Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-17
AMONG THE FINANCIERS.
THE EFFECT OF THE PANIC IN
THE COUNTRY.

The Situation in Savannah-The Banks
Prudent, but Granting Reasonable
Amounts of Exchange-The James
Suspension in Atlanta - Opinions of
Leading Bankers and How they Look
Upon the Wall street Excitement-A
Hopeful View of the Future.
Tbs. reported closing Of the private
banking house Of Mr.. John n. james
at Atlanta. following the financial dis
turhance in New York earlier in the
week. caused some uneasiness here yes
terday morning among a certain class OF
small depositors, who fancied that if q
bank failure had taken place in Atlanta
serious wave panic had rolled beyond the
limits Of Wall street AMI was about u
engulf all the banking institutions
ia the country. Those who fully
understood the situation were
not alarmed. however. and con-
tiDued 70 make deposits and transact
their business with the banks as usual,
knowing that though there had been "A
shaking un Of a few specrlating banks
and bankers in New York, the Savannah
banks. an Of which do strictly legitl-
mate business. would not be embarrassed.
Later in the dav kilograms from New
I
men and indicated that the worst Of The
storm was over.
A reporter OF the MORNING NEWS
called on several leading business men and
others experienced in banking and learned
that while it was proper a. this time for
the banks 20 be prudent, and perhaps
unusually strict, in dealing in exchange
on New York. they were inclined 10 grant
a reasonable amount Of accommodation
D. s-~.rrT LODI r.r-TN
would continue 20 do so from day 70 day
to any one OF more persons who might ask
for il.
one of the banks accepted a check on
the Metropolitan National Bank Of New
York for a small amount. and IN this way
showed its confidence in the situation
| one of the officials OF this bank
remarked TO the reporter that
II was absurd now 10
suDpose that the trouble would continue.
Cotton said he, has not been ham
mered down "A bit. even in New York, and
futures are steadier than they have been
for day or two. If the situation was
not already improving futures would be
I slipping down like a blind Wan on a
1 creased plank"
Horace A. Crane, Esq, Vice Presi-
i Of the state Of Georgia,
Z OF deposits number Of small amounts
making total Of about the sum we are in
/ the habit Of paying from day to day. We
I have no apprehension Of a run being
made on any Of the banks in this city,
/ and / believe the worst of the scare has
/ passed.
Thomas Gadsden, ESQ. Cashier of the
| Merchants National Bank was called
I upOn. and in answer to the ques
. hot fnura had bean
/ anv run on the bank
/ said: NO. Yesterday and to-day we re-
/ ceived letters from some country banks
/ asking for certain amounts on deposit,
We responded by giving them one-half il
( currency and told them they could have
the other half in gold. The majority @
them said 0ne-half in currency would bt
sufficient and that we could keep the othel
Have You paid out any othel
/ amOunts:"
NO more than what we generally pay
I i'm the ordinary course Of business, anC
the most Of them We're in small sums"
The telegraph. in announcing the sus
( pension Of D0nneil. Lawson 4 Simpson
stated that out Of the 400 banks for whom
| they transacted New York business, there
I were a number in the southern states, IN
/ GLIDING Georgia and Florida. The re
porter visited the Savannah banks will
/ the inquiry whether they were in any way
affected by the suspension. but found ina
1 no Savannah business was transacted by
/ the suspended firm.
The general impression in financial cir
I cles is that the blow is now over. The panic
/ was needed to clear the atmosphere an(
let people know where rock bottom is, anC
| having come and gone confidence will b'
. quickly restored, the business OF the
/ country Will revive again, and be on {
I more healthy basis than before.