Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-25

street is rather nervous. Brokers are con-
gregated in front of the Stock Exchange,
but are doing little or no business. The
opening quotations were: Central 81 Offer
ed; Rock Island Sc offered; Western Upion
81 bid, "a offered; Pacific Mail 80 bid; Lake
Shore 80 bid. A meeting of the bank
Presidents is now In session considering
measures to be taken in the present emer-
gency.
H0wes & Macy.
Howes and Macy have suspended. This
is the first effect of the suspension yester-
day of Henry Clews & Go. It was one of
the houses mentioned in rumors as likely
not to weather the present storm, and its
suspension now makes closely watched 9TH
er houses reported embarrassed, rumor hav-
ing been right this time. Mr. Macy stated
yesterday that his house was not in the
slightest danger of suspension. "Th.s is an
old fogy bank" added Mr.. Macy, Sand is
not all at embarrassed by the panic"
This morning Mr.. Macy said the only
explanation of this suspension was that
which applied under existing circumstances
TO all firms having large number OF depos-
|
firm had yielded TO the inevitable result OF
the present financial alarm, and would re-
sumo when quiet was restored.
The b-Treasury has bought this morn
ing almost q million bonds. The bank
presidents have decided to issue another ten
millions of loan certificates.
1I:45 q. m.
The Clearing House banks at meeting
to-day resolved not 20 pay out any more
currency but to certify all checks payable
at the clearing house only. This is intended
TO prevent any back up Of greenbacks. 1t
is understood, however, that small checks
will be paid as usual. The rule TO apply
to checks for large amounts.
Shortly after II there was slight run
commenced upon the banking house of
Vermilye & Co., but the partners state the
house was prepared 10 mees all demands,
and that they were in no fear Of the conse-
quence OF street rumors or of demands up
on them for payment. Foreign exchange
quotations are almost nominal.
1880 p. M.
The Sub Treasurer purchased million
and half bonds up to this hour. An eff.
fort is making by the. Sub Treasurer to dis
tribute the greenbaeKs as much as possible
and no more is being supplied t. Savings
banks then their needs require.
A Private stock Exchange on q
Sound Basis.
An exchange has been opened at Ill
Broadway for the sale of stocks and bonds
for cash. Th>re is large crowd in attend
ance.
Sink or Swim.
The members of the Clearing House at
their meeting to day rResolved to
stand by each other with all their
interests and to expel any bank fail
ing so TO do. Each member of the loan
committee was made committee of one to
find out where ten millions of government
bonds or any part :of that amount can be
purchased. The President and Secretary
of the Treasury have been asked to antici-
pate the payments of bonded indebtedness
of the government not yet mstured.
Stocks at Auction.
Sales of stocks at auction: 100 shares of
Delaware, Lackawan and Western from
65t to 871, and fifteen shares at 80. Two
hundred shares New jersey Central from
So to SO; one hundred shares New York
and Harlem preferred, 1881; twenty United
States 10-40s, registered, 105. The follow
ing are the latest cash prices on the street:
New York Central, IS to 81; Harlem 103
10 los; Erie, so to SO; Lake Shore, Is to
70; Wabash, 43 TO 45; Northwestern, 40 to
AZ; Milwaukee, and st. Paul, 80 to 50; Ohio
and Mississippi, u to 20; Union Pacific, 20
to 81.
ppm
All Is quiet about the Savings banks
throughout the city, and there seems no
suspension of payment, and depositors ap-
pear more confident.
Another Suspension.
Brown g. Watson, god brokers have sus-
pended. Very little excitement followed.
The refusal of Assistant Treasurer to buy
bonds from individuals gave rise to report
that he had stopped buying bonds. Up to
2 o'clock he had purchased 100000. I he
bank presidents have another meeting TO-.
day at half past three. The banks have
made their clearings in good shape and the
differences are settled. The pressure on
The banks from out of town is no larger
than yesterday and this demand is neutral
lied in many cases by fresh depositors.
There seems to be no unusual run upon
any the banks and they are meeting the de-
mands promptly in greenbacks when it is
certain that no run is attempted. For the
most part they are certifying checks good
through the clea:ing house.
Henry Clews
was early in the street. Multitudes OF
sympathising friends were eager to shake
hands with him and it was the general ex-
preston that the fight made by the house
during the last few days was indeed brave
struggle.
Closing Review.
The slight run upon some of the savings
banks noted from day to day has ceased
entirely. The principal banks below Four
teenth street were visited this morning, but
most of them were deserted except by Oc-
casional depositors. At the B0wery Sa-
wings Bank there were some persons with
drawing small sums, but the demand was
nothing in comparison with day or two
ago. In some banks persons who drew
their money during the early days OF the
panic have deposited the amounts again.
Two prominent stock houses are receiV-
ing their stocks which they have been IN
willing to do since the closing of the StocE
Exchange. Brokers are beginning to think
they can see daylight. Money is about one
per cent per diem. There are no more
failures to report to-day, and the feeling
although not cheerful is not so dishearten
ing as at the close yesterday.