Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-27

Banks have Currency to meet Pay
rolls, Salaries, etc.
Terrific Drain of at Least Three
Million a Day-Is tte Country Los.
ing COnadeaee I'm New York?
New YORK, Sept. 25.-The city is being
drained of money at a pretty lively rate.
Since Saturday last the out going moneys
through the Adams Express have been
about 81 100000 daily, while that coming,
exclusive Of whist went 10 the Treasury,
amounted TO about six hundred thousand.
The United States Company have been send
ing out 100000 to $500, 600 day for sew
eral days past, while the receipts through
that medium are very small. The National
Express Company Is carrying away an
amount about three times as large as usual
at this season of the year, and the Ameri-
can Express Company is doing likewise.
Our Real President.
Senator Morton, being asked to give his
opinion as to the present financial panic,
said his conviction was that the worst was
over: 81 do not expect the sffair to subside
all a. once" he added, shut my feeling is
entirely hopeful.' Referring to the sugges-
ton that the government ought to come to
the rescue, he said: ''1he governme mt will
do all il can, but it must remain inside of
the law"
10 A. M. Yesterday.
The Governing Committee of the Stock
Exchange have decided to keep it closed for
the present, and to give "A hours notes be-
fore its opening. Gold opened at 111a.
Propose TO Take q Fresh Start.
Hoges g. Macy have issued circular to
their depositoTs, saying: We propose to
continue our business as usual by receiving
special deposits in trust TO new accounts,
pledging ourselves to use those deposits only
in the payment of your respective checks
against the new accounts, and as fast as we
can collect and realize from our loans and
securities to pay your pro rata miscellaneous
on our present indebtedness until the whole
shall be hquidated, the same drawing the
usual rate of interest uutil paid. IL this
plan meets your appreciation and you will
go hand in hand with US in this extraordi-
nary emergency, the business can 90 on at
once without further interruption, which
we are confident will be for the highest ad-
vantage Of all concerned. d"
A Hitch I'm Clearing the Gold Board.
Several parties are short of gold and re-
fuse TO pay half per cent for borrowing,
| consequently there is a hitch In the clear
ance Of gold at the gold exchange bank.
AT 2:lO P. NJ. gold is 1l444.
The Gutter-Snfpes Stampeded by the
| Police.
| Wall street was much less excited to-day.
| The crowd of bankers which have hitherto
blocked up Broad street in front of the
Stock Exchange was much less this morn
| ing, owing to the energetic action OF the cap
tain of the second precinct, who directed
his men to dispense all groups which threat
ened to interfere with sidewalk traffic. The
brokers were by this means driven in the
road, but they Jared 10 better here. The
police ordered trucks to be driven through
the crowd, and so compelled the brokers' to
scatter in ali directions. Driven from Broad
street, some of the most inVei crate specula-
tors and curbstone brokers adjourned to the
Gold Exch IDge court and held high carnival
there for about Is minutes, when the SER
geant Of the police, with half dozen men,
drove them heller SHELTER from their refuge.
-. Ambiguous Confidence.
The general feeling among the brokers APP
pears to be more hopeful than on previous
days, although there are, of course, many
who persist In regarding the situation in It's
worst aspect. The tone of general converse
ton is, however, more cheerful than it has
hitherto been, and there is an evident ten
daDcy to hope for the lest, although it is
not denied there is still cause for anxiety.
Since the appointment of The committee to
affect clearances, large numbers of private
settlements hsve been maze by brokers
who prefer settling between themselves to
having their business brought before the
committee. The governing committee will
meet at halfpast 10 A. NJ. tomorrow.
How the Banks DON'T Understand
Loan Certificates. e
A member of the Governing Committee
of Stock Exchange said this morning that
many bank officers had expressed willing
ness to extend the time of calling in loans
from members of the Exchange for ten days
after the Exchange "opens, but that an
equal misapprehension seemed to exist
among them, in reference to the position Of
the Stock Exchange Committee for guaran-
teeing certified checks. They simply desire
that the banks refuse to give anything but
certified checks. They shall receive certi-
fed checks as cash, remaining at liberty to
make any reservation they please as to the
method of certifying, including rule that
no bank sh Iii certify q check unless the
money is on deposit.
The First Failure i'm Legitimate
Trade.
The first failure at tie Produce Exch ange
is reported. 4 very respects bic, though not
Of the largest houses, whose credit has
hitherto been first class, has been forced to
succumb in consequence of the trouble in
the export trade.
Night RepOrts-Fisk and Hatch.
Mr.. Harvey Fisk, of Fisk & Hatch, states
that the house has its statements completed,
and that The next news from them will be
the resumption of payments; their deposit
ors are willing to assist in setting the wheels
again in motion, and their securities are
ready for realization as soon as there is
chance to use them.
H. CIewes d Co.
Clewes & Co. issue circular in which
they sSy ave propose to continue our busi-
ness as heretofore by receiving special depos-
its in trust for new accounts, claimed only
to payments drawn against new accounts,
and shall collect and realize upon ouc loan
securities and other assets as fast as posi-
BILE, aud make payments es prompt as they
shall be realized until the entire amount
shall be Equidated, interest being paid as
heretofore. The numerous friends and de-
posters in this city approve entirely OF
The psn, and have already signifed their
readiness to continue their deposits and
business as proposed"
Review of the Day.
The general feeling in financial circles is
decidedly improved. The days receipts |
close with some confidence in the belief
the bottom has been reached here, and
there is a fair prospect that when the stock
excrange opens there will be little left to |
arrange in the way of settlements between |
bankers, so thst there will be no new fail |
ures to announce. The cards from bank.
ing houses also inspire confidence, and will !
bring some money into the street as well
as assistance TO generel business, while it |
will expedite the re arrangement of fnan-
cial m0tters and aid in the prompt payment |
of old indebtedness when suspended houses |
will resume.
Courts Investigation.
President Vermilye of the Merchants |