Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-02
Depression Of Railroad Interest.
Mechanics Being Discharged by the
Hundred.

tiOn2l 415 men. WOrK on tn6 Oela"StS
Lsckswanna and Western Railroad tunnel,
through Bengen Hill is suspended, throw
ing 400 men out Of employment. The
Canmins Car Company of jersey
city has been obliged to suspend, although
its assets will more than cover liabilities
The trouble is that large amount OF debts
duegfrom Railroad companies cannot De
collected.
Suspended.
Northrop * Cheek, bankers on Wall street
suspended this morning. Heavy calls from
western depositofs was the cause: They
have had no dealings with the stock ex-
change.
GFor details of the days developments
see our regular Market Reports on third
page.] .
Employees Discharged.
TIE Danforth Locomotive Works IN. J)
will place employees in theft foundry on
half time, or W 3rk two gangs on alternate
days. Flrty employees Of the Morris and
Essex Railroad at Hoboken were discharged
yesterday, and $50 at other points, because
Of inability of the Company to obtain cur
rency for disbursement.
Forcing Jay Cooke into bankruptcy.
PHILADELPHIA, Oct. 1.-At the request
of debtors, and by consent in petitions, the
order REQUIRING Jay Cooke & Co. to show
why they should not be adjudicated bank
rupts has been continued for week.
| WASHINGTON, Oct. There have been
| filed in the office of the Recorder of deeds,
several instruments of writing by eX-GoV.
Henry D. Cooke, cor veying to Jay Cooke,
trustee, his real estate in Georgetown in
three pieces known as 'Cooke's property"
| A widow in GEORGETOWN has entered suit
| against Jay Cooke & Co. on certificate of
deposit for s., 500.
Chicago-Grain Advancing.
| CHICAGO, Oct. 1.-The fnancial situa-
ton here, this morning, presents much
brighter aspect than yesterday. The re-
ceipts of currency continue large, some
three millions being reported yesterday,
while the demands upon deposits are falling
of. In fact,some of the banks have already
begun to furnish their customers with the
usual accom- nodations, and the prospect is
that / will not be long before business will
resume its wonted channels. 1t is stlted
that the Third National will resume busi-
ness in few days, probably by the begin
ming Of another week. There is much
frmer feeling in the grain markets, with an
advancing tendency in prices.
Milwaukee Still Adjourning.
| MILWAUKEE, Oct. 1.-The Chamber of
Commerce adjourned till Saturday noon to
enable buyers of wheat to have currency
here to pay for 1t.
| Cincinnati Hopeful.
CINCINNATI, Oct. 1.-There has been no
day before, since the financial disturbance,
that there has been so much hopefulness
here as to-day. II was apparent at the
opening of 'ChaDge and manifested itself to
the close. The general markets gave evil
dence of returning vigor, and though busi'
ness wss mainly confined to jobbing sales,
iC was of such q nature as to show revival
of confidence. With the banks and bank
ers i; has probably been the quietest day
for ten days. An improved tone was com
mon throughout the day. A noticeable
feature was the increase il money on the
streets, much Of which WAS placed at de-
cideily lower rate than yesterday. With
returning confidence there is also appearing
in many quarters desire for New York to
designate the earliest possible period for
currency resumption in thst city.
LouisvIIle-The Clearinghouse I'm
necessary.
| LOUISVILLE, KY, Oct. 1.-To-d6y the
Planters Bank, Peoples Bank and Louis
vile City National Bank, withdrew from
the Clearinghouse Association. These
banks have been doing business as usual
through the panic, paying all checks pre-
sented and will continue TO do so. They
withkrew from the association on the
ground thai there wa3 no necessity for the
| combination.
Al meeting of the Clearing House As
! socistion this morning, with common con-
sent, the Association was dissolved through
lack of the cooperation of merchants.
The Bank of Kentucky announces that it
will pay all checks on demand as hereto
fore.
New OrIeans-Greenback Only pei
cent.
NEW ORLEANS, Oct. 1.-Gold nominal
Cash gold scarce at 1126113. Sterlir
nominal but firmer; bank 11S50l195
Currency opened at Al premium. Certified
checks at 2a6S. Sight nominal.
Massachusetts DefaicntiOn.
HINGHAM, MASS, Oct. 1.-The default
ing cashier of bingham National Bank i:
f confined to his house by illness. The stock
holders have voted to reduce the capital O
the bank from 100000 to $4,000, anC
continue business.
Washington.
WASHINGTON, D. c., Oct. THE Sec
ond National Bank has resumed currency
payments.
| The Government to Deposit funds In
New Orleans and Charleston.
= The President of the Charleston Chambe
:, of Commerce telegraphed to Secretar,
RchardsNn as follows: "The New O.leanl
Picaylne Seports that after Oct. l, you vii
maitain on deposit in that city 10000,
: dollars in currency, at tie State Treasury
!, to be paid to banks on checks on New
York. The Cham Ier ssks such relief Il
amount of 100000 dollars for Charleston.
Assistant Secretary Sawyer replied to thi
telegram as follows: "Charleston will haV(
all the relief afforded to other places"
L. While no special relief, as Secretary
Richardson says, has been afforded New
Orleans, it is known here the PicGg1ule il
correct in what it said; the government
was asked to deposit $1,000, 900, but tht
amount was reduced to 100000. This i.
no new feature, the government alway!
having currency in New Orleans for pUr
pose named.
L 1OOlo, oCb, ls-INObuIIlp IcW bI dllo
pired in financial circles to-day. The sus
pension of Northrap & Cheek, of New
York, however, crea.ed furry, from The
fact that they were correspondents of seve
raj banks here, among them Barthalow
, Lewis & Co., Meehonie Savings Institution,
Donaldson & Fialey, and Repler, Smith &
Co, but it soon subsided. Barthalow &
| Lewis received telegram from New YorA
| thai the Banks of Commerce there would
) pay their checks for the Indebtedness
of Northrup & Cheek. This latter
firm had, according to the Bankers Alma
nae, thirty correspondents in Missouri, foul
l of them in Kansas City, viz: Watkins &
, Co., Long, Grant &c Co., Kansas City Saw
ings' Bank; twenty-five in Kansas; severa
: in the Southwest, extending as far as Texas
Several prominent firms called meetipg
D to be held tonight to consider the fuancla
t situation, but when the people arrive they
> found on the door notice of its postpone
3 ment. A large crowd gathered on the
/. pavement aud there was considerable dis
cussion relative to affairs.
No explanation was made why the meet
ing was postponed, but many OF the crowd
attribute it to the influence of banks, and
these Institutions were pretty freely de
nounce1 for their action in suspending cur