Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-01
le Chesapeake and Ohio Defaults.

Their Final Fate Reserved till To-day
The Chesapeake and Ohio Defaults
The Greenback Pool Dissolved,
But Unknown Amounts Of Loan Ger.
tiflcates Still Swim.
First Blood Of the Day. C
NEW YORK, Oct. 31.-J. T. & W. a.
Daly, 40 New street, in che Southern ship.
ping trade, are among the failures an.
nounced.
Senator Morgan TO Succeed Treasurer
Richardson. 20
A Washington special says Mr.. Richard
son will soon give place to Gov. Morgan OF
some one else If be is not eligible in the
office of Secretary of the Treasury. The
change, it is stated, will be agreeable to
both the President and the present Secre-
tary.
still waters Run Deep.
The feeling in Wall street this morning
was not good, although there was notiany
apparent inclination towards panic. The
prices of stock were lower and good deal
of uneasiness was expressed. The firm of
Hoyt, Sprague & Co. promise full state
| ment of their affairs as soon as it can be
prepared. One of the partners said this
morning the affairs of the Providence house
with which they were so intimately con-
nected, are in such a condition that it is
impossible to foretell the result. The re-
suit, whatever it may be, remained entirely
in the hands of the creditors. The assets
of the concerns he thought would exceed
their liabilities by at least $4,000,000, but
of course time was necessary and it was in
| the power of the creditors 10 say whether
an extension should or should not be
granted. Up to the present time all the
creditors had exhibited the most kind and
forbearing spirit, and hopes of the firm
looked towards resumption and the pay
| ment in full of all demands. They had
fought as long as they could and had sue
cumbed to the force Of circumstances.
The Erie Dfscharging Employees.
The Feather Factory in West Hoboken
closed on account of the scarcity of money.
Two hundred hands are thrown out of
employment.
The Erie railroad is reducing the force In
the different shops along the line of the
road, and the workmen retained will be put
on three-quarter time, commencing to-mor-
row.
The Scene Changes TO Providence.
PROVIDENCE, Oct. 31.-The meeting of
bank officers 20 consider the affairs of A.
& W. Sprague further adjourned until te-
morrow. The Committee il not ready
with statement and nc plan for the future
conduct of the business has been agreed
upon. There is no material change in the
grave aspect of affairs.
LATER.-Notes of A. & w. Sprsgue
went to protest this afternoon.
& Savings Bank Swamped.
The Commissioners appointed by the
Governor to examine into the condition of
Cranston Savings Bank report the total la
b:lities of that institution st S2,366, 935 in
Guiding $2,143,505 due to depositors on
bank account; assets at 81, ,383, ,235 including
S495,OOO in acceptances OF Hoyt, Sprague
& Co., $3S7, 800 in notes of A. & w.
Sprague, manufacturing company, and q
hundred thousand in the stock of three
Sprague banks.
'The Situation Unchanged
There is no notable change in the finan-
cial situation tonight. Maturing notes of
Sprague, amounting to 5000, went to
protest this afternoon. Senator William
Sprague, President of the A. x w. Sprague
Manufacturing Company, arrived this af
ternoon. and ii is expected that bis presence
will aid the committee in maturing propo-
sitions to be submitted TO a meeting which
is to be held tomorrow at noon. Nothing
is known positively of the proposition to be
submitted, but the plan talked of involves
the appointment of trustees to take general
charge Of the settlement OF the vast and
varied interests, on terms most advanta-
geoUs for owners and creditors.
A WOODEN EiII Gone.
OswEGo, Oct. 31.-Hoyt, Sprague &
Co.'s Woolen Mills, at Oswego Falls, close
to morrow until further notice, throwing
5000 operatives out Of employment.
. Pooling Played.
NEW YORK, Oct. 31.-AccordiDg to q
resolution of the Clearing House, the pool
ing operations of the associated banks
stopped to-day. Different bankers express
the opinion that the cessation of pooling
will not affect very seriously any bank nor
interfere in ths slightest degree with any
legltlmate business.
An Unknown and Unlimited Quanti.
" that Needs Eliminating.
The President of prominent bank said
to-day that the issue of loan certificates
will continue. These could have been
largely reduced he thought, but is was
deemed advisable to keep large number
out to aid business interests.
LATER.-To-morrow each bank COM
mences business with its own proper per
centage of creenbacks when every banh
will have to lookout for itself. The loan
certificates are continued without limit as
to time or amount, but the banks generally
are not IN favor of increasing them.
Confidence Getting NO Better Fast.
The biggest and best houses are reckless
ly talked of and endangered. The senior
partner of one of the largest jobting houses
in the city was stopped in Wal street to-
day and asked TO deny that his firm haG
failed. The standing of no firm saves it
now from the trifiors with regulations. A
large stock house was attacked in the same
way.
The chesapeake and Ohio Fails to
Meet fits Interest.
At meeting of the Directors of the
Chesapeake and Ohio Railroad to-day, no
provision was made for paying the coupons
due tomorrow, but it was instead decided
that the bondholders be asked to fund the
four coupons next maturity into Z per cent
income bonds. The company will make
statement to creditors and bondholders to-
morrow, or very soon. 1t is stated that G.
P. Huntingdon, President of the Company,
offers 100000 of the $450,000 gold, re-
quired for this purpose, provided other
wealthy directors will furnish the remain
der.
The Express says: The default of the
Chesapeake and Ohio road is a matter for
general regret, end will no doubt damage
American railroad credit in Europe, while
here it will result in serious inconvenience
TO many small investors. There were
rumors of other defaults tomorrow, but we
prefer to wait for an official announcement
of the fact.
3.65 Per Cent Convertible Bonds.
The Cincinnati Board Of Trade to-day
referred to a committee resolution, look
ing to the expediency of the government is
suing 9.65 per cent bonds, convertible on
demand into greenbaeks. 1t was also re-
ferTed to its Finance and Manufacturers