Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-30
FINANCIAL.
Disagreeable News from Europe.
The Curious Result of Silver Pay.
mentS.

The Curious Result of Silver Pay.
ments.
American Bonds Falling IS Per Cent
i'm Amsterdam;
NEW YORK, Oct. 29.-The change in the
European situation to-day was quite marked
aud many incline to the opinion taat the
bank of England rate will be advanced in
consequence of the continent drawing heav-
lily Upon London. At Amsterdam the de-
decline in some new American railroad
bonds is stated by private dispatches to be
heavy. Missouri, Kansas and Texas bonds
which were marked above so are reported
to be selling at 46a at close of the cay.
A snvery Joke.
The situation in Wall street was marked
by most quiet feeling. When the Govern
ment first agitated the policy Of paying out
silver, the premium was almost nominal on
small pieces, while trade dollars were worth
S169 per cent premium, but now small
silver is worth pei cent and trade dollars
II per cent premium. The Express says, how
long at this rate will it take the Govern
ment to bring silver and paper on a par
with each other? THE whole secret is that
people know silver is better than paper and
act on that principle whenever they can get
the former.1
The total disbursement of gold ON ac-
count of November interest Is 81, ,799, 600.
The silver disbursements by the Treasury
are only six hundrad dollars.
More Bankruptcy.
Proceedings have been begun to throw
into bankruptcy the firm of Dodge u Co.,
conspicuous in the lumber combination
which broke down last summer with paper
on the market said to amount to $10,000,-
600.
Mr.. Dodge said ne was afraid the firm
would be obliged 10 60 into bankruptcy,
although every effort had been made to
avoid such a result. Further than this he
was not disposed to speak of his affairs,
which he wished to be kept between the
firm and its creditors.
The New Brunswick Carpet Company
have been adjudged bankrupts by the United
States District Court at Trenton.
The First National Bank in Jersey City
fled petition in bankruptcy in the United
States District Court at Trenton, on Mon
day, against the New York and Oswego
Midland Railroad Company. Rule to show
cause was granted returnabie Nov. 4.
The Missing Carleton,
Secretary of the Union Trust Company, is
reported indicted by the grand jury. Car
Teton is said to be on his way to Europe.
The Smaller Industries Suffering.
The piano, billiard and cigar manufactu-
lerc and other producers of luxuries are
conducting business with great caution.
Large factories are being run on half time
and with half the usual force, while the
smaller establishments have In the main
closed altogether. This course is made ne
cessary by the financial disturbances,
throwing out of work large numbers ofmen
and women. Arrangements are expected
to be made whereby most of the factories
will be able to keep their hands at work
parG of the time at least, thus preventing
great deal of suffering.
An emphatic denial is given TO the story
published this morning that the firm OF
Hoyt, Sprague q Co. is embarrassed.
New Orleans 10 Resume.
New ORLEANS, Oct. 29.-In well inform.
ed financial circles it is now regarded GER
tain that the banks will resume currency
payments Nov. 10.
The Spragues Want n Million and
Get lt.
A story this morning announced immi-
neuS danger to the great house of A. & W.
Sprague, of Providence. Itwas sad their
liabilities were double their assets; that
they wanted loan of two million dollars
but could not get it, and that failure was
inevitable to-day. The facts are, that ow-
ing to the unexampled stringency Of money
and the difficulty in making collections, the
firm became in neeu of temporary relief like
almost every large firm in the country and
made q requisition on the Providence
banks. at meeting of the Presidents AID
Directors Of the bsnss, called to consider
the request it was satisfactorily shown that
the assets of the firm were over fourteen
million, said to be a low valuation; and
their liabilities seven Millions complete
reversal of the case published this morning.
This exhibit having been made, the Pro-
vidence banks pledged the one million that
was wanted to carry the frm through safely
and for the present every danger of tempo
rary suspension is removed. A meeting of
the friends of the city house OF Hoyt,
Sprague 8, Co, was held in the Office Of the
firm this morning to profar any further as
sistance if needed. A member of the finn
says the company does not anticipate any
ferther trouble.
An Expansion of s26O.OOO.
WASHINGTON, Oct. Notwithstanding
legal tenders are $3.50, ,26S,8 1888.
British Gold.
LONDON, Oct. 29-One hundred and
twenty-five Thousand dollars in specie were
shipped from Liverpool for New York yes
terday.
The Spragues.
a dispatch from Providence gives sub
stantisly the same account of the financial
troubles of Hoyt & Sprague and A. 81 w.
Sprague, as has been already telegraphed.
A committee of Providence banks to con-
slider these firms application for loan of
million dollars, to carry than over the
present financial stringency, will report to-
morrow.