New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-15
SHORT TALKS WITH FINANCIERs.

DANIEL DREW TAXES GlOOM1 VIEW.
TRIBUNE reporter called on Daniel Drew,
his residence in Unionsquare, last evening" and found
him alone in his parlor In to inquiry to
what he thought of the latest financial furry Mr.. Drew
said that he did MT know what think; mans
opinions just good another in such times
these. He never had seen anything like this panic in
his life had clear idea its its ut
mate consequences.
O. Do you think 1t will become general Mr. Drew, so
to involve the mercantile community A. Well, no.
Mt ought and yet every body must be more
less affected by ii there many people holding
securities who can't sell them except at great sacrifice
that almost everybody will feel the effects of the panic
everybody almost has got less railroad stocks
or bonds like the Northern Pacific, the Midland, aud
Others and they must all suffer.
@ What would you suggest as relief for the present
condition of afairsi A. Well, don't know have
idea what would be best
O. The sale of Government bonds didn't seem TO
afford much relief, did it A. Well no; the savings
banks have got most of the money from that source
and they keep IT locked up to prepare for ruD.
q. What do you think about the resumption Of specie
payment? A. Well, the banks won't pay gTeenbacks,
and don't how they could pay specie any more
easily the fact is everybody has lost confidence
every JbiDg people afraid Of everybody they even
talk about VaDdermlps being shaky-a man who is
worth well, don't know how much he is worth.
O. The Vanderbilt stocks appear TO have deprecated
s much as any OthcfsE A. MORE more lana mere uie
old gentlemans face lighted up; Western Union has
fallen of more than any stock IN the market.
O. Is there any truth in the that the last div
idend the New-York Central will not be paid No,
don't believe 1t; it is contradicted Of the
evening papers; Vanderbilt will pay the dividend,
have doubt.
O. DO you think we have seen the worst Of The panici
A. Well hope but can't tell ANYTHING about ii the
fact is in times like these mans opinion just
hers "A "a
thing like it. and have no idea when 1t will end.
THE PRESIDENT OF THE STOCK EXCHANGE MORE
HOPEFUL
II. G.. Chapman, President of the Stock Ex-
change was visited by TRIBUNE reporter last evening"
and readily gave his to the causes OF the re-
vival of the panic YESTERDAY He said the events OF
terday were great a surprise 10 Wa-st as TO any
other part Of the country They 10 be attributed
IN opinion, to the legal proceedings the house
Of Grinnel q Co., aggravated by the closing out Of
stocks TO satisfy loans market that was not
| pared TO take them The Injunction issued by Judge
Blatehford against Grnne q Co. had produced panic
among all dealers II fatal stab the sanctity OF
contracts. and II it lie sustained and carried out,
all wall-st Will be compelled 70 20 ont Of
! business. II win not only affect stocks hut merchan-
disc for mercantile business is constantly transacted
in the same way. Every afraid that similar legal
proceedings will he taken against himself II has
taught how TO steal according to law One rea
son WHY stocks have fallen IN the last two or three
DAYS thut they went up too rapidly when the Board
first reopened aud thus drove away capitalists who had
come here invest low prices But the chief cause
is the legal proceedings In the Grinnel There
universal want OF confidence. Money plenty enough
for those known 10 be perfectly safe. IL could
be had by such persons to-day AT per cent in alum
dance while others paying oneha per cent day
on securities like the Central.
@ DO you think it will be worse or better In the fu-
by DO means sure of t. Indeed think stocks may
20 lower than they are now before it ends but
must he au Improvement before many days, and think
! people win wake up by and By and wonder why they
slaughtered their property they are doing now The
failures o-dsy OF Importance they dd not In
| yoye men of much account financially. There will
doubtless be other failures In fact II will take In pretty
much all OF that whe have been doing business
yond their Men who have been In the habit OF
purchasing $780, 900 worth OF stock capital Of 5000
dnd they can't do II longer and will have 10 stop
but for those who buy and hold their
| purchases there never better time than II
| ia ike buying gold dollar for 80 cents.
O What do you think of President Grants financial
| views A. would rather not express an opinion on
that subect he has some good Ideas and very
! roneeus ones
| % what has become OF the money from the purchase
| ., honda nv the Governments Alt has mostly gone
into the savings banks they are holdngh until the SC
DAYS expire Of which they required notice from depo
,tors before paying their drafts II at the END OF the 81
days there should not be run on the banks they VIII
OF course let out the money as they cannot anod 70
hold it without drawing interest; this VIII anord some
relief but the great thing needed is restoration OF con
hdeDoe and an abandonment OF the position taken IN
the legal proceedings against GTinneh oo'' "mcn
more than all things else caused revival OF Inc Pae'
In ola question as to the rum0rs IN Circulation
about the yment OF the dividend N T. Central
stock Mt Chapman said there not the eaAt iounaa
ton FOR them. The dividend would be paid promptly
be vas ID sure Of he that the aD would rise Cd