The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-26

lie
nj the second Stock Board that the hrm
would not be able to meet their engagements
-tO.f]ay, Tbe house has branches IN New
York and Richmond, but it is not thought
that these will be disastrously affected ny
the suspension. They state that the suspen-
-siou.was cHfsed by laFgeaad unexpected oe-
mands made, upon them at q time when tney
were not able to make their assets available,
and rather than. sacrifice these assets and
perhaps. endanger, their creditors interest
they preferred 10 suspend. They make no
exhibit of their affairs as yet, but state that
no one here wili;5e injured by their suspen-
sion 70 apy serious extent. The members of
the house are regarded as Intelligent and up
ripht business men, and they have the re-
snecf and sympathy of this entire eommu-
nity. There was no other suspension here
TO-DAY. .aad we learned Of no trouble lin our
mercantile community. Business IN most
branches OF trade is ut a stand, the dlfncuity
attending the negotiation Of exchange cut
ting off any demand fer shipment, and the
great scarcity of money restricting the nome
trade. On the whole, the feeling OF the
close of the day is one Of relief that matters
are no worse, and somewhat more hopeful
feeling for the future, sus..pr.
AZ BUSINESS IN NEW YORK.
An Associated Press telegram says:
Produce business in New York is blocked
bv the panic. Shippers are unable, 10 sell
their exchange, and there is hardly enough
doipg at the Produce Exchange TO establish
prices. Cash buyers, however, It Is seouc-
lively stated, can. obtain material conees-
sions. As the quotations run, it will he OBJ
served that -four has declined 10 to DC,
wheat 3d., and corn 1c., with but little for,
ward delivery in flour, and in wheat ana
corn noshippcrs in the market. There was
nothing. doing in grain il st. Louis yester-
day;, on account Of the situation, and III chi
cago business was very light, being conhned
to settlements of outstanding contracts ana
to light purchases for cash. The Ne" 1orS
cotton market remains nominal. The gro
GERS and oil dealers say that their business II
not affected by the panic. ne ory soous
men are full Of confidence, ana anticipate ii'
failures. --
MONEY NEEDED. FOR MOVING CROPS
John f. Williams, president of the Nero
noltan Bank, told reporter OF inc Ne"
York Tyibunc that they did strictly COM
n,orcial business, and were NOT allcctca III
any way by the panlc. Inefe WIS Il Sreal
demand from out of town for money with
which TO move the crops. That was the
o,Tsn Of the trouble. Our wealth in grain
made rs poor in currency, and when Jay
Cookies future created sudden call for
money in Wall street 1t wasn't in the city.
The Wheat crop was never so large nor the
foreign demand so good" Everyone was in
a hurry to get his crop to the SEA. and bis
bank sent out 100000 q day for I've Or
six weeks. The demand bad somewhat
Increased. and some of the country bank
ers had gone wild. One man was in day
or two ago, who had $4,000 on. deposit and
$40, 900 ia greenbacks in his pockets, and
still wanted to get discount. Mr.. Williams
told him to 90 home and cool of. The ma
tional currency, Dir. Williams said, is all out
of the city there is probably not more than
81, O00, 900, and perhaps not morethan hall
a million in the banks. If they had all been
paying out gold they would have been con-
PEELED to suspend. The great trouble was
caused by the large amounts OF worthless
railroad bonds and stocks forced on the mar
ket by false representations. a.'s=..ra
-. NORTHERN PACIFIC BONDS.
Following the trouble now experienced
will be on the LIST Of January, the next SEMI
annual period for the payment OF the cou-
pons on the bond, Of the North Pacific Rail
road Company, of whiaAehe Philadelphia
Ledger says: ..p.,
These bonds are largely tsrshe hands OF
comparatively poor peopa, anfsse 7-3o per
cent. annual interest on Hssn has been so
positively promised rs to se by most hold
ers confidently relied upon. IT is earnestly
hoped this reliance may not fail IN the tll-
ture. But, It is well known that Mr.. Jay
Cooke has been the life of this enterprise;
his zeal, his efforts, and his pledge OF pay
meut have kept it alive and given 10 It's secii-
rites all the credit that they have obtained.
By the steady sale of BONDS he has been able
to borrow most il notall OF the means neceS-
sarv to meet the interestas it has periodically
accrued. The incomplete road has not been III
condition to earn much, and the land sales
have not realized any very considerable sum
above expenses. AL that the bonded cred
itors have received in interest has come from
their own money, nidin on the purchase OF
their bonds. In the absence of earnings
credit has been maintained and interest pald
from further borrowings. In the failure OF
the firm having the bonds and the debt arls-
ing from them in charge, further direct DOT
rowing of money and further snles of bonds
at former prices. If st any price, IL at an end.
What meahs,c be devised to meet the claims
of hungry holders Of coupons, arising from
twenty five millions: Of the. bonds III pri-
vate hands maturing in january next, we
are at present ut a loss to conceive. That
something practical may be suggested and
carried out for the many poor creditors Is
earnestly hoped. Just now these bonds are
not marketable at any price, and 1t Is greatly
TO be lalnented that their great patron is
without power or credit to give them the
least Vitality. There is a fearful response
blity resting upon HIM" - g..
is'TuE .F1sANcIAI SITUATION IN DASvILLE.-'
fDanYiIe Register, oath. I'VE judge that
our tofmccopistS, who have worked very
heavily this season, hare shipped their goods
as they were put Up This we infer FROM
the large sales of tobacco stamps from week
to week through Che, summer. TO ship to-
bacco tax-paid requires nlouey. They are
vet ut work but as"the season is drawing
to close we suppose the, :heariest OF the
business is over, and we therefore hope that
thisiarge manufacturing interest of our town
will not he .cranped in any way by the New
York failures. '.-.'li,.:ni.- - ". ~ -
! Fortunately for the leaf market, this panic
comes just IS the planters have about gotten
through with selling their. hast years crops,
and the crops OF the. present year will not be
ready for delivery in any quantities for two
or three months TO come ~-'''-'
Our dry. goods and other merchants are
now laying in their tall and Winter supplies.
We do not perceive that the money panic
should Affect their operations, unless, posi-
bly,, it may cause tlRm@to buy more lightly
than they would have otherwise done for
tie present with the view OF supplying
themselves further 1T later period OF the