Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-27

Bank appointed acommittee OF nine to-day,
to investigate the condition of the bank,
and suggest such practical reforms as may
be deemed necessary. vr
Banks DESIGNATING - Currency for
Workingmem.
The Loan Committee of the Clearing
House has issued about 81, 100000 IN lean
certificates to-day, making the entire issue
about SIS 600, coo. Mercantile paper fall
ing due at the banks is being paid with re-
msrkable promptnees. In one Institution,
where SIG, 200, 900 was due in September,
$l4 COO GOO bad been paid up to THU sday
afternoon, without asking, extension. Other
banks have been discouuting. The result
is, the banks are ready TO pay currency to
meet pay-rolls, laborers, family and business
expenses. 81.
The Gold FurOre.
There was extraordinary excitement in
gold to-day which at one tifn6 threatened
disastrous results. 1t appears that since the
announcement that gold had been shipped
here from England some dealers have been
selling gold TO arrive, some OF the cotton
commission and other produce dealers bay-
ing gold to arrive. This procet ding created
an extensive short interest in the market,
ard st one O'Clock cash gold became so
sea: &c that one-half per cent was paid for
the use of gold and at one time one per
cent was bid. Then comes the news that
there would be trouble In the clearing of
gold az the gold Exchange bank. On Gu
quiry it was found that two dealers were
behind hand with their statements and did
no. care about paying high loan rate for
tN0ra If .,rxt,. - al
temper of the market at this time was So ch
that il clearance had net been made new
panic would have resulted.
The offices of the Gold Exchange bank
did their best to secure clearing and sue.
ceeded. Then the shorts began to cover in
and the confusion was very excited. The
price went to la against iii at the
opening.
The announcement OF the suspension of
Exchange Banks created temporary de-
preston, but dispatches, reassuring in tone,
soon restored confidence.
The Prospects of Produce.
Leading members Of the Produce Ex-
chsnge we're interviewed to-day IS follows:
A no very bad effect has extended to the
flour trade, and dealers have every confi-
dence that their owners are to suffer no Sc
rious injury. They are running slowly aud
carefully, and are taking wise pre-
caution against disaster. Fortunately
stocks are moderate for the season and re-
ceiVers are not pressing sales. Shipping
grades have declined SOC and family grades
25c on the barrel. The heaviest consignees
have advised the Withholding of drafts by
Western parties as precautionary measure
OILY.
Provisions Dealers expressed yery SINH
lar views, the shipping movement was
checked and unless the block was shortly
relieved there would be sacrifices. The
only relief is in free exchange.
There was small business In Lard on
the part Depreciation.
In the general packing and shipping trade
things are tightening, but exchanges can yet
be.sold at some price. The feeling of grain
men is likewise reassumiug. There are
croakers, of course, and there are few
who have more than others to apprehend
difficulties, because they have more on their
hands than they can carry along. But the
common sentiment is that Notwithstanding
that grain has got to stand the brunt Of
trouble in the commercial world, it is vet
the most solid and substantial interest In
the whole country. Consde: able grain
was purchased to-day for steamers sailing
to morrow.
There was considerable excitement at
the Cotton Exchange to-day and a crest
many Gales were made for October. Prices
varied little from those on Thursday.
The arrivals of cotton TO-DAY were, Calves
ton 1853 bales; Charleston, 225 bales; VIII
mington, II bales; Norfolk, 81 bales;
Richmond, 124 bales.