Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-20
Is the Governments Involved.

1920 miles in length, across an unsettled
continent.
Is the Government Involved.
Secretary Richardson says the Govern
ment will not loan dollar even if the fail
ure is complete. Jay Cook has not dol
lar of government money in his possession.
He may have bonds but be LAD to buy
them and pay for them. Ne do not give
bonds to them nor lend them unless they
are PAID for. The syndicate have the sell
linz VI the bonds, They open subscription
and when they sell bonds or have a market
for it, they come to the Treasury and pay
the money for it. No bonds are given TO
the syndicate until their equivalent IN
money has been delivered to the Treasury.
The bonds are sold under the regulations
of committee composed of persons select
ed by the firms composing the syndicate
from their own number.
The amount cf bonds disposed of since
last March has been about sixty million dol
lars. The Cookies have deposited more
bonds than they have drawn against on syn
dicate account, and the de Oartment owes
them az least one hundred thousand dol
lars in syndicate bonds, and the amount
may reach two hundred aud fifty thousand
dollsrs. The suspension of Jay Cooke q
Co., can have no possible effect on the syn
dictate, and therefore shall pay no atten-
ton to it. The department has simply
contract with certain firms known by the
name of the Syndicate. 1t is not question
of appointment nor design. 1t Is subject
+ of contract and it must be carried out by
parties who have made the agreements.
The department has nothing to do wit h
Jay Cooke & Co., but with the syndicate as
a whole.
The First National bank is government
depository, but 1 do not think there was
very much money IN it belonging to the
government. Besides we have bonds that
will more than cover any loss, and we
shall be fully protected. The government
will net lose a dollar.
A MILLION Saved.
The Secretary also says he has saved
million dollars of the Navy fund by stop
ping the payment Of draft sent by the
Navy Department to Jay Cooke, McCulloch
& Co., London. 1t was sent for the uss OF
the navy in foreign waters. -=-z-
The Negroes Interested.
In list Of the institutions for which Jay
Cooke & Co. were agents, We notice a
numter of Freedmen's Savings Banks in
Southern cities.
The Opening ON WALL Street Yester-
day-Stunntng Falls.
NEW YORK, Sept. 19-The Stock Ex-
change has been a scene of the widest eX-
element throughout the morning, the vol
ume of business having been so large and
the fluctuations of such proportions as to
make it well nigh impossible to keep rec
ord of business. A. each time when fall
ure was announced great rush was made
to sell stocks, which was almost regularly
followed by some recovery. The decline
has Ianged from 161a to 80 percent. The
| following is a complete table OF the highest
and lowest prices: New York Central and
Hudson, highest 90, lowest 81; Harlem 10,
80; Erie 81, 52k; Lske Shore 81, 81; Wa
bash as, 3Ss; Northwestern 49,, All; Rock
Island 975, SO; Milwaukee and ST. Paul
80, go Omaha & Missouri 323, 26s; Union
Pacific %, Is; 9. q. AID L. G. %, 1875; Han
nibal and St. Joe %, 10; Panama 100, 64;
D. l.. and W. 92, IS; Western Union Tele-
crap 70, 81; Pacific Mail 36a, S2i.
TFor further details see our market re-
ports.l 4-- ..s.-.
Failure of Fisk & Hatch.
As each successive failure was annouDc
ed, the excitement increased and every
body seemed wild with fright. Goodness
and confidence departed for time and it Is
very many years since such scenes have
been witnessed on Change. The money
market is so unsettled that 1t is difficult to
name rate The general panic and de-
preston which followed the suspension OF
jaw Cooke & Co., yesterday caused the
banks to call in loans freely on FISK
Hatch to-day, and amid the distrust pre-
vailing, that firm found it impossible to re-
new the loans elsewhere or to realize upon
their securities in the present condition Of
affairs. The clearinghouse of the drm
was crowded by Sympathetic friends who
offered substantial aid. The firm, however,
deemed it prudential to stop, and treat
every one alike.
Fisk g. Ha.ch state that their suspension
can only be temporary and was caused by
loans called in on good securities which
could not be realized upon on The present
crisis. They say the securities on which
they have made advance are on two rail-
roads. the chesapeake and Ohio and Cen
trail Pacific, both completed. They expect
to be able to resume business as soon as the
panic closes. sg ..sr-
Vanderbilt Steady.
A sharp reaction set in at z O'Clock OF
announcement that VandeIbilt's brokers
are buying heavily. This seems to be an
other black Friday ard the dreary, rain!
day contributes to the financial gloom %
A RumOr Realizes Itself.
A publication this morning OF run OF
the Union Trust Company yesterday caused
q real run On the institution this morning
10 Millions Needed.
w. R. Vermilye, of Vermllye q Co
says that if the movement now making, tC
get the S secretary Of the Treasury to come
10 the relief the market with about ten mill
ion should fail, it would no. surprise him
there would be a general suspension
banks and al. -..-..------.-----.r- -
A Startling RumOr.
Stocks have advanced very decidedly OF
a rumor originating in the stock exchaDg'
that President Grant had ordered Secretar
Richardson to place ten millions In TIL
New York banks, and on his refusal wa
removed snd Secretary Delano made sec
rotary CT the Treasury. At 2 80 STOCK
were falling off again rapidly. --.-
A Council Of War.
The bank presidents met at the Gearing
house to arrange measures TO facilitate
clearing house operations in case there
should be run upon any OF the BANKS
No trouble is anticipated at any OF I'M
banks but the temporary use OF loan c: rtlh
Gates at the clearing house will prevent tn