Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-15

The Gold Room Excited with
" ar RumOrS.
The Stock Exchange HOaxed by
theERepOrted Death of
Vanderbilt.
GrinneII 4 20.

Vanderbilt.
GrinneII & Co.
NEW York, Nov. 14.-A meeting of
| Grinnell & Co.'s creditors was held before
Register Allen to-day, when the Register
| decided that unsecured creditors alone were
entitled to vote for assignee. Against this
the secured creditors made protest. The
question viii be decided by the court. By
vote OF the unsecured creditors, the cleo
ton Of an assignee 9ras postponed until
Dec. 10.
The Pacific Mail.
The directors of the Pacific Mail Steam
ship Co. are making an investigation to
ascertain where goes the 100000 earned
and spent annually by the company. Presi-
dent Bradbury hopes to obtain loan of
100000 upon the coiilpany's real estate in
California.
E. B. Wesley, Receiver of the Union
Trust Company, has notified the Pacific
Mail Steamship Company not to transit
| about one thousand shares of stock, claim
ing they are the property of the Uni
Trust company Parties holding any Oh
these certificates, on satisfying Wesley that
they have given full value for them, may
obtain his assent to a transfer of them.
A Needed Reform.
The Stock Exchange has decided that
certificates are not a good delivery.
a warlike feeling prevails among gold
spectators. The dealings III the general
stock list were less active than yesterday.
A HeartIess Hoax.
The Wall street markets were excited in
Al l..
ations in the Gold room. Various war
rulnors were afoat, and just before the close
of the Stock Exchange almost every banker
and broker received telegram that Com
modore Vanderbilt was dead. The follow
ing are samples of the kilograms, all dated
at the New York Hotel:
''Father is dead. Come and see Turn
bull and the rest. W. I'll. ""
''Father is dead. Do something for me.
&c. v, JR."
"Father is dead. Don't communicate it
TO the street. w. IL. v"
for me. G. v, JR.
These kilograms had a marked effect ON
the market until the hoax was discovered,
and the decline was partially recovered.
Interesting 10 Brokers.
The Court of Appeals rendened decision
in the case of Baker VS.. Drake, which will
be of interest to brokers as well as their
customers, reversing as it does, a former
decision which has been operative for a
long time. The former decision in the
case of Markham vs.. Jourtlan established
the rule that in suits against brokers in
volving the value of stocks, the plaintiff
was entitled to recover the highest value of
the stock up TO the day of trial. In the
latter case refeTedtO this ruling is reversed.
1t is understood that several impor
tant cases win be settled by this.
4 stock Exchange Bank.
1t is probable thereport of the Committee
of Nine of the Clearing House Association,
| on amended rules, will have to be cOnsid-
| erablv modified. The stock brokers threat
| en- to start stock exchange bank, with a
| capital of ten millions. which shall do stock
| business exclusively. 1t is also said one Of
| the strongest Wall street banks demurs to
| the stringent regulations, and threatens to
secede. The point upon which the greatest
objection is made is that forbidding interest
| being paid on deposits, andthe rule turning
out the business of city banks not belong
| ing to the Association is also objected to.
IrOnic.
| PHILADELPHIA. Nov. 1.-THE Ameri-
can Iron and Steel Association viii meet
here on the 20th to consider the present
| critical condition of the iron trade, and take
action regarding the future work of the
| Association.
Imitation Yesterday of S3S9.OO0.
WASHINGTON. Nov. 1.-THE outstand-
| ing legal tenders are $}62,5Tl, 81.
Cause of the Petersburg Failures.
RICHMOND. VA, Nov. AT. T. Brooks
| has been held in $4,000 bail for eXamina-
ton ON the charge of embezzling hundred
thousand dollars of the funds Of the Mer-
chants National Bank of Petersburg, Of
which he was president.
A Review of the Situation.
INDIANAPOLIS, Nov. 14.-HOn. w. w.
| Curry. Secretary of State, addressed large
| meeting of business men and citizens this
evening on the financial situation. Mr..
Curry said that the cause of the present dis
aster was that everybody was in debt and
| pay-day had come; that the ultimate RENE
DIV was retrenchment andpayment; that the
present panic was different from all Others
in that the goodness Of the currency kept
it boarded; that the Government should
come to the relief of the people byreisSuing
the 81. 600 of greenbacks; that this was
the maximum, and the Government could
issue no more without dishOnOr; that we
still need a flexible currency; that to pro-
cure this the National banking law must be
made free. the greenbacks retired, specie
payments resumed, and the revenue laws
revised to a revenue basis. He was not i'll
favor of any wild initiation; insisted that a
return to specie payments was practicable,
and desired to have the Government take
its hands out of the supply of currency as
soon as possible. Mr.. c. stated his views
with great clearneSS and vigor; pointed out
their supposed advantages and cOmbatted
objections.
In Bankruptcy.
| LOUISVILLE, Nov. 14-The German
Bank. of Louisville, filed petition in the
United States Court of bankruptcy in New
ALBANY, to-day asking that the Louisville,
New Albany and St. Louis Air Line Rail
road be adjudged bankrupt. The claim
of the German Bank is $4,000. The case
is set for the 22d inst. The floating debt
of the railroad company is Sl6S,0OO, OF
which $4,000 is due Louisville banks,
100000 due New York banks, the balance
in New Albany.
lfcVay d CO-An Extension Granted.
PITTsBURG. PAM 14.-Finance meet
ing of the creditors Of Ira B. McVay q Co.,
Bankers, who suspended few days ago
was held this evening, their statement
shows their liabilities 452,943 "a, assets
511,G59 73. The meeting was largely at
tended, fully one-half of the Indebtedness
being represented.
The statement was accepted as satistac-
tory exhibition of affairs. A resolution
was adopted granting the firm an extension
of two years, their liabilities to be paid in
four equal semi-snnual installments. The
resolution also provided that they shall
have until the 18th of December TO secure
signatures Of their creditors to the agree
ment to the extension, the signatures OF
nine-tenths of the creditors to be binding
on all. The prospect is that the firm will
soon be able to resume on q basis as soon
as ever.
A MAN raised 500 pounds of cotton
from three-quarterS of an acre IN
Montgomery county, Kansas, and
| fink, +bo4 ao4fO,, 1UOuld no q 1TOfita-