Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-23

to pay on Qemanu sums OIL one nuuuISu
dollars or under, but notice of thirty days
must be given, as the charter allows, before
larger sums than one hundred dollars viii
be paid. 1t is likely all the savings banks
viii come to the same decision, although
Ss yet no official statement has been re-
ceiVed from he up town banks on the east
side, which is Inhabited mainly by working
people; and the run en- savin-s banks is
greater than in other parts of The city.
Noon.
Gen. Hillhouse, Assistant Treasurer, re-
fuses to buy government bonds from indl-
yiduals, as the clerical force of the sub treas
ury is inadequate TO engage In such transsc-
tions. He will only buy from banks. Up
to noon almost $4,000 worth had been
purchased.
ssPuIling Through
Mr. Camp, of the Clearance House, states
that all banks have pulled through excerpt
two, and those are now settling through
the loan commi tee. Wall and Broad
streees and lower part of Nassau street are
well filed with people, but all wear quiet
er aspect than was presented Saturday. The
Clearing House loan committee have issued
S2,500,00 of loan certificates this morning.
Mr.. Pitt, of Cook & Hugh Mccullough, ar
rived in the steamer Egypt, and are expect
ed at the Office of Jay Cooke & Co. by one
O'Clock.
The clearing house statement shows that
all banks have made their clearings salts
factory, including the two previously re-
ported as settling through the Loan Com
mittee. The general feeling is decidedly
better and there is considerable inquiry, in
quiet way, for stocks, persons being viii
ling to pay greenbacks for the dividend
paying shares.
The run on the savings banks has
ceased. There is hardly an average amount
of Withdrawals taking place, and it is stated
that there is no feeling. Only two hundred
thousand dollars worth of bonds were
bought at the Sub Treasury since II O'Clock,
considerable falling off in the number Of
sellers. The following cash bids for stocks
were made on the street, Central 50, Wa
bash so, Rock Island SS to 80, Western
Union Telegraph u.
All foreign markets are strong with bet
ter feeling. An advertisement Of the Com
naercidl AduertiSer that certificates of the
Continental Bank were thrown out in the
Clearing House Saturday was an error,
caused doubtless by coofounding it with the
Bank of the Commonwealth.
A Modest Deficit.
A. D. Williams & Co., overdrew their
account in the Bank Of North America to
the amount of $450,000. To-day the firm
deposited securities for $250,000, leaving
$500, GOO still due. The bank authorities
are now engaged in endesvoring to compel
the payment of that sum.
| Good News for Farmers.
There was q cecided improvement in
business at the cotton and produce exchan-
ges to-day, and the general impression
seemed to be that the breakers had been
passed and no further danger to be sppre-
| hended. The prospect is considered cheer
| ing. The business of the Savings banks to-
day was somewhat heavier than that oi
the three days of the past week, but that
is always the case On Monday.
Night Dispatches Curiosity MOngets,
Wall street to-day presented most extra
ordinary spectacle. 1t would be difficult in
the necessarily brief limits of newspaper
reports to give correct idea OF the excite
ment which prevailed, but the excitement
to-day was apparently of an entirely diff
ferent kind TO the intense anxiety observ
able Friday and Saturday, which had it:
origin in the condition Of universal panic
The streets, that is Wall street, Nassau stree
and Broad street, we're cowded. 1t wa!
difficult for pedestrian to thread bis way
through the different groups which oecu
pied the streets and inside walks. Tht
most striking feature of tie scene was ths
the masses to-day were spectators, whereas
on the last day of the preceding week ever!
one was rushing hither and thither fightin!
and struggling to make his way to SOM
bank or brokers' Office. This morning
everything to the outward eye was cain
and quiet and of the thousands of person:
who blocked the streets, the Sub Treasur!
steps and other places from which view o
he neighborhood could be secured, probsbl!
one half were drawn to the spot by curios!
tY alone. The conversation on the stree
was not so excited as it was 4S hours az
and there seemed TO be q general impres
sion that better state Of feeling existet
and that mutual confidence was likely to b
reestablished.
Popular Opinion of Government.
The opinions expressed concerning tn
action of the Secretary varied greatly, a
was naturally to be expected. Some
thought the panic should have been allow
ed to work itself out; others though
that the Government ought to have come
more directly to the aid of the strugglin
brokers; others again, that the wises
course had been adopted and that tht
worst was over.
Notwithstanding the csimness of tn
+ majority however, there were not lsckn
certain hot heads who unnecessarily circu
, lated rumors calculated to do great miE
chiet if they gained credence. Confidence
increased as the day advanced, and about
o'clock there was
A Sudden Shrtnkage
of the lines at the Paying Tellers' window
, at the banks and banking houses. Th
! heavy business done all day has bee
despatched with all possible speed and q
soon as known among merchants the pun
chase of bonds was uninterrupted, and th
. rule adopted by the Savings Banks requil
: ing 80 days notice for the withdrawal Of a
: large sums was adopted without any dis
, turbance. At any Savings Banks the ce;
: tiication Of checks was not pressed, and
! was evident depositors were beginning
9 believe the storm had passed.
Mercantile Generosity.
: The Commercial says it is due to tt
large houses to say that during the excit
T, ment of the past three days and to-day, q
l large amount has been drawn from til
3 banks except those actually necessary
y daily business. 1t has been generou
principle of helping the banks through Il
J. dificulty, and to this fact may be traced II
G ability of many Of them to pull through IL
g fearful siege which has been forced upo
: them by the complete decentralization whiC
b came without word of warning. Tt
8 failures in the street have been failures
y necessity of the strong stringency in whiC
8 the means of the heaviest houses were III
: avaiing either to themselves or their nejgl
g bors, and the anxiety among brokers is d
t for new business so much as for settl
e ment OF the differences and an adjustmel
g of contracts. A few more small houses ms
J. 90 under, when the final settlement is mad
r Still it is believed the recent stress swe
g away most of the weak brokerage fir il
No embarrassment is expected Of pliVa
=. banking firms who have sustained then
selves through the late crisis.
The Confidence Man.
The suspension of the Union Trust Cor
! pany is generally attributed 10 the defaul
\ iug secretsry's neglect TO call in the So ,00t
{ 900 loans ordered Thursday. According
general report, he completely lost his mer
: | tai balance and showed no dispOstiOn