The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-02-24
LOCAL MATTERS.
neclinc I'm DauYilIe.

CHEAT HAlL u baNNlLlb hAiLi.vAb Nh
wEsr POINT TERMINAL sTOCKs. FOLLOWED
BY CONSIDERABLE ADVANCE A. TIE MAR
XII CLOsED-CAUsE OF TBE TEoUEiE.
YESTERDAYS sensation in business circles
VA. the iall in Danyille railroad and West
Point Terminal stocks. Though at no
time spproxmating the dignity OF panic,
il vet caused decided cOmmotion amongst
those interested, and the brokers called FOR
margins" in a way that indicated severe
l0ss,., on the part of those Mt able TO pro-
tect their ventures.
OF the forty thousand shares OF Danville
stock a majority are held subject To the
pooling committee. and members Of the
pool hold other shares in their own hands.
II Is believed that Richmond people own
the greater part OF the stock. and IT. steady
rise ha, been a subject Of pride on the part
of the railroad company and is friends,
and q source Of prosperity 10 not Few.
Those conyersant with the brokerage busl-
ne., -ay that the operations here In this
stock. on margins. have been confined OF
late 10 a limited number Of persons. II
had gone up too high 10 allow the large
flock of lambs " 70 deal in il.
The cause Of the decline j. not yet clearly
understood IN Richmond. but Mr.. clyde,
General Logan. Mr.. Bryan. and other
gentlemen left here for New York yester-
day. and will soon ascertain what j. the
matter. and proceed, q, far as possible, 10
rectify The trouble II the stock does not re-
sumo il, former station to-day. The gene
raj opinion j. that men whose Speculaiions
required them 10 have possession Of con-
siderable amounts Of Danyillc stock forced
Il down and then bought al low prices all
they needed 10 cover their transactions,
and that having done 50 they viii now let
il 20 back % old figures.
Bv private telegramS to brokers the
Danyilic stock was quoted a. follows It the
opening aud closing:
Opning ....'.'. 80
Lowest point reached .............,....l ~
Closing
The stock of the West Point Terminal
Company was affected at about the same
rate. being quoted At the opening At 23j
and at The lowest At 49,.
The largest holder, Of the stock here yes
terday said that they felt no alarm. They
were confident that the resction would be
complete to-day. There was an order for
wardcd 10 buy 800 shares at lSj.
The following l. au account furnished
FOR publication by a well-knOWn friend Of
the road:
There has been considerable excite
ment in Richmond and Danyilie stock. II
sold at 220 on Tuesday. and down 10 10
TO-DAY. at which price there were buyers
for all that was offered. The stock has
been heavily raided on in New York, and
il is rumOred that il declined 10 10; but
W. believe that they were washed sales,
4, brokers here sent orders At higher prices
and could not get them executed. We have
no doubt that some New York railroad
king, would Ike very much 10 break
the market and weed out the weak
holder, in the hopes Of buying the stock
and controlling the road. But just now
that I, one Of the improbabilitieS. a. ma
iority Of the stock haS been pooled and
held by parties who bought al low prices
and have no idea Of selling. just here II
may be interesting u state that there l. no
system equal to the Richmond and Dan
Vile in this country. They control over
two thousand miles Of railroad, The fixed
charges, consisting OF rentals, interest. &c,
Of about one thousand dollars per mile.
II owns two and one half millions
q the Richmond and West Point
Terminal railroad stock. all of which
/ il paid for. and has siX-mll-
/ lion bonded debt. with small floating
debt, all Of which has been provided for,
and will be paid off in theneXt few months.
/ The capital stock i Si,000,0O0. which con-
troll. q, stated before, over TWO thousand
miles Of railroad.
although they have purchased the last
wear over fifty engines and \ thousand
ireight-cars, they are more pressed for tom
mage capacity than year ago, and are now
about contracting for one thousand more
/ ireight-cars and forty engines for their fall
/ business.
e. II is hard 10 estimate the value Of this
stock. and il can only be 10y the size Of
the crops in the South and IL future pros
perity. The line now extends from Wash
ingtOn, u. G.. and West Point TO Atlanta
and Augusta.
The freight receipts show an increase
/ for the fr,i two weeks in February Of over
/ 20 per cent. above those Of the same time
last year. and would have been much
larger could they have moved the tonnage
offered. In fact, the tonnage Of the road
/ has increased over 100 per cent. in the past
three YEAR, and il continues 10 increase be-
yond the expectations Of It's most sanguine
friends"
Z