The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-24


the firm stated that at present it was not ne
cessarv TO discuss that matter. Mr.. Fisk, in
conversation with q reporter Of the Times,
stated that OH the morning of their suspension
himself and MIR. Hutch went down as usual
| to the Office, never anticipating for moment
| the trying run to which they were about to
| be subjected, although: conscious OF uneasi-
| ness in financial circles over the failure Of
Jay Cooke & Co. a few minutes after coul-
| menclng business demand was made on
them for 100000, which was followed
shortly after by another demand for 5000, 900;
and SO they continued to come in, until in
an. incredibly short space of time the de-
mands on the house had amounted to Fl ,I00,-
600. Mr. Fisk states that he never eXpe-
rienced so severe strain, and thinks that
no house could successful y resist it. He
regrets very much that the b)u>e should
be compelled to suspend utter the reputation
it had built up for itself.
CAUSES AND EXPECTS OF THE cRIsIs--EoPEFuL
views OF THE NEW YORK "IIERALD."
In its money article Of Sunday the New
York Herald says the panic started with the
failure OF one or two parties identified with
ut the time was in a feverish condition, re-
Sponsive to slight causes and tremulous in
the extreme. Its strength consisted in two
or three stocks firmly upheld by great ope-
ratorS. They had come to be regarded as
the keynote of the market. Even these,
however, could not ut last resist the pressure.
They d" broke" and in doing so naturally car
ricd with them the entire list of speculative
securities. Thus the weakness of few rail-
roads has extended through the entire net
work OF our local finance. The pulling down
Of one or twO o great houses produced distrust.
Money, always timid, retreated into private
recesses. Depositors commenced TO run upon
banks; the banks have been unable to afford
their usual accommodations, have refused
each Others checks, though certified, and mt
last, as consequence Of universal doubt,
have been compelled in self defence to ar
range with the clearing house for the issue
by the latter Of certain loan certificates
based on acceptable assets, which are to be
received in the settlement OF all clearing house
differences in place of ieglEtcndcr notes.
Practically this action means the expansion
of the bunk credits and the ecOnomiZiDg Of
lC"aEtcnderS. II aids the banks, but it is
yet to be seen what facilities are thus extend
ed 10 depo>itors and business men. a. regards
the savings banks, there is no good reason
why, if the officers Of the same have rigidly
done their duty, :hcrc should be any cause
nf llrai. Their securities arc regulated Oy
law, and they are not such a. ordinarily Hue
tuac in vait'c. Hence Il lun on them i both
iriGGiciotls and un"arrau;cd 10y events. The
drn0siiGrS Should understand thit thus far
Our iinaucial troubles rc,li!t only from local
$ptculItlon. LropS arc good: business j.
ilrSt-r;tc: our merchants hay" rarely done
better han they are dong this season. They
ale not suffering from this temporary dis
turbuEcc, and We cin safely count on a
llrge tall trade "ud handsome returns.
PLAYING BLUFF.
OF Commodore Nandcrbii's proposition
to play bluff" the Iribunc SAYS:
"Commodorc Vanderbilt then proposed
10 lend Sl0.000,0G0 il the Treasury would
issue 81, ,OCp, ,C0u, but he was asked Why hc
did not pay the call loan of $l,151. 900 due
the Union Trust Company, and allow ii 10
resume. This he accepted aS declination
of his offer, and retired without explaining
his failure to pay the loan due
TIE OFFER OF A MILLIONAIRE.
A reporter of the New York Herald dis
closes the true nature Of Nandcrbilt'S liberal
offer. Renlrking to the Commodore that
the President and Secretary were in town to
confer on the crisis, he got the response:
"YeS, Aas up al the Fitth-4Avenue Hotel
to-day ard met both Of them and several
other gentlemen who had come together to
confer about the SITUATION. l offered to eX-
tend relief to the financial community to the
extent of 10000. 600. ! Offered it in this
wav-to give $4,000, coo in as good scculi.
tics Il. the Government could give, provided
the Government would give $3O,000,O00
somehow added the Commodore. 1.-THE
proposition WuS not well received ~--~
TIE JAY COOKE CONUNDRUM.
There is much comment here on the state
ment> which continue to be made that the
London house of Jay Cooke is perfectly SOL
vent, and on the fact that it has not closed it
doors. Mr.. Henry d. Cooke, the head of the
house here, has repeatedly asserted that the
Washington house was perfectly sound and
able ut the time Of its suspension to meet
every dollar of its Indebtedness. and that it
was only closed on account of The cmbarraSs.
meuts OF the New York and Philadelphia
houses. DcpOsilors here are unable to per-
ceive why the embarraSsmcnts of the houses
in New York and Philadelphia should pull
down the Washington house and leave un-
sc,lthed the London house. ~ the interest
Of Jay Cooke is is large in the one as the
other.
MN 4