Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-21
Richardson Threatens to Use the
M FOrty-fOur Million Reserves.
The Banks Form S10,0OO,OO0
p 49, Syndicate. se,
Failures In Albany, Toronto, Phil.
adelphia, Chicago, st. Louis, etc.
Hoboken in bangor.


for a savings defalcstion of nearly seventy
thousand was discovered in the bank lately,
and the directors disposed of some securi-
ties to make up the deficiency, -depositing
with Fisk & Hatch for safe keeping S94, 600
of the amount realized. The suspension OF
the firm makes this sum unavailable at
present. Trer
The Telegraph Rendered Useless by
the Postal Laws.
A number of kilograms were received at
the postcfice yesterday, requesting the post
master to withhold from delivery letters
bearing the stamp Of the firms sending the
messages, and which were addressed TO Jay
Cooke & Co. The postmaster could not
comply with the request, as the postal reg
ulstinns provide that afte: a letter has pass
ed from q mailing office the delivery of il
cannot be prevented or delayed by the al.
legged writer.
A Considerable COurt.
The Court of General Sessions wss ad.
journed early yesterday to give jurors and
court officers an opportunity to look after
their bank accounts and securities.
The Opening Yesterday--A DeluSe Of
Government GreenbacRs.
The sub Treasurer has posted notice
stating that he has been instructed by the
Secretary of the Treasury to purchase $40,
| 100000 of bonds to-day. THIS prompt re
spouse of the Government to the Request
made for the relief of bankers yesterday,
gives apparently additional strength to the
! strong and announcement to the weak. A
better feeling prevails, and 1t looks now IS
| if the worst was over. The stock market
showed an improvement Of five per cent.
The First Blood Of the Day.
Union Trust Company, Suspended at half
past ten. .r- .a.-.-
A Lively See-Saw.
Stocks are going up and down lively, ant
several calls have been made under tb,
rules, which would imply that failures have
tsken place, although the only one mad
known vet is that of the firm of A. g
White & &c. Western Union has touches
60. The suspension of the Union Trus
Company is likely to make unavailable tn
balances Of smaller bankers and perhap
force them to retire from active bushes
for this day az least. Most of the sales
stocks are for cash at two to three per cent
below the regular transactions.
The Police ON Hand.
Great crowds are in Wall and Broa
streets, and policemen are busy keeping FIRE
the entrance and exits of the Stock E.
change. The failures of Ketc' UNI & Belk
nap and E. c. Broadhead, are the latest II
ported.
Another Bank Sueeumbs.
The National Bank of the Commonwealt
has suspended. SAKE q Rogers have SD:
pended. A meeting of the creditors of ia
Cooke g. Co. will be held Monday. Ru
mors are circulating lively.
New Suspensions.
Loussig & Fisher, P. III. Myers, Mile
g Walsh, Lawrens Josephs, Fearing q De
linger, and Williams & Bostwick, have SUI
pended. Rumor seems right this time thi
a defalcation exists in the Union Trust o.
The Bank of the Commonwealth says tt
run on the Fourth National Bank precipi
tsted a run on that Institution, and TIL
Edward Haight & Co. over drew their a
count to the amount of 100000, whiC
they did not make good to the extent
$4,000. Under the circumstances, th
Bank thought it better to suspend.
Vanderbilt. -.-
Vanderbilt was eloseted with AugustV
Schell in the Union Trust Company's Off
imme d,ately after its suspension. Brow
WadsWorth & Co. have failed.
, No Bank Statement.
} The bank statement viii, it is said, not
ready before four O'Clock il then. To gi
! the round quotations of stocks is not poss
BILE to-day. The failures of brokers can
in such quick succession that blocks
socks were thrown uTon the market to r
/, alize.
A DeIuge of Shin-plssters.
. A special from Washington says 1t m
he stated on The highest authority tn
should the order to purchase ten milliol
bonds fail to check the financial excltemel
; it has been 5cided on by Secretary RiC
{ ardson to issue any part of the forty 10
millions reserve necessary to restore con
dence. There were thirteen proposals
sell bonds of the government at the Su
Treasury aggregating $2,672, $50 at from
, to 1l2c. -
Three More Banks Overheard.
The National Trust Company has il
closed it doors. Certificates Of the Mocha
+ ics' Banking Association and Continent
l Bank have been thrown out of the cleari
4 house. TIE crowds and excitement
q Wall and Broad streets are unprecedentG
|, and even in the neighborhood of those
. nancial centres groups are gathered discu
i ing the situation.
1 Attempt mt Unive rsaI Suspension
1t An effort is said to be making to get
: public and private bankers to act in conc
If and close doors simultaneously, not watt
g for 3 O'Clock.
, A BedJam.
The excitement and panic which folio
:, ed an announcement in the Stock ExchaI
on the suspension of the Union Trust Co
70 pany and Bank of the Commonwealth, w
L be, ond description. The Stock ExchaI
resembled a mad-house, and the sire
we're blocked with people, all laboring U
der crest excitement and frensy. Pri
o. tumbled from two TO sixteen per cent, 6
lg stocks were slaughtered without any sp
at rent regard to values.
Z. POstpOninE the Agony.
d Amid the surging of an excited crowd
G. the Stock Exchange, and continued destr
TX ton of values, there were some few cool 8
ID level heads. These men considered
o. idea of initiating the Vienna plan OF clos
- the Exchange, and Immediately the owe
't' ing committee was convened 10 take act
- Gn6TeOD' LII lew h,ohASn'S VIZ O
aS called to order, and the announcem
made that the EXCHANGE would be clio
until further orders from the preside
ay This was received with great JOY, and
ne Exchange resounded with cheers. The g
was sounded at 1880, and in less time
wv it takes to record the fact, the wild exc
nv ment was over, the surging crowd OF fra
he brokers disappeared, and the Stock
Ter change was deserted hall. The roth
of the treasury was crowded with PEI