Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-21

i Ab6u hAnSs
At nearly one O'Clock the ten millions
promised from Washington cannot be made
available, owing to the red tape required
the opening and reading of the offerings to
sell bonds, and telegraphing to know If the
rates are acceptable. The tills of the best
and strongest houses must be getting low,
having stood run now of nearly six days.
Every Tub ON its own Bottom.
Upder the order issued by the President
of the Stock Exchange, forbidding members,
Cnder penalty of expulsion, to engage in
operations outside, it is not possible to real
lie on securities and each mans own vault
is now bis only stand by.
49, NO Clearances Possible.
at O'Clock notice is given that general
clearance cannot BIZ effected to-day, owing
to the fact that money dealers find 1t i'm
possible to get checks certified In the proper
manner. An statements, dockets, and
checks will be returned to the dealers on APP
plicstion to the gold exchange bank. Gold
at o'clock is 1.1Is.
Caring Credit by Imitation.
The bank presidents have passed reso-
luton to issue Immediately ten millions in
loan certificates.
ds 100000 Missing.
A defalcation in the Washington Trust
Company is said to be five hundred thoIs-
and dollars and the Secretary, Charles T.
Carleton is reported the detaulter.
Suspension sBesteR than Sacrifice.
The National Trust Company say they
could have kept up payment to-day. They
came on the street this morning with their
securities, but could find no buyers except
at discount of thirty to forty per c'nt.
They refused TO sell st such sacrifice and
suspended for the better protection OF
themselves and customers.
Blue Monday.
A Washington special says Secretary
Richardson has instructed Assistant Treas
urer Hillhouse at New ork to purchase at
private ssle bonds to the amount Of ten
millions dollars at the average price paid
to-day. Similar Instructors have been
issued in Philadelphia. Its hoped the Stock
Exchange viii suspend their sessions until
after the squat of the opening hour OF Mon
day and that such action will aid in res
toring confidence The large mails arrlV-
ing to morrow will bring more than the
usual amount of drafts and checks which
must be met on Monday at early transac-
ton, but the banks are to-day preparing to
meet th m and generally announce their
ability to "tide over"
The Sacrifice Of First Class Securities
S4S3,000 of bonds we're offered at from
100 to lila; sll offers of bonds under 1114
are accepted by the Government. The fol-
lowing were the sellers Of Government
bonds to day: Vanschock & Co., S762, 900;
Francis T. Walker g. Co., $4,000; E.
Sweet s. CO., S11,500; Weston q Debilier,
$50, 900; Geo. T. Baker, S147, 100; Vermlye
s. Co., 100000; w. L. Hatch & Son, $780,
600; Reid & Content, S13, 400; Chase &
Higginson, 100000; Wood s. Davis, $780,
600; total, SIC, 5000. I'VE make it
2,45l ,600,]
The Difference of q CIPHER.
Another story in connection with the
suspension of the Union Trust Company
! is, that excitement yesterday so unnerVed
the Secretary that instead of calling in
| S3,O00,O00, he made a mistake and only
called for $500, 200, thus leaving the Com
pany without funds and causing ito suspen-
Fsion. The friends Of the Secretary are
positive that he has no participation in any
| dedication.
The Career of q Nice Young Man
Carleton, of the Methodist Book
Concern Implicated.
The Commercial says: 1t was not known
that Carleton, the Secretary OF the Union
Trust ComDany, was defaulter until some
time Yesterday afternoon, when his absence
began to give rise to suspicious. He re-
| NAMED at his desk until II yesterday con-
versing freely but exhibiting signs Of ex-
element and trepidstiOn. He left the
Trust Company, saying be was too uuWell
to remain and desired some rest. When ii
was necessary to consult him in regard 10
certain matters, be was not TO be found,
and then i was that the trustees began TO
suspect he was def2ulter. Under hur'
RED examination of his affairs it soon be.
came quite certain that he had been using
the securities Of the company for bis OWL
personal purposes. H9 had made loans tt
relatives ami friends on securities which
were regarded as very doubtful. One losr
of twenty thousand to his father, Rev. DIR
Carleton, of Methodist Book Concern noto
rity. He had bis favorites among the brok
ers and loaned large amounts to them OF
securities that It will be difficult TO realizt
on.
It is well known that Carlton has haC
almost the entire management of thi
great financial institution. President Mr.
rockingham has been absent in Europ
since early In the spring. The compan
hold large blocks of Lake Shore securitis
and unless Commodore Vanderbilt steps il
and gives relief there is but little hope tina
the Union Trust Company will open fc
business Monday.
Fisk e. Hatch.
In the Office of Fisk & Hatch the follow
ing notice is posted: "Drafts drawn
Preston, Kean & Co., Chicago ILL.,, on Fis
g. Hatch will bs honored by Messr!
Stephens & Allen; No. % Pine street."
Sunday Work for Judge Richardson
A special dispatch from Washingto
, SAYS Secretary Richardson leaves WashiDl
ton this evening for New York. A confer
ence will be held to morrow morning at th
3 sub Treasury to determine what action
will take in the matter.
The National Banks form q Pool.
Immediately after the closing of thu FL
= change a committee of associated bank
me- at the Clearing house and 1t was voc
by all the associated banks that Lhey woult
issue certificates pledging the association a
7 a whole, these certificates to be iGsued
t the manager of the Clearing house to az
associated bank, against deposits Of tn
!, banks securities or assets. The effect {
l. this action was 10 enable solvent concerns
T convert their assets into money temporal
: ly and without any sacrifice to themselve
o The stock exchange is ordinarily simply
medium for converting securities into cast
y In the prevailing panic the scarcity of mol
ey prevented this from being accomplish
securities being offered for sale at constan
It ly decreasing prices without buyers, uuless
: enormous loss to the sellers. By the issI
/ Of the bank certificates any bank can realii
2 money upon its assets, and will b5 thu
4 able to extend to its customers all the q
|, commodstion for which they can find 8
i Guilty without compelling the sale at q ga
j. rifiee Of the assets off5rred. The Whol
machinery therefore OF conversion is ont
more set in operation and is likely to re
"a smoothly, and ell the concerns which hay
= assets will find no difficulty in convertiI
% them into money. This action Of banks
. the Clearing house meeting gave rise to
feeling of confidence on the street that
additional failures were likely to occur al
the impression obtained that the panic W
e ove-.
e Leading foreign exchange firms, such
e August Belmont, Henry Clews & Co, a
IS Drexel, Morgan & CO. do not give al