The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1890-04-25
TENNESSEE STATE NEWS.
Nashville Spectators Forced to the wall

Nashville Spectators Forced to the Wall.
NASHVILLE, TENN, April 14.-Great
| excitement prevailed among spectators
here this morning when it was an
| nounced that the Merchants and
$50 the following notice was put on
their blackboard:
"Owing to the course of the markets
the past few days and our inability to
cover deals in Chicago, the Office has
been forced to make an assignment.
We hope suspension only temporary.
A statement of condition will be made
as soon as possible"
This corporation trades in stocks,
grain and oil from SO up into the thou
sands, far the largest of the kind in the
South, and did an immense business be-
sides an extensive local trade. The
house had correspondents at the follow
ing cities who take trades for them:
Rome, Ga; Chattanooga, Gadsden,
Ala; Memphis, Clarksville, Tenn;
Pulaski, Columbia, Shelbyville, Birm-l
ingham and Huntsville, Ala; Hopkins
vile and Bowling Green, KY; Gal
latin, Milan, Murfreesboro and Knox
vile.
Their assignment affects people not
only all over Tennessee, but great
part of the South.
The stockholders, Messrs. Hugh Nc
Crae, A. R. Duncan, Isaac Reese and
B. Lanier, this morning executed to
w. L. Cranberry general deed of as
signment for the benefit of creditors.
Mr.. McCrea is in Australia, but is
mentioned in the deed. Mr.. Lanier as
signed in addition to his interest in the
house, real estate, money, notes, etc.
The others nothing except their interest
in the house. The deed of assignment
is to be valid, whether it should be de-
cided that the exchange operated with
in the limits of it's charter, or to have
been merely partnership.
Mr. Cranberry said that it was i'm
possible to state the exact amount of
liabilities and assets, but he thought
the assets would not exceed $1OO,O0O
and the liabilities would be about
100000
Said Mr.. B. Lanier in regard to the
failure: ''The house has experienced
some very heavy losses lately on Ten
nessee coal. We lost $4OO, 600, over $780,
600 in cash and $500, 600 due to deprecia-
ton in the stock. We were carrying
ourselves and for our friends 21,O0O
shares of Louisyille and Nashville.
This stock has appreciated about or
cents. causing u3 to lose over 100000.
We could have stood these losses and
continued business had it not been for
the fact that owing to the recent action
of the Chicago Board of Trade it has
been most difficult to get Chicago quo
tations, and impossible to cover in Chi
cago, as has been our usual custom, so
we have been forced to carry all trades
in grain and pork.
''In the past few days wheat has
jumped from 7s to 90 and pork from $500
to $3.50 barrel, oats and corn from 2
to cents per bushel These advances
have caused us to suspend, but we hope
to make better showing than present
conditions would Indicate" Mr.. Gran
berry said the statement would proha-
bly, be made on Saturdays closing fig
ures. The people having trades with |
the concern are very numerous and the |
sidewalks about the bank were crowded |
with men talking over it. There was
some dissatisfaction expressed at the |
settlement being based on Saturdays |
instead of this mornings quotations.