Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-08
FINANCIAL.
The Tedious Progress Of Gonzales
cenee.

New York-Impr0yemen I'm Grain.
NFw YORK, October 7th, 18T3.-In
commercial circles feature of busi-
ness is the gratifying activity in grain
frejghts. The export movement in wheat
is on q liberal scale with prices gu 3ted up.
The receipts of wheat are large. The en-
gagemenis Of freights for British ports em-
brace free shipments OF wheat. Several
grain, petroleum and tobacco charters are
reported. Cotton dealing for both early
and forward delivery is moderate.
A Failure.
Wylie, Knevals & Co, sugar dealers, have
suspended. They haye now no statement
to make.
ON 'Change.
The general situation on Wall street to-
day was marked by decrease In the
volume Of business and less buoyancy
than yesterday. On the Stock Exchange
lower values prevailed under q disposition
on the part OF some who bought stock Tor
cash at low prices during the panic to real
ize the profits offered by the recent sharp
advance. Late in the day the rumors OF
mercantile failures had an unsettling effect,
although only one failure was positively re-
ported and that in sugar house.
Secretary of Treasury Richardson, ex-
Secretary Mccullough and Assistant Treas
urer Hillhouse were 10 close conference at
the sub Treasury in this city this afternoon.
A Bank Lending Its Directors $780,.
O0Q.
Isaac Bailey, receiver of the National
Bank of the Commonwealth, gives state
ment of the banks: Assets 81, ,99S,077 93,
and liabilities 81, ,535, ,245.24, exclusive of the
capital stock of $750,000. BY this exhibit
there is deficiency of $2S7, ,l67 81, showing
the capital stock impaired 38s per cent.
The aggregate Indebtedness of the Directors
to the bank the day of the failure was over
$5OO,00O.
In view of the above statement of Bailey,
President Ellis is out N card to the stock
holders and creditors of the bank, in which
he says: nPerhaps the willingness of Bal
ley TO be receiver at a salary of So 600 a year
and commissions, may explain his gloomy
views of the affairs of the bank. His right
to its property will be tested In the United
States Courts, and beg you will suspend
your judgement of the bank and Its officers
till they again have their books and the
means of their defence" At mesting of
the Clearing House Association this even
ing, st the request of Mr.. Ellis, the follow
ing resolution was adopted:
Resolved, that special committee of five
be appointed by the chair which committee
shall with the President and directors OF
the National Bank of the Commonwealth
make examination into its affairs and report
st future meeting of the Association, the
assent of The Comptroller of currency being
ob.sined.
The order issued by Judge Woodruff last
week to show cause why the appointment
of Isaac b. Bailey as Receiver should
be declared null and void was returnable
to-day. Judge Woodruff was not in town
and the matter was brought before Judge
who said as he was stoekholder
in the bank be would decline to hear the
The matter was adjourned I'LL
Tuesday next.
Manufacturing Interests at Cincin-
natl.
CINCINNATI, Oct. THE Commercial
this morning, publishes the results of
many interviews with leading manufaciu-
rers in various departments, from which 1t
sppears that though the number of hands
discharged here on account of the money
stringency has been much over-estimated, it
appears comparatively small, and most of
the manufacturers and artisans express q
hope thst they will be able to 60 through
without further reduction of eithe- force or
time.
There is no special change in the fnan-
cial situstion here. The bankers gener ally
express readiness to resume currency pay
ment as soon as the step is taken in New
York. Business men are becoming very
anxious for the event to transpire.
PhiladeIphia-A Proposition.
PHILADELPHIA, Oct. The Union
Banking Company submit to their creditors
the following proposition which they say
viii enable them to resume business at an
early day: The creditors shall take so per
cent. of their claims in stock Of the bank,
and the bank then resumes business, plac-
ing tie other so per cent. In cash to their
credit.
SIrregularities'' I'm Massachusetts.
LOWELL, MASS, Oct. John w.
Pierce, Jr., Cashier of the Merchants Ma
tional Bank, has been guilty of irregulari-
ties, according 20 other officers of the bank,
to the extent of $4,000. Pierce was also
treasurer of the Central Savings Bank, but
that institution is said to be all right.
New Orleans.
NEW ORLEANS, Oct. 7.-Gold 1176119
for certified checks. Sterling 1170l18 for
bills Of lading. Slght--nothing doing. Cur
rency per cent premium for certified
checks.
At Washington.
WASHINGTON, D. c., Oct. THE reor-
genization of tie National Metropolitan
Bank is promised after the examiner shall
have made bis report. The report of the
receiver of the Washington City Savings
Bank shows surplus over its obligations.
Estimating the securities at par, the deposi-
tors will receive at least nine.tenths, of their
money.
Jay Cookies Promises.
Special to the Louisville Courier-Journal.
WASHINGTON, Oct. 6.-The proposition
of Messrs. Jay Cooke & Co. to surrender
their property to Hon. E. A. Rollins, late
United States Commissioner of Internal
Revenue, as trustee, is favored by anumber
of the creditors. Other creditors, however,
insist on regular legal proceedings, on the
ground that the trustee to be appointed by
the court would be put under fond and
subject to the direction of the court, and
that the creditors would be able TO get
precisely at the exact nature of the assets
iu hand, and especially those at Washing
ton City at the time of the suspension.
There is undoubtedly some distrust OF Mr..
Rollins as a trustee. Another difficulty
in the way of the proposition is
that one of the largest creditors of
Messrs. Jay Cooke s. Co. is the
First National Bank at Washington. This
bank is now in the hands Of a receiv-
er,who is bound to proceed by law to wind
up its affairs. 1t is alleged that In a case
tried in 1872 before The United States dis
trict court for the Southern district of Ohio,
the couit ruled that a trustee cannot give
his consent to discharge of q creditor in
bankruptcy. There seems to be a conflict
between the petitioning creditors in Phila-
delphia and the creditors in Washington as
to which court shall take charge of the es.
tate, and it is believed by some that the
proceeding in Philadelphia was gotten up
in the interest of Jay Cooke & Co. 1t is
now stated that Jay Cooke 81 Co. will be
able to pay about 20 per cent, and the
First National Bank as much as IS per
cent. of their debts.
Washington City Savings Bank.
The report in the case of the Washing
ton City Savings Bank shows that seven
teen thousand dollars was loaned Jay Cooke
& Co., and eight Thousand dollars invested
in Northern Pacific railroad bopds, and