Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-10-29
THE BUSINESS OUTLOOK IN THE WEST,
ANB EAST.
Condition of the Banks rnd Large Manu-
.. factories.


Condition of the BANKS rnd Large Manu-
... .. factories.
From our exchanges we make the fol-
lowing extracts as to the situation in finan-
cial and commercial interests in the prin"
cipal trading centers of the West and
East:
Missouri Republican, st. Louis. Oct. d.
The noticeable feature at the banks to-
day was an increase in the volume of cur
rency deposits over the amount handled
by them on Saturday. Transactions gen.
orally at the banks showed an excess over
those of previous days, which included
deposits, so that there was an active counter
business all around. There was not more
than the usual checking out of currency.
Chicago Tribune. Oct. 2ll
Last week one of leading citizens COM
planned to us that the banks of this city
were boarding currency. He said that he
had the assurance privately that most of
them have more currency than they ever
held before, in proportion to their liabili.
ties, and that this policy was iniuring the
business of the city very considerably. On
inquiry we find that the supply of curren-
cy with most of the banks is about the
usual average and that they mean to keep it
so. The reason simply is that they consid-
positors safer in their own vaults than they
think it would be in the New York banks.
Cincinnati Gazette, Oct. 81
To say that there was no material i'm
provement in financial circles yesterday is
a mild way of expressing the depression
which actually prevailed. The bright spot
in the general outlook is the accumulation
of currency in New York, which all &C
counts agree is rapid and large. If money
tp 70 bnf ho ho,,
will soon be able to resume full currency
payments. The existing stagnation in
business, is more oppressive than an actual
decline in values would be, as uncertainty
has a more depressing effect than an actual
disaster the full extent of which is known.
louisville Courier-J ournal, 23d,l
The best feature noticeable in the money
situation to-day was the return of consid-
cradle funds from the country banks to
their correspondents in this city, these re-
ceipts being the first, so far as we could
learn. since the first outbreak of the panic.
This is q more substantial token of inn
prOvement from the fact, Us we ascertain,
that further receipts are in prospect; and,
certainly, no better movement could take
place, as it is to the cities that the country
is now compelled to look for the sale Of
produce, and indirectly for a large share Of
the means necessary for the liquidation Of
mercantile debts.
CLOSING THE MILLS.
my, Journal of Commerce, Oct. 2Ol
Within the last day or two we have re-
ceived word from various parts of New
England of q concerted movement to close
the cotton mills and other manufacturing
establishments, or to run them on half
time. The ostensible reason for this action
is the scarcity of currency for the payment
of wages but it is evident to us that the
oh Sc Of ha
avowed. One object to be obtained is un-
doubtedly the lessening of production, and
thus the stability of market prices for the
finished product of the mills; but that, we
take it, is the least powerful of several mo-
tives. The movement looks first to a gen.
eral reduction of wages. 1t is equivalent
to the old lockout theory for compelling
the operatives to concede decline in the
rate of compensation. After total cessa-
ton of work, or service for half the time, a
restoration to full employment at some
thing below the high wages now paid
would be an easier and moro acceptable
process than an arbitrary reduction with
out such interruption.
New YORK Post. 22d
Aside from the depression of the manu-
featuring interests, there is nothing in the
present situation which calls for more than
natural remedies, and these will in time be
sufficient for the manufacturing interests.
Our export trade was never better, and
every day improves the general situation.
The banks gained according to their re
ports at the Clearing House this morning,
about $500, 900 legal tender notes. The cur
rency receipts here would be much larger
but for the arrangement of the domestic
exchanges, but these exchanges will in
time work themselves clear. The foreign
exchange market is free and commercial
bills sell at very fair prices.
Money is in good supply to-day at per
cent. for call loans. Prime mercantile pa
per is quoted II to Is per cent. Legal ten
ders and national bank notes are quoted at
100 to 1901, with little doing.