Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-05
FINANOIALs TX
Two Large Dry Good Failures In
New York, sssIk
Involving Nearly Four Millions
Richardson Encroaching ON the Re.
serves,
S7,eOOyOO0 Already Used.

NEW YORK, Oct. 4.-The Bulletin an.
nounces the suspension Of Peak, Opdyke
& Co, a large dry goods house. Their
liabilities amount to about $2,500,000
They propose to pay in full with interest as
follows: Ten per cent. at two, three, four.
five, six, seven, eight, nine, fifteen and
eighteen months respec lively.
A propo -ition of Patton & Co., also dry
goods dealers, was submitted to their cred
itors as follows: On their 81, 100000 of in
debtedness they offer with interest, ten per
cent. at two, three, fonr, five, six, seven,
eight, nine, fif cen and eighteen months
respectively.
Robinson 81 Snydam, Smith & Seaver and
G. G. White who temporarily suspended,
have settled up today and were admitted
to the Stock Exchange.
No bank statement will be issued to-day.
Specie shipment one hundred thousand in
silver bars. The steamers arriving to-day
have large amount of bullion on board
which will be placed in the sub-Treasury
Monday.
The Day On Change.
In railroad stocks prices declined from
J 10 :, but at o'clock the market became
strong and active buying prevailed, which
carried up prices from to 5 per cent. The
quotations late in the day were the highest
of the week. The chief activity was in
Western Union, Lake Shore, New York
Central and Wabash, though a sharp ad-
vance was made Ia some of the others.
Union Pacific receded from 20s to 195 and
tflerwards recovered the decline. Express
shares made further advance.
Early in the day the market was unfa-
vorably affected by rumors of dry goods
failures, and the later buoyancy was par
tally based on rumors from Washington
that the S44, 100000 reserve had been en-
crosched on. kilograms confirmed these
Washington rumors and stated the out
standing legal tender circulation at $685.
100000, or $2,600,00G above the minimum
point.
New Orleans.
NEW ORLEANS, Oct. Gold is nomi-
nal, currency opened at 566, closing at %
as for certified checks. S ght nominal.
PIttsburg Mills VIII Pay Half Wages
tiIl the Banks Resume.
PITTsBURG, Oct. A meeting Of the
manufacturers of Pittsburgwas held yester-
day evening to take action In reference to
the present condition of financial affairs,
and determine what course to pursue in re-
gard to running their establishments. The
following resolutions we're adopted.
Resolved, in order that employee and
employer may each contribute to the great
interest of this community and the relief of
our moneyed institutions from drain of
currency, we recommend that the manu-.
facturers only make payments not to ex-
ceed one half of the amount due employees
eaco payday, on and after this date till the
currency and exchanges of the country as
sumo the normal condition.
Resolved, by doing this the manufac-
turer and workiBgman will cooperate and
each contribute to the best interests Of this
community, insuring the running of the
mills and factories, relieving our banks
from a drain Of currency and aiding in
restoring the confidence which alone is
needed to give complete return to our
wonted prosperity.
The meeting was the largest held here
for years representing about three-fourths
of the manufacturing interest of the city
and was harmonious and pointed in pro-
ceedings.
Cincinnati.
CINCINNATI, o. Oct. 4.-Nothing i'm
portant here relative to the financial situa-
tion. The week closes with improved con-
fdence. The number of hands thus far
discharged by manufacturers on account Of
the stringeDcy is small.
Jay Cookies Hash.
YANKToN, d. T. Oct. -Four compa-
nies of the eighth and sixth and twenty
ninth infantry in cammand of Lieut.. Col.
Bradley arrived to-day by boat from the
Northern Pacific, enroute for Omaha.
A Boston Grain House Suspend.
BOSTON, Oct. 4.-Lamper g. Co., grain
dealers have suspended. Liabilities $780,
900; assets S500,O0O.
Memphis.
Special to the Louisville Courier-Journsl.
MEMPHIS, Dot. 2.-The momentary as.
pect of affairs grows more favorable every
day, and were it not for The yellow fever
panic business in all branches of trade
would be conducted as usual. So far but
one manufacturing establishment, planning
mill, has suspended for want of money.
The banks are increasing their currency
daily, so far hat no apprehension need be
felt. The DeSoto bank, the second and
last one to suspend, will open its doors and
resume business tomorrow. The first
Nationals deposits to day were $4,000 and
the State Nationals reached over 500, ,000,
all of which will place the market in very
comfortable position tomorrow. Cotton
is coming in more freely, and the sales are
increasing. Planters are procuring plenty
of labor, and are sending their cotton to
market.