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

ion VI me LDEcIHHteib 10 ssht LhlltS INV
lions of the legal reserve. Reverdy johnson
is said TO have given his opinion TO the effect
| thnt to use the legal reserve for this purpose
| is unconstitutional. proposition made by
Vanderbilt was declined.
HELPING THE UNION TRUST.
At late hour last night it was stated in
one of the clubs that Commodore Van dcrbiIt
had plid into the Union Trust Company
during the day two millions of dollars, the
amount due by the Lake Shore road, thus
enabling the Trust Company to resume bust
ness on Monday morning.
BANKERS MCTUAL AID.
The general cause Of the suspension on the
part of the banks and bankers yesterday Was
their inability to convert securities into cash.
Even Government bonds could not he dis
posed of except at immense loss. BY the
action Of the bank officers on Saturday this
difficulty Is done away with. Any bank by
dcpositpg in the hands Of i committee good
securities can obtain an equal amosnt OF GER
titcates, which can be used in the clearing
banks instead of lcgal-tenders. The certit-
Gates will 20 into effect tomorrow.
EFFECT on TRADE.
Dry goods men believe that Jay Cooke &
Co. will pay the last cent of their liabilities.
The ten trade s in a healthy condition, near
~ all of that branch of business being done
through foreign bankers. The wholesale
druggists fear nothing unless the stress con-
tnues, while the Sales'in other branches OF
trade run along in the sane old channels.
THE SAVINGS BANKS, &c.
At an Informal meeting Of the presidents
Of the savings bal.ks of this city, III winch
| Thirty banks were represented, "A resolution
was adopted unanimously that the rules and
bylaws governing savings banks leqnlfih"
notice previous 10 payment be rlSid'y en-
forced.
jay Cooke & Co. deny that the house OF
Jay Cooke, McCulloch & TO-, of London.
has failed They say their London business
continues uninterrupted.
WHAT VANDERBILT WILL DO.
After the announcement of the intention
of tIlc Sub.TrcaSuty TO buy jvc-twcIticS and
United States SKIES of 1881. Commodore
Vanderbilt consented. it is slid, 10 advance
two millions to the Union Trus: Company,
which institution viii, it is reported, resume
business tomorrow.
TIE PRESIDENTS ACTION.
There is the strongest authority for SATIN"
that President Grant and Secretary Riclllrd-
son. in declining 10 place any part ct the lc-
cal reserve ut the disposal Of the NcT York
city banks. are acting orlr on the question 81
Inc conStitutionalty o! such action.
II, however, tomorrow should indicate
the NECESSITY Of The Government placing II
part Of the legal reserve at the Gi>po>ai of
the New York city banks, such action may
be taken notwithstanding the supposed un-
cons itutionalitv Of the course.
Disbursements for the United States Navy
Department held by Jay Cook, McCuluh X
Co. London, are transferred to Henry Clcw-
& Co.
GoUI.Ds orI&I1S.
JAY Gould expressed lis opinion tonight
tha, he only safely for the mercantile COM
munitr and the general publici i, III general
suspension OF The banks.
FISK Il HATCH.
TIE FIRST TUUNDERBOLT Of FElDAS-A
HOUSE THAT STOOD LIKE \ ROCK, But
FELL-GENAEAL SYMPATHY WITH THE
FlEM-ITS Hl>TuKY-INTERNlEW WIFI
MR. HATCH
Tie widespread and excellent reputation
of the firm of Fisk & Hatch. their connection
with several Of the great internal improve
mcnt enterprises Of the day, and more rar-
II .ul,rlv their relations TO the Chesapeake
and Ohio railroad, causes the New York
plpcr- to fill many columns with items is to
tie history of the hou>f, tie enterprises
with which they are connected, and The
cau-cs of their failure. Every paper speaks
of the firm in terms of the highest praise,
ard not shadow of doubt is cast upon their
integrity.
The Ttilunc. in describing the cXctin"
events of Friday morning. speaks as follows
Of
Tile FIRST THrNDERR0LT.
Tn the midst of all this the president an
nounceu the Suspension OF FISK IL Elatch,
bonkcrs and exchange dealers. This in'riI'-
renee tell on the excited throng; Tor mo-
ncnt there was Il pause OF silence: tHri Il
low wall broke out from bulls and bears
alike. The harsh mUrmur, which was sue
ercded by Il confederation of ycl'S 'nd cries
iudrscrjbahic spread into New street i'll the
rear and Broad street in front. The Ill news
flew anacp. and excited groups gathered
under dripping umbrellas and sloppy por-
ticoS, telling the tale anew an!! wondering
what would come next. Expressions OF
svnn,rI,v and regret were heard on every
hand Even the hard-hrartcd bear, growl-
i'm. on his way through tie startled lno',
rn,lsed 10 whine Il few words O! ur>lEc sorrow
that so respected and honorable Il hpase
should lie compelled TO bow to the blast. II
was strange, too, said every body, that >llcl
= conservative firm should suspend. while
other aud more reckless HOUSES Kept Their
doors open. "Whv,' said one lardIned
sinner Of Il broker. Fisk & Hatch aln't no
Dark. Cannon & Snap. They have no
Contract. before the Board, and never had.
They onlr bought stocks for cash customers.
Whv they should be in trouble beats me-.
II shouldn't have wondered II handsome
Clever Il Co. had gone under said another.
"Thcv are political bankers, ana nave
bought up all the worthless truck that mas
been ground out by the southern carpct-bag
Governments. But for Fisk It lialch 10
come to gricc-wcl. that is too ID bad.
And Handsome Clever lives. prosperous
gentleman he added grimlv. a> lie turned
ON his heel to hear who had failed next.
Fisk & Hatch had opened in the morning
with IN expectation OF going successfully
through the day; it was not even suspected
that there was any trouble i'll tbetr noI!>@
until their suspension was announced. ne.
lad negotiated the bonds of the Central Ia
cilic and Ohio and Chesapeake railroads. aud
had lmadc liberal advances to tnc latter en-
! terpriSc. which is new and not yet suih'
Gently developed TO. pay web. Men we're
scared when it was positively asserted that
these road, had been too much Tor Fisk n
Hatch. The Central Pacific is said, quite
Justly, to be rs good Il the Bank of Eng-
Ind 1t has just declared its tir-t
dividend. and is earning very handsome pro-
titS. But it WAS bruited about that lis re-
mittances bad been delayed. Mr.. {. z.