Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-09-26

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The New York correspondent of the louisville
COURIER ournal telegraphs as follows:
NEW YORK, Sept. 24--To day has witnessed
the rupture of the bull clique in gold, amid
scenes of excitement and confusion seldom, if
ever, witnessed. Business has been nearly sus-
pended; and merchants have gathered in knots
TO watch the gold indicators. or rushed to the
gold board to witness developments and look aft
ter interests that were involved in the struggle.
Inc streets in the neighborhOod were blocked
up by an eager and excited crowd, on those
faces were depicted frantic rage, or reckless
! with blank despair or gleefuI hope, Just as
the turn of affairs affected individuals.
The opening quotation was 49, at which a
number OF the shorts came forward and settled.
From this Inquire there was rapid rise. and
1874 reached at twenty minutes to II 9th
er parties who were short now settled at l55. 1t
was then stated that Brown Bros. had borrowed
$5VO0,OO0 IN gold from the government, and, as
| II to sustain the report, a million was immedi-
ately sold for account of that firm. Then Jay
| Cooke offered whole blocks Of three millions
| each lat which the bulls took the alarm, and
commenced selling at the best rate 1t was
then announced that the treasury would sell
| 100000 Tomorrow. when regular panic set
| in, attended with decline TO 1873. -.a
To add to the wrath of the operators, neither
/ bulls nor bears appear TO have made much
1 money. Mr.. Boutwell, is accused of having
gone back on the leaders Of the bull clique, and
they sacrificed their brokers', who in turn sacri-
/ feed their customers, and the howls of indign-
alton which these things provoked would have
put bedlam t shame.
/ Among the principal failures reported were
| the following: A. e. Speyer, Belden " Co., +.
| II. Williams, Galway, Hunter l. Co.. Chas. Me-
/ Cure Co., b. 81, Waller 4 Co., williams,
Heath i Co.,. and W Smith asked till tomorrow
TO make up their accounts. 1t should be stated
l with reference to most of the above that their
transactions in gold have been so large. and
OQt1 IN n3lnh in aFTa
Exchange Bank. that the bank was unable to
settle the balances due from them to brokers.
This caused great confusion, and many brokers
were unable to make up their currency accounts
at other banks. .
MIR. Speyer announced his failure himself
and stated that the gold he had bought to-day
was on verbal orders from j. Fisk, jr., from
/ whom he had neglected to obtain any margins
and he could not take his purchases At thi;
he was compelled to make hasty retreat from
the board. The crowd soon after made rush
/ on the Office of Smith. Gould, Martin j Co. and
| only the active efforts of the police prevented
| its being Quilted. They seized Fisk and threat
ened to hang him, but he was rescued with ne
more damage than black eye The eTowC
/ continued in the street until late hour. anC
the presence of large body of police was ne
1 cessary to preserve order. . . ..
i The effect upon exchange on Europe wa
| most marked. Good sterling bills declined L
80. or more than 10 per cent, below par, an'
francs sold at six for one dollar. or about d pc
cent. dscount.
Mr.. Boutwell, is severely denounced. in al
| strictly mercantile circles, by both Republican
l and Democrats. His refusal to sell gold las
night and selling tomorrow, after the bear
had been forced to settle, and the market ha
| begun to decline, is counted as good enoUg
| evidence that he was in the bull Clique. who's
Operations have brought the business of tn
| whole country to q stand-still. 1t is probabi
that the whole matter will be investigated b
the Chamber of Commerce, 1t was proposed a
one time to call a meeting of merchants TO de
nOunce him. and demand his removal, but othe
| counsels prevailed.
"It was noted that when gold was higher i
| was impossible to sell small amounts at tn
| quoted rates. The highest price paid over tn
counter was 152, and that little was done owe
AS.
I Another account of the movement this morn
ing is this: 1t was yesterday discovered tina
| two or three mere boys OF the combinatl0i
which have been working for rise, secretl!
| sold their gold, and, in addition. large amount
/ on speculative account, thinking that their de
fiction would thwart the purposes of Tn
remainder Of the , combination sdntis r an
l for this detection the remainder of the comb
l nation determined to punish them, and that tn
| rise this morning was in pursuance OF that de
\ termination. To show the mammoth scale OF
which this speculation has been conducted, 1t j
| but Necessary to refer to the gold clearlngs a
the Gold Exchange Bank. The return show
that on Wednesday S324.524,o09 Of gold Wer
much larger than this, and the transactions to
day larger than on either of the precedinl
L days" ~ -v II -s-
The New Orleans Times says in its market re
| port of Wednesday evening:
4 In comparing last evening our receipts o
cotton from the first instant with last years. VI
/ set down the former at l2,SlS bales, against q.
/ S25, showing decrease OF more than hall; bu
to days arrivals have greatly reduced the dit
| ference. the receipts proper amounting to 400
bales against 1874 on the same day in last Sep
1 TENDER, making the total since the LIST instan
1904 bales against $3.50, The receipts for IL
rest of the month last year were about l5,O0
bales. and if during the ensuing eight days VI
| get two-thirds of that amount it will make
| total for the month of about Zl,0Oo bales. o
2,0O0 more than was generally expected las
| week. While we are thus behind last year, tht
receipts at the other delivering ports exhibit ,
J, | material increase During last week tor exam
pie. they embraced 3. 452 bales at Mobile, agalns
| 3,lS6 last year; S.75l at Savannah, again AVE.
4Sl2 at Charleston, against 1888; l,l99 IN. Noru
Carolina and Virginia, against III; and l,S96 a
Galveston. against; making total Of 24il
/ against 9,02l. The e0pious receipts at thu
| Atlantic ports are ascribed TO favorable weather
for picking. and should not be regarded as mn
| cative of the crop in these tributary districts
any more than our short receipts are OF the crOI
| in the Mississippi valley. Unless shipments
| are prevented by low water IN the tributaries
| we may expect heavier receipts IN October anC
November, than last year. aud that the total NJ
| to the LIST of December, compared with last year
will afford no bad indications of our receipts fOi
the year. 1t is anticipated that in the Allan
tie States also the receipts will continue lib
II
l from that time show a marked falling OF. ID a.
1 terial injury has been suffered In those. State:
! from rust and shedding, and the Charleston
Courier says that the general opinion ia that thu
crops of South Carolina and Georgia viii be di
| minished by those causes IRON one quarter Y
one-third. The papers at the North and elsei
| where, without much reflection OF inyestlgatlon
| have set down the incoming crop at Sy0esOgU
| and occasionally. a leading journal 70 snow NJ
| superior wisdom, estimates it at S.25O.guO. Tins
| is so widely different from the prevailing view:
II NkDNn ans flnn
account for such extrayagant ideas on any othel
| suppositIon than that the object in -prOmul-
| eating them is to bear down prices. NC
doubt this purpose mas g some t extent oesn sS
| New York may be to some extent attributed 70
| such tactics; and although other causes have
had a depressing influence everywhere, yet
| planters are often advised TO hold their crops
/ and not market them until O later PERIOD The
! Memphis Avalanche. for example, confidently
| believes that the crop will not exceed AoV&U0o,
which is but little in excess of last ears growth,
| and its readers who agree In such views, are
/ reluctant to accept prices supposed to be pre-
| Dictated on a three million yield, 1t must not be
| overlooked, however, that whatever may have
| been the influence of crop estimates, the con-
trolling element has been, as it usually Is. the
relation of the supply to the demand. We COM
! menced the year with unusually light stocks at
all the cotton centres, and limited supplies ih
the hands of the manufacturers aed although
the latter have materially diminished their con-
sumption. yet their has been lively demand
| prices should have declined under such cir
| cumstances indicates a general opinion. thst
when the receipts become more liberal in the
| months of October. November and December,
| there must be further and material reduction.
| Hence we find that. last week, as during the
previous fortnight, forward delivery contacts
| for low middling were made at New York 81
28lk up to 800 for September. 2711<q2Sh for
| October, 2655<927l4 for November. and 2679g43S
/ for December This seemed. to be, regarded
| there as near the lowest point. for sales were
/ made for January delivery at 2634. With SUCH
views prevailing in cotton circles at the NORTH,
the prospect is certainly not favorable to an a.
| vance in prices, and it would seem to be the
| true policy of the planter TO rust. forward as
much Of his crop as he can get ready for early
sales at the ruling rates. and reserve the resldae
for future changes" = - e.
SPECIAL NOTICES.
Be Beautiful. If you desire beauty you
should use Hagan's Magnolia Balm.