, 1873-09-29

DRAFTS on GRAIN SHIPMENTS.
we have several times, during tho past week,
arc obliged to omit to Immediately honor drafts
mado OIL thom for grain shipped in from the
country in the present emergency. Moat of
them wrote to that object to their correspond
Of Jay Cooke T. Co., and tho necessity Of snch
action was generally recognized by country
shippers. Nevertheless, there are Il few mon In
the country who. in spite Of the notice, por-
sisted in sonding grain hero, and aaBume to bo
indignant because their drafts have not been
honOYed.
Tho condition of the grain marAets on satur-
day, justiiios tho hope that within a few days,
probably q vory few, it will DO poeaible to soil
all tho grain thus forwarded since tho panic set
in. md of course to remit tho proceeds, bocauso
BaleB of grain arc now made exclusively on a
cash basis. But this was not possible till tho
close of last week, and thon only to limited OK
tent aa tho money sent hithor from Eastern
points for tho purchase OF grain has only Just
begun to arrive. Tho grain sales OF the past
ton days were necessarily confined to grain
which could not bo held longer, most
the banks as collatorals to secure advances
already mndo, and this was thrown upon the
market in such quantities. as to Cause heavy
decline, This was done because the banks wero
calling in their loans to meet tho domapus OF do
pnsttors, and under tue circumstances, they
would no more make new loans than the Grnpli-
c balloon would rise after the pulling Of tho rim
cord. This made it absolutely impossible for
commission mon to send the money for tho
GUS lguros thcn ruling, which most Of thom
had tho good sense not to attempt. They
| pursued tho only wiso course, which waH
TO hold tho receipts quietly till the storm should
blow over, and Let their correspondents wait
Whore tho grain was owned entirely BY the party
shipping II hiter, 1t was sold immediately, it ho
| desired it but In very many caBes tho grain had
already boom advanced upon giving tue commits
sion merchant ID proprietary right to say what
| right in q way which tho market already shows
to have been dictated By sound business policy,
It is no doubt folt as great hardship by
some country shippers that thoy cannot rocoiyo
il no worse for them than for Chicago shippers,
| who have boon equally unable to draw on Now
York. lndoed, the latter have been In much tho
worst box of tho two, Rs they hayo not boon
| able to draw dollar Aiuce tho panio hegnn aud
woro Obliged to sell some or ali Of their grain at
| very 4oayy loss whereas advances wero made
to tho country for two or throo siAya In last
wook, and In worry few caaoa nas their graiu
been sacrificed Tloro ia nothing TO do but to
wait, aud tho waiting Will not bo long.
! THE MARKETS.
Tho loading produce narkots were quiet to-
| day, but firm. TAero was no special increase OF
confidence In tho financial situation, nor any
from other points, but strength which resulted
from the fact that tho great mass OF operators
had at Inst reached point where somo Of tho,n
could assume tho position Of mastery inactivity.
and tho others co.ild do nothing. THO notion of
the Board Of Trade yesterday had cut OF option
trading for the present, except in Bettlo-
ment. and the bona tldo aale OF prop
Of next month, and thus estinguished at QUO
stroke large part Of tho trading uHually
Witnessed on Change. Tho receipts weso larger
than yesterday III grain, but not heavy, aud
hoderh were not IN A. bury to so While these
stocks in Htoro. aA tho woak-shouldoroa ones had
already sold out, or boon sold out, during tho
earlier days Of tho panic Honco tho loading
cereals were decidedly strong, In presence Of
currency therefor. There was plenty Of money
on tho door for thls purpose, principally for