The New York herald., 1873-09-25
EFFECT ON TRADE AND TRAFFIC.

circle interested In "wild catn railroad stocks has
been :-"What effect Is the panic really going to
have on the legitimate trade Of the business COM
munity I" Not few representatives Of large
houses were to be found on Broad street toward
two O'Clock in the afternoon, among whom the
news that the reported failures of prominent dry
goods firms were
INFAMOUS CANARDs,
set a1oat by interested gold spectators, no doubt
was hailed with general satisfaction.
Towards three O'Clock, however, report reached
the ears OF a HERALD reporter that another branch
of trade, which has not been hitherto alluded to-
was riously affected by the financial crisis. This
was the export trade. The rumOr, which came to
the reporter from the most reliable sources, went
on to state that the ''panic" had completely
paralyzed the shipping trade for the nonce; that
large number of ocean steamers were at present
in port which it would be impossible to load up
with grain and other cargoes in time for their
regular date Of sailing, and that some OF them
would be obliged to leave New York Tor
British ports without freight II they were
to keep their advertised engagements 1t
was stated that in most New
York shippers who had made engagements for the
transfer OF large quantities of grain the West
to New York were unable to negotiate bills Of ex-
change on their European cOnsignees through
Brown Brothers, Duncan & Sherman or through
any OF the regular channels. ana that in conse-
quence large quantity OF grain to be imported
had not yet moved East; that in other cases where
the grain and other commodities had been trans
ferred to New York, which now lie awaiting ship
ment here, the local shippers were unable to nego-
tiate bills of exchange on European houses for
payment OF freight; and further it was positively
stated that some OF the ocean steamship COM
panies had actually offered to sell their own bills
OF exchange on the street to get freight but could
rvafy W. nf hmm
THE ANCHOR LINE.
The reporter, to get at the bottom Of these state
ments called first on Henderson Brothers, the New
York agents OF the Anchor line of steamships who
were reported to have six ocean steamers in port
which they could not load up in time for tnelr
regular date OF departure The reporter saw Mr..
Henderson, one OF tne firm, who, IN reply to his
question, stated frankly that the financial crisis
had really materially affected the export trade OF
New York, but he could not well understand how
the reporters had heard Oft
ais 1t true that you have offered your own bills
of exchange ior sale In the street MIR. Henderson,
to get freight for your yesselsr'
mo, We have not been Obliged to take that
course quite yet" was the answer.
"Have you heard that any firms have been
obliged to do 10 2"
OF their own bills of exchange to-day; but the only
offer they could get was l0l. You know the regu-
lar price was u.s. Small exporting nrms who are,
their bills OF exchange for negotiation at what
must be ruinous prices-that is, such that no.
to the presents'
1--WE have not felt 1t ourselves. but may frankly
tell you that If this thing ontinues everybody
must feel It,"
'it is said you have six steamships in port; is it
so ~
"Yes; we sent the Europa out fall to-day, draw
ing twenty-three feet OF water. The vessels in
expec M the Tnacra Hs and tSe
fornia to morrow morning. There is another ves
n SsS Se SS wis as ss Ss abe caa
large auanty grain on the ss way 'ns rom the
that may keep us going until this thing is ended
and matters have been smoothed down. 1t Is
only the shippers who want money on their bills of
exchange on foreign houses to pay their Western
farmers, who are seriously affected. The grain
which Is lying here and the goods West which have
not been yet paid for may have TO wait until money
is easier"
THE WILLIAMS AND GUIoN LINE.
The reporter, after leaving the offices OF the An.
chor Line, called on Mr. Williams, OF the Williams
4 Guion Line, at No. es Wall street. Here he saw
Mr.. Williams, one Of the partners in the firm, who
made the following exceedingly important state
1--WE have not put out our bills Of exchange for
negotiaton, put shippers mere IN is New ~ YORK nave
have their bills Of exchange foreign houses sold.
This, believe, they have been unable to do, and
met to-day and agreed to make efforts to have
their notes at short dates, FOR instance for ten,
ah1 Sherman and other noUsea
through which they do business. IL was also re-
solved, beheve, II necessary, to look Tor govern
ment aid and the purchase OF their papers at short
dates.n
.Ihis action was then, in your opinion, abso-
lutely necessary 2"
ayes, absolutely necessary. Our export trade
has been seriously injured, and unless something
Is done the steamers must leave here empty "A
very small quantity Of goods has been shipped this
week. and the smaller exporting firms are per
fectly paralyzed for the time. But we do not ex.
pect this thing to last more than very few weeks
at most, and 1t only needs little timely assistance
to bring the export trade out Of the mire Mean,
time we cannot yet say whether we can nnd
freight for our vessels right through the criss'
THE CUNARD COMPANY. A.,
The reporter then called at the omces oI tne
Cunard Company, Bowling Green, wherc, IN, IN tne
absence OF Mr.. Francklyn and Mr. Mckenzies ne
saw Mr.. Allen, OF the freight department. lnat
gentleman said that his firm were very comlort-
able as yet, and he did not believe the thing would
last long enough to affect their trade IN particular,
or the export trade to any very serious extent.
They had not ofered, he said, 10 sell any Oh their
bills of exchange and their shippers mad supplied
them with goods enough to start their steamers at
the regular time up to the present.
THE INNAN COMPANY
The NJ II house visited by the reporter was that
of Mr.. John q. Dale, the agent Of the inmsn Com
stated that they had bought their bills OF exchange
Yesterday IN open market In the regular way, and
exuerenced no dtfnculy whatever about their