Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-10
FINANCIAL.
New York Begins to Talk Of Resump-
tiOn.
The Banks Shutting Down on the
81. a Gamblers tA
Producing q Healthy Depression


III the Government Don't Spoil 1t All.
NEW YORK, Oct. 19-Some banks have
virtually resumed payment of greenbacks.
Mr.. Camp, manager of the clearing house,
said that since the issue of loan certificates
there has not been seen so many green
backs as were seen yesterday, when the
clearances were made. Mr.. Camp was or
dered to-day to give his opinion as to when
there will be resumption of currency pay
-ments by the banks, and said he could not,
because he was not prepared to admit tnat
the banks had suspended currency pay
ments. They had only refused to pay out
legal tenders for checks. Legal tenders, ne
added, are increasing in the banks OF the
city, and the banks are now paying all reg
ular and legitimate demands upon them.
A Wall street bank president, spoken to
on the subject, said he thought greenbacks
had become sufficiently numerous to allow
of resumption. In case, however, the
pressure became too great, the banks would
no doubt fall back to the plan followed dur
ing the past two weeks, as matter of SAFE
tys There seemed no reason, he said, why
the payments of legal-tenders should not go
on. Trade was prosperous. The produce
men were paying for and receiving larger
quantities of grain than had been received
at any time before. The shipments OF
grain from the West had been f1ly l,0OO,.
900 bushels more the past week than
during any week in the histcfy OF the coun-
try. ALI this had been psld for in legal
tenders.
William Orton YVES to-day reelected
President of the WesSern Union Telegraph
Company.
The failure OF Gibson, Cassandra q Co.,
and ]. B. Hesd, is announced on the Stock
Exchange. They say their suspension is
one of the results of the recent panic. De-
positors drew out their funds, and the Sc
curities became unavailable. People indebt-
ed to the house were unable to pay, and in
some cases failed. Added to this large |
amount of capital was locked up in IA new
railroad. They express belief in their abil-
ity to pay in full.
Wall Street Depressed.
The day opened in Wall street with a |
feeling of depression under which there |
was decline in gold, foreign exchange, gov
ernment bonds, railroad and miscellaneous |
shares. Soon after the Inauguration Of bus |
iness there were rumors of mercantile fail |
ures, money became close and banks PRESS |
ed brokers to lake up loans which had been |
standing since the panic. This started q |
selling movement at the Exchange, chiefly |
for cash, and the general share list dropped |
from 10 to 10a per cent. The greatest de-
cline was in Western Union, which was |
pressed on the market for cash, by the diff |
fculty in making loans. This heavy de- |
cline dragged down the entire list.
Late in the day the mercantile failures |
were denied, the Rock Island dividend was |
declared and Washington advices stated |
that the government would encroach on |
the S44, ,000, 900 reserve this month to the |
extent of So, 90, 900. On all these things the |
feeling changed somewhat and matters i'm |
proved, Stock Exchange speculation rising |
from to a per cent while foreign ex-
changes were steadier and gold advanced to |
per cent from the lowest point. In bank |
circles an increased supply of legal tenders |
was reported again, but Notwithstanding |
this, the premium remains at I6l per cent. |
There is still considerable business doing |
over the counters of brokers on Wall street, |
Some banks are pursuing q more liberal |
policy in regard to paying currency and are |
cashing larger checks than of late. 1t is re-
ported that the National Trust Company |
will resume on Monday next and the Union |
Trust Company between Oct. Is and Nov. |
1. The directors of both companies were
in session this evening.
Cincinnati Resuming.
CINCINNATI, o., Oct 9.-The Clearing
House Association, at a meeting this P. M,
decided to issue no additional clearing house
certificates, and also retired $50, 900 already
issued, thus reducing the aggregate to $780,
600. They also appointed committee to
devise a plan for settlement between the
banks while the process of retiring certifi-
Gates shall be proceeding, and instructed
President Cook to correspond with the
clearing houses of New York and of the
cities in the West and South, in relation to
th9 mode and time of currency resumption.
New Orleans.
NEW ORLEANS, Oct. 9.-Gold 112. Cur
rency 465. Sterling nominal, bank 19a.
Light 403 premium.
Suspension at Reading.
READING, PA, Oct. 9.-Bushong s.
Brothers, bankers, suspended this morning.
The bank will remain open for the adjust
ment of accounts. Its assets will meet all
liabilities.
sDOcked' Women ON the Strike,
PHILADELPHIA, Oct. "a number OF
female operatives in Campbells mill, Mo-
noyunk have struck in consequence of ire
duction of wages and five days work in
weak. They are visiting the mills to in
duce general strike.
Resumed.
AUGUSTA, Ga, Oct. 9.-The banks re-
sumed currency payments to-day. Cotton
receipts heavy, but money too scarce to
move crops. Light frost throughout
this cnntion f0-dou