Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-09
FINANCIAL.
Wild SpeculatiOns i'm Europe
Shrinkage of $1,OOO,OOO,OOO at
London in IL Months.
Eastern Railroads Reducing
Wages.
Cincinnati Returns to a Green
back Basis.

LONDON, Nov. S-There is a decidedly
better feeling in the market this morning
LATER-It is the general opinion on eX-
change that the rate of discount of the banl
of England will be advanced ON or before
Thursday. AT noon the bank directors
posted card announcing that no change
had been made in the rate. Three hun
dred and eighty-five thousand dollars in
specie was shipped from Liverpool for New
York to-day.
A hundred and four thousand pounds
were shipped to-day from Southampton
for New York.
New York Views-NOOn Report.
New YORK, Nov. S-The situation to-
day was more cheerful owingto the absence
of unfavorable news from London. The
stock market has been very quiet and changes
slight except in few instances, as com.
pared with last nights closing quotations.
The market advanced J to a per cent. but
this has since been partially, lost. Erie
sold at 3Sa40! against 30 last evening
though the price afterwards reacted to IS
The Night Report.
The week closed with an improved feel
ling. Wall street feels better than OIL
"Wednesday. There are no further suspen-
sionS. The banks are growing stronger.
The reports from the West are encouraging,
and cable kilograms from London aremuch
less dismal though not altogether as assIIr-
ing as desired. Money in London was re-
ported very active in open market, at 8 per
cent, and some firms had dispatches from
their correspondents that the bank rate
would advance to 10 per cent. next week,
and the bank act be suspended. Some
foreign bankers also received instructions
to enter into new regulations with caution.
1t seems that sharers of new diamond,
gold and silver mines of the widest de-
Scription, securities of doubtful railroads,
and the bonds of the tottering and rotten
governments. were taken with avidity and
in amounts that were astonishing. The
Continent has suffered from the collapse of
these wild schemers, and now London is
feeling the pressure. 1t is estimated that
the shrinkage at London in the securities
mentioned above, has been at least one
thousand million dollars within year past.
The Pacific Steamship Gambler.
A meeting of the Panama railroad direc-
tors was held yesterday at which a report
of the condition of the company was pre-
scented of a favorable nature. 1t is said a
resolution was passed requesting the resig-
nation of President Stockwell, but he posi-
lively refused to comply with the sense of
the meeting 1t is understood a resolution
will be passed that the position of Presi-
dent Bemode, is merely honorary, and that the
Vice President and Treasurer be instructed
with the management of the business.
The directors of the Union Trust Com
pany We're in session to-day considering
their reorganization, but adjourned to Mon
day without coming to any conclusion.
The bankruptcy case Of Kenyon, Cox q
Co., has been settled satisfactorily to all
concerned and legal proceedings stopped.
The stock Exchange Suspend will
Iiams d Go.
The special committee appointed by the
Stock Exchange to investigate the conduct
of A. d. Williams IL Co. in overdrawing
their account On the Bank OF North
America, on the Goth Of September, and
falling to make the same good in proper
time, has reported TO the governing COM
mittee that they deemed the conduct OF
Williams u Co. unjustiliable, destructive
to their credit, and shocking to the con-
fidenCe which must exist between inStitu-
tiOns and business men in the Stock EX-
change. The committee also report thai
| while they acquit the firm of any intention
to deiraud, they express unqualified con.
| demnation of its conduct. Williams Il Co
are suspended indefinitely from member
ship in the Stock Exchange.
$4,000 More of Reserves.
WASHINGTON, November S.-The out
standing legal tenders are $780,, S37,271.
Railroads RpfrPuchiu@
BOSTON, Nov. S.-The railroad managers
of the roads terminating here, consider {
reduction Of expenses necessary. The
working hours at shops will be reduced
also the number of trains where practicable
The nail and iron manufacturers or New
| England, will reduce the wages Of thei
employees ten per cent. on the lst of De,
cember.
| The Spragues in Trust,
| PROVIDENCE, r. l., Nov. S.-The gen
| tlemen designated as trustees of the A. and