Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-13

New York Views More Hopeful.
a scheme to wipe out the Premium
ON Exchange and Deprecfate Amefl.
can Gold near Per Cent

can Gold near Per Cent.
| LONDON, Nov. 12.-The committee OF
the Stock Exchange have adopted resolll-
tion that four shillings British per dollar
| American shall be the rate of exchange
after the third of November.
New York Sees Daylight.
NEW YORK, Nov. 12.-The financial Sit
uation continues to improve and the money
market has fairly settled down to seven
per cent, with nothing doing above that
rate, and some trouble found in many
quarters in placing money at this rate, par
ticularly when borrowers offer United
States bonds as collateral. The banks have
made further gain of S., 100000 in legal
tenders to-day, making the total now held
by the associated banks $26,200, 900. The
relief or loan certificates issued to the
banks during the heaviest panic pressure
upon them, are being liquidated gradually,
so as not to bear too heavily on merchants
at present.
Carleton ct ais.
The work of recognizing the Union
Trust Company is progressing slowly, and
only half of the one million dollars stock
required has been subscribed. The Com
merciM says it appears hardly possible that
Carleton could have performed so many
dashing tricks in finance without confeder-
| ate directors.
The officers of the Security Bank, it is
stated, know the whereabouts of their alb
sconding cashier, and say the nearly COM
pleted thorough investigation fails to show
that hs took more than originally reported,
$25,000.
| The Turn of Tide i'm the Tea Trade.
The failures in the tea trade yesterday
are attributed rather to the competition
| which is growing up in the West than to
| the panic. The great Western martS, it is
said, are receiving their teas mainly by way
of San Francisco, and many smaller firms
here have been wound up, owing to this
withdrawal of trade. The decreasing trade
| is maintained as the cause of one Of the
heaviest importing firms advertising two
vessels of their feet for sale.
An Item about the Spragues.
AUGUSTA, Me-, Nov. 12.-The Coburn
Land Company incorporated by the last
Legislature, with capital not to exceed
$2,500,000, and in which the Spragues of
Rhode Island are largely interested, has
been transferred to the management of Ira
d. Sturgess and H. A. Dewitt, of this city.
More Pittsburg Failures.
PITTsBURG, Nov. 12.-The banking
house of Mellon & Sons and the Mechan-
ics' Savings Bank, of this city, suspended
to-day.
Expansion of s57O,54O since Yester-
day.
WASHINGTON, Nov. 12.-Ourstanding
legal tenders are $780,, 1881. The re-
ceipts from customs at the following ports
for the week ending Nov. s, were: New
York, 81 1876, S43; Philadelphia, S11S,964;
Baltimore, $13S,457, and Boston, S,640.
Ohio Falls Car Company....settIeni
Effected.
LOUISVILLE, Nov. 12-The creditors OF
the Ohio Falls Car Company met to-day,
and received statement Of affairs of the
company, showing assets S1,5OO,0OO, liabili-
| ties about S4j0000, and appointed a COM
mittee to examine the statement and visit
| the works of the company III JetferSOnville,
| Ind. This evening the committee reported
| a settlement which was accepted by cred
| itOrs. The basis is extension of indebted
ness Il, Is. "a, 80. Sc, 42 and 4S months.
| The agreement was readily signed. In a
few days the car works will be infull blast,
| after a suspension of some weeks, and will
| furnish employment to 100 men.
Louisville, New Albany and st. Louis
Railroad.
! Papers are now being prepared to put the
| Louisville, New Albany and St. Louis Raj
road into bankruptcy at the instance Of the
banks here, which have loaned money tC
the company. The Indebtedness Of the
company is quite small about 100000 O.
the company's first mortgage bonds being
out rs collateral, and sold to the amount o.
S125,000. A meeting Of stockholders is
called for Nov. %.
Hon. Geo. S. Boutwell, lectured here to
night on the Treasury Department, Civi
Service Reform, and Finances, to a smal
but select audience of representative men