7306. German Bank (Louisville, KY)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 27, 1873
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
b1a8b34f

Response Measures

Full suspension

Description

Multiple contemporaneous papers (late Sept 1873) report an increasing run on German Bank in Louisville and that it suspended payment temporarily on Sept 27, 1873. Reports describe a broader panic/stringency of currency (the 1873 panic) as the driver; articles say suspended banks were expected to resume but no clear reopening date or final disposition is given in these clippings, so outcome is uncertain.

Events (2)

1. September 27, 1873 Run
Cause
Macro News
Cause Details
Part of the wider money panic/credit stringency of late September 1873 causing heavy withdrawals and runs on several Louisville banks.
Measures
Bank presidents met; banks agreed to close in the morning; officers appointed a committee to devise relief and to facilitate exchange among banks; place collections to credit of owners as special deposits.
Newspaper Excerpt
The run had been steadily increasing on the banks for the past three days.
Source
newspapers
2. September 27, 1873 Suspension
Cause
Macro News
Cause Details
Temporary suspension of payments by several Louisville banks as a precautionary response to heavy withdrawals and currency stringency during the broader financial panic of Sept 1873.
Newspaper Excerpt
The following banks suspended payment temporarily to-day: The German Bank ... A run on these banks has been steadily increasing for the past three days.
Source
newspapers

Newspaper Articles (10)

Article from Nashville Union and American, September 28, 1873

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Banks Louisvilie-Half-a-Dozen Suspend Against Paying Wages. LOUISVILLE, Sept. 37-The following banks have suspended payment. temporarily to-day: The German Bank, Masonic Savings Bank, Western German Insurance Bank, Louisville Banking Company, Western German Bank and Central Savings Bank. The run had been steadily increas ed on the banks for the past three days. The Presidents met last evening, and knowing Saturday to be a heavy day for small manufactories, and the panic among small depositors increasing, they agreed to close the banks in the morning. All of them have abundant assets; many able to pay two dollars for every one on deposit out of the assets. The other banks of the city were heavily drawn on, but are all right and will not be affected. The suspended banks are all Savings banks condueted and owned chiefly by Germans with large lines ofsmall German deposit ors. It is believed there will be no more trouble as confidence seems to prevail. The officers of the suspended banks met this evening to devise measures of relief. Nothing of importance was done save the appointment of a committee to devise and report a plan to facilitate exchange among banks with a vie to early resumption. The lack of systematic action among the bankers has tended to suspend these banks. Every bank is looking out for its own safety. The suspended banks will place all collections to the credit of owners as special deposits, and receive deposits as special deposit banks subject to the drafts of depositors. There is no prospect of a run on these banks Monday, as all others have prepared for an emergency. Baltimore. BALTIMORE, Sept.26.-The - day closed in this city without additional excitement or reports of tailures. Stringency in money continues, but all banks have p-id out lib. erally on small checks to supply business demands. Allentown, Pa. ALEENTOWN, PA., Sept. 27.-The bank. crs have resolved to follow the example of o her cities, and adopt the system of certi fication of checks instead of paying currency in larger amounts. The Frst National all Right. MEMPHIS, Sept. 27.-The report of the committee's examination into the condi-


Article from The New York Herald, September 28, 1873

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Banks Suspended in Louisville. LOUISVILLE, Sept. 27, 1873. The following banks suspended payment temporarily to-day :-German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, German Savings Bank and Central Savings Bank. A run on these banks has been steadily increasing for the past three days. All of them have abundant resources, many being able to pay two dollars for every one on deposit out of tneir assets. The other banks in the city are neavily drawn on, but they are all right. The suspended banks are all savings institutions, conducted and owned chiefly by Germans. The lack of systematic action tended to suspend these institutions, every bank looking out for its own safety.


Article from Chicago Daily Tribune, September 28, 1873

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LOUISVILLE, LOUISVILLE, Sept. 27.-Considerable exoitement prevailed to-day, caused by the suspension at an early hour of the following bauks: German Security, German Insurance, Masonio Savings, Western Bank, Central Savings, German Bank, and Louisvillo Banking Company. Business in general is quiet and prices nominal for all leading articles. No run at the close of banking hours upon any other banks.


Article from Daily Kennebec Journal, September 29, 1873

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of intrinsic values is entirely forgotton, there. fore, Be it Resolved, That we heartily endorse the action of the Secretary of the Treasury in his efforts to stay the tide of ruin by affording temporary relief, and in his wise discrimination in the use of the resources at his command. RESOLVED, That we urge upon him the necessity of bringing before Congress a plan for a general banking law through which the benefits of our present system may be more generally extended, and serve more fully the growing interests of the country. RESOLVED, That the great sources of wealth of our crops and general productions are more promising than ever, and that therefore the enterprises of the country have a greater chance for profit and success; that the sudden and wild decline in the values is the result of the panic, and without reasonable cause. RESOLVED, That we deem it our duty to avert in every way the indiscriminate sacrifice of securities, and to express our hearty condemnation of those who by personal profit attempt to aggravate the evils and cause a still greater decline in value at the board. John Barker, George S. For, and Thomas A. Biddle were appointed a committee to confer with the hank officers on the situation of affairs. Baltimore, 27. The day closed without additional excitement or reports of any failures. The stringency in money continues, but all the banks paid out liberally on small checks to supply the business demand. Knoxville, Tenn., 27. The Exchange Deposit and Knoxville Banks have suspended payment of checks for currency this morning in consequence of the sudden demands of depositors. The commercial banks also suspended payment of all large amounts. Augusta, Ga., 27. There is a better feeling in this city to-day, but otherwise the situation is unchanged. Nothing is doing in cotton for want of currency; some few bales of middling were forced at 15 cents. It is believed the suspended banks will resume currency payments early next week. Allentown, Pa., 27. The bankers of this city resolved to follow the example of New York and other cities. New York, 27. A committee of the produce exchange have been appointed to confer with the loans committee and clearing house committee with a view of effecting an arrangment by which the moving of foreign exchange may be accomplished. Salt Lake, 27. There was considerable excitement here to-day. The first National bank did not open their doors. A notice states that the cause of suspension was owing to the failure of the eastern houses and their inability to obtain currency. Their liabilities are amply secured. Washington, 27. The Secretary of the Treasury, will not for the present, issue his programme for the sale of gold and the purchase of bonds next month. Louisville, Ky., 27. The following banks have supended payment temporarily to-day: German bank, Masonic savings bank, Western bank, German insurance bank, Louisville banking company, German savings bank, and the Central savings bank. A run on this bank has been steadily increasing for the past three days. All of them have abundant resources; many being able to pay two dollars for one on deposit. The other banks in the city are heavily drawn on, but are all right. The suspended banks are all savings institutions, conducted and owned principally by Germans. The lack of systematic action tended to the suspension of these banks. Every bank is looking out for its own safety. Dubuque, Ia., 27. The Commercial National Bank of Dubuque, in this city, is the only National bank that is meeting demands in full in currency, and to-day their deposits considerably decreased. The Merchants' National bank is paying in bills receivable, and small amounts in curren. cy. The run on the German savings bank and Peoples' savings bank seems to have entirely subsided. Chicago, 27. Business continues very quiet on the exchange, but there was more inquiry for cash grain, mainly by outsiders, who have brought in currency with which to buy at the present low rates, and prices were firm and generally higher.


Article from The Rutland Daily Globe, September 29, 1873

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Latest Financial LOUIVVILLE, Sept. 27. SUSPENSIONS The following banks suspended payment temporarily to-day German Bank. Ma. onic savings bank, Western bank. German Insurance bank. Louisville Banking Co., German savings bank, and Central savings bank. The run on these banks has been steadily increasing for three days. All have abundant resources. Other banks have heavily drawn on the suspended banks All the savings institutions are owned chiefly by Germans. PANIC CONTINUES. LITTLE Rock, Sept. 27. The money panic continued to-day. Never in the history of the city has money been so stringent. It is impossible collaterals. to get any money with any sort of CONFIDENCE. CHICAGO, Sept. 25. People generally are taking matters very quietly and there seems to be considerable confidence among bankers that with prudent management and no further trouble East they will be able to pull through. AT CINCINNATI. CINCINNATI, Ohio, Sept. 27. The day has passed quietly in financial and commercial circles. There was positively an improved feeling among all classes. Prices on change stiffened materially, and some articles brought higher figures than since the panic. A number of banks have announced that they would pay all currency checks against new deposits, and certify checks in checks. A currency against deposits fair mechanics amount of currency has been paid to and manufacturers for wages, and no great dissatisfaction was expressed by any one. A much healthier tone has prevailed, and greatly increased hopefulness has been manifested on all sides. AT DUBUQUE. DUBUQUE. I., Sept. 27. The Commercial National Bank is the national bank in this city that is meetdemands in full in currency. only ing all The Merchants' National Bank has suspended. The First National Bank is paying in bills receivable and small amounts of currency. The run on the German Sayings Bank and the Peoples' Sayings Bank has subsided. AT PHILADELPHIA. PHILADELPHIA. Sept. 27. A committee of the stock board had a this afternoon bank at which the latter it presidents, conference with stated the that was not the intentions of banks to force any securities upon the market and they would not do anything that would tend to cause a decline of securities of the stock board. AT CHICAGO. CHICAGO, Sept. 27. The clearing house association held adjourned meeting last night. The committee on Friday night to a plan, submitted appointed report two consider reports and which were essentially the same, the only difference being that one recommended the of the New York adoption recommended plan in all the its details: while the other adoption of something similar to it. After e a prolonged discussion both reports were 1 tabled by a majority vote. The situation 1 here is therefore essentially unchanged. currency a of which went has been no serious e or savings S either and large Considerable there portion national arrived into yesterday, institutions. drain the banks upon e Some suspended banks promise early resumption, and only one, the Manufacturers' National admits it will go into a liquidation and this will pay dollar for dollar.


Article from The Daily Dispatch, September 29, 1873

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TELEGRAPHIC NEWS. THE FINANCIAL CRISIS. NEW YORK. NEW YORK, September 27.-The Sun learns that the Government vesterday invested in exchange on London $1,500,000 for the Navy and 8700,000 for the State Department. Private bankers have deposited security in the Bank of England for exchange. In answer to suggestions of the Stock Exchange Committee the Banking Committee say the proposed modes of relief seem to look exclusively to the convenience and safety of the Stock Exchange, without comprehending the dangers and inconvenience involved to the bankThe president of the Stock Exchange has issued the following notice "The New York Stock Exchange will open for business Tuesday next at the regular hour. Details of business will be arranged Monday morning at the meeting of the governing committees." The Clearing-House Committee, at meeting to-day, resolved to issue loan certificates to an unlimited amount. The committee have decided hereafter not to make public the amount of loan certificates issued. The day closed with a decided improved feeling. The decision of the Governing Committee to open th Stock Exchange on Tuesday started stocks on the street, which advanced five to fifteen per cent. in less than tifteen minutes. Western Union, 61 65, WASHINGTON. WASHINGTON September 27.-Since the positive policy of the Government was announced that nothing more could be done for the relief of finances no one seems disposed to pay fordispatches of advice to the Secretary of the Treasury. A competitive examination for receivers of crippled national banks is mooted. They are luerativeplaces. Government drafts on Clews, Habieht & Co. will be honored by Jay Cooke, McCulloch Co. Beyond this no change has been made in the London Government agencies. Many employés interested in railroad in. terests have been discharged. Others have struck on account of wages and hours. The Washington City Savings Bank (Rumns) is in the hands of a receiver. There aretwo thousand depositors, and the deposits aggregate 8750,000. Nearly all the northern and western cities have adopted conservative banking measures. Voluminous dispatches have been received here. The following is the most frank and significant MILWAURIE, Wis. September 27.---The report that the banks here have suspended payment of sums larger than 8200 a mistake. No such action has been taken. The banks are doing business as usual, except that they have stopped advances on produce until the eastern banks are ready to respond. The Secretary of the Treasury will not for the present issue the programme for the sale of gold and the purchase of bonds. The bank presidents had a meeting tonight, and resolved to adopt the New York plan. George W. Rizgs, banker, refused to join in the movement. PREDERICKSBURG. si SPENSION OF A BANKING-HOUSE [Special telegram to the Dispatch.] FREDERICKSBURG, V.I. September 27. way, Gordon Garnett. bankers: and brokers, suspended tc-day. AUGUSTA, GA. AUGUSTA September 27.--There sabetter feeling 16-day but the situation continues unchanged. There is nothing doing in cot. (on for the want of currency. It s believed that the suspended banks will be able to resame currency pay ments early next week, MONTGOMERY, ALA. MONTGOMERY September 27.-No run on the banks. They report that the deposits exceed the drafts. The Freedmens Bank requires thirty days notice. BALTIMORE. BALTIMORE, September 27.-The day closed without additional excitement The banks paid small checks liberally. CINCINNATI. CINCINNATI. September 27.-A full meeting of the Chamber of Commerce approves the action of the banks and bankers in refusing to pay out large sums. The financial situation appears to be improved. The adoption of the resolution by the Chamber of Commerce commending the action of the Cincinnati banks and expressing confidence in them, appeared in itself to prove the feeling of the members voting upon There is no panie in prices, and nothing is actually pressing on the markets. The banks and bankers report having passed through the day in it satisfactory manner, notwithstanding this was supposed would be the pressing day of the week. The manufacturers have generally been supplied with funds to meet their immediate wants. PHILADELPHIA. PHILADELPHIA, September 27.-The banks have paid out currency to-day necessary for wages, discounting freely for this purpose. BOSTON. BOSTON, September 27.-At a meeting of the bank presidents the New York plan was adopted. BRUNSWICK, N.J. BRUSSWICK. N. J., September 27.-The State Bank has suspended indefinitely, The directors, upon examination, find it impossible to o on. The police are after the cashier and book-keeper. A defalcation of half a million is reported. LOUISVILLE LOUISVILLE, September 27.-Considerable excitement prevailed here to-day, caused by the suspension at an early hour of the following banks: German Security, German Commerce, Masonic Savings, Western Bank Central Savings, German Bank, and Louisville Banking Company. Business is generally quiet, with nominal prices for all leading articles. There was no run at the close of banking hours upon any other banks, KNOXVILLE. KNOXVILLE, September -The Kxchange Commercial, and Knoxville Banks have suspended. THE LOUISVILLE SITUATION, LOUISVILLE, September 26.-The CourierJournal to-morrow will contain interviews of its reporters with the leading tobacco, one of security men cotton, look Among The for a feeling and tobacco diminution flour is operators. European buyers generally. here of foreign orders owing


Article from The True Northerner, October 3, 1873

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In the South. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks, as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cotton is arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta, has suspended. The Selma (Ala.) Savings Bank has also collapsed. SAVANNAH, Ga., Sept. 25.--There is quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE ROCK, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. 26.-The banks have suspended for thirty days as a precautionary measure. COLUMBIA, S.C., Sept. 26. There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26.-Cotton has been coming in rapidly, but not a bale has been sold for want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of small German depositors. All of them have abundant resources, many of them being able to pay $2 for every $1 on deposit out of the a: sets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept. 29.-Except symptoms of a general slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $25 per day to each depositor that demands it. LITTLE ROCK, Sept. The money panic continues. Never in the history of the city has money been so stringent. It is impossible to get any with any sort of collateral.


Article from Washington Standard, October 4, 1873

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11 TELEGY R A HIC. LATER FROM THE ATLANTIC STATES. y of Henry Claws & Eo. and Resumption Howes s Macey. . YORK, Sept. 26. The Clews resump & e New arrangements of Henry endorsement tion has received general have s Co. number of their customers raccounts e and a in transferring their books. acquiesced special accounts on also been Numerous to new new accounts have ' k opened. Howes & Macey make almost to Messrs. report, all of which goes firms b a similar that the lately suspended customers show the confidence of their men and retain the sympathy of business generally. e Suspensions. r BALTIMORE, Sept. 56. Wim. Fisher stock & who are among the leading closed h Sons, brokers of this city, have been and gold doors. They say they of customers their by delinquencies can colforced suspend business until They they expect to t lect to what every is obligation due them. in full, and only pay ask short indulgence. C a Sept. 26. -The the People's Loan CHARLESTON. South Carolina and e Bank Trust of Co. have suspended banks currency and e and The National usual. e payments. State banks pay as Trust other 27 The Loan & Carolina, Co. 1 Sept. Peoples' Bank of South Rank the the Planters' and Mechanics' These are and suspended payment to-day. less than a State banks, representing of Charlese quarter of the bank capital banks and the S ton. bank pay all Three National demands in full and st Ky., claim Union to be stronger Sept. than yesterday. 27 Consid here to-day. LOUISVILLE, excitement prevailed at an early n erable by the suspension the caused the German Security. Savhour, of Insurance, the Masonic the Central g German Western Bank, Louisville le ings, the German) Bank, the suspended their liabilities. banks Savings Banking have Company. abundant resources The to meet 1Jubilee in Philodelphia. e Masonic Sept. 26. At the to-day ded is PHILADELPHIA, of the Masonic Temple hia turned in ication fifty-nine Lodges of about Philadeli nine thousand al out, numbering The procession was nearly point W members. hours in passing a given e and three was viewed by 200,000 of the persons. Author of e Unveilling Home, of a Statue sweet Home. 11 Sept. 17 _The collossal BrooktNEW YORK, in Prospect Park, author of d bronze statue John Howard Paine, uncovered >f Tyn, Home, of Sweet Home, of was 6,000 persons. to-day in the presence made, children of the is Addresses were " Home, Sweet e public schools and .. America," sang and John G. eSaxe Home" read an original poem. e Railway Collision. n By a collision on the engines Mid, Sept. Railroad 27 yesterday, the the ears s land torn to pieces and the passen1were wrecked, while accident was badly nearly injury. carelessness few The of of a occasioned gers escaped by the who was running 1freight eight minutes conductor. into the time of a pasy senger train. Midland Railroad Disaster. 26. This y is The N. J., Sept. train on the the left e Midland morning PATERSON, railroad, passenger which train near here New at e ran into a freight and firemen f5:54, Both engineers the firemen Durham. hurt, one of were d e fatally; were badly Four or five passengers of n einjured. Fever Abating Only for Lack Yellow Vietims. Within of SHREVEPORT, La., Sept. 29. of the most days several citizens of r'. last four respectable to the and victims I'Shreveport population and the prominent The have fällen has been epidemic. thinned out by sickness fun11 fearfully We have no longer single or two death. followed by one the d e. street erals; carriages, like a hearse, dashes section quickly of A artillery few more through in bodies battle into seeking a position. into coffins, shoved is driven li are drummed and the collection even the hearse cemetery. This is citizens. the case The to the the most prominent have opened an n with Howard Association feeding about e Orphan Asylum the and resident are population. cases d two-thirds fewer of deaths and new 1on h. There because are there are fewer Commissioners people. to Finding* British of the and Mixed American 27.-A Boston Claims. spech. of PITTSBURG, Journal Sept. from New British York says and in the Mixed have madefinal day g ial American to the Claims Commission its business on one awards treaty and concluded fixed by the that al of ahead In brief, of the the result time Government of the inquiry paid is to e the United States by our late war to 2 $1,- per t 1, English of sufferers their claims, amounting American claims 920,819, cent. while the are all disallowed. is g toagainst Financial England Outlook in the advices East. or home rNEW The touching YORK, Sept. the financial 29. All situation reassur- at The day and abroad are of reopening a very of the event et looked upon Stock ing character. Exchange with to-morrow much less is apprehen- an


Article from Eaton Weekly Democrat, October 9, 1873

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In the South. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cottonis arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta. has suspended. The Selma (Ala.) Savings Bank has also collapsed. SAVANNAH, Ga., Sept. 25. -There quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE ROCK, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. -The banks have suspended for thirty days as a precautionary measure. COLUMBIA, S. C., Sept. 26.-There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26. -Cotton has been coming in freely, but not a bale has been sold for want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank. German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of German depositors. All of them have abundant resources, many being able to pay $2 for every $1 on deposit out of the assets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept 29. -Except symptoms of a slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $25 per day to each depositor that demands it. LITTLE Rock, Sept. 29.-The money panic continues. Never in the history of this city has money been so stringent. It simpossible to get any with any sort of collateral.


Article from The Andrew County Republican, October 10, 1873

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IN THE SOUTH. MEMPHIS, Sept. 25.-Nearly every bank in the city has been forced to suspend. The utmost excitement and confusion prevailed in the vicinity of the banks as the eager depositors gathered about the institutions, and in some instances the police had to guard the doors. Advices from Atlanta, Ga., state that cotton is arriving freely, but there is no money to move it. Every bank in Augusta, Ga., has suspended. The Dollar Savings Bank, of Atlanta. has suspended. The Selma (Ala.) Savings Bank has also collapsed SAVANNAH, Ga.. Sept. 25.-There is quite a run on the banks, which are paying dollar for dollar. Business is at a complete stand-still for want of currency. LITTLE Rock, Sept. 26.-The excitement continues. Everything is at a stand-still. Very few parties take city money, and no greenbacks are in circulation. VICKSBURG, Sept. 26.-The banks have suspeuded for thirty days as a precautienary measure. COLUMBIA, S. C., Sept. 26.-There is no run on the banks here, notwithstanding the excitement elsewhere. Cotton is being disposed of rapidly. MONTGOMERY, Ala., Sept. 26.-Cotton has been coming in freely, but not a bale has been sold ror want of currency. LOUISVILLE, Sept. 29.-In order to prevent an anticipated "run" on their institutions, the following banks have temporarily closed their doors: German Bank, Masonic Savings Bank, Western Bank, German Insurance Bank, Louisville Banking Company, Western German Savings Bank, Central Savings Bank. The suspended banks are all savings banks, conducted and owned chiefly by Germans, with long lines of small German depositors. All of them have abundant resources, many being able to pay 82 for every 81 on deposit out of the assets. The banks in the city were heavily drawn on, but are all right, and will not be affected. NEW ORLEANS, Sept. 29.-Except symptoms of a general slight asphyxia caused by a scarcity of currency, there is little change in our financial affairs. The banks continue to pay $23 per day to each depositor that demands it. LITTLE Rock, Sept. 29. - The money panic continues. Never in the history of this city hais money been 80 stringent. It is impossible to get any with any sort of collateral.