The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-09-23

bonds successfully on the market, and their
third and final undertaking was marketing
Tire bonds of the Chesapeake ard Ohio rail-
road. most Of which they had succeeded i'll
selling when the crash came. They were the
financial agents Of this railroad, and in that
capacity made large advances on account OF
its fir>t-morigage bonds placed i'll their hands
for sale. To make these advances they were
in turn, az is customary, compelled TO borrow
from the banks Ivy experimenting these bonds,
allowing Il margin 10 the banks OF some IN or
ID per cent. on their late market value. The
failure of the Canada Southern and Midland
and Oswego railroads and their tightening of
the money market induced the banks to call
in their loans from Fisk & Hatch, and they
whole debt is in the ncighborhood Of ST.
100000 more or less, the banks holding
Chesapeake and Ohio tirst-mortgage bonds,
say II per cent. in excess OF the debt, rating
the bonds at late mai ket value. Fisk d
Hatch are credited with having never one
rated in stocks on their own account, and
never permitting their customers 10 buy any
on margins. They have had considerable
sums deposited with them on interest, but
for the past month or two their deposits
have been light. The partners arc both
possessed Of ample means outside of their
business to liquidate all claims against them,
and it is hoped they may soon be enabled to
resume again.
The Tribune has the following report OF
an
INTERVIEW WITH MR.. HATCH.
Mr.. Hatch, of the firm of Fisk & Hatch,
said that, notwithstanding the panic OF
Thursday, they came to their anking-housr
yesterday morning expecting TO weather the
storm, and made every preparation for the
days work. Unexpectedly large calls came
in, and at 101 O'Clock they sent out for two
Of their banking friends, with whom they
consulted as to the wiScst course to be pur.
sued. I hey could have continued longer,
but came to the conclusion that they could
not stand up against such run very long,
and it was best to suspend at once rather
than to sacrifice their securities. Badly IL
thcy felt to tie compelled to suspend. they
tried to consider the Interests of their crcdl
tors before their own. The Ohio and CheS-
apc,kc railroad bonds had something TO d"
with their Suspension. but thet alone would
arose from acH of confidence III
railroad enterprises and the stringcncy
in the money marker, caused in part
iy the recent failures. The great demands
upon their house ciu>cd by the suspension
Ut % prominent firm rs that OF Jay Cooke
4 Co. came 50 >uddcmly that they had 10
time to Get in money due them or obtain
funds from their assets. Their cmGarIa>s-
IN ii
money on hazardous enterprises. They haG
not spcculatcd they had mcG with II, losses.
The trouble had been cG.I>ed by the gene
raj fail in stocks and The feeling of di>truSt
in regard TO monetary institutions, wnlch
llad prCc;pitatcd Il run upon the house. for
which they had mol time 10 prepare. They
believe that their suspension is oul, tempo
rarv. and that Is soon as The excitement is
over they will be able TO 20 on again. The
are confident tint none Of their creditors
Will lose through them. The clerks were
bu>i!v engaged yesterday i'll preparing Il
>ta,cln: mt OF their i:S>rl> and liabilities, bun
they said it could not possibly be finished
before t.-day.
AFTER THE CRASH.
EFFECT UloN COMMERCIAL CTRCLtS-
rkEsS urlNIONS-LEGiTlMh TRADE
HIT LITTLE INFLUENCED HOPES
FEELING ~ TIE DEFY GOODS TRADE.
As showing how little III, lfinic has to do
with the legitimate trade, the New York
Euile!in OF Saturday has til, following, which
is also applicable to other trades:
a careful cr1nyaS> o: the dry "ood- trade
rna'lcS lis to place before our readers the
view, of many of the more prominent houses
upnn the effects likely to result from the
financial crash in Wall street. On no former
,CclSlUn lave we seen such uninlinl'y III
the trade aS regards the prospective future.
ana the leading merchants express the most
perfect confidence in the perfectly sound
condition OF the business throughout Tie
country. Tie Wall street panic occurred
at Il fortunate time for the importers and
manufacturers agents, is the great bulk OF
their heavy :ales have already been accom-
pliShed, and the iubbiny trade. now in ope-
ration, is not likely to be materially affected
by the Wall street issues.
:: As an illustration Of the slight amount
of importance attached 10y the trade TO the
monetary panic. it may BIZ mentioned that
when the news OF the SUSPENSION OF FISK ~
Hatch was received ut the auction rooms OF
townsend Il Moutant large sale ot French
>hawls was in progress, and the biddms be-
came more spirited the moment the failure
was known. Dry goods men have lon" real
lied the Fact hat Wall street has Ion" been
using money for spcculltNc purposes Which
properly belonged TO the legitimate channels
OF commerce, ard the brokers do not receive
Il particle OF sympathy from the trade; on
the contrary there i general feeling OF
satisfaction at the prospect OF McrGintIlc
paper again meeting with just recognition,
instead of going begging 1T rates unWar-
rarted by the hign staudins OF the mcr-
chants
4 +. Stewart & Co., II. B. Cialln, and
other we'll known firm, confirm the above
views.
no SIGNS OF TROUBLE IS REGULAR TRADES.
New York Journal of Commerce. 2o:hl
The disasters are chiefly among the opera
tors in the securities thus carried by Dor
rowed capital, and those who have been
directly or indirectly with these
operations. 1t /, tue that our merchants
who have been eng igcd only III legitimate
trade have, some OF them, been sharply cor
nrred. and have had some difficulty III meet
inr their maturing obligations; but mere
pressure for money is not disastrous, ana
inns far we find no real trouble in mercan-
tile circles. When merchants have gone OUT
side of their legitimate business, ana nave
dahblrd in stocks, or lent their names ana
,utlrs to build railroads, ana develop
latentS, and open mines, they have Deeh
caurbt with their new associates, anu nave
n,ld tie penalty Of their rashncsS ana lolly.
pnt in all Ir,urlps of regular IIuut