Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-17
Brilliant Prospect Of Export Trad
of Another Crash in Stocks
The Loan Certificate Pool Exposed
A Dozen Bank Failures Needed
Sound Banks Declining Deposits
Let the Gamblers Tumble and Bust
ness Cam Resume. raa

Let the Gamblers Tumble and Busi-
ness Cam Resume. e,
NEW York, Oct. 16.-One of the mos
extensive grain dealers in the country sale
to-day thai exporters were taking every
busbel of grain they could obtain. III;
house alone is receiving one hundred thous
and bushels of wheat each day, which is I'M
mediately sent abroad. He thinks the pro-
duce exchange is virtually outside of Wel
street influences, and that any difficulties u
the money market occasioned by stock spec
ulators will not materially affect dealers Ia
produce. The people of Europe want
bread. aud they will get it II they are CON-
PEELED to send gold here for it. He con-
cluded by saying that the prospect for con-
tinued brisk trade was very good.
miIIlona1re Bsnkrupfs.
G.. Bird Grinnel & Co. were declared
bankrupts to-day. Their liabilities are said
to be twenty millions and their assets twelve
millions. -....-
some 10000 Shares of stock at Auc'
At the Stock Exchange, Philip Speer 4
Co., Merse, Shaffar & Co., Scott, Strong x
Co., and AlcotJ & Co., had stocks sold out
under rule, for account of Grinnel & Co.,
viz 5000 shares Union Pacific at l8s6l9;
$500 Lake Shore ct 6656675; 5000 New
York Central a. S3a; 100 Pacific Mail at
-.
The Commodore.
The payment of the semi annual divi-
dsnd of the New York Central Railroad was
resumed this A. NJ. Some OF the newspapers
intimate that Commodore Vanderbilt will
not present the scripfor his. Inquiry, how
ever, revealed that he has drawn the full
amount due. It is said the Commodore
has bought largely to-day of stocks.
Breakers Ahead.
The Post says the day has been one Of
unhealthy buoyaucy at the Stock Exchange,
and considers the development of specula-
ton at present. as unfortunate. Some promi-
nent brokers believe the present strength is
only the prelude to another break.
The Conditions of Currency Resump-
tion.
The Express says the question of the
banks resuming greenback payments is be-
ing actively discussed in financial circles,
especially as 1t has an important bearing
on the general situation. While the New
7 ork banks are In a state of suspension,
the people in the interior have good sx-
Cuse for not paying their debts to the At
lantic cities. Consequently payments are
much slower than they otherwise would be.
In different parts OF the country the Ma
tional banks are gradually resuming pay
ment, aud this business would make greater
Roadway if the banks of New York and
Philadelphia should resume. Tie Phila-
delphia banks have about s., 100000 of
their reserve in this city, and they cannot
resume till our banks do. II does noL fol-
low that this money would be withdrawn
from New 7 ork in case of resumption here,
but on the contrary il would probably re-
msin, as the Philadelphia banks would not
draw it as soon as it became apparent that
they could get it.
Resumption by the New York banks lis
an important step in the restoration OF con-
fidence, and this can Only be accomplished
by giving up the present system of pooling
greenbacks which has always been an in
justice to strong banks able to take care OF
themselves. These banks have carried
safely through the recent p21ic about g
dozen weak banks and it is but natural hat
they should desire resumption. These
weak banks would no doubt be called on &c
liquidate largely in consequence of the with
drswal of deposits and cancellation of &C
counts, and possibly some might have to be
wound up, but our banking system would
be placed on stronger basis and the mora
effect of resumption here would be fell
favorably throughout the country.
The debts Of our city banks range from
$40 100000 to $50, 600, 900 and the green
backs reported on hand are from So 100000
to S6,000,000. Thus it will be seen that tEt
percentage of greenbacks to deposits is on
ly about per cent. and adding the city
bank circulation of 81, 500, 900 the percent.
age of greahbacks to total liabilities is les.
than the percentage to deposits This il
certainly not brilliant exhibit and the on
~ way to improve it is by discussing thu
questi N and suggesting remedies.
The managers of sound and conservative
banks are daily refusing deposits of green.
backs for the reason that some or lsrgt
per cent will be immedil tely taken trou
them by the clearing house system of seal
ing. Were the bank officers do accept o
greenbacks they generally exchange TIT
same for national currency if possible, al
the sub treasury, and by this means they
are enabled to keep class of currency OF
hand that the clearing house can't TAKE
from them. Presidents will take earl!
means to restore currency payments anC
thereby prevent New York from being be
hiud all her sister cities in this important
matter Of resumption.
Rhode leland Mills stopping.
PROVIDENCE, Oct. 16.-Groton mill
will soon run on half time. Other manu-
facturers are considering a proposition Il
that effect.