Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-02
is at all probable. 1t is simply absurd t.
think such thing possible.
A Review of the Situation.

1 n ftcVItW Oh the SftuattOn
The Express says amid the general
| gloom Of the week the improved situation
in bank circles was bright spot. During
the week the banks gained largely in legal
| tenders and now hold more than at almost
| any time since the pooling arrangement
| was started. The associated banks were
precipitated into pawn-broking business
by the weak condition of few institutions
allowing interest on deposits and as soon
as the br6kers' tickets are cancelled the
Clearing House should be recognized on
such a basis as will prevent New York
banks from again being forced into the
disgrace of a suspension of currency pay
ments. In this reorganization, banks al
lowing interests on deposits should be eX-
cluded. Some checks should be placed on
reckless ceTtitication and above all daily
statements OF actual condition should be
given TO the public. The day for reckless
banking. is passed and we hope that the
clear headed bank Presidents in the Clear
ing House will give this subject Of reOr-
ganiZation their early attention.
Railroads Idle.
On inquiry at the freight offices Of the
leading railroads, it was ascertained that
business was suffering severely from the
financial disturbance, and in many cases
the railroad companies were largely cutting
down expenses by d reduction of wages
and the discharge of men.
Nearly 800 men are thrown out of EN-
ployment by the suspension of the Planet
Mills, an extensive carpet weaving estab-
lishment in South Brooklyn. 1t is said the
mills will be closed after Thursday next.
10000 lbs
PHILADELPHIA, Nov. 1.-The gold coin
age at the mint in October amounted to
$11,010,000 in double eagles. The gold
weighed thirty-eight tons.
Discharging Hands.
BANGOR, Me-, Nov. 1.-Quite num-
Der of workmen in the Iron Works of this
city have been discharged on account of
slack work. Very MANY manufacturers in
tend TO reduce their working forces.
Jay Cooke d Co. TO be Forced into
Bankruptcy.
Special to the Louisville Courier-Journal.
WASHINGTON, Oct. 31.-Mr. Columbus
Alexander, who is one of the largest depos-
itors with the house of Jay Cooke & Co.,
has written them a letter which will APP
pear tomorrow in a New York paper, re-
citing his numerous requests to be allowed
to have copy of their detailed statement
and their evasion of his requests; also his
application to be allowed to examine their
books, and their refusal to permit
him to serutinize the liabilities of
the firm. For those and other rea-
sons he informs them that he will not
agree to the proposition made by
them to their creditors to have the estate
settled up SYSTEMATICALLY. This refusal
forces the firm into bankruptcy, and will
lead to full expose of their transactions.
Some curious developments in regard to
prominent politicians are expected.
Great Financial Uneasness.
The failure of the Spragues has produced
a more profound sensation here than any
event since the suspension Of the New Y ork
banks.
Pennsylvania Railroad Company,
The situation of the powerful Pennsyl-
vania Railroad Company is by some pro-
nounced insecure, by reason of the guaTan-
tee by that company and its affiliated stock
company Of interest on the debt and stocks
of numerous railway lines which, even in
the most prosperous times, barely paid eX-
penses. 1t is doubted whether these MI
merOus guarantees can be kept if these va
rious leased roads, aggregating some three
or four thousand miles, shall fall off in
their receipts, as it is probable they will if
this panic shall last any considerable time.
1t is admitted that if the line from Phila-
delphia to Pittsburgh, or even to Chicago,
stood alone, it would, with the aid of the
recent loan of S10,000,000, be strong enough
to weather the present storm,