ns previous to the panic, and partly to make grain payments.
The shippers of cotton and general produce were cheered by this
opening of a market for their bills at such a decided improvement
in rates, and on the Produce Exchange the return of confidence was
marked, while quotations, which had been depressed, showed an upward
tendency.

Meanwhile, the Stock Exchange opened punctually at the appointed time,
and the opening prices were higher than those previously current in
the informal market on the street. But it would have been too much to
expect a settled market after such demoralization as had prevailed
and such ruinous sacrifices as had been made. The improvement was
not sustained, and prices were depressed from two to eight per cent.,
during the next three days, chiefly under sales to make settlements
between parties on the street.

Occasional failures, both among stock and banking-houses and the
mercantile and manufacturing community, and in as well as out of New
York, were still reported, including three large city dry-goods firms;
and the pressure for greenbacks to send to the country continued to
be so severe that from three to four per cent., was paid for them,
as compared with certified bank-cheques, for several days, though the
premium dwindled to one-half and one per cent., before the end of the
week, advancing a week later, however, to one and one and a half. The
difficulty of moving produce from the West also continued very great,
owing to the almost total dead-lock in the domestic exchanges, but
otherwise the excitement and alarm attending the crisis seemed to have
passed away, leaving only its depressing effects still visible. Money
became comparatively accessible to first-class borrowers on call. But
the bank statement was again omitted on the following Saturday, and
it was announced that none would be made until after the banks had
resumed greenback payments, and till the certificates of their own
creation had been withdrawn. The deposits held by the banks at the
close of business on that day, October 4, had been reduced to about a
hundred and fifty-three millions, against over two hundred and seven
millions and a quarter on September 13.

Before the middle of the month the continued drain of gold to the
United States--the shipment from England of about sixteen millions of
dollars having been reported from the beginning of the crisis to the
18th of October--caused the Bank of England to further adv