Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-20

formation Of any bank panics. A commit
tee was appointed to perfect plan for re-
lief In case Of necessity, and win report to-
morrow morning.
The latest rumor on the street is that the
Government viii come to the rescue to-
morrow by buying five million bonds.
Government aid mist come in a more de-
cided shape TO be of any effect.
Mr.. Cortland, of Jay Cooke & Co., said
this evening that the London house have
have large surplus after payment of all Its
demands, unless there is great shrinking
of the value of their securities.
Gu side pur chasers continue in coneider-
able numbers in the declining market for
investment, which aided in strengthening
the market this evening.
The Power of the National Banks.
NEW YORK, Sept. 10, $50 P. M.-Jacob
Little & Co. have suspended. Assistant
Treasurer Hillhouse says it is Ia the power
of the National banks to avert further dis
aster, and they viii undoubtedly do so.
Two days of extraotd binary, and some say
uncalied for excitenent have passed, and
thus far Jay Cooke u Co. Is the only house
with foreign connections that has bowed to
the blast.
ARevfew of the NEUTRALITY-SUSPICIOUS.
DemOralized.
The Express, tonight, sums up the stu
alton as follows: The day closes, on the
whole, with fewer killed and wounded than
might be expected, all things considered.
No trust company has suspended. No bank
has refused payment. All the great railroad
corporations are apparently as firm as
rock. Rumor, however, is not yet satisfied,
and we warn everybody to bewsre of rumor.
Stock values hate shrunk enornously. but
when the bottom is fairly touched, re-
bound, SIS usual, is inevitable. Business, in
nearly all branches Of produce, is at stand
sill, and in fact almost bordering on gene
raj decentralization. Everybody is looking
out for their money, and the holders of
goods are not disposed to realize. A fever
ish feeling prevails, and many merchants
fear greater depression unless the Govern
ment comes to the rescue. One cause of
the financial crash is imputed to the agita-
ton in the Western States, threatening
legislation hostile to the railroads. These
reports have caused European bankers TO
decline advances on American railroad
stocks.
The Times, spesking OF .he failure Of Jay
Cooke Sc Co., says: With the great Northern
Pacific undertaking Jay Cookies New York
partners, and one at least of bis Philadelphia
house, were reluctant from the star to
sympathizs. Mr.. Hatch, on being interrgo-
ted, said he would make no statement at
present which he might be called on TO
retraet. he hoped for the best and thought
if the firm were allowed to manage the
business of the house without interference,
every creditor would undoubtedly be paid
in full The announcement of The failure
of Fisk q Hatch, which was followed rapidly
by reports of the suspension of other firms,
caused the widest excitement on the street
and the scene In Wall street and its neigh
borhood has probably never been equaled.
A Run of q MILLION.
As the business hours Of the day began
to draw TO close the excitement grew less.
The Manhattan Banz was this afternoon
filed with decositors of the Union Trust
Company waiting to have checks given by
them by the Union Trust Company certi-
fed. The ca0hier said the company yester-
day had 100000 on deposit in the bank
which had been paid out. He believed that
the company had to-day paid 100000 to
depositors. He believe the institution to be
abuntantly strong.
The Fourth National Bank kept open
until $3.50 and most of the brokerage firms
that suspended to-day expect to resume
business in short time.
Tom Scott's Son .in-Law.
The house of E. Randolph whose sus-
pension was noticed was Tom Scots New
York house. Mr.. Randolph is son-in-
law of the great railroad king. The reason
for the last named feature as stated by the
head of the firm of Randolph 81 Co, is the
absolute impossibility Of obtaining monies
| due them from other parties.
A dispatch says G. P. Bayard, one Of the
oldest and most reliable firms OF Philsdel-
pbia has suspended.
| Tomorrow!
To-day nineteen failures have been re
ported. The street at the close presented ar
intensely excited appearance. When the
ciosiHg gong sounded the members Of the
Board gave three rOusing cheers. Anothel
exciting day is predicted for tomorrow.