Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-15
FINANCIAL.
A Blue Day In Wall Street.
Unprecedented Tumble in Stocks
Tho Prosidanf On the Currency
ID nnfl pnunfls SnacIa.

$4,000 Pounds Specie.
NEW YORK, Oct. I4-Fifty thousand
pounds were received at the Assistant Sec
retaries Office tets morning, making total
to date 972,000 pounds.
--t Another Suspension.
The suspension of Burger, Hmlbut &
Livingston is announced. The firm was
well known in the sugar trade. Livingston
says tightness Of money and impossioility
of getting In payments was the immediate
cause of suspension; assets said to be one
million, liabilities half that sum. ETF
And still Others.
The SUSPENSIONS of VIM. Hoge & Co.,
bankers, and W. M. Whittemors & Co.,
brokers, are announced.
The Bank Of England Creates q Dis
turbauce I'm the Stock Market.
The Directors Of the Bank of England
raised the rae of discount this morning
from five to six per cent. Heavy pressure
to sell in the stock market to-day forced
prices down from one to six per cent.
through the list, and in some cases prices
were below the lowest quotations Of the
recent severe panic. Later, there was an
improvement from the lowest point.
Three thousand shares Lake Shore have
lust been sold out under the rule, for the
benefit of Boyd, Benson & Co. The firm
has not failed, but is selling this stock to
get clear ofthe Grinnell complication.
The suspension of Gillespie, Trowbridge
s. Co., tea dealers, is reported. A meeting
of the creditors will be beld tomorrow.
Among the rumors ahoat in Wall street,
and which has materially assisted the de-
cline in stocks, is one that the New York
Central will not pay its regular dividend.
This rumor obtains significance from the
fact that parties have sod their dividends
at one-half per cent. discount.
Letter from President Grant.
Publication is made in the Euening Post
to-day of letter from President Grant to
U. A. Caudry, of the Continental Bank,
dated Oct. 6. The President says: My
whole object in the letter to Anthony and
Clafln was 10 restore confidence to the pub
lie mind, and to give assurances that the
government would give all aid in its power,
keeping in view at the same time the solV-
enc7 of the national treasury would be re-
earded. AS money in the treasury would
be subject 10 use for the purpose Of showing
that means are at hand to give the relief we
promised. do not believe the present
panic will work to individuals half the in.
| iury it will work general good to the coun,
try at large. Our monetary system
is a creation of necessity
1t has no elasticity, but
in other respects it Is the best that has ever
| been devised. No one now distrusts the
value of his paper dollar. On the contrary
il is seized and boarded with the same
avidity now that gold dollar has been in
| former like adversities. The panic will cal
| attention to defects in our monetary sys-
| TEN and will no doubt lead to legislation tt
reliye the want of elasticity. The panic ha:
| brought greenbaeks about on par with sil
yer. wonder that silver is not already
coming into the market to supply the de
| fciency in the circulating medium. WheI
| It does come, aud predict that it will soon
we have made rapid strides towards speci'
payments. Currency will never go below
silver The remainder of the letter is de
voted to the views of the President on silve
change as a circulating medium and substi
| tute for currency, but have already beer
made public in recent interview.
A Blue Day In WALL street.
| Wall Street has seen the bluest time to
day ever known, so far as the Stock Elk
| change is concerned, and prices have beef
| allowed to fall below the lowest point
touched in any of the panics of the past tel
| wears, The decline is attributed to various
causes. Some held that the depression du
to the order of Judge Blatchford yesterda,
in relation to the bankruptcy OF Geo. Bird
GainneIl s. Co., and said that until irjunc
ton was removed no one on the stree
could tell how soon the market might b.
flooded with stock, and SO long as it cor
tinues broken would be unaole to borro7
money. Others explained the heavy tum
bic by the fact that q large amount Of stock
carried on margins had been sold; in con
sequence, holders were unable to put u
any more collaterals. 1t is said Wander
biIt has been free seller and Jay Goul
has sold out stocks which be bought in an
could not deliver, and has been buying u
gold.