Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-14
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snspenslan I'd JOIN 3 Fraser-s. Co. I


suspension of John p Fraser-sk Co.
/ We have keretssore noticed che repoftsd suspen-
sion of Messrs. JoHx FRASER & Co., Of Charleston.
The CharlestOn -Asrea0y Of the 10tb, says:
This eOmmsrcia house is Of fifty years standing,
! perhaps the Oldest in the country n1der single
style. lie credit and influence have been eommeu-
surate with its age. And tie iHtelligencs Of its
suspensien in New York on Saturday last, which
has doubtless already reached the majority Of our
re ldsrs. hss produced prefsund sensation Of re-
gret IN the eomGunitY of CkRrlestop- The & An of
JOHN Fraser Co. have d5ns business IN a laress
and liberal scale. Its partners are men n, [ only Of
sagaeiiy and information, but Of lofty character
| They possess the unboGnded confienee aud hearty
sympathy Of all those with whom they have come
in contact. they men Of soul and public spirit
and have ever exhibited as much interest in the
community as it has felt pride in the existence Of
sucn house Hence the news Of their suspension
! at the North has been deeply felt here, exciting
universal feeling 10 stand by Them far as proper
From the New York Journal Of Commerce we take
the following statement Of the matter. We under
stand it is correct except that the capital Of the
house for the year, since say September, 1885, has
been one million, and not two or three Millions as
rumor had il.
"MoNEY MARKEF, Monday Evening, June6 we
regret to esrn that the large and very respectable
house of JOHN FRASER & Co, of Charleston known
here TRENHOLM BROS. & Co., and in Liverpool
suspend payment This announcement t1ok most
of our merchants and bankers here by surprise
and, indeed, was unexpected, as we learn, By the
partners resident in this city. The house was re-
ported TO possess capital Of two three millions
and it may be that their present embarrassment
will be only temporary The business was chiefly
the granting of advances southern purchases
and Fhipanents OF Gotten, the money there being
raised by sixty day drafts the firm here and
these again covered by drafts on Liverpool for the
payment Of which the cotton sent forward would
amply suffice. As long as there was difficulty in
negotiating bills, this arrangement was good one
and the business legitimate. Recently, the diff
Guilty in the way Of negotiating commercial Bills Of
Exchange. has checked the cash. resources Of the
house. The cotton on which their own advances
had been made, was mostly aaost on its way 10 Liv-
erpoo and the bills Of ading beyond recall so that
it difficult to pledge anything for assistance !
except the credit of the firm. The immediate pro-
tests will be- We suppose chiefly in bills nego-
tiated at the South on the New York 6rD, and some
time must elspse before there can be any return Of
bills from the ether side, even if The difficulty should
finally extend far in that direction The foreign
bills chiefly in the hands Of the strongest bank
ers here and in Boston, and the domestic bills are
mostly held by southern banks.
"Since writing The above, we learn that despatch
has been received from Charleston stating that the
banks there had agreed to protect 100000 of the
acceptances of the firm, until November and we 4
have no doubt that the purehasers Of the sterling
bills viii also grant like extension if it is needed
so that the business Of the house viii probably be
resumed again; We can hardly think that any loss
can occur to any of the creditors
The engagements of the firm are all predioated
upon real and substantial property under their own
control They stopped business we understand,
bee .use they were convinced their capital was lost
aud that their creditors might become endangered
They have made arrangements here to the entire
satisfaction Of the banks, who except to the amouHt
of few, say $4,000. constitute their only creai-
tors. Their paper will not be protested here, and
they expect 10 60 on with their business.
The senior partner, Mr.. EoRGE A. TRENHOLM
left Charleston day before yesterday for Liverpool
carrying with him s1ch assistance from our banks /
as will enable the house there TO protect its bills
maturing in England, and sell the produce on hand
ami on ne way the best advantage at their oWn |
discretion, up to November first,
TIE arrangements c0nsummsted in Charleston I
viii doubtless be made with the banks in New |
York Besides large stocks Of ccttons, &C., these
gentlemen, Individually, have a large amount Of |
property invested Of the business; and it con
fid, ny expected that no one viii lose a dollar by
the house Of JOHN FRASER & Co. Though the
large capital on which their mercantils credit was
based is gone their integrity and honor are unim-
| saeled.