Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-15
THE FINANCIAL SITUATION.
Savannah Merchants Not Affected by
the Disturbances in Wall Street
Opinions of Leading Firms-What
Promipent Bank Oficial said.

Savannah Merchants Not Affected by
the Disturbances in Wall Street
Opinions of Leading Firms-What
PromiRent Bank Official said
The announcement yesterday Of the fail
ure Of the Metropolitan National Bank
and other failures in New York, created
furry IN commercial circles in Savannah.
A MORNING NEWS reporter, starting IN
the vicinity Of the MORNING News Office,
called upon the leading business firms
likely 10 be affected By the crash. Mr.. :.
Guckenheimer, OF the firm OF ;. Quicken
heimer i son. Nos. 14s and Isl Bay street,
was asked whether the financial develop
ments during the past two or three days
in New York would cause any embarrass-
ment in Savannah. MT. GuckenheimeT
smiled and remarked: No one that l
know in Savannah Will suffer, princi-
pally because there is not much Of a
speculative spirit among Savannah mer-
chants. who rely more on doing a sub
stantial and legitimate business. There
may be one OF two gentlemen
IN the city who keep small
deposit in the Metropolitan Bank, but be-
yOnd that I do not think any one viii be
hurt. / know that l am all right and that
y
continue 70 pull IS steady as ever. Ny
idea is that the failures will be confined
principally 10 Wall street."
Messrs. Beudheim Bros. & Co. said
ave hold a check for a small sum on the
the Metropolitan National Bank, but the
check would be good as gold for its full
value. even if the bank should 90 as high
as kite. We are not hurt by the fail
ure."
Noss-- rIo-r,o- T. E-av-4or v,-ara +ben
interviewed. Mr.. KaytOn said:
The failure OF suspension viii have a
good effect. and viii make business men
more cautious. l know our bu5Mess will
not be affected by il. aud do not know any
one in Savannah who can be embarrassed.
The whole thing is confined 70 Wall
street, and cannot affect Savannah unless
the panic should become general. Every
body in this section Of the country is dong
what is called a safe business. Trade has
been comparatively dull for some
time, and there has not been
such a great demand for money
here for moving crops. etc. Hence the
effect Of the failure viii be limited TO a
few spectators. The people in New
York have been specializing, and now
there Is an ordering up OF accounts among
them. Few who do legitimate business
exclusively will suffer even there.
h|AAE Va LAAE must De- "a :
of the city was called upon and signiied
his willingness to converse upon the sub
iect, but said that his name must not be
used. ''The failures are not calculated
10 affect any interest in this city
that l am aware off, said he.
The bank of which l am one
Of the reDrese natives has no account with
the Metropolitan National. I think the
financial disturbance will be confined TO
. II
existing circumstances IN the run
Of business here by which any
bank Of this city or cotton firm could be
/ affected. especially at this season Of the
year. The only interest that would likely
to be affected is the naval stores. because
that trade is continued into the sum-
mer. Yet none of the houses in
Savannah may have any connection with
the institutions that have gone under dur
ing the past day OF two"
rs there any probability that the tinan-
cial disturbance viii become general:'
4 can see no reason why it should"
The reporter happened to see the last
issue Of the Bankers Almanac. January
| /, 1SS4. and found that no bank or banker
in Georgia kept an account with either
| the Marine or the Metropolitan
National Bank Of New YORK. He
also ascertained that no bank in
| 7oulu LdIDliud htpL du dcCDuuL III tllLcI
Of those banks, and but one in Florida.
Messrs. John Judge, No. 102 Bay street,
and J. Willis Moore. manager Of the
Messrs. Cess Carley Company in
this city, were called upon.
Mr.. Judge is identified with
the naval stores trade here. He and Mr..
Moore beth said that they were quite
positive that none Of the dealers or man.
ufacturers of naval stores in this vicinity
kept an account in either Of the banks.
They were not prepared TO say
whether the financial breaks would be-
| come general, but they were rather in
clined to believe that the effect OF the
failures would be limited to spectators
in New York.
Mr.. Joseph J. Wilder said: ''The
failures cannot iDjure any interest
in the South unless it may
be that Of the East Tennessee, Virginia and
Georgia Railroad which has done SO
much to iniure Savannah. The Gripping
Of that railway may result in a benefit to
Savannah Indirectly through the Central
Railroad. The East Tennessee, Virginia
and Georgia road is controlled by North
ern capitalists, prominent among whom is
Mr.. George /. Sesney. l do not think that
the failures VIII lead to an extended
financial c0uulipafiOu -