Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-10-08
THE FINANCIAL CRASH.
AZ the stock Exchange.
Looking TO New York for a Solution OF the
Di0iculty.

New YORK, Sept. 30.-At the resump-
ton of business at the Stock Exchange,
Smith & Severe received cheers.
The impression prevails that all the
leading houses will pull through.
Sterling is unsettled but improved.
3IP M.-The stock market is still with
out excitement and closes firm. Western
Union quoted at 66!; Rock Island, 81;
Lake Shore, al Union Pacific, 19B Pa
cific Mail, 33.
Application was made in the United
States Circuit Court to-day fCran order en-
joining the Comptroller of the Currency
and the Receiver of the Bank of the Com
monwealth from proceeding further in the
matters of the bank, and also for a citation
to show cause why the Receivership should
not be vacated and the appointment de-
clared null and void, on the ground that
the banks never refused to redeem any of
its circulating notes. The citation was
granted and made returnable October 9TH.
Money is in motion and the events of
the day, 1t is hoped will unlock currency.
Greenbacks 2a3 premium early in the day,
but closed nominal. Money closed at 4ai
commission. Sterling, big bushes, 81, No
special feature in gold. Governments dull,
nothing doing, States quiet. ..
CHICAGO, Sept. 30.-The Union National
bank has gone into liquidation.
MEMPHIS, Sept. 30.-At large meeting
at the Chamber of Commerce this morn
ing, to consider the financial situation, a
resolution was received from the banks of
the city to the effect that they would not
suspend, but would open in addition to the
usual business, an exchange account to be
paid in kind, for the purpose of moving
cotton. Which was unanimously adopted
by the Chamber.
More WOrkmen Discharged.
NEW YORK, Oct. 1.-The Grant locomo-
tive works at Patterson, New Jersey, dis
charged 10, and the Delaware tunnel 400
workmen, on account of the scarcity of
currency.
The Cummings Car Company, of Jer-
sey City, has suspended, the trouble is
that large amount due from railroad COM
panies cannot be collected.
WASHINGTON, Oct. 1.-The financial sit
uation closed yesterday, without any new
features. The liquidation of the Union
National Bank of Chicago, had rather
depressing effect but caused no excitement.
Much anxiety exists, and all are looking to
New York for a solution of the difficulty.
CINCINNATI, Oct. MATTERS are pro-
ceeding quietly, with more jobbing orders
and but little disposition to operate on the
usual large scale.
Brighter Prospects,
CHICAGO, Oct. 1.-The financial situa-
ton here this morning presents much
brighter prospect than yesterday, The
receipts of currency continue large.
Some three million dollars being reported
yesterday, while demands upon deposits
are falling off, in fact some banks have al
ready begun to furnish their customers
with their usual accommodations. The
prospect is that it will not be long before
business will resume its wonted channels
1t is stated that the Third National Bank
will resume business in few days, proba-
bly, by. the beginning of another week.
There is much firmer feeling in the grain
market, with an advancing tendency in
prices.
Attempt to Force Jay Cooke a Co. into
Bankruptcy,
PHILADELPHIA, Oct. lin the United
States Circuit Court before Judge Codwal-
der, an order was granted last week upon
petition of Edward Wilson against Jay
Cooke & Co., to show why they should not
be adjudicated bankrupts, which was to
have been returned to-day but was contin-
ued until next week at the request of debt.
ors and by consent of the petitioner.
New YORK, Oct. There was very
quiet feeling in financial circles to-day,
with an absence of any exciting event.
The firm of NOrthrup & Chick suspended
this morning bat the failure had no influ-
ence on the Stack Exchange as the firm
had no stocks, the suspension being caused
by the withdrawal of deposits.
There was another sharp advance in for
eign exchange to-day, and the leading
bankers advanced their rates to 1914 for
sixty days sterling, and 100 for sight.
The suspension of Henry Clews & Co.
was officially announced in the Stock Ex-
change to-day.
The bank officers report that the de-
mand for currency to be sent to the coun-
try banks has fallen off. Several banks
out of town have telegraphed to stop fur
ther shipments and some others have re-
turned greenbacks to New York.
The total amount paid on account at
noon with interest is $29, 945.74,
Beginning TO Resume.
MEMPHIS, Oct. 1.-THE First National
Bank has resumed.
New YORK, Oct. 2.-The Danfcrd Loco
motive Works is only working half of the
time. They have plenty of money in
bank but can't get their checks cashed.
LOUISVILLE, Oct. 2.-The Planters
Bank, the Peoples Bank and the Louis
vile City National Bank, withdrew from
the Clearing House, on the ground. that
there was no necessity for combination
and the Clearing House was abolished by
mutual consent.
HOME NEWS,