Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-31

IN LNOtemWCAs
81 Fall River Mills Put $4,000
Hands on Half Time.
A London Victim of Erie.
LONDON, Oct. 30.-The failure of house
dealing in Erie is announced. The Pail
Mall Gazette says the house lately received
an order tor Jay Gould to sell $4,000 shares
of Erie, and took the contract personally as
buyers.
Central Union wants TO Fund Inter-
est.
NEW YORK, Oct. 30.-The officers of the
Central Branch Union Pacific railroad say
they will ask the holders of the first mort
gage bonds to fund the first seven coupons
maturing subsequent to this date, and pay
interest on them at six per cent. from the
date of maturity to Nov. 1, 1873.
A String OF Failures.
The failure of the firm of German ship
ping merchant is announced, but excites lit
tie discussion.
Lloyd, Hamilton d Co.; of this city lave
suspended. They we're largely interested
in Pennsylvania
A temporary suspension of G. Msltmann,
Schmidt & Co. has taken place. The FRI
is in the produce and export trade. The
suspension is said not TO be of serious ma
ture. A great amount of goods and grain
had been sent over to Europe against which
drafts were drawn. 1t was impossible to
obtain money upon them and consequently
it became necessary for the firm TO suspend
payment.
PHILADELPHIA, Oct. 30.-In conse
quence of the suspension of Lloyd, Hamil-
ton L Co., of New York, VIM. II. Lloyd
u Co., bankers at Altoona, Pa, suspended
payment to day.
Richardson's Baby Play.
The Sab Treasury to-day disbursed $3.50
of silver coin.
Another Change of Government Poll
cy.
Dispatch from Washington says Richard
son announces that he will neither buy
bonds nor sell gold next Monday.
WASHINGTON, d. G. Oct. 30-There
win BE no sale of gold or purchase of bonds
by the Treasury Department next month.
The National See-Ssw-COntrectiO OF
SII4,IS2.
The legal tenders are $500, 174,606.
Spragues' Agents.
Hoyt, Sprsgue & Co. say they have no
statement of their affairs TO make public
Just yet. The creditors and friends Of the
firm are in council and it is expected the
extension necessary will be given.
LATER.-The suspension of Hoyt,
Sprague d Co. is announced.
The Sprsgues Being Tried in the
Balance.
PROVIDENCE, Oct. SOL is understood
that A. & w. Sprague, in this city, do not
suspend to-day, Notwithstanding the failure
of the New York house. The Messrs.
Sprague state that committee of investi-
cation into the affairs of the A. & w.
| Sprague Manufacturing Company, appoint
ed by representatives of the city banks, W i'll
be prepared at meeting tomorrow morn
| ing to make report, which it is thought
will be highly satisfactory to the creditors
| of A. & w. Sprague and Hoyt, Sprsgue &
Co. The surplus of available property, at
| a low valuation, over all outstanding liabil-
| tiles upon scceptances of Hoyt, Sprague
| 6 Co., il is stated will be not less than
eleven millions. A plan will be presented
at the meeting, accompanied with a de-
tailed report of the situation, which will, it
is believed, if carried out, make the en-
barrassment of A. & w. Sprague and Hoyt,
Sprague & Co. of a temporary duration.
Have Heard this story Before.
NEW YORK, Oct. 30.-It is reported that
the New York house of Hoyt, Sprsgue &
| Co. could have obtained all the assistance
necessary to keep them af2at through the
present troublesome time both from friends
and creditors, if similar forbearsnce had
been shown to the Providence firm. Great
sympathy is expressed for the firm and q
gentleman well known in Wall street, saiC
to-day be thought the creditors of the
house in Providence has adopted a very
short sighted policy in refusing assistance
to q house upon which thousands of per.
SONS depended for employment and Whose
embarrassment was, so far as he coulC
judge, only temporary.
Effect ON the Street.
This important failure was the great talk
in financial circles and the immediate eff
feet was seen in heavy decline of stocks il
the Stock Exchange and depression out
side. Considerable paper of the firm Il
held in this city, it being estimate that
S9,OOO,O00 of their notes have been dis
counted by banks, bankers and individual
capitalists here. Some of the foreign
banking firms are mentioned as sufferers,
probably in the way of cotton operations
for the mill.
On Wall street business at the close wa
marked by an unsettled feeling and consid
cradle irregularity in the various markets
with some anxiety as to the future.
Preparing for an Exhibit.
PROVIDENCE, r. l., Oct. 30.-rhere i
no change in the condition of A. & W
Sprague & Co.'s affairs Tonight. Theil
maturing obligations to-day are small ant
paid. The committee of banks is hard q
work with counsel and members of TIL
firm, preparing an exhibit and proposition
to be submitted to the bank meeting to
morrow. Nomination is given as to wba
the proposition will be, but the statemen
of affairs'is pronounced to be favorrble
The failure of the New York house, havin
been anticipated, did not cause great sen
sation, although csnvassed with interest i
is bearings upon the fate of the Spragues
The ability and disposition of the city bank
to help them through, If the report of III
committee is satisfactory, are undoub &c
We hear of no house that is like
" to go down with this disaster
Sprague's paper is held largely by bank
and their cotton and other supplies hav
been generally bought from Strong houses
and their paper, which has been bought b
bankers, is largely in the hands of speculs
tive men, who, tempted by high rate, too
the risk and can meet the loss, which i
many cases is caused by previous profits o
the same risk.
Commissioners appointed by the Cove
nor to make an examination of Frankli
Institute for savings, report the who
amount of liabilities $2,919, 723; resource
are, bank stock $163, 900; bonds sos, 00t
mortgages on real estate $1,56l ,243; loar
on good collatersls, $97,70O; cash $25
, $50; loans on personal securit
$S24,500, of which the Spragues haV
$751;, 900. Even if Sprsgues should prov
worthless the bank will still be able to pa
| 70 per cent. The bank will neither recaiy
nor pay deposits for the present, but wi
probably resume business under new nal
agement. Investigation into Cransto
: Saving Bank not yet completed but is III
derstOod to result in less satisfactory e1
. | hibit. 1t is understood all the banks hay
. come into arrangements for guaranteeing
the extent of per cent, upon their capita
! the dan0sits of the First NatioocI Sooon