasured the public ant
II was the most active agent in quieting tht
: panicky feeling which pervaded our financial
s centres. Men are beginning to tone down
and feel assured of safety. Stocks are be.
ginning to react, and men are beginning to
look around, how best to retrieve their losses
| in their specuations.
But have already taken up too much OF
your time and will close, regretting that l
have been so cursory or some points and
have dwelt too much on others. / shall
judge by the favor this meets with whether to
send another letter at some future time, when
Philadelphia may again draw the attention OF
the country to itself.
Yours very respectfully,
PHILADELPHIA"