Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-04
They Postpone the Agony Some
Four Months.
At the Present Rate, Will Times
be Easier Then?
A New Bank Proposed, i'm the GraiI
Interest Exclusively.

Interest Exclusively
NEW YORK, Nov. 3.-Steps have been
taken for the formation here Of a banking
institution to be devoted exclusively to the
grain interests of the interior. The move
ment is in the hands of private bankers OF
this city, having established business con-
nections. The capital, as proposed, is to
be 100000, and is to represent the inter
ests Of large lumber OF National banks IN
the grain producing sections OF the eoun-
try. 1t is, if possible, to be organized un-
der the National banking act, and is to be
designated the National Grain and Stock
Bank.
CIafin d Co., the Dry Goods Kings.
1t is said that pool has been formed
among capitals to save the house OF Clatiln
& Co., five millions of dollars having been
raised for this purpose.
LATER-A cloud seems to still hang
over the house of Clafiin & Company. 1t
is reported they have not been able to OBJ
tain the necessary assistance, and that this
afternoon they will make to creditors full
statement of their condition. Affairs on
the street are unsettled, apparently await
| ing further developments in mercantile and
manufacturing circles.
| STILL LATER.-Clatlin " Company de-
ny that their embarrassment was owing to
assistance given by them to Hoyt Sprague
& Co. 1t is expected that at a meeting OF
| their creditors they will ask for and obtain
an extension.
CIahin Worries Through.
The following is furnished by member
of the firm of Ii. b. Claflin ~ Co.: The
statement of the affairs of the firm as sub
mitted to meeting of friends which in
| GUIDED their largest creditors, held this
| evening as follows: Good assets of all kinds
| so, sos. 600; total Indebtedness, domestic and
foreign. S15, 5,5S4,000; surplus $6,924,O 600. 1t
was agreed that no assistance should be
| asked of the associated banks or the clear
| inc house and their friends and creditors
present at the meeting unanimously tender
| ed an extension, averaging four and half
months, maturing in monthly payments,
!. which was promptly accepted. The busl-
ness of the firm will proceed as usual. In
| this statement is not included the personal
| assets of anv member Ofthe finn. 1t mere
" embraces the amounts employed in their
| business.
The Chesapeake and Ohio.
The Treasurer of the Chesapeake and
Ohio Railroad Company has issued cir
cular to the bOndholders. lie says the
| only way to re-establish the credit Of the
| Company is to fund its entire floating debt
in income bonds TO be paid out of the net
earnings of the road The Company has
| authorized the issue of seven per cent.
| twenty year income bonds to the amount OF
twelve millions, to be used in retiring the
floating debt, and in funding the interest
that NAV accrue on its six and seven per
cent. bonds.
A Strike.
Owing to a reduction Of wages a number
of brick-layeTS and maSons went on the
strike to-day.
s2.50O.OOO in Legal Tenders.
The banks to-day gained two million and
half in legal tenders.
Jay Cooke d Go.
A Washington dispatch has the follow
inc: 1t has, tTanspired that the house OF
jay Cooke Il Co., which borrowed from
the First National Bank Of this city $780,
600 through the influence of Henry d
Cooke. President Of the bank, has, since
their failure. withdrawn 100000 il
Central Pacific bonds and deposited then
with the Secretary of the Treasury as secu
: rity for 100000 advanced them by th'
Secretary a few days before their failure
The creditors of Jay Cooke 4 Co., are tC
investigate the above proceeding.
The Delaware, Lackawanna and West
, ern railroad has reduced the working time
of the mechanics and laborers to S hour
4 per day. The Domestic Sewing Machin
{ | Company. Newark, \. j., discharge 22;
1 | emplOyeS tomorrow.
|; Held in Allegiance.
; PROVIDENCE, r. l., Nov. 3.-A meetin
: of creditors of A. & W. Sprague Manutac
" turing Company and of A. q w. Sprague
will be held on Thursday, Nov. 9th. Tn
5 til then all further movements in Spragu
# affairs will be held in abeyance, so that
: full expression of views of creditors ma
: be obtained as a basis of action. Gov
n Howard has declined to be trustee of tn
o estate. Excitement in the matter has sui
|. sided, but deep interest is felt for the sue
: ceSsful issue of the grave situation. Iher
e is strong desire on all sides that til
trusteeship plan may be adopted, but diff
culties arising are increasing mOmentarlk
d Half Time.
i, SCHNECTADY, n. Y, Nov. 3.-Noy
G Co.'s shawl factory has begun running o
5, half time.
II The Washington Failures.
WASHINGTON, Nov. From IIe De'
data that can be obtained, the FiT
% National Bank of Washington will pay i
u creditors from its present assets about
per cent. on all payments, large to large
The dividend will depend on the busine:
capacity of Jay Cooke & Co.
The receiver of the Washington Gil
S Savings Bank has informed depositors TIN
Ig they will receive ultimately 70 cents on IL
k dollar. The time may be long distant,
re owing to the effects of the panic money ca
d, not at present be realized on some of Il
S. collaterals.
= Continental Stringency.
l. LONDON. Nov. 3.-The continent
d. banks have raised their rates of discOun
n
n.