The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-10-18

Old Dominion ......,.......... 100 on %
The money market is necessarily affected 10y the
unsettled condition of affairs in New York; but
there has been steady though slow improve
ment. Money Is scarce. and holders OF securities
being unwilling to sacrifice them, there nave becn
very few sales Oh Change during the week.
The banks have been doing all in their power to
accommodate their regular customers.
There WIS much improved condition lii the
New York stock market on "Wednesday, stocks
ruling at from 4@6 per cent. higher than mt the
close Of the previous day. The improvement III
confidence on the Stoca Exchange was even more
encouraging than the general recovery In prices.
The extraordinary depression in the general list of
stocks on Tuesday is thus accounted for In the Tri-
Gu7,e's fulncial article Of Thursday:
at is attributed TO the Idle whlspcrngs, ndustri-
ously circulated, to The effect that the Central diri-
Gend would not he paid to-day, ana to the alleged
fact that Commodore Vanderbilt had lent the divi-
denu-molcy In the street, and that the calling Ill or
the loans for to-day had ncccsSitatcd the
slaughter o.; large amounts Of securities hypothe-
street seems to be. notwithstanding the feyerish
and Uscatng course 81 the market to-day, tllatthe
worst is over. Whether we have really touched
bottom yet not there is certainly better reason to
hope that have than existed AT any OF The several
upward reactions hat have taken place since the
commencement OF the panic"
As TO the money market. II adds
"hionry las been very difficult TO obtain all day,
and while borrowers Of unsurpassed aud tndoubtcd
integrity and financial sulndness could get ACCOM-
wer Gs rsv az sS for
their daily requirements. Prime discounts are us
last quoted. Legal tenders were iirlner and SOLD al
a premium Of !. to per cent. against i To = YES
terJay."
The hcruII thinks the market was never i'll Il
more favorable condition for speculation than 1t is
now, though 1t may suffer incidental drawbacks
from commercial disturbances. The advance OF
Wednesday, it says, was only the natural reaction
of the paric, in which stocks were thrown over and
sacrificed for no other reason than that other peo-
pie sci the example The Commercial 1drertiser
of Thursday evening remarks:
"1hc banks have been compelled to let their
Stock Exchange customers 20 by the board and
yesterdays fattcnine out OF prices Is fuliy en-
planned 10y the refusal of certain banks to longer
stock SPECTATORS but clearly if the alternative Is
presented Of sacrificing them or the merchants, IL
IS better that they should go. The treatment which
the brokers are receiving from the banks will com.
pei them to create facilities of their own ana will
probably lead to the creation of a Stock Exchange
clearinghouse aud bank and this Is as IT should
be- The Stock Exchange can then have its panics
without directly involving those who have Ia the
past been in the habit OF sharing bank facilities
with The brokers'"
The Philadelphia Inquirer Of the 10th says:
LAS far as the mercantile community is con-
cerned, there Is an Improvement In the money
market. Cash is stiil scarce. but collections are
among wholesale dealers because the banks refuse
country checks"
And adds:
"The weakness developed In the more popular
stocks on Tuesday afternoon had the effect Of al
tracing quite number of new purchasers to the
street yesterday morning, and The presence Of this
class made itself felt in an unmisiakable manner
by the upward bound Of the prices OF the shares
that were weakest on the preceding day."
The chief difficulty seemed to be with the bro
kcrs who found it almost impossible to obtain ac-
Communications on stock collateras, but IN discounts
there WAS more facility for obtaining funds.
In Baltimore, yesterday was an unusually quiet
day In business circles The money market con-
tinued stringent, and loans or discounts were diff
cult to obtain outside of the legitimate hank accom-
mediation. The Baltimore Sun Of the 18th says:
"The Baltimore banks have followed tile exam
pie of those of New York I'm extending the time
beyond the lSt of November for the use of clear
ing house checks or loan certificates. There is at
present contraction OF these going on In the New
York banks"