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P 29 Bank Saspension in Memphis. MEMPHIS, Sept. 25.-The First National Bank | of Memphis has suspended,
18050. First National Bank (Memphis, TN)
Bank Information
- Episode Type
- Run → Suspension → Reopening
- Bank Type
- national
- Bank ID
- 336
- Charter Number
- 336
- Start Date
- September 25, 1873
- Location
- Memphis, Tennessee (35.150, -90.049)
Metadata
- Model
- gpt-5-mini
- Short Digest
b96f031b6e7e02fd
Response Measures
Accommodated withdrawals, Capital injected, Full suspension, Books examined
Description
Contemporary newspapers report a run and heavy withdrawals on Sept. 25, 1873, the bank posted a suspension notice the same day citing the New York financial panic and inability to realize securities; the bank reopened by Oct. 2, 1873 (and is reported resumed in January 1874). Cause attributed to the broader financial panic / inability to realize eastern securities (systemic/macro news). OCR minor errors corrected (e.g., 'saspension'→'suspension').
Events (4)
1.
March 25, 1864
Chartered
- Source
- historical_nic
2.
September 25, 1873
Run
- Cause
- Macro News
- Cause Details
- Heavy withdrawals driven by the national financial panic and inability to realize securities in New York; widespread panic about Eastern failures prompted depositors to present checks and demand currency.
- Measures
- Paid out large sums (reported $60,000) while open; posted notice of temporary suspension and referred paper maturing that day to another bank.
- Newspaper Excerpt
- The run on Wednesday upon the First national bank...paying out sixty thousand dollars, but, on opening the doors yesterday and finding the run still likely to continue, they were closed again and suspension announced.
- Source
- newspapers
3.
September 25, 1873
Suspension
- Cause
- Macro News
- Cause Details
- Suspension announced citing the financial panic in New York and failure to realize expected negotiations/securities, preventing meeting demands for currency.
- Newspaper Excerpt
- Owing to the financial panic in New York and failure of expected negotiations, this bank has suspended payment temporarily. W. W. TRACHER, Cashier.
- Source
- newspapers
4.
October 2, 1873
Reopening
- Newspaper Excerpt
- The First national bank has resumed. / The First National Bank reopened for business yesterday.
- Source
- newspapers
Newspaper Articles (22)
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Purchase of Government Bonds Saspended-7-40 Bonds not to be Antici pated-More SuspensionsDry Goods Merchants Sound-A Run on the Savannah Banks-They Hold Out NEW YORK, September 25.-Mr. Hillhouse says he has exhausted the orders to purchase bonds, and will await further orders. A portion of the registered European mail, per the City of Montreal, was badly damaged by the breaking of a large bottle of iodine, which escaped the notice of the mailing clerk. A large number of letters containing checks, bonds, &c., are stained a deep brown, and the writing is rendered unintelligible. The dry goods merchants report trade dull but sound. The rumors of failures among them are groundless. The morning journals take a very hopeful view of the financial situation this morning, and it is the general impression that the panic is over. The members of the firm of Jay Cooke, & Co. meet daily, and have decided not to sacrifice their securities in order to meet their obligations, but to wait the restoration of public confidence. Mr. Howes, of Howes & Macy, say they have the best securities, but don't propose to sacrifice them at current rates. There is no stock board to-day. The following notice is on the door of the sub-treasury: "Purchases of bonds at this office are for the present suspended." In an answer to enquiries the sub-treasurer states that he cannot say whether any purchases will be made to-day, until he is advised from Washington. WASHINGTON, September 25.-It IS stated that Secretary Richardson declines anticipating the 7-40 bonds, which mature in December and January. The Washington City savings bank, known as J. R. Ruff's, after five days run, has posted the sixty days' notice clause. MEMPHIS, September 25.--The - First national bank of Memphis has suspended. SAVANNAH, GEORGIA, September 25.-A run commenced early this morning on the savings departments of the Savannah bank and trust company and the Southern bank of Georgia. They are paying dollar for dollar. Business is at a complete stand-still for lack of currency. Large crowds are congregated about the banks. BALTIMORE, September -Brown, Lancaster & Co., well-known bankers of this city, and agents of the Chesapeake and Ohio railroad, having branch houses in New York and Richmond, suspended yesterday afternoon.
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THE CRISIS IN MEMPHIS. Suspension of Three Banks-The First National, DeSoto and Freedman's. Madison street was the scene of such a financial excitement this forenoon as was never before witnessed in Memphis, save perhaps when the Gayoso failed in 1867, when almost a mob was kneeking at the doors of the closed institution. NUMBER ONE. The First National Bank had been opened for business as usual, apparently only a few minutes, when a card suddenly appeared on the door like the hand writing on the wall at Belshazzar's feast, saying: Owing to the financial panic in New York and failure of expected negotiations, this bank has suspended payment temporarily. W. W. TRACHER, Cashier. All paper maturing to-day will be found at the State National Bank. The general public was not prepared for such an announcement, and the news spread like wild-fire. In half an hour a large crowd had assembled at the doors of the bank to discuss the event and to speculate, not in stocks or bonds, but upon probabilities and the situation of things generally. It was growing very lively, when all at once another card went up on the front door of NUMBER TWO. The DeSoto Bank, of which Mr. James Elder is President, likewise announced a suspension for similar reasons. Thus the excitement broke out, and in a half hour had reached every part of the city. Before ten o'clock Madison street was filled with men earnestly and vigorusly exchanging what news they had, and gesticulating like newly fledged politicians on the stump trying to save the country from everlasting destruction. An idea prevailed with some of those who had any money that the rest of the banks would go up next, and they accordingly made a rush for their institutions, some with checks in their hands, others clutching imaginary checks which they expected to draw.
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NEW YORK. Robbery. NEW YORK. Sept. 25.-About midnight four masked men bound and gagged Seth W. Strage and wife of Yorktown, near Peepskill, and robbed the premises of $400 worth of valuables and escaped undetected. A Disputed Will. The will of Woodford Martin, the deceased grocery merchant, is disputed by three daughters. The estate is valued at $3,000.000. The daughters disputing the will claim that one of a later date than that offered for Probate is in existence. Ingenious Dodge. A newsboy was arrested to-day for crying out "Suspension of the First National Bank, "but was released on explaining that he meant the First National Bank of Memphis.
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BANK FAILURES Orders to Purchase Bonds Exhausted. NEW YORK. September 25.-Assistant Treasurer Hillhouse says be has exhausted his orders to purchase bonds, and will await further instructions. Dry Goods Trade Sound. merchants trade The but dry goods report dull. sound. The rumors of failures among them are groundless. Hopeful. The morning journals take a very hopeful view of the financial situation this morning, and the general impression that the panic over. Securities. members of the Jay Cooke firm meet have decided not to their in order to meet daily. The securities and their sacritice obligations. but to await the restoration of public confidence. Mr. Howes. of Howes & Marcy, says they have the best of securities. but don't propose to sacrifice them at the current rates. Secretary Richardson. Sceretary Richardson telegraphs that his duties require his presence in Washington. He can not meet the Clearing House committee in New York. Improved Feeling. 3 P. M-The feeling continues to improve. The run on the Jersey City Savings Bank has ceased. Gold closed at 111 The superintendent o: the Clearing House states that about $3,000,000 of the new loan certificates have been issued. Stock Exchange. The governing committee of the Stock deExchange met to-day for the purpose of some plan for clearing stocks. A of seven was brokers to send in vising committee requested appointed their and state the ments. Resolutions of the Produce Exchange. WHEREAS, The critical condition of the commercial interest. of the country requires immediate relief by the remova! of the block in negotiating foreign exchange: therefore. beit That we respectfully suggest to the of the Treasury for relief in this emergency: plans Resolved. Secretary immediately the following First-That currency be insued to banks or bankers upon satisfactory in evidence that gold has been placed special deposit in the Bank of England by their correspondents in London to the credit of the United States. to be used solely in purchasing commercial bills of exchange. Second-That the President and Secretary of the Treasury are respectfully requested to order the immediate prepayment of the outstanding loan of the United States. due January ! 1874. A Terrible Newsboy Farnishes an Item. A newsboy was arrested today for libeloutly crying out. Suspension of the First National Bank. but was released on explaining that he meant the First National Bank at Memphie. Action of the Stock Exchange. Narcases of bankruptcy against suspend in2 bankers. The governing committee of the Stock Exchange this afternoon appointed a subcommittee of seven to arrange is plan for clearing stocks. The banks in the Clearing House Association are pooling their greenbacks, as agreed vesterday. One or two which stood exceptionally strong refused at first to put their legal tenders in. but finally concluded to do -rather than be expelled from the association. Money is etil! unoutable. Greenbacks have been exchanged day for certified checks all the way from one to three and a half premium. The loan committee of the Clearing House have isaued up to to-night 17.090.000 of certificates. A proposition has been advanced to open the Stock Ex change for business. leaving the settlement Friday's and Saturday . business and sales under rule in aberance. It is claimed this would give investors a chance to buy stock and bring money into the street. The creditors of the National Bank of the Commonwealth held a meeting this afternoon, but, pending investigation by there. ceiver. 110 action was taken. Rates at Closing. Gold carrying rates 3at. Clearing to day $28,250,000. Customs receipts $245,000. Foreigh exchange unsettled; prime bank ere eixty day bills 5@54. Commercial 3 @ i. It is estimated that $2,000,000 in gold has been shipped from England to New York since the panic begun. The actual disbursements of greenbacks for the purchase of bonds by the sub-treasury since Saturday were $13,300,000. Cincinuati Clearing House. CISCINNATI, September 25-The Clearing House Association has just adopted the following resolution: Resolved, That for the protection of our commercial interests, and for the purpose of preventing the drain of currency from the banks and bankers of this city. we do
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for checks upon banks e drawn. their to be optional on with but the they will certify hands sums. which they drawn are on balances Clearing in House only checks payable member through of the the Clearing such House A Each is required to deposit at all sociation accurities as will Government approved his clearings. value; rail the amount recei of at their bonds par and bills road bonds and are other received stocks and at eventy-five them by per the Certificates cent receivable of the are value fixed are on issued used by the the of balances committee, committee. which can between only be the bank$ render settlement are not negotiable. condition on Change quopanicky and Matters were in it that difficult to furnish feeling tations. to-day to There a was general no feeling cellers to stand of whatever on the but part of buyers and genea and are everything. still The action of the bank scussion here was of this rally consumed unexpected much time. ruinous. There The ecautionary prevailing believe the course that it was a obligation to banks the owe nity. measure, opinion is justified general by the banking commu Chicago Clearing House. The Chicago CHICAGO. September resolved until further condition Clearing House view of the disturbed other cities, and tion affairs and in in New York and balances into of difficulty of converting advice of the bank the and on the commended currency. that members! be currency paythem examiner. authorized to suspend demands made upon counters and ments from on any country large banks a over their New sav Haven savings 25.- Bank. The NEW HAVEN, September the legal delay se in rious run. paying ings banks depositors. are enforcing There has been no Excitement in Memphis. excite MEMPHIS, September account of the susment prevails of banks, here, caused on by the inability closed pension on securities. banks have to realize The following named Bank, De Soto Bank today: First National the Freedmen's Savings 13 and it is and reported Trust Company. There heavy Bank run on the others. all will reopen after It is expected that The excitement the panic subsides. On account this present intense. of the monetary city. panic two and a which run on have all the suspended. banks in business is almost at standstill. suspension in St. Louis. decided Sr LOUIS, September of bankers, 25.-It held was last drafts, night. at to the suspend meeting payment or on exchange, checks or until the either in currency in the East subsides restored. and a firmer excitement condition of the markets is Resolutions of the Associated Bank banks to-night At meeting of the associated the following at the Clearing House unanimous adopted: and resolution Resolved was That for the protection for the purpose of our commercial preventin interests, a drain of currency to adopt from sub- the banks, of we hereby plan agree adopted in New on stantially viz: the Not to pay out currency sums. the checks York. except for small the banks on to be optional with certify checks amount drawn, but we will payable drawn which on balances in our banks, the Clearing House. the through committee of management of The House were directed to issue of Clearing Clearing House the certificates aggregate immediate amounting in set between $500 to $2,000,000. each. for the the purpose banks: of each tling being balances entitled to a pro rata quarter. amount. bank the clearings for the last ample based certificates on to be secured by saided the the character and val of committee lateral lateral to be determined by This arrangement appointed to remain for that in force purpose. till November 1. Little Rock currency has LITTLE ROCK. September increased. The exeite ment over city The failure of the exeitement. banks in Financial Memphis caused are unusual the only topic of conversation. take matters all the merchants refused to the day Nearly to-day. and throughout by decity money a heavy run on the banks de positors. there was As vet they have met every mand promptly Savannah. AVANNAH, September 25.-The Company THE on Savannah Bank and Trust ceased the at noon. and continued on the South matters. ern The Bank Chamber of Georgia of Commerce to the close. is considering Atlanta. ATLANTA. September The Dalkon accure Savings Bank has suspended. The tics are ample. Augusta. ACGUSTA September The National Na Bank. Merchants and Planters tional change Bank Bank of Augusta and Planters and Savings Bank have suspended. The Loan run on the banks has been heavy, especially Cotton is this coming morning. in freely. but there is no money to move it. The cotton market has enspended opera no currency to buy it but there tions: The First National Bank to be paid no serious out as appears usual. on it. The president will pay as long as run there is dollar of currency in the vaults There is confidence that it will weather the storm. The suspended banks have ample 1:a assets. and will meet every dollar's bilities. No suspensions among the business men E and A large meeting of the merchants was held a exchange roome. appointed committ at the to wait upon the directors of the Georgia Railroad and Banking Company and other banks. to issue some medium of exchange to bridge over the present erisis. John J. Cohen & Sons have suspended assets are ample. Their Bonds and stocks can not be sold. There no market for the best securities even at sacrifice. Indianapolis INDIANAPOLIS Ind. September Con siderable excitement was caused here this morning by the announcement of the precautionary measures adopted by the Chi cago and Cincinnati bankers which were at first reported as having total Iv suspended. and the excitement was beightened at noon by the suspension of the private bank ing house of Woollen, Webb & Co., owing mainly to the return of their drafts on the suspended Trust Company of New York, and public confidence became so shaken there was run that on a quite Ritzinger's bank and on the Indianapolis savings banks, by a class of generally small depositors. and some few persons withdrew their money from other banks The First. National Bank. instead of closing at the usual hour. kept open an hour later to give any depositor all oppor tunity to withdraw his money if he wished, and when it closed it had received more There
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ESTABLISHED 1840. T The Daily Appeal has a larger circu. lation than all the other Memphis daily THE PANIC ABROAD papers combined. THEPANICINTRECITY YESTERDAY. It was too much to expect that so Latest from all the Leading Cities thoroughly commercial a point as Memand Money Centers of the phis would fail to respond to the panic Country. which for a week has prevailed at New York and ail but prostrated her energies. We are so intimately The Backbone of the Panic connected with that great center of Broken in New Yorktrade and capital that we could not but Careful Review. share in her troubles, yet it was hoped by our bankers, who a month ago prepared for the dreaded emergency, that Decline in Gold-Shipments from they were so well "fixed" as to be able to pull through, and be ready for the England-Street Transiccotton season, only postponed on account tions in Gold, Stocks of the prevalence of the fever. But the and Bonds. fever itself proved their stumbling-block. When fifteen or twenty thousand people rush panie-stricken from home, The Dry Goods, Produce, Grocery pell-meil, helter-skelter, they are and Other Branches of usually possessed of but two ideas, Trade Unaffected. "money" and "safety." The first, being necessary to the continuance of the latter. becomes the essential. Our frightThe Conduct of the Secretary of eaed thousands, conscious of this, and the Treasury Severely with a view to fortifying themCriticised and Deselves against any contingency, before their departure lined nounced. their pockets, and it is calculated took with them not less than one million dollars. So large a sum as this could The Banks and Bankers of the not be taken from Memphis without, Southern and Western especially at so critical a juncture, enCities - What They dangering not only the stability of our Have Done. banks, but with them many of our largest concerns. The knowledge of the withdrawal of so large an amount had its New Orleans, Little Rock and effect, and as the news from New York Nashville in the Toilsspread from day to day, a feeling of inHow they Worked security grew, which, fed by the panOut. icky state of the public mind in regard to the fever, at last culminated in a run on Wednesday upon the First national bank, one Tae Outlook - Prospect for Toof the best conducted and most liberal day-What we May Exinstitutions in the Union. This was pect-Confidence Still sustained to the extent of paying cut Coming. sixty thousand dollare, but, on opening the doors yesterday and finding the run still likely to continue, they were Etc. Etc., Etc., Etc., closed again and suspension announce d
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stated Richardson deblines anticipating the '74 bonde, which mature December and January. The City Savings Bank. known as J. Ruff's, after five days' ran, posted the R. sixty days' notice clause. The President and Secretary of the Treasury, in conference this evening, out decided that the Treasury will pay no more corrency. excent for ordinary disbursements. $2,000,000 in currency remain Richard- in the for current purposes. draw on the Treasury will only 40,000,000 Governson for necessities of the serve He has helped the banks by issuing ment. $12,000,000 for bonds and they must now take care of themselves. CHARLESTON, September 25.-There run on the banka. The Freed- days' is men's no Savings Bank exacts sixty usual. notice; the other banks pay as SELMA, AIA, September 25.-The Selma Savings Bank has suspended; assets believed ample. SAVANNAH, GA., September 25.-A on commenced early this morning, Savanrun departments of the and Trust Company, nah the savings Bank and and large the Southern Bank of Georgia, crowds are congregated. The banks is are at dollar for dollar. Business a stand-still, for paying rency. complete 25.-The lack of cur- run SAVANNAH, September Cowthe Savannah Bank and Trust on cased at noon, but continued the OD pany Southern Bank of Georgia to close. the The Chamber of Commerce is considering the matter. AUGESTA, September 25.-The and Na. tional Exchange Bank, Merchants' Planters' National Bank of Augusta, and Planters' Loan and Savings banks Bank have suspended. The run on the has been heavy, especially this morning. Cotton is coming in freely, but there Na 18 to move it. The Bauk paid out us usual, to be no serious run on tional no money First but it; there the 11 will pay as long as appears President vaults, there and is of currency in the that it will The snspended dollar the there storm. is confidence banks weather dollar have ample assets, and will meet every off. liabilities when the pressure eases of Commercial circles are hopeful, and amoug A meeting of men. there areno large suspensions merchants business com- at the Exchange rooms appointed a the mittee to wait upon the directors of Railroad and Banking Com and other bank', issue some medium Georgia pany, them to and of exchange request The to bridge over the present crisis. banking house of John J. Cohen & euepended; their assets are but bonds and stocks as there is no market ample, Sons sold, has for cannot the best be securities, even at a sacrifice. ATLANTA, Septembe. 25.-The Dollar Savings Bank has suspended; ample curities. NEW ORLEANS, September 23.-A of all the bank presidents exresolved to pay 110 over meeting cept two certified. obecks This $100; larger checks to be lasts thirty days. MEMPHIS, September 25.-The First National Bank of Memphis suspended. DETROIT, September 25.-Two bank ers have failed. CHICAGO, September --The Chi Clearing House has resolved, until and in view of affairs in cago turbed further condition action, the of New difficulty the York disand in other cities. and in converting balauces in currency, and advice of the Bank Examiner, our on members be recommended and authorized to suspend currency payments on large demands made upon them, any either from country banks or over their counters. ST. LOUIS, September 25.-It was decided at a meeting of the brokers, held last night, to suspend payments of checks or drafts, either in currency or exchange, until the excitement in the East subsides, and a firm condition in the market is restored. MEMPHIS, September 25.-The bank failures are attributed to inability to realize upon securities in New York. The First National and Kelso Banks have suspended; there is 8 run on the others. CINCINNATI, September 25.-The Cincinnati Clearing House Association has just a resolution, ofsour protection adopted commercial that interests, for the and for the purpose of preventing a drain of currency from the banks and bankers of this city. we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for stanli sams, to be optional with the banks whom they are drawn; but they will checks drawn on in their hands, payable upon certify through balances the Clearing House only.
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The DeSoto and First National banks of Memphis have suspended,
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BRIGHTER PROSPECTS AT PITTABURGH PITTSBURGH, Sept. 25.-It is learned from authentic sources that $350,000 in greenbacks arrived here to-day from New-York and Washington, and other large sums are on the way, which are expected to arrive to-morrow, and there is a hope that the greenback stringency will be over by Saturday morning, if not sooner. The entire outlook is brighter, and there is reason for saying that the temporary derangement of financial houses here wild be of brief duration. The run on the savings banks has stopped, and no new move ment of the banks is threatened. The Security Trust Company is making arrangements to resume. The of ficers say that they expect to open by Monday next. The Lawrence Savings Bank, which suspended yesterday, will resume in a few days. IN TENNESSEE. SUSPENSION OF THREE MEMPHIS BANKS. MEMPHIS, Sept. 25.-There is great excitement in this city on account of the suspension of banks, which is due to inability to realize on their securities in New-York. The First National and the Do Sote banks have closed to-day. and it is rumored that the Freedmen's Savings and Trust Company has also suspended. There is a heavy run on the other banks. Itisexpected, however, that all the suspended banks will reopen after the panic subsides. 6. p.m.-The excitement this morning over the suspension of the First National Bank was intense. Crowds gathered in front of the bank building in Madison-st. and attempted to break in the iron doors and shutters but they were scattered by the police. The liabilities of this bank are about $400,000, of which $350,000 is due depositors. Among its assets are overdrafts of solvent firms amounting to nearly $100,000. It is believed the bank can resume if able to realize on its assets. An effort is making to have W. W. Thatcher, its own cashier, appointed receiver. The excitement over the suspension of the First National caused a heavy run on the De Soto Bank, and at 101 its doors were closed. Its liabilities are about $150,000, and its officers claim that their assets are ample to meet all demands if they can realize on them. The State National Bank had an abundance of currency, and weathered the storm to-day. The Union and Planters' also endured a heavy run without flinching, as did also the German National, the Bank of Commerce, and the Fourth National. The Freedmen's Bank was compelled to suspend. The check on business is complete, and the planters will necessarily be greatly inconvenienced, as a failure to sell cotton and receive currency and capital will render laborers dissatisfied and unruly. Financial affairs are the all-engrossing subjects of conversation, and little attention is paid to the yellow fever, which is surely abating. PARTIAL SUSPENSION OF THE NASHVILLE BANKS. NASHVILLE, Sept. 25.-The National Banks of this city, four in number, in view of the present state of financial affairs have agreed to suspend currency payments on all balances exceeding $200. The Board of Trade, at a large and full meeting [to-day unanimously approved of the course of the banks and adopted a resolution that merchants and business men would continue to deposit with and aid the banks by every means in their power. A general good feeling prevails among business men, and there are no symptoms of a panic.
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MEMPHIS. TENN. Special Dispatch to The Chicago Tribune. MEMPHIS, Sept. 25.-The yellow jack panio was forced to give way to-day, to & certain extent, by the almost instantaneous collapse or suspension of the prominent banks. When the first bank-the Freedmen's Savings and Trust Company-bung out their suspending card, the report about the street was that every National Bank in the city had failed, and this report spread over the city. A most alarming DEPRESSION WAS FELT IN COTTON CIRCLES, and since the bulk of Eastern exchange Was most interested, middlings, which only a few days ago had brought 18 centa, lapeed to 14 cents. More than one of our enterprising merchants wore long faces as the report of bank failures continued spreading, casting a gloom over the feelings of the largest cotton, grocery, and commission merchants, and also over the humbler homes of the mechanic and the cottage of the laborer. At this time A GREAT RUSH to Madison street was made; and by half-past 10 o'clock over 1,500 persons were collected along the sidewalks, in front of the bank buildings on the thoroughfare. The corner of Main and Madison streets was thronged by an anxious crowd, every one talking about drafts, deposits, assets, exchange, liabilities, honesty, etc. The true cause of all this excitement was apparent, over half a million dollars owned by parties in Memphis was now locked in the safes of these banks. By looking to the door front of THE FIRST NATIONAL BANK, was to be seen a placard stating that this bank had auspended. The eager looks of the excited crowd also observed a similar placard stating that THE DE SOTO BANK had suspended. This necessarily increased the excitement, the fascinating intensity of which charged every casual pedestrain and enchained hundreds of loafers to the spot. The crowd was wild with excitement. From the four quarters of the city, hundreds of gentlemon were soon rushing to the Wall street of Memphis, each bearing a check of from $2,000 to $20,000. Seeing the condition of affairs, and giving credence to the wild rumor, the depositors in other banks lost no time in ponning drafts and presenting them in person for liquidation. THE EXCITEMENT WAS INDESCRIBABLE, and was worthy of the great financial convulsion in New York. The morcurial temperament of rash speculators overcame the discretion of sensible men and honest tradasmon who have never known defeat or met with embarrassment in financial relations. A mob of excited depositors made a rush upon the Union and Planters' Bank, and the most AWFUL CONFUSION over witnessed in Memphis ensued. Many persons who had never deposited & cent in any bank joined the crowd, and lent their tongues and wild looks to the excitement of the occasion. So fast, indeed, did the crowd assomble and press upon the bank, that two POLICEMEN HAD TO GUARD THE DOOR, and the persecutions to which the policemen were subjocted cannot be told in this connection. By this time tho bank officers had prepared their office for a successful fight. One by one the deposi. tora were allowed to enter. Each draft was duly honored and every check was paid. Bo the run continued until 3 o'clock in the afternoon, when the door closed as usual, the public being given to understand they would OPEN AGAIN IN THE MOUNING. They may, but when their country depositors learn of the other suspensions, the run will be even greator than that of to-day. The Gorman National was another that withstood the pressure, paying out thirty or forty thousand dollars during the day. The assets of this bank largely exceeded its liabilities from every conceivable source, and no interruptions will rosuit to its regular business or commercial relations. When we remember THE CUTTON INTERESTS or AEMPHIS amount to $37,500,000, out of the city's latest transnotions, and a trade of $100,000,000, we may all readily
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any means. Those having remaining deposite in the unsuspended banks felt much easier this morning, when, from behind awning-posta and lamp-poets, they behold the doors of their depositories open, and the clerks and officers file in one by one and arrange for the day's business. The run to-day was very light-80 light, in fact, that one of the banks reports deposits greater than the checklug, and might add that confidence has to a great extent been restored, though trado will Buffer for days yet. Thore are NO COTTON DALER, and the planters can get no means with which to pay their laborers, consequently they nro lenving the fields for the settlements and towns. The order trade here is fairly active, however, in nearly every branch,-dry goods, boots and ahoos, and groceries,-and In fact the notion trafilo is fair, and were the money market to let up, business would spring up at once in epito of yellow fever. The defunct banksthe DeSoto and First National-atill have their bannors hung on the outer walls, but nothing hns an yet transpired that will throw Any light upon their future course. A Receiver will, it is rumored, be appointed for the First National, and (ho*DeSoto folks say they can pay their $178,000 deposits in a few days. MEMPHIS, Sept. 20.-The financial panio WAR not resumed to-day. At n meeting of the stockholders of the First National Bank, it was shown to have an abundance of first-class assets, and measures were taken to placo the bank on n better basis than before.
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Another Meeting of the Chicago Clearing House Association. RESTORATION OF QUIET AND CONFIDENCE IN THE CITY. CHICAGO, Sept. 27.-The Clearing House Association of this city held an ad journed meeting to might, which was at tended by representative of all the banks belonging to the Association, including those that suspended yesterday and today. The committee appointed last night to consider and report a plan similar to that adopted in New York and other cities, providing for the issue of loan certificates and the payment of checks through the Clearing House, only submitted two reports, which were essentially the same, the only difference being that the former recommended the adoption of the New York plan in all/its details, while the lat ter recommended the adoption of the New York plan, or something similar to it. After a prolonged and somewhat irregular discussion, in which the representa tives of some of the stronger banks opposed the adoption of either of the re ports, both reports were tabled by a ma jority vote. The situation here is therefore essentially unchanged. A considerable amount of currency has come in to-day, a good portion of which went into the banks, and there has been serious drain upon either National or Savings Institutions. Some of the suspended banks promise an early resumption, and only one, the Manufacturers National, dmits that it will go into liquidation, and asserts that it will be able to pay dollar for dollar. The people generally are taking matters very quietly, and there seems to be considerable confidence among bankers that with prudent management and no further trouble east they will be able to pull through. Flurryat SaltLake/City--1stNation al Bank Closed. SALT LAKE, Sept. 27.-There is con siderable excitement here -day. The First National Bank did'nt open its doors to-day. The notice on its doors states the cause of the suspension, failure of eastern houses, and inability to obtain currency. The liabilities are amply secured by good assets. Depositors need not feel any uneasiness as to ultimate loss. The assets are over $360,000. Liabilities $277,000, exclusive the personal property Warren Hussy ho holds himself responsible for all bank indebtedness The bank was a Government depository The Salt Lake National and Deseret National are open and meeting all demands. Walker Bro's., Wells, Fargo & Co., T. F. Tracy Consand White and McCormick also prepared to meet demands. A slight run commenced on the latter, but no fear of succumbing LATER AND BETTER -CONFIDENCE RE STORED. SALT LAKE, Sept. 97.-The excitement in financial circles has génerally subsided. The run on White & McCormick was brief. Confidence is restored. The firm will meet all demands and have a surplus. All the banking institutions are in the best condition. Warren Hussey, president of the First National Bank, says the institution is perfectly solvent has met no losses: is amply able to pay Windebtedness; capital and surplus are unimpaired, end but little time is required make No trouble need be apprehended by the bankers. Progress toward Resumption at Memphis. MEMPAIS, Sept. 27-The report of the committee to examine into the condition of the First National Bank was received to-day. It presents a much better exhibit than was anticipated, and steps have been adopted looking to its immediate resumption. According to the report its demand liabilities are $824,000, against available assets. of $655,000, the doubtful and unavoidable assets being $101,000, making total assets of $656,000. Atter paying all liabilities the stockhold can realize par of their shares. On the reading of the report of the commit $900,000 was subscribed towards ena bling the bank to resume.
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one on deposit. The other banks in the city are heavily drawn upon but are all right. The suspended banks are all saving institutions, conducted and owned principally by Germans. The lack of systematic action tended to the suspension of these banks. Every bank is looking out for its own safety. CHARLESTON, S.C., Sept. 28.-A better feeling prevailed at the close of business Saturdry. The National banks having received a larger amount of greenbacks on deposit than paid out in checks. No suspensions beyond those announced Friday. Suspensions in Knoxville. KNOXVILLE, Tenn., Sept. 27.-The Exchange and Deposit Banks suspended payment of checks for currency this morning in consequeuce of the sudden demands of depositors. The Commercial Bank has also suspended payment of all large amounts. A Favorable Exhibit. MEMPHIS, Tenn., Sept. 28.-The report of the committee to examine the First National Bank makes a much better exhibit than was expected, and steps have been taken looking to immediate resumption. After paying all liabilities stockholders can realize par on their si ares. On reading the report of the committee, $200,000 were subscribed towards enabling the bank to resume. The Deposits Execed the Drafts. MONTGOMERY, Ala., Sept. -There was no run on the banks here to-day, the deposits ex ceeding the drafts. The Merchants' and Planters' National, First National, and Farley, Smith & Co., say they are stronger than before the panic. They meet all demands in Currency and will not suspend. The Freedman's Savings Bank requires thirty days notice. Another Suspension. SALT LAKE, Sept. 27.-The First National Bank has suspended. Its assets are $360,000, and its liabilities $277,000. The bank is a Government depository.
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FROM MEMPHIS. A NEW REMEDY. MEMPHIS, September 30 - -At a large meeting of the chamber of commerce this morning to consider the financial situation, resolutions from the banks of the city were received to the effect that they would not suspend. but would open in addition to their regular business, an exchange account to be paid in kind for the purpose of moving cotton, which were unanimously adopted by the chamber. FIRST NATION BANK. The most responsible merchants of the city have subscribed and paid in to the First National bank $320,000, which will enable it to pay all liabilities, and resume business at once.
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The Financial Situation. Reports Generally Favorable. Opening of the Stock Exchange RENEWED ACTIVITY. New York, 30. Affairs continue on Wall street to improve in financial circles, and unless some unexpected check is given, it is simply a question of time, and a short time at that before business will arrive at a normal so as are are the exconcerned. condition, The improved No far failures condition the regular of reported markets foreign to-day. changes will start the export trade and once more set the crops in motion. The benefits likely to arise from the improvement in the exchanges cannot be over estimated. The stock market opened rather steady, but prices soon fell under considerable heavy sales, though there was no excitement. The brokers seemed very much pleased to get back again into the exchange. The market closed with a partial reaction from the lowest prices of the day. The President of the stock exchange, H. G. Chapman, this afternoon, said he thought the reopening of the exchange had occurred in a very favorable manner. There had been no unusual excitement and the business had proceeded as on an ordinary day. Stocks had taken their natural course with a reaction from what might be called fraudulent high prices of the street, as there had previously been. From the fraudulent prices there had undoubtly been real transactions at all of the street rates; but only with an open exchange could there be a genuine market and the value of stocks be tested. He thought the reopening of the exchange had been very beneficial and that the financial excitement was about ended. The stock exchange closed as usual at 3 o'clock this afternoon, after a day marked by no important event except its reopening and consequent general increase of confidence. Just before closing, Abram B. Baylies, chairman of the committee of conference with the, clearing house, ascended the rostrum, the members having been called to order, he. announced that the committee on settlement who had been in session from 2.15 to 2.45 o'clock, reported tha no new failures had occurred, and that all disputed contracts brought before them had been satisfactorily settled. The announcement was greeted with loud applause. S. T. Russell, chairman of the committee on settlements, when questionned after clos. ing the exchange, said that this committee had been positively astonished to find all the difficulties settled harmoniously. Difficulties which involved many knotty questions and were expected to give a great deal of trouble were among those settled to the mutual satisfaction of the parties. Men who were not expected to do anything, and who had said that they would do nothing had come forward and put up satisfactorily. The committee had expected a great number of suspensions, but as announced by Mr. Baylies, not a single one had occurred. He believed that confidence was rapidly returning. It is stated on authority of the clearing house officials that legal tenders were received from the interior to-day in considerable amounts. Ohicago, 30. The final suspension of the Union National Bank to-day depressed prices and the market raled very quiet. Washington, 30. Treasurer Spinner will respond to the request of the National banks for the payment of interest on their new five per cent. registered stock in the Treasury as security for circulation and public deposits by sending their checks for the amount of interest due on the first of November, on such bonds less rebate at six per cent. per annum. Memphis, Tenn., 30. The most responsible merchants in this city, have subscribed and paid in $320,000 to the first National bank, which will enable it to pay all liabilities and resume business. Charleston, S. C. 30. There is an improved feeling in money circles here. The National banks and Union bank pay currency deposits larger than disbursements. Threefourths of the cotton sales to-day were for greenbacks instead of exclusively for exchange as had been the case since the crisis commenced. Cincinnati, 30. There was no very particular change in the situation of financial affairs here to-day. The opening of the New York stock exchange was looked to with a great deal of interest and the work of the day has been received with much favor. More orders for provisions were received here to day than for a number of days. Everything in connection with the clearing house is considered entirely satisfactory.
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MEMPHIS, October 2.-The First national bank has resumed. LOUISVILLE, October 2.-The Planters bank, the Peoples bank, and the Louisville City National bank, withdrew from the clearing house on the ground that there was no necessity for the combination, and the clearing house has been abolished by mutual consent. NEW YORK, October 2.-G. B. Grinnell & Co., brokers and bankers, have suspended. The Danforth locomotive works are working half time. They have plenty of money in bank, but can't get checks cashed.
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Financial Affairs. LONDON, Oct.2.-The - Bank of England directors posted their card, stating that no change in the rate of discount has been made. LONDON, Oct. 2-3:30 p. m.-The bullion in the Bank of England has decreased ££,904,000 during the past week. NEW YORK, Oct. 2. --- The suspension of George B. Grinnell & Co. bankersand brokers, has just been announced in the Stock Exchange. LONDON, Oct. 2-4 p. m. - The rate of discount in open market for three months' bills is 4 15.16 per cent. PARIS, Oct. 2.--The specie in the Bank of France has increased 4,000,000 francs during the past week. MEMPITS, Oct. 2. - --The First National Bank reopened for business yesterday.
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Twenty Deaths at Memphis and Twelve at Shreveport from Yellow Fever Yesterday. Resumption of Banks and Firms Temporarily Suspensed. Demoralization of the Carlist Forces In Carthagena. The Modoes to Dance their Last Jlg To-day. ORLEANS, October 2.--The folwere the lowing NEW interments at Shreveport on the 1st: John Bertrand, white; Charles Horne, Rev. Father Gergoud, Miss Bettle McCall, Lieutenant E. A. Woodruff; - Lewis, Edward Shiffer. BUFFALO, October 2.-Ex-President Millard Filmore opened the International Exposition here to-day. D. Redmond, of New Orleans followed. The attendance is very large. MEMPHIS, October 2.-There were twenty yellow fever interments here to-day. The First National Bank has resumed. LOUISVILLE, Ky., October 2.-At a meeting of the Hebrew Association of this city last night, twelve hundred dollars was subscribed for the sufferers by fever in Shreveport and Memphis. NEW YORK, October 2.-The Danforth Locomotive Works are working only half the time. The company has plenty of money in bank, but can not get its checks cashed. B. B. Grinnell & Co., brokers and bankers, have suspended. John C. Heenan is fatally sick with hemorrhage of the lungs. There are three hundred and eightysix delegates here to attend the Evangelical Convention, which assembles to-morrow. LOUISVILLE, October 2.-The Island's bank, People's bank and Louisville City bank all withdrew from the Clear on the no for a was ingshouse necessity ground combination, that there and the Clearingshouse was abolished by mutual consent. FORT KLAMATH, OREGON, October -The erection of the gallows for the execution of the Modoes commenced one beam in public on to-day. They will all Friday hang morning from at 10 o'clock. LONDON, October 2.-Sir Edward Landseer, the celebrated painter, is dead. MADRID, October 2.-Deserters from Carthagena report demoralization and of insubordination among a majority the insurgents, who desire to surrender, but they are overawed by the liberated convicts and more desperate volunteers. RERLIN, October 2.-Trade speculation is almost suspendeti, in apprehension of a panic on the Bourse. The King of Saxony is dangerously sick. NEW ORLEANS, October 2.-Shreveport interments to-day Johanna From, John Smith, J. S. Pierce, Mary Giftin, Annie Whitesell, B. Delony, Mrs. H. McCall, Lafayette Mitchell, colored ; Mattle Munday, Lou Blackstone, Henry Dreyfus, Martha Riggin, colored. Total, 12: whites, 10; coloreded, 2. WASHINGTON, October 2.--G. Grinnel and Bird & Co., are cited to show cause why they should not be declared involuntary bankrupts. The hearing will take place on the 11th instant. The government has returned to the Treasury the payments for September: Civil and miscellaneous, nearly $5,000,000; war, over $48,000,000; navy, $4,500,000; interior, over $3,000,000. Total, $17,500,000. LONDON, October 2.-Robert Bigby, the English writer, is dead. PARIS, October 2.-Specie in the Bank of France has increased four million francs. MADRID, October2.-Dispatehes from all sections of the country represent a much better feeling. The e-establishment of discipline in the army has served to restore confidence in the ability of the Government to suppress all insurrections,
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MISCELLANEOUS. Arrival of the Franklin. KEY WEST, January 3. - The United States steamer Franklin has arrived, ten days from Boston. She passed through two cyclones, but remained uninjured. All weil on board. Summoned to Washington. Captain Whiting, chief of staff of the North Atlantic squadron; Lieutenant Ma. raix, flag lieutenant, and Chief Engineer Harris, of the Dispatch, have been summoned to Washington to testify in the investigation regarding the sinking of the Virginius. Smothered. WILMINGTON, N. C., January 3.-Two seamen and the ateward of the German bark Adolph Von Bartt were suffocated by coal gas, generated from a stove in a close cabin, last night. Two other seamen are in a critical condition from the same cause, but may recover. The captain and mate declined to give the names of the men, but they will probably be ascertained by the coroner's jury. Memphis Out of her Financial Troubles MEMPHIS, January 3.-The resumption of businees in full by the First National Bank which was forced to suspend during the late panic, causes much rejoicing in monetary circles, as the bank has always been one of the most liberal and popular in the city. Its friends claim that it will be stronger than ever. The Mayor Elect. John Loague, the mayor elect, will not be installed until the fourteenth. A Dastardly Murder. Edward Smith, aged seventeen years, was shot and killed near Florence, Alabama, on Monday, by Dr. G. W. Payne, of Tennessee. The Florence Times denounces the killing as a dastardly murder. c Fire in Nashville. NASHVILLE, January 3.-Last night at eight o'clock A. Rannis' wholesale confectionery, a three-story building on Broad street, caught fire in the roof, communicating to the wholesale grocery house of G. G. Black & Co. Rannis is damaged $10,000uninsured. Black & Co's loss is light, fully insured in Liverpool companies. Action of the Labor Reformers. At a meeting of the executive members of the Labor Reform party of Tennessee resolutions were adopted declaring the present panic the result of a combination of Eastern capitalists, bondholders and ID? nopolista, and that the capitalista ar bondholders of the East are imposit burdens and hardships on the industr of the West and South more intole able than slavery; calling upon th producing classes South and West to fre themselves from the unjust and oppressive combination, and inviting the laboring men and farmers to take measures for the call[CONTINUED ON EIGHTH PAGE.]
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for trial at Topeka, Kansas, on the 5th. He did not appear in person, but his attorneys made application for a continuance for thirty days, which was denied by the court and his bail declared forfeited. The First National Bank of Memphis, Tenn., which suspended during the panic, has resumed business in full. The Illinois Legislature met in adjourned session at Springfield on the 6th. The Legislature of Minnesota organized on the 6th. Charles W. Johnson was elected Clerk, and T. G. Anderson, Secretary of the Senate. In the House the vote for Speaker was: A. R. Hall, Republican, 53; John Davidson, Opposition, 49. The Ohio Legislature organized on the 5th, Geo. L. Converse being chosen Speaker of the House. On the 6th resolutions to censure for the Salary-grab act, were back to the House so as reported Congress passing to include President Grant for not vetoing the bill. The Republicans sought to get a division of the question, EO as to vote first on censuring Congress, and in their failure to do this, voted solidly against all the resolutions. They were adopted by a unanimous Democratic vote. The Supreme Court of Texas has decided that the law under which the late election in that State was held is unconstitutional. This law directed the polls to be kept open but one day, in contradiction of the provisions of the Constitution, which requires them to be open for four days. Under this decision, the sitting State officers hold over till the Legislature orders a new election. Two men named McEwan and Smith, of Bay City, Mich., who had been afloat on a cake of ice since the 31st ult., drifted ashore at Pineoning, on the 7th. They were both alive, but were very much exhausted and could not talk much, to give particulars. They had been afloat for six days and nights, without anything to eat except a small piece of raw fish. A party of six persons left Alabaster on the 4th, in a fishing boat, to rescue Smith and McEwan, and it was feared they had all been lost, as the boat was found on the 7th, capsized in the water, six rods from shore, near Whitestone Point. The Illinois Legislature has passed a resolution " That we emphatically condemn the law passed by the Forty-second Congress inereasing the pay of members of Congress and other officers of the Government, and instruct our Senators and respectfully request our Representatives in Congress to use their best endeavors to secure the unconditional repeal of said law; and we hereby declare our conviction that the Constitution of the United States should be so amended as to prevent any future Congress from increasing the pay of its own members; and we hereby express our earnest request that immediate measures be instituted by Congress to secure this end." David A. Gage, ex-Treasurer of Chicago, has been indicted by the Grand Jury for the crimes of perjury and embezziement of the public funds. The adjourned session of the Missouri Legislature met at Jefferson City on the 7th.
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city treasury. SOUTH. The municipal election in Memphis, on Jan. 1. resulted in the election of John Logue (Rep.) for Mayor, by 800 majority, and the entire Republican ticket. The Texas Pacific Railroad was completed to Texarkana, the proposed junction with the Cairo and Fulton road, on Dec. 29, and it was announced that regular trains would commence running at once. The First National Bank of Memphis and the First National Bank of Kansas City, both of which suspended during the panic, have resumed payment. The Louisiana Legislature convened on Jan. 5. Gov. Kellogg in his message states that the total debt of the State is $24,283,336,