Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-03
FINANCIAL
Geo. b. Grinnell Suspended and
Bankrupt. ssssaE q
Important Decision on Marginal
C0liaterals.
Creditors Of a Bankrupt Forbidden
to Realize ON Securities.

NEW YORK, Oct. 2.--The suspension OF
George Bird Grinnell & Co., bankers and
brokers, is announced. This firm Is known
as Vanderbilts', brokers. Jud g Blateh-
ford, on complaint of Henry Myers, has
issued an order citing them to show cause
why they Should not be declared involun-
tary bankrupts. The firm is enjoined from
disposing of property, and the creditors en-
joined from selling securities OF the hrm.
Later.
George Byrell Grinnell & Co., who failed
TO-DAY, were successors of George B. Grin
nell & Co. This house has been in exist
ence only month, Mr.. Geo. B. Grinnell Il
being special partner with one hundred
thousand dollars. They were largely in
terested in Lake Shore and Western Union,
and it is understood that their failure is
owing to the heavy shrinkage in those
stocks, which they are carrying. The late
Horace F. Clark was special partner in
the old house, and it is said that within .
rev days the widow of Mr.. Clark has PLACED
a large amount of securities in their hands
to enable them to go on, but they were too
badly pressed by creditors and were obliged
to close. a
The creditors of the firm have been en-
Joined, and the laws tedious delay will prob
ably lock up about Al, 900 shares of Lake
Shore for at least three months, because the
parties holding these shares for this firms
account are enjoined from selling or dis
posing in any way of the stock in their
possession. Although the immediate effect
of this failure has been to make the msIket
stronger, yet the injunction on the holders
of collateral securities will increase the ditti-
Guilty of brokers in borrowing hereafter,
and will render buying on margin nearly
impossible. Grinnell says the firm can and
will pay every dollar, and that the failure
will not effect other houses to any great ex-
tent. 1t is uncertain whether the firm will
resume or not.
Washington More Greenbacks for
New York.
WASHINGTON, Oct. 2.-The sum of
81, ,681, 900 was placed to the credit of the
Third Assistant Postmaster General in
New York to-day for disbursement in pay
ment Of various expenses Of the postal
service. ~
Three of the banks in the certified check
combination have resumed to the extent of
paying small checks in currency.
Forcing Jay Cooke into Bankruptcy.
NEW YORK, Oct. 2.-In the case of ST.
mon Kaufman against Jay Cooke 81 Co., in
which the plaintiff applies for removal of
Pett Cooke, as receiver of certain property
on the ground of his 5eing al interested
party and insolvent, the counsel of Cooke
denied that the individual members of the
firm were insolvents and the motion was
denied.
WASHINGTON, Oct. 2.-To day a pei.
ton was fled in the Supreme Court for the
district in the name of Clifford Arick,
against Jay Cooke and other members of
the firm TO force them into Involuntary
bankruptcy. The petition sets forth that
the firm is indie tied to him in the amount
of 10,500 dollars on certificates Of deposit
bearing per cent interest, and charges
among other acts bankruptcy. That on the
18th of September being then bank
rupt, they did make payments of money
to certain parties, to petitioners unknown
on the plea that they were special deposi-
tors in order to give them preference over
ether depositors, and def at and delay the
act of bankruptcy. Judge Humphries
granted thu usual warrant, requiring the
parties to appear October 10, and answer
Why they should not be aljudged bank
rupss.
COIumbus-Begins to Feel the Pres
sure.
COLUMBUS, o., Oct. 2-The financial
situstion begins to lock little mixed here.
There has been disposition on the part of
deposi.ors yesterday and to day TO With
draw deposits, and las, night the bankers of
the city held meeting. All but two banks
were represented and it was agreed to issue
clearing house certificates, contingent on
the agreement to this arrangements by the
Presidents of The banks not represented st
the meeting. This morning a second mest-
ing was held when word was received that
Hayden's bank and the Citizens Savings
bank declined to go into any arrangement
for the protection of other banks, land 8
third meeting will be held this afternoon.
The excitement is increasing.
Cincinnati Demanding Resu mptiOn.
CINCINNATI, Oct. 2.-There is no hing
particularly new here in financial m ,tters.
Thugs are working quietly on Sd street.
The general markets are recovering from
the depression, and the demand for some
definite action relative to early currency re-
sumption is increasing.
Dubuque's DefaIcation- ss2s, 900 Gone.
DUBUQUE, Iowa, Oct. AT meeting
of stockholders fthe suspended Merchants
National Bank, G. 81. Booth was electe d
Cashier vice r. A. Bsbbsge, and G. W.
Mitchell President, vice F. W. Sheffie Id, to
settle up the bank affairs. A notice was
then issued that unmatured coll ections
held by this bank belonging to its cores :
pondents will be handed to the Commercial
National Bank of Dubuque, to whom all
letters pertaining thereto should be ad-
dressed. Babbage's defalcation is $267 900,
and Shefield's $4,000,
st. LOuis still Struggling.
ST. LOUIS, Oct. IA large number of
merchants of this city have signed a circu-
lar to the effect that they will receive certi-
fed checks on st. Louis banks, payable
through the st. Louis Clearing House, in
payment of any Indebtedness, or for any
goods or supplies of any kind that may be
wanted of them. It is believed this will re-
store confidence in all departments Of trade
aud give an impetus to business.
The SOuthwest-Cotton in Waiting.
PARSONS, Oct. 2.-The First National
bank of this city aud the First National
bank of Denizen, Texas, are the only banks
in the southwest that have not failed or
suspended. These banks have withstood
heavy runs, paid currency to all depositors
and are abundantly able to meet ali claims,
A large amount of cotton at Denison is
awaiting shipments east but the holders
cannot move it for lack of banking facilities.
The crop in northern Texas is very fine
and great quantities Of the staple will come
forward as soon as the financial panic is
ove-.
Little Rock With q Pocket full OF
Nothing.
LITTLE Rock, Oct. Everybody here
now refuses to take the city money. There
is little greenbacks in circulation, and the
stringency in money mat, ers is greater than
ever known before.
New Orleans feels Much Better.
NEW ORLEANS, Oct. 2.-Currency closed
at q premium for certified checks. Ster.-
ing Bank 1.18a61.193; sight nominal.
There is much better feeling in all branch
es of business.
Philadelphia.
PHILADELPHIA, Oct. 2.-It is probable
that E. w. Clark & Co., bankers, will be
granted an extension. They propose to psy