Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-12
EEN e.
Heavy Failures in London.
Proposed Bank Reforms in New
York.
An Attempt to Check Speculation
90 ,sueb railroad Iron Ont ON Credit.

Too Much Railroad Iron Out ON Credit.
LONDON, Nov. IL. 1t is reported
William Alfred and Arthur Burrs q 20,
general metal merchants, failed. The lla-
bilities are said to be S4,000,000.
Lawson, a stock broker, interested IN
Erie, failed to-day.
Fifty thousand dollars in specie was
shipped to-day from Southampton for New
York.
New York Trying to Right Herself.
New YORK, Nov. IL. Prime dis
counts are dull at II to IS. The banks
gained million in legal tenders to-day.
The Governing Committee Clearing
House Association has submitted the fol-
lowing rules for adoption by the associated
banks:
1. No bank shall pay, or procure to be
paid, interest on deposits.
2. No check shall be certified unless the
full amount is first deposited.
3. Checks upon associated banks only
shall be received on deposit.
D 4. Checks upon places out of New York
city shall be received at rates of discount
to be fixed by the Clearing House Com
mittee.
5. Checks will be taken at depositor's
risk, and collected through the Clearing
House.
6. Checks not good will be returned to
the depositor the day following.
Banks not strictly observing these rules
will be excluded from the Clearing House
Association.
The foregoing rules have been submitted,
and will be discussed at their meeting this
day week, and, if accepted, will go into
effect January l, 1874.
Appended to the report are articles of the
association, relating chiefly to the banks
and the following in regard to bank state
ments, which is of public interest:
Article II. Every bank, a member of the
Clearing House Association, shall every
Saturday at II NJ, furnish weekly state
ment of its condition to the manager for
publication, showing the average amount
of, /, loans and discounts; 2, specie; 3, legal
tender notes; 4, circulation; ), deposits, and
shall also furnish for the information of the
association such other items as may be
called for by the Clearing House Commit
tee. The question of making statements
of the actual condition of the banks in
addition, is left tothe Clearing House Com
mittee.
An End TO Speculation.
The Express says, if the Clearing House
report is adopted, then the present Wall
street machinery for speculation will be
destroyed and new methods will have to be
adopted
The officials of the Hoboken Savings
Bank, which institution has been suspend
ed nearly ten weeks, report that Fisk &
Hatch intend soon to resume payments,
when the Savings Bank will again open for
business.
Taking it by Degrees.
Employing and working tailors have
agreed upon five per cent. reduction III
wages, the old prices to be restored as trade
revives.
In response to appeals from the laborers
of Brooklyn the Board of City Works to-
day set $50 men to work on public i'm
provements.
The Labor Problem in Philadelphia.
PHILADELPHIA, Nov. ia committee
appointed at a mass meeting of working
men had an interview with Mayor Stakely
to-day, for the purpose of aScertaining what
could be done to provide employment for
the thousands of persons out of work. The
Mayor recommended that petition be adj
dressed to the City Council Boards, when
a committee would be appointed to take
some action. Much outdoor work, he
said, could be provided, but there was also
the necessity for providing employment for
those accustomed to indoor work.
The Star of Empire DiseOmbObOIated.
Boston, Nov. 1.-THE steamer Atlas
which sailed from Boston to-day for Liver
pool had 23O steerage passengers, a large
proportion of them mill operatives and
artizans who are returning to the old
world for the lack of employment here.
Some forty factory operatives came on from
Fall River to embark in the Atlas.
Pittsburg Savings Banks Collapse.
PITTsBURG, Nov. 1.-THE Duquesne
Savings Bank of this city and the Savings
Deposit Bank Of East Liberty suspended
to-day.
A Contraction of S65,OOO.
WASHINGTON, Nov. 1.-THE outstand-
ing legal tenders are 1851, 772,771.