Wilmington daily commercial., 1873-09-20
The Financial TrOubIes.l
THE PESSsYLvAN1A RAILROAD SOUND.

We have made inquiry in the proper quarter for
reliable information and find that the report is
wholly without warrant We are assured that
the finances Of the company were never in better
condition, the whole business OF its treasury
moving easily and smoothly. 1t is demonstrat-
ed beyond peradventure that the gross receipts
of the company for the current year, will exceed
twenty five millions of dollars, and to meet the
current expenditures for contemplated improve
ments the company has credit for ten millions
of dollars, against which but little over one hum
dred thousand has been drawn.
HOPEFUL AND SOUND VIEW.
The New York Daily Bulletin, OF this morning,
expresses the following cheerful = and sound
views
Commercial interests have been but very
partially affected by the crisis. Owing to the i'm
possibility Of selling exchange, there ia a tempo
rary check upon the export trade but, with this
exception, the mercantile interests look upon the
panic almost jubilanty. Iu certain respects they
may well do 30. The crisis removes out Of the
way speculation which has long diverted
large amount OF capital from production and
trading enployments, with the result of an un-
settling OF confidence and periodic embarrass-
ments to commercial credits.
"The withdrawal of this speculative competi-
ton from the money market will obviously BEN
eft the merchants by contributing to steadier
rate of interest. Some departments Of trade
will nevertheless be injuriously affected espe-
cially the iron trade and other branches, which
have been stimulated to excessive activity by the
railroad initiation. Another indirect injury must
befal trade generally from the losses, at least
temporary, sustained by holders of bonds of em-
barrassed roads and, further, from the embar
rassmenis OF banks and bankers in various parts
of the country, consequent upon what has trans
pired within the past three days. and railroad
difficulties which may yet arise.
"But while trade may ultimately suffer indi-
rectly from these causes to q limited extent, yet
the result of the crash will ba to place financial
affairs generally on very much healthier foot
ing 30 that We may expect the Wall street panic
to be followed by an era OF great commercial
prosperity. The merchants Of this city may hope
to find all the accommodation they need, during
the fall and the winter, at the hands OF the
banks for the revulssn from speculative loans
will create an active competition for commercial
paper. While, therefore, no panic can be an un-
mixed good this one is far from being an unmit-
igated evil"
PROBABLE RESUMPTION OF JAY COOKE.
The Washington Stir, of last evening, says
1t is pretty strongly limited that the firm of
Jay Cooke Il Go. will resume on Monday. In
the of the First National Bank it will be i'm
possible for them to resume under their present
organization, as the national banking law under
which they operate prohibits it. The course
pursued is to place the bank in the hands of a
receiver, who makes thorough examination OF
its condition and depositors are paid, in dvi-
dends, in the proportion they may have on de-
bank is in the hands OF Government agent,
and will be turned over to receiver this after
noon.
JAY COOKE %, 5 BANKING HOUSE LEVIED UPON.
In Washington. yesterday, the attachment in
the case of VIM. +. Alexander vs. Jay Cooke &
Co., to secure deposit of some SIG, ,O00 was
returned into court "leyied upon the banking
house, &c., as er schedule ="
oPINIoNs OF NEWSPAPERS.
Frt-- a.
prehoud that general and calamitous crisis
like that of 1857 can possibly grow out OF the
present troubles. The prospects were never
better, in this city at least, for active and
profitable fall trade. Even il all classes Of bus
mess were suffering, such smash-up as that
of 1857 would now be impossible, for the rea-
son that we have a national currency secured by
the credit of the Government, instead of the
worthless promises to pay Of wildcat banks.
Furthermore, not having specie payments, no
possible drain of gold to Europe can obstruct
the ordinary How of business and Of exchanges
within the country.
The Led7er Yet from it all, it is hoped some
good may result. II it shall induce men in bus
mess to be more circumspect, and more careful
in incurring liabilities OF inordinate amounts the
arrangement and suffering will not have been
wholly for nothing. Outside Of the losses to
the creditors of the parties failing in this city
there is observed very general healthfulness.
Our business men are sound and our banks gen
orally strong.
The Telegraph: There is no real ground for
any panicky feeling, and there can be no assur-
ance more satisfactory to the public that there
is not than the maintenance of calm hearing
and liberal policy by the banks.
The Record: The Generalization was wholly
confined to financial circles, and did not extend
to merchants and traders; and even among the
banking interests the disaster extended very
little beyond the points which were we'll known
to be effected the day previous. Thus twenty
four hours may be said to have been gained by
business men, for the purpose OF weathering the
storm and in such cases time is invaluable.
The BulLetin: The duty of the hour is stead
iness. Nothing else is needed to allay what APP
prehensi3ns may have been excited by yester-
days suspension. There will be some failures
of stock operators, and then, il the public mind
is not unduly fevered and unsettled by needless
sensations and false rumors, it will settle down
again upon safe basis.
TEXAS AND PACIFIC NOTES DUE.
The Ledger also says Reports were current
on Thursday evening, and again yesterday NOR
ming, that some half-dozen prominent indi-
viduals connected with the Pennsylvania Rail-
road Company had become liable as endorsers
to the amount of some two millions OF dollars
on paper to raise money for the construction OF
the Texas Pacific Railway, one of which notes
for q considerable amount matured yesterday.
1t was feared that the excitement Of Thursday
might induce the parties to let this note go to
protest. to be followed by default of payment
OF all its fellows az they successfully matured.
Happily, better Judgment prevailed and the note
due yesterday was paid aud the several parties
endorsers have agreed as we are informed to
divide the responsibility and to take up all the
notes in order, as they are abundantly able to
do all being men of large means. Though