Year: 1873

papers combined.


THE PANIC OVER.


The panic which for several hours on


Thursday made Madison street the


thester of an excitement seldom par


aIleled, even in Wall street, left no


traces that were perceptible yesterday.


The doors Of the First national and the


DeSoto banks were closed TO business,


only that and nothing more. The street


was quiet. Here and there were groups


of men discussing things they


We're unable ''to cope withal," and


trying to settle with words what


the ablest financiers still find puzzle.


The real men of our Wall street, those


who have or once had power (and we


hope will have AGAIN. were indoors,


busy with pen and brain in the solution
of present difficulties, and in prep
aratiOn for future contingencies.
The banks which weathered the STERN
very early in the morning, received sup
plies Of currency, and those which went
down were occupied by busy clerks
posting accounts and squaring books, in
preparation for an early resumption,
or final closing up. Other than
these there were no indications
that storm had swept over Madison
street, or that the panic-wave had borne
down upon US with almost irresistible
force. Everything, in the language of
the street, was serene and lovely. Con-
fidenee was entirely restored, and there
only remained regrets and coincidence
for those who had succumbed. The De-
Soto bank, which has been counted
among our staunchest institutions, one
that had been conducted upon the
most conservative principles was one
OF the topics, the general con-
clusion being that it would vet
come out all right, and that not merely
the depOsitors, but the stockholders,
would be paid to the uttermost farthing.
Mr.. Elder and Mr.. Farnsworth, the
latter one Of the most experienced
bankers in the State, enjoy the un-
limited confidence of the public, and
We feel warranted in saying have
lost none of it by the temporary
suspension Of the bank which they
have managed with consummate tact,
skill and energy. What is possible to
any two men in their position they will
do and their customers may feel safe.
The First National bank, like the De-
Soto, was universally regretted. Mr..
Davis and Mr.. Thacher's names were
on eyerybody's lips, always followed by
words of commendation and high praise.
The First national, it was generally felt
had been Of incalculable benefit to
every side Of the trade and commerce of
Memphis. 1t had been conducted
on the high principle that a
bank properly managed must sub
serve the interests Of the general
public, and not tie itself to a set
few. 1t helped generously and literally,
but prudently, and hence its suspension
is regarded as a public calamity, touch
ing not merely those who had money in
its vaults, but those, most particularly,
VINO, trading in a small way, or engaged
in humble mechanical enterprises, looked
to it with hope, confident that when all
else failed it would open its vaults for
relief. The small storekeepers and en-
bryo manufacturers were, therefore, the
chief mourners upon an event that
viii be felt in this community for many
days to come. But looking to the
brightest side, our commercial reporter
found the Union and Planters "about as
usual, " save that the deposits were larger
than on any day of the week, fact
that may be taken for confession that
not merely confidence in the ordi-
nary sense had been restored, but that
nearly al Of the panic-stricken de-
P5sitors Of the day before were ,anx-
iuus il this way to atone for their in
Justice. At the other banks business
was as usual. In brief, Madison street
wore its wonted appearance. So much
for our panic. That which yet contin-
ues in New York has very depressing
effect on our cotton market, and tran
ssctions are few, for cash, and at nomi-
nal prices. We heard of one sale at four
teen and quarter to fifteen cents for
middling, but it was forced,
and cannot be considered as
indicating the market. Shrewd men,
who have passed through serious storms
before, and know they never last long,
are quietly waiting for the end, and are
in no hurry to sell. They viii wait the
subsistence of the wave and the settle
ment Of the waters before ven
turing one way or the other.
They know that cotton is as
good as gold any day, and that none
but tone possessed, 4" or whose necessities
forced, would offer bale at present
OF the effects Of the furry on the general |
business Of the city, little need be said. |
1t has not proven 90 disastrous as was
expected. We have not heard Of
house more than momentarily affected
10y it. Our wholesale men in every
branch expressed themselves to our re-
porters as confident Of their ability to
go through the season all right. They
claim that Notwithstanding the yell
low-fever scare they are CO. 1
ing well, AM that their ship
ments do not iais behind those Of
previous years, though greatly less than
what they anticipated and had a right
TO expect at the outset of the CONNER
cial year. only in the grocery trade do /
we hear Of any embarassments
for want Of currency. They have |
already 50 much due them on the part /
of planters that they do not feel it in ]
consonance with their interests to Gil or
ders unless accompanied by the money
or cotton to pay for them. This we think .
is right. 1t would be right at any
time, but now more especially when
there is a money stringency without
parallel felt in every part Of the Union.
Planters must not expect impOssibili-
fias Our unerohants have done for them