Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-28
FINANCIAL.
Blue Monday for Wall Street.
A Blue Winter for the Working
Glasses.


The Panic Reachinx the WOrkIns
Ciasses-A sad Saturday.
NEW YORK, Oct. 28.-The effect of the
late financial trouble Is beginning to be felt
by the working classes. In many trades
large numbers Of operatives were dischareed ed
atthe close of the week for want of em.
ployment, or for want Of funds to pay them.
Three shoe manufactures closed Saturday
night indefinitely. The employees ia one
establishment Were ordered to work at re-
duced wages; but the men declined to work
for WAGES below those established by the
Crispins' Society, and were consequently
discharged. Nearly every trade is affected
similarly.
a Blue Monday.
NEW YORK, Oct. 27.-The situation 10
Wall street to-day was marked By an un-
settled feeling, unfavorsble rumors and
lower values generally.
Associated banks to-day gained $180, 900
legal tender. The amount Of these notes
reported are between eleven and twelve
millions. Greenbacks are noninaliy at
s64 premium. Silver is quoted at S!64
premium. FeEErs sFrFf rF
left i'm Ignorance.
/ The sub- Treasurer and Superintendent
Of the Assay Office said to-day that they had
received no further communication from
Washington In regard tolthe proposed pay
ment of silver coin, and had taken no steps
in the matter. The director of the mint
viii arrive in Washington to-day.
Two hundred and fifty thousand dollars,
coin, were paid out to-day on account of the
November interest without rebate.
Wants Two millions Credit, though
he Can't settle Existing Debts.
1t is rumored that VIM. r.. Vanderbilt,
$4,000, 900 of New York Central bonds still
remaining out OF the recent issue of $1O,-
100000.
The matter of the Lake Shore Loan to
the Union Trust Company, is not yet set
tied according to the statemement of the
directors. A difficulty has arisen in the ne
gotiation of the notes of the Commodore,
the banks who had agreed to discount them
refusing to do so unless the capital Of the
Union Trust Compsoy is enlarged by the
payment of an additional million dollars.
LATER.-A settlement hss been effected
of The Union Trust Company's loan TO the
Lake Shore Railrosd Company. The re-
ceiver of the Trust Company obtained per-
mission of the Court to accept the Lake
Shore Compsny's notes, secured by Com
modere Vanderbilt with Harlem railroad
stock at ninety. 4-5 g
r-y-s-, Grinneu &CO.
A full list of securities held by the credi-
tors of George B. Grinnell & Co., is pub
lished, they are mainly shares of Lake
Shore and Chicago and Northwestern, with
a dash of New York Central.
Who Knows How Much Truth He
Tells. a
Calls P. Huntington, President of the
Chesapeak and Ohio railway, In regard to
pany was likely, the coupons of its bonds
falling due the LIST of November would not
Be psid, said that some Of the construction
and equipment paper was over due, but not
to large amount.
The Origin Of Public D1strust.
The trial of Frank l.. Tainton, cashier of
the Wrecked Atlantic National bank, has
been commenced. Charles A. Meigs, United
States Bunk Examiner, testified to finding
q deficit Cf four hundred Thousand dollars in
Tainton's accounts and to advising Tain
toms arrest.
f10O00 sterling were received at the
Assay Office to-day, making the total f1,-
547, 200, since Oct. 6.
In regard to the Union Trust Company,
and Lake Shore muddle, Mr.. Wesley receiv-
er of the Trust Company, states as within
his own knowledge, that when Commodore
Vanderbilt came into the Presidency of the
Lake Shore Company, he found this debt
to the Trust Company, amounting on the
24th inst, to the sum of $l,S09, 1882, q
debt of which he had previously known
nothing and in the contraction of which he
had no personal share; that this loan was
made by the Trust Company
at 7 per cent, - at q time
was money was very cheap and lending at
4a65 per cent, and that although Commo-
dore Vanderbilt personally was not respon-
sible for dollar of it, be had, in order to
take care of the Lake Shore interest on the
one hand, and help the Trust Co. out of its
difficulties on the other, put up his personal
pany's notes, which are drawn in new
and very stringent form. 3t'l-A
Another Partner In Jay Cookies
Washington House.
WASHINGTON, Oct. 27.-In the District
Supreme Court to-day, Judge Humphrey
ordered notice to non-residents in the
bankruptcy suit against Jay Cooke & Co.
Benjamin Buckner is petitionary creditor.
This case differs from all others, either in
Phi.adelphia or Washington in charging
that VIM. Il. Jewey was partner in the
Washington house.
Expansion of 100000.
WASHINGTON, Oct. 27.-The outstand-
ing legal tenders are $360,S74 SSS.
Pittsburg Furnaces Decimating
Wages.
PIfTsBURG, Oct. 27.-A meeting of the
furnace owners was held Saturday, at which
every furnice in the city and vicinity was
represented. twasIunsnimously resolved
that on and after to-day q reduction of 6
per cent. will be made on all labor. 1t was
the impression of most of those who were
present that it would be very difficult to
keep the furnaces in blast, and that a fur
ther reduction might be necessary to pre-
vent entire suspension. I'd
All st. Louis Banks Resume.
ST. Louis, Oct. 27.-All the banks here
resumed currency payments to-day. Moth
ing unsual occurred; no excitement. Con-
fdence seems restored. The deposits ex-
ceeded the drafts. ---..