Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-28
Scare the Stock Exchange into Open.
ing Tuesday.
VIII Government Anticipate the S14,-
100000 November Interest?
No Bank Statement till Monday.

Tine Needs or TKade-AiberaI DIS.
cOuntIng Called for.
New YORK, Sept. 27.-Some prominent
6nsnciers met last evening in the rooms OF
the Mercantile Library Association and
adopted the following: rsr4 rt-s- ia
Resolved, that all ou~ efforts should now
be directed to the support Of trade and
commerce, and to prom oting their greates5
possible efficisncies in carrying on the vast
exchange of commodities incident to our
bountiful harvest.
Resolved, that we recommend to the
banks the maintenance Of their union SO
happily begun, and earnestly request that
it shall be supplemented by joint resolu-
ton to discount freely commercial paper of
undoubted character, which, on like occa-
sions in 1860 and 1861 so effscsually and
promptly triumphed over the insane panic
Of those years.
Resolved, That we have undoubtiDg con-
hdence thsi the policy of liberal discounting
will Immediately restore tranquility to the
pu llic mind as it did in the years above
named, and thus bring to the Golfers of the
associated banks the thirteen million of
greenbacks paid out by the government
within the last few days in exchange for
government bonds, which are now boarded
by savings banks and individuals.
Going IL Blind.
The bank statement will not be ready for
publication to-day. The Clearing House
Committee has resolved to issue loan certifi-
Gates to an unlimited amount, and will not
make known hereafter the amount issued.
Idle Bankers Bulling Gold.
The gold exchange bank is all straight
every statement received. The gold market
is active with frequent fluctuations. At
the opening sales were made at 114a and
later as high as 1154, followed by reaction
to 1142 The advance was partly due to
the covering Of short contracts, many bears
being frightened by the high borrowing rates
for gold. Some of the bankers assisted in
making gold scarce in order to run the price
up aud sell at an advance. The free sales
for their account carried the price down
from l15. TO 114t, the opening price of the
day. At one time it was reported the gov
eminent had sold $5,000,000 secretly, but
this report could not be authenticated. at
the opening, borrowers paid per cent for
the rise of gold but the rate soon fell to
fiat, and still later advanced las.
A Prospect for SI4.0eO,OOO Green.
1t is tie opinion Of persons conversant
with financial movements that the prospect
is steadily Frightening. The banks and
saving institutions are paying out more
freely to meet labor pay-ro,ls, aud the Gov
ernmeut, it is stated, offers to prepay the
November interest of over fourteen million.
Stock Exchange Opens Tuesday.
1t has been decided by the Governing
Committee to open the Stock Exchange on
Tuesday next. This acti N was precipi-
tated by the resolution of the Clearing
House authorizing an unlimited issue Cf
loan certificates. Many were opposed 70
opening the Stock Exchange, but after the
q ton of the Governors was made known
there was q general acquiescence. The
Committee on Monday will adopt some
method in regard to closing out old con-
tracts, and no doubt give every man ample
time. The outside quotations doubtless
bave had their influence in causing the re-
opening of the Exchange, for on the street
a man with one hundred shares of stock,
under the panic, could depress the entire
share capital and make an unfair index of
what the stock would be considered wOr, b.
Brokers made ex ensiEa settlements of
contract to-day and successful clearing
of 1000 shares of Lskeshore by one of Van
derbih's brokers advanced the price of that
stock about 10 per cent, while other stocks
have generally risen from to 8 per cent.
Extent OF the Crash.
The following shows the prices current for
leading stocks Wednesday, Sept. II, the day
before Jay Cooke & Co. failed, and those