Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-16
FINANCIAL.
A Day of yicissitudes in New Yorl
Excitement on the London Change.



Excitement on the London Change
NEW YORK, Oct. 15.-The failure of.W'
G. Perry, 8 small operator, is reporse9'
Gilman, Son & Co. are reported suspended.
The difficulties were caused by the contin- y.
ued demand of depositors and their lnaDui-
ty TO make collections. w. G. Perry as'
tributed bis suspension 70 the define ~
| stocks.
ON 'Change.
The situation st the stock exchange cary
in the day was marked by heavy iah -
values owing to further failures, and Ing
pressure of stocks for cash to realize money.
But there was sudden change to extreme
| buovancy under which prices advanced
| sharply. The payment Of the New oIK
city dividend had nothing to do with tne
inward movement, although it was largely
| the result of manipulation by some OF sne
bears. who covered their short contracts yes
terday at the the prices and went long iof =
| turn.
100000 shares of stock Unioosed.
Judge Blatchford, in the United States
| District Court, decided to dissolve all the
| ipian. tions heretofore granted in the bank
ruptcy case of Geo. B. Grinnel d Co. Inc
Application to have them adjudicated in
voluntary bankruptcy will be argued Sat1r-
day. The announcement that all the IN
functions had been removed did not have
auv unfayorable influence, as no steps were
taken to sell out the collaterals, although
the dissolution of the Injunction leaves the
creditors free to dispose Of them IN The
| same manner as If no Injunction existed.
| This releases nearly one hundred thousand
shares of stock, and what would ordinarily
cause decline acts directly the other way.
In regard to banks it may be stated that
| the situation is improving. They are con-
| timing themselves to legitimate business,
are not hsmpered By stock operations, and
currency is comirg INTO the city from the
| country in considerable quantities. a
member of thu governing c1mmittee OF the
| Stock Exchange said this afternoon that be
| thought all danger of further financial dis
| turbsnce was now over, and that the banks
had never been in 80 good condition since
the manic as at present. Tie few small sus-
pensions Yesterday and Today should not
excite any apprehension. He oelleveo ina
all houses hsd snccumbed which were like
| lv TO. and that confidence among business
men would rapidly increase. Brown
| Wadswolth & Go. have resumed business
They have notified the Stock Exchange
| to that effect. This is the hrst priVate
banking firm which suspended during tne
recent panic to resume.
The Post says the situation to-day Is 81
follow: At the Clearing House returns o.
banks this morning show an important
gain in legal tender notes. There is n1
change Ia loan certificates, and there
likely to pe no contraction of them at pre-
sent. From uptown merchants adyices
to-day are good. The large dry goods hrm'
which In the general uneasy feeling hav'
not esceped unfavorable rlimors, are, vi
are assured, strong; their collections ar
fair, and if they were not they hayt
the sup oort of banks whose duty
il is to carry through mercanth'
firms which are sound and whose only en-
bsrrassments arise f ON temporary dlsus
into which ordinary methods of bushes
are thrown by the panic. At the Produc
Exchange business is good; that done yes
terday in breadstuffs has been rather aDoV
the average. On good authority we ar
told that at the regular session yesteroa
sales of bresdstuffs amounted to aoou
$3.50 of which $500, 900 we're OF whea'
S125, 900 of -four, and 100000 OF corn.
over Four Million Reserves Out.
J WASHINGTON, Oes. 15.---Ihe outstanC
ing legal tenders are $780, ,SSS.
] New Orleans.
: NEW ORLEANS, Oct. 15.-Gold is I'LL
1l2. Currencf 4a05a premium sterling
bank 11SaA119z; sight 1056lO4.
Excitement ON the London Exchang
LONDON, Oct. .-Unf4yorable rumol
from America are afoat in the Stock h
change. It is reported that the failure
several brokers, caused by the decline
Erie, will be announced in the Stock I'll
change to morrow. One hundred and Fl
, thousand pounds Ia bullion We're shippt
from Liverpool for New York to day.
/, st. Louis Anxious to Resume.
ST. LOUIS, Oct. 15-The Directors of u
{ st. Louis National Bank, to-day instruct'
the President to take measures to call
. meeting of members of the Cleari1g Hou:
TO discuss the feasibility of immediate r
a sumption of currency payments. Quite
a number here are very anxious to resun
b and are said to be willing to assist any bar
!, that can show itself solvent through al
/ run which may result from resumption.
!; is understood ten banks will to-morro
4 make application for meeting ofthe Giles
n ing House Association to consider this ma
). ter, and they will press resumption stror
: IL. If they fell it is by no means corts
J. that they will not withdraw from the ass
!. ciStion and establish Clearing House
( their own and resume at once.
;. Cincinnati All Right.
IS CINCINNATI, Oct. 15.-Banking matte
, are working satisfactorily. A few ban
, to-day report little heavier check ng th
" on preceding days since Monday when tb
b resumed, but IN the main no extraordins
N demands have been made since the full
il sumption. The good results to the bar
, thus far have fully verified the predictiC
3. of those most favorable to resumption.