Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-12

NEW YORK. December n.-(Special.l-
Where is Wall Street going to get money
to meet demands for the next six weeksi
That is the problem agitatin5 the Imam :
cial district to-day II not solved soon
there may be serious trouble for many
who are too far from shore in this crisis
The actual requirements to be- net be-
tween now and February fst will aggre-
gate s2Oo,oOoCoO. OF this s14oOO0, 900 must
be paid out for dividends and interest,
January 1st. s20,CO0,OOO is needed for the
year-end payments. and sl0.c0o,oeo for new
combinations
Prominent Wall Street houses arc adj.
vised that the Treasury Department ia
not contemplating and new financial
the situation in the money market as
materially changed from the condition OF
the last few weeks. This means there is
no prospect for relief from that source
and Wall Street must look to some other
The Drain of Gold.
Gold is going out in two directions-to
South America and TO San Francisco
while losses OF banks to the Sub-treasury-
are large enough to seriously threaten
speculative investments. Money that WAS
sent to the interior for crop moving is not
coming back and both time and CALI
money are lending privately at more than
the legal rate
For thirty and SiNty-day money the
brokers are paying and per cent. inter
est while call money is firm at per cent,
Having exhausted its plans for getting
money from other sources. the Street has
resorted TO the last expedient-enforcett
liquidation in the stock market For sew
era1 hours to-day good paying stocks
were ruthtessly sacrificed Dividend pay
ers and non-dividend payers went to tho
block in an endea.or to meet loans which
were called by the banks or which arc
expected to be called at any time.
In this ricariouS sacrifice TO the exisen-
cy hundreds OF thousands Of dollars We're
lest to-day. No particular stocks we're
selected TO bear the brunt of liquidation
Ali shared in the enforced declines.
shaw in Conference.
Secretary Shaw held Il conferences Will,
Appraiser Whitehead. but said there was
nothing of public interest in the confer
ence.
Although the Secretary did not discuss
the tina ncial situation It Is known he be-
lieves Wall Street should take care of it's
January disbursements and dividend to be
paid before New Year without any fur
ther aid from the Treasury. He exhaust
ed the sources of relief through national
treasury when the danger of the crisis
was more imminent than now appears.
and he did not like altogether the waG
the New York bankers treated his Efforts
TO relieve the situation. With few excep-
tions they ignored his relief plan through
increased circulation and failed to take
out circulation as he requested.
Government Depositorics.
While discussing financial matters gem
orally. Secretary Shaw informed a Wall
Street financier he would soon renew ths
plan Of putting government funds in
i national bank repositories to the legal
limit of S., COO month.
This wss discontinued some time ago
because of the drain on the surplus caused
by the Secretary's efforts to aid Wall
Street.
Bankers say the Secretarys position is
correct. but they are somewhat anxious
over the situation. They fear q severe
money pinch
Secretary Shaw returned to Washiugto1
to-day It is likely that Il delegation OF
bank representatives will go to Washing
ton soon to confer with him on the fnau-
cial situation