Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-11
FINANCIAL.
New York's. Progress toward Re-
sumption.
Sound Banks Disguised with the
Pool Arrangement.
That scheme for Floating Rotten
Concerns TO be Abandoned.

That scheme for Floating Rotten
Concerns TO be Abandoned.
NEW YORK, Oct. 10.-There is very
early prospect of putting an end to the pool
ing arrangement for greenbacks. Many old
aud prudently mans ged banks are restive
under this arrangement, and desire the lib
erty of managing their own greenbacks, as
well as National bank notes, and receive
and pay them out across their own coun-
ters. Their receipts cannot be made free as
before the suspension so long as there is a
discount on bank checks In Wall street, and
then insist on resumption in notes, green
backs or national across their own counters.
No day is named for meeting Of the clear
ing house to relax existing arrangements,
but the probability is 1t. viii not be later
than Saturday or Monday next.
j. d. Vermidge, President of the Mer-
chants Bank, says be will not be surprised
il, within two or three days, the banks give
up pooling and pay greenbacks over their
counters as formerly. he states the banks
have gained half million greenbacks in the
last three days.
NEW YORK, Oct. 10.-Mr. Camp, Presi-
dent of the Clearing House Association,
stated to-day that financial matters are be-
coming brighter. TiEe banks are gaining rap
idly in greenbacks, and confidence is being
speedily restored. The banks, be says,
have paid and are paying more currency
than ever before, and all demands for legit-
mate business purposes are being supplied.
The loan certificates outstanding, amount
to about $20,000,000, and are being can
celled as rapidly as the general welfare ad-
mits of. Mr.. Camp is Of the opinion that
q speedy cancellation of the loan certificates
would be disastrous. He hoped they would
all be retired at the latest by Nov. 1, the
date originally agreed upon, but if at the ex-
piration of that time the Association banks
concluded that the public welfare demanded
a cotinuance of loan certificates, the present
policy would be adhered to. The banks
have as yet taken no action relative to full
resumption.
The trustees of the Union Trust Co. to-
day appointed committee to consider the
question of speedy resumption.
A Miserable Piftance.
The members of the Stock Exchange to-
day contributed 81, ,264 for Shreveport and
Memphis.
New Orleans.
NEW ORLEANS, Oct. 10.-Gold is nomi-
nal at 11161113. Currency is firmer at
acc premium for certified checks. Sterling
is nominal, bills of lading and clear 11636
117a; bank, 1l86119aa; sight scarce, with
no regular market sales, at 2 to &c premium
for certified checks.
S6SO,OOO Gold.
BOSTON, Oct. 10.-The steamer Doran
arrived to-day, having fl6,0O0 Of specie.
From Washington.
WASHINGTON, Oct. 10.-Over $3,000,-
600 Reserves out. The outst andlDg legal
tenders are 1859, 190,4S8.
Cincinnati Arran cling to Pay Her
Debts.
CINCINNATI, Oct. l0.-The Clearing
House Association held another meeting
this evening and unanimously agreed TO
retire and cancel the loan certificates at the
rate of twenty per cent. per week, thus re-
quiring five weeks to cancel all. They also
agreed to continue the settlement of bal
lances during the process of retiring from
certificates by the use of certificates, and
that the banks might loan this amount to
other banks desiring their issue, on depo-
sit of satisfactory security. No day for re-
sumption has yet been fixed. Evans & Co.
announced that they will resume currency
payment tomorrow. Confidence has de-
cidedly improved here TO day.