The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-08-26

were short both in the city and country cali
ed upon the combination for large deposits
OF money us margins to secure the lultiiment
of their contracts. 1t is understood that Il
gentleman from Des MoineS, Ia, furnished
the last straw which broke the cameFS back.
He called 9tor large deposits of money Oh
Monday, which the combination were un-
ahle to procure, and hence the market went
down. They were unable to stem the tide,
though they strOrc hard to do so.
THE BEGINNING.
The market weakened on Saturday. The
general crowd of operators knew nothing of
the circumstance that the Comptroller of the
Currency had notified the banks of this city
that they must adhere to the terms of the
law under which they We're chartered that
they should not loan any more than 10 per
cent. Of their capital TO any one man or firm.
But the banks had notified the combination
of this fact. and the knowledge that they
could not raise money on collateral is before
rendered them powellrsS to operate. They
were unable to buy upall the grain that was
offered in the market On Saturday, and the
price Tell several cents in consequence. The
market weakened also on Mond'y for Il Z
samc reason, the receipts of grain beih. very
liberal. while the clique were only able to
buy sparfn"ly. 1t wilS not till o'clock,
however, that the great break occurred. Al
the "call" OH Monday afternoon, which
lasted from about halt-past three to hali-paSt
four o'clock, wheat was rather ieverish, but
exhibited little change in price. After the
call was over, when the crowd had gathered
Oh the sidewalk in front of Central Block, at
about ) O'Clock, one or two parties tried to
I..,lI Inf nflII
IA buy: there WAS no enc there that
| represented the combination. Then aro, c
the suspicion that the clique was powcrlt s.,
and it was whispered around by Il few OF the
| knowing ones that 10 further aid could be
expected from the banks. Confusion worse
COMPOUNDED followed. There were one hun
dred sellers to one buyer, and amid the most
| intense excitement the price Of wheat fell
RAPIDLY through range of about 81 cents III
| thrcC.quartcrS of all hour. making Il total
decline ol.30 cents for Tic day. Still the time
was one Of the most intense know. nOthngism.
No one seemed to be aware OF the condition
of the market or of the consequences: but in
| the evening there was much 1iyurging up OF
| accounts and preparation for Il call of MIR
gins the next morning, which established
another break. Yesterday morning the mar
ket opened lower than at the close of the
| preceding evening. but became lirmer, and
advanced some four cents within a few
minutes, the transactions being confined
however, to outside operators. Then c.lmc
| the call for margins, and as one after another
upon whom these calls were served, failed 10
respond there was another season of panic
during which every person seemed to mis-.
trust his neighbor.
! FRANTIC SCENES on CHANGE.
| The scene WAS one which is not likely tC
be repeated again in Chicago for many wears
In the intensity of the eXcitem mt produced
| by the meeting of gentlemen in no humOr tc
trust one another, but rather prepared tc
doubt the inspired record ITSELF the most OK
traordinary geSticulations were INDUCED in
jacksonville, in the event Of the destruction
of the insane asylum, would have presented
scene of not more than ordinary excite
ment as compared with that produced by
the explosion of Mr.. Lyons torpedo. Young
men, tilttening on the remote prospect OF
operating largely in the future, and thus con
soling themselves for their present very sub.
ordinate and locomotive positions, were
running in every conceivable direction
| bearing mysterious slips of paper supposed
to signify some obligations. They sought
checks, produced grain receipts, asked
questions hcartlessly, and received nervous
replies; communicated mySteriously with
their respective employers, who were appa
rently driven to occasional frenzy by the
news impaired Men with the last drop OF
perSpiratiou ooZing from their iorehcads rTlI1
| excitedlv from one to another OF the meu-
bcrS of the ilustriolls Board, as though the
mercury was not above u hundred degrees
in that uncomfortable hall Indifferent to
heat, and only conscious Of some incompre'
hensible catastrophe, these amlable gentle
men spent the forenoon most unpeaSantly'
They christened the day OF disaster Back
Tuesday, and quoted the famous Black
FRIDAY of Messrs. Fisk and Corbin. The
| excitement in the Gold-Room could scarcely
hnve been greater. The panic extended to
corn in a minor degree, rs the combination
was known to be largely interested i'll corn.
Soon John B. Lyon notified number OF par
ties who had grain to deiyerto him that they
must "protect themselves" meaning that IL
they could not .'hold" the grain they should
sell it out to somebody else. This caused I'M
mense quantities of grain to be thrown upo
fine market. and resulted in a decline of fifteen
cents from the highest figures touched during
the morning. After this the market rclupset
into a semi-coniatose condition, Win iltlle
doing for nearly an hour. Then it became
somewhat trmer, as it was found tiiat the
| offerings were nearlyalI exhausted, anu closeo
with little apparent excitement. IL may Ut
| mentioned here that one or two operators
who are among our mpueyed men, bought
s,reat. norton of the grain offered yesterday