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ANOTHER BANK GONE. Suspension of the Gayoso Savings Institution. The doors of the Gayoso Savings Institution closed about noon to-day. On one of them was a placard, in the Cashier's handwriting, with the following announcement: "We have been compelled to close. Further particulars to-morrow morning."
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LATEST GENERAL NEWS. [By Telegraph. Gov. Andrew's library was sold yesterday. Miss Sarah Sprague of Danbury, Conn., fell dead yesterday. Shipments of specie from Montreal are to be commenced at once. A Temperance Convention has been called, to be held in Boston in March. Holmes, the insurance agent, tried in NewHaven yesterday for abduction, was acquitted. Thomas Chanler, the prize fighter, was released in San Francisco-yesterday on 81,000 bonds At the port of (Quebee 1,300 vessels arrived in 1856, and 1,211 in 1867. Cleared 1867,1,252 The Hon. Rejoice Newton, a wealthy eitizen of Worcester, Mass., died at the age of 81, yesterday The Michigan State Agricultural Society expended. last year $28,575. and received $ Money on hand. $7,220. The Gayoso Savings Institution. the oldest bank in Memphis, suspended yesterday. Its liabilities will exceed 8500,000. A Grant Club was organized in Wilmington, Del., last night, with Mr. 11. M. Jenkius of The Conu mercial as President. The Chicago Underwriters will raise insurance rates on exposed buildings not provided with iron window shutters 20 per cent. One Crowley stabbed and seriously wounded John Fisher in a drunken brawl in Call's groggery in Youngstown, on Tuesday. The State Medical Society is holding the anuttal session in Albany. Dr. J. P. Gray delivered the annual address at the capitol last evening. Joseph Bloomgart. Assistant Teller in the United States Depository at Louisville, has been arrested for embezzling $12,000 of Government money. John Gut has been sentenced to be hanged in St. Pani, Minn., on the 3d of April, for the marder of Alexander Campbell at New-Ulm last year. The authorities of Contra Costa, Cal., to prevent the repetition of a prize fight within that County. threaten to indiet all persons who take part in such exhibitions. Willis Hall, a fireman, was arrested in Memphis on Tuesday. at the instance of his wife, for committing a rape upon his step-daughters, aged 11 and 12 years respectively. A showy wedding was celebrated in the First Presbyterian church edifice in Chicago, on Tuesday night, the bride and bridegroom being Mr. Frank R. Chandler and Miss Annte S. Buckingham. Officers of the Army of the Cumberland will meet in Cincianati to-day to organize a society. Lieut. Gen. Sherman, Major-Gen. Thomas and others will participate. The proceedings are to close with a banquet on Saturday. The California Wheat exports for Jannary amounted to 22,000 tuns. valued at $1,200.00. and making nineteen cargoes, sixteen of which were for Europe. The flour shipments for the same period reached 55,100 barrels, valued at $407,000. The Canal Board appointed Division Engiueers, yesterday, as follows: Eastern Division. E. H. Crocker. in place of O.L. Witmore; Middle Division. M. S. Kimball. in place of W. H. H. Gere; Western Disvision, Daniel Richmond, to fill vacaney. At an adjourned conference of Union soldiers and sallors, held in Washington, it was unanimously resolved to hold a National Convention of Union Soldiers and Sailors at Chicago, III., on Tuesday, May 19, 1868, for the consideration of national questions. Major-Gen. Gillem, at Vicksburg, has ordered that hereafter all questions arising from settlements of crops, and generally the relations of debtors and creditors, or civil suitors, shall be left to the proper civil courts-except such cases affecting the rights of freedmen, or others, as by acts of Congress are specially committed to the care of the Bureau of Refugees, Freed. men, and Abandoned Lands.
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THE GAYOSO BANK SUSPENSION Jo "V T hroughout the City. Madison Street Crowded with puu Speculations. A Card from the Cashier-The Bank's Assets and Liabilities. The most profound sensation produced in this city resulted from announcement yesterday that the Gay 080 Savings Institution had stopped payment. Yesterday morning the door were opened, and until 12 o'clock regular business of the bank proceede as usual. Checks were paid as readily as ever and deposits received, as though no trouble were anticipated. Of course the principal officers of the bank that a crisis was imminent, but the that they continued to receive deposit up to a few moments of the catastroph would indicate that they felt confiden of completing the day's business, hopin to effect some arrangement for ahead all right this morning. Checks were paid as late as 12 and we heard of one gentleman who posited a large sum only a few minute prior to that time. But soon after one of the clerks went to the front and closed it. A moment afterward placard, bearing the announcement " We have been compelled to Close Further Particulars To-morrow Mort ing." This, it is said, occurred almos immediately after the representative a corporation presented a check $15,000, which could not be paid. A few citizens passing by at the time witnessing the unusual spectacle of bank's doors closing at midday, pause and, to their surprise saw the announce ment of a suspension. Their presenc in front of the bank attracted the tion of others, who stopped to learn cause of the apparent agitation. men began to cross the street, and joined by more, until, in a few minute quite a crowd had assembled on pavement. Amazement was depicted every countenance. Had the buildin itself, without any apparent cause, bled to dust at their feet, they scarcely have been more surprised. Gayoso Bank closed 1. Whoever dreame of such a calamity ? Bad news readily finds wings, and spread like wildfire along Main Front streets. Half an hour after doors closed Madison street, from to Center alley, was lined with peopl representing almost every class, of whom were depositors in the By one o clock six or seven hundred assembled within that space. The before the bank for a time was ders Men wearing anxieus faces went up the door, read the ominous placard, peered through the glass into the interio as though comfort could be derived the action. It seems singular that, full knowledge of the fact that a ing institution has suspended, should linger about the building, lookin into its darkened rooms as though money intrusted to its now empty could in some manner be evoked. this seems to be the regular attendant every similar calamity. The crowd rapidly increased efforts of the police were required to the streets open for pedestrians. presence, shortly after two o'clock, of newsboys the 4714 LEDGER,
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easy when their money was in its vaults who could not have been induced to risk any other institution in the city. The deposit line, as may naturally be inferred, has always been very large. These are times when bank accounts usually show little margin; yet, for the reasons already given, the Gayoso has proved an exception. According to the sworn statement of the officers, the average deposits of the bank last month were $450,000-an amount to which lessening confidence in other banks has materially added. It seems to be under stood that between $500,000 and $600 000 were due depositors when the doors closed yesterday. The Gayoso Bank has been transacting a general discount and exchange business, and dealing to considerable extent in scrips and uncurrent money. It has accommodated largely in the way of discounting, and now holds paper therefor to a large amount. Unfortunately many thus indebted to the bank have been unable to meet their obligations. In numerous instances the money could not be promptly made out of their securities, and extensions have necessarily been given. Much of the means of the bank has doubtless been absorbed in uncurrent money, held for a rise. So materially has a combination of such causes embarrassed the bank that, without even a "run" being made, the currency gradually gave out until it became impossible to pay checks presented in regular business. The only official explanation of the suspension is contained in the following card from Mr. E. M. Avery, the cashier To the creditors of the Gayoso Savings Institution: In our past and more recent efforts to relieve the busines community and commercial interests of Memphis, in times of trial and pecuniary embarrassment, we have been induced, from time totime, to loan largely from our capital and resources, using, at the same time, as we believed, every precaution to loan only upon prompt and reliable securities. Owing, however, to the present depression in trade and business matters generally, and the unusual stringency in money matters, we find it utterly impossible to realize sufficient upon our business paper which is duly maturing, or upon any description of assets in our possession-either of real estate or disCL unted paper-to meet the urgent dema uds which are now being pressed upon' us. Under these circumstances we find it utterly impossible to continue business, and thus the necessity is forced upon us to suspend further payments for the present. Every possible effort that could be made to avert this necessity has been made, but without success. The assets of the institution, although not immediately available, for the reasons assigned, it is believed, with proper management, can be ultimately realized to a very great extent. E. M. Avery, Cashier. No men in the community stand higher as business men and men of personal integrity than Mr. John C. Lanier, President, and Mr. E. M. Avery, Cashier. No one believes them capable of wrongdoing, and, aside from any question of losses, their misfortune is a subject of profound sorrow. But we regret that Mr. Avery's card is general rather than specific. It is little more than the door placard amplified, and not calculated to restore public confidence. We hope the officers of the bank will make another publication, setting forth the extent of its liabilities, and the extent and nature of its resources. Such an action is due the public, and would do much to quiet the general distrust this calamity has created. Between one and three o' clock yester day afternoon there was a heavy run on several banks, caused by the anxiety of depositors. Every demand was promptly met. This morning another run was anticipated, but none occurred. In financial circles the stoppage of the Gayoso Bank t was, to some extent, expected, and other institutions have been for weeks prepar ing for the event. Up to noon the check ing was no larger than ordinarily. Gents' good calf boots, 84 50; gents good all-linen bosom shirts, 81 50 gents' good cassimere hats, $250. J H. Loewenstine & Bros., No. 231 Main street. Determined to sell out. WARD MERTINGS.-Delegates to the County Conservative Convention will be elected from the Third ward this evening, the meeting to be held at the Adams street station-house. The Second ward Conservatives will meet at Exchange Building to-morrow night for the same purpose.
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# BANK FAILURE The Gayoso Savings Institution, heretofore supposed to be one of the most reliable banking establishments of the country, suspended payment last week. Many persons in this county are losers by the failure. The liabilities are between one half and three quarters of a million dollars.
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TELEGRAPHIC NEWS MOBILE, February 5.-The total vote for the two days was 350 colored and 36 whites. SYRACUSE, February 5.-At the Republi can State Convention to day Charles H. Van Wych was made permanent President. Af ter an acrimonious debate the radical delegation from New York city was admitted. The conservatives were invited to seats ou the floor. The President made a long speech in support of the Congressional policy of reconstruction. He denounced the course of President Johnson, and alluded to Stanton as one of the purest of American patriots and the ablest of statesmen. The resolutions are brief, and declare a preference for Grant for President and Fenton for Vice President. The delegates at large to the National Convention are General Sickles, Lyman Tremaine, Charles Andrews and D. S. Brown. HAVRE DE GRACE, February 5.-One of the most terrific storms ever known in New. foundland was experienced within the last three days. It is reported that thirty persons perished from cold and on the snow. MEMPHIS, February 5.--The Gayoso savings institution, the oldest bank in the city, has suspended. Liabilities half a million. Sr. PAUL, February 5.-The House passed the bill making eight hours a legal day's work for females and children under 18 years of age. RICHMOND, February 6.-The Convention has adopted the clause requiring the Governor to be a citizen of the country ten years, and of the State of Virginia for three years. An amendment declaring ineligible for the of fice any one who aided the rebellion was defeated by a decided majority. CHICAGO, February 8.-A Washington special says that Grant has been summoned before the Sub-Committee on Reconstruction, who are instituting an investigation to see whether Johnson has made himself liable to impeachment by his course towards Stanton. Members of the Cabinet and newspaper correspondents will also be summoned. The Committee is determined to thoroughly probe the matter. It is now understood that the President will not publish his letter in reply to Grant. Some express the opinion that the letter will be withheld on acount of the action of the Reconstruction Committee looking to im peachment. Another difficulty is stated to be that certain members of the Cabinet refuse to indorse the President's statements, alleging that Johnson has made them too strong. Seward and McCullouga unite in declining to sign the paper. It is said that John. son insists that they shall sign or vacate their place. A dispatch from Alabama says the Constitution is carried by a large majority in the House of Representatives. To-day the entire session was devoted to debate.
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NOTICE. DARTIES HAVING ACCOUNTS WITH Gayoso Savings Institution, will please leave their books at the Bank to be balanced, and those having collection notes, special deposits or boxes, will please call for them without delay. 149 S. MOSBY, Receiver.
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PARTIES HAVING ACCOUNTS WITH Parties having accounts with Gayoso Savings Institution, will please leave their books at the Bank to be balanced, and those having collection notes, special deposits or boxes, will please call for them without delay. 149 S. MOSBY, Receiver.
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The Gayoso Bank. Two weeks have now passed since the suspension of the Gayoso Savings Institution, and since the premise of the Cashier, placarded on the outer door, that full particulars would be given in the morning. The next day appeared a wholly unsatisfactory card, in which it was stated that the assets would be sufficient to indemnify the depositors and other creditors to a great extent. Now rumor has it that the Receiver proclaims the condition of the bank is far worse than anybody has supposed, and that claimants will not realize more than five or seven cents in the dollar! What means all this reticence of those who by this time should be able to satisfy the public anxiety ? Are the complaints of the poor widows, orphans and laborers who placed their little all in the hands of these men unworthy of notice? If two weeks is not long enough to enable the officers of the bank or the Receiver to relieve the anxiety of these poor and unfortunate people, how much time will be required ? Have these gentlemen any right to stand on their dignity, and refuse to disclose, when the public has a right to the facts? Does not common moral honesty require that an insolvent debtor should be candid enough to tell his creditor what he has to pay with, and how much he expects and hopes to pay ? We had respected and highly esteemed the President and Cashier of this institution heretofore, in common with our community at large, and we have spoken kindly of them, because we were disposed to give men we esteemed honorable every reasonable opportunity for their own justification. The very fact that they have received from the press and the citizens at large SO great forbearance, and for so long a time as to the present hour, only makes the duty of making a clean breast of the matter the more imperative. They have delayed already far too long to make such an exhibit as they ought to make and did promise to make. And further delay will not consist with the supposition of innocence, and will confirm the worst suspicions. If the failure of the bank is the result of misfortune, unaveidable under all the circumstances, and which is not the result of criminal negligence, we want to know it. If it is the result of negligence, incompetency and mismanagement, we want to know it. If the stockholders received information to with draw their stock, we want to know it. If one man was notified to draw out his one hundred and twenty thousand dollars, for which as securities the officers of the bank were liable in their private property, and another twenty thousand, and many other friends and favorites their tens and fives of thousands, we want to know that. If there has been favoritism, craft, strategy, malpractice, or swindling, we want to know that too, out and out, without any gauze or mist before it. In the name of the suffering masses who deposited their little all with this bank, because of a commonly existing confidence in its officers, and in the name of common honesty and decency we demand to know whether there has been innocent management or criminalty. Rumor@has it that the President received thirteen thousand dollars from one man, and has admitted to him that he knew that the bank was broke two or three days before he received his money, and that another man deposited six thousand dollars not five minutes before the placard was placed on the door, and very many their little fives and tens and twenties throughout the day the bank went under, when its insolvency was well known to the officers of the bank. Were these amounts entered as special deposits, or were they placed to the general fund If the facts be as stated, how is it to be explained that a man's thirteen, or six, or one thou sand, or a laborer's twenty dollars, or a widow's mite, were received after the insolvency was known, and placed to a general fund which would only be sufficient to pay the pro rata demand on it to the extent of fifty, or perhaps not five cents on the dollar? If money was taken after the officers of the bank became apprised of its inability to pay and not entered as a special deposit, 80 as to avoid all loss to the depositor, we should like to have further light as to the morality of the transaction. If notice was given to any one person and withheld from others, 80 that friends and large depositors were made safe, while the smaller and poorer suffered, we demand the excuse for such partiality. The proper and promised expose of this whole matter has been delayed quite as long as the reputations of the most honest men can bear. We do not wish to injure any officer of this bank, as appears from our previous expressions of confidence, and from long forbearance. But men placed in positions of public trust must
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DR. LOWRY, No. 371 Main Street, JACKSON BLOCK. GAYOSO SAVINGS INSTITUTION. RECEIVER'S NOTICE. PARTIES HAVING SPECTION are to come and away: or they will be deposited elsewhere, at owners risk. Debtors to the bank will please come forward, and pay up: as it is desirable to close up the affairs of the bank without delay. S. MOSBY, Receiver. 6 March 4. 1868.
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DR. LOWRY, No. 371 Main Street, JACKSON BLOCK. GAYOSO SAVINGS INSTITUTION. RECEIVER'S NOTICE. PACKNOTES, are again notified to come and take them away. or they will be deposited elsewhere, at owners' risk. Debtors to the bank will please come forward, and pay up: as it is desirable to close up the affairs of the bank without delay. S. MOSBY, Receiver. 6 March 4. 1868.
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NAME OSOAVO BHL A Card from Mr. E. M. Avery, Late Cashier. It is due to to the people of Memphis, and especially to those who have honored me with their confidence and friendship, that I should state briefly the causes which led to the suspension of the Gay080 Savings Institution, and my connection with those causes. The Gayoso Savings Institution was chartered by the Legislature on the 29th day of February, 1856; was organizedin December of the same year, and commenced active businessi January, 1857. Connected with the institution from the first, were gentlemen of means, charaeter and integrity and a reputation for fair and honorable dealing was soon established, and a large and profitable business was secured and retained up to the great depreciation in values in the spring of 1867. By its charter, the institution was authorized to pay interest upon deposits at the rate of six per cent per annum. This feature invited large us SUM 7! stringed MOU шв I inq peposits element of weakness and contributed largely to our final overthrow. This institution, holding a large amount of the people's money, felt constrained to contribute what it could toward the relief of the community in the way of judicious discounts, especially to old friends and dealers, to merchants builders and others who had enterprises on hand which could not be abandoned without serious loss, and who were entitled to accommodations from the bank by reason of their standing in the community and their previous honorable and satisfactory dealings as its customers. In the month of April, 1867, no little excitement was caused by the suspension of one of the banks on Jefferson street. The community became alarmed for the safety of their deposits, and many of the strongest banks had for some days to sustain very considerable drafts upon their resources. This note of warning was not suffered to pass unheeded by the officers of the Gayoso, but a system of curtailment was immediately entered upon and prosecuted with vigor and determination. The attempt was made to call in our loans as fast as they matured, in order that we might be prepared to meet the calls of depositors, which we were confident would be made upon us by the necessities of the times and the higher rates of interest offered Aeuoy Joj new responsible pus pood 4q accommodations. We were not disappointed in supposing that calls would be made upon us by depositors, but the drain from this source was not made good by the calling in of loans, as we found it utterly impossible to realize upon any considerable portion of our bills receivable, and constant renewals was the order of the day. The depletion continued through the fall months of 1867, and in order to sustain the institution and save the community from loss, we were compelled from time to time to force upon the market securities which had been bought at prices far above what was realized for them. In this way heavy losses were sustained upon city scrip, uncurrent money and other assets, but all to no purpose; our certificates of deposit bearing interest and payable on demand continued to be presented at the counter and were all promptly paid until the fatal 5th of February, when, after exhausting all available means and after having paid back to our customers more than four hundred thousand dollars, we were compelled to close our doors for lack of means to satisfy the legitimate claims upon us. The institution still holds bills receivable amounting to more than two hundred thousand dollars, and loans secured upon the best real estate in the city, for over one hundred thousand dollars; besides, its paid up capital is one hundred and twenty-two thousand dollars-not to mention large quantities of land In Arkansas and Texas, railroad bonds and stocks, and other assets. I have been identified with the Institution from the beginning, and have given it my undivided and faithful attention. While it was successful there were others willing to share with me the honor and emoluments of success; but now that it is its and
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GAYOSO SAVINGS INSTITUTION. RECEIVER'S NOTICE. NOTES, PARTIES HAVING OULLECTION PACKare again notified to come and take them away, or they will be deposited elsewhere, at owners risk. Debtors to the bank will please come forward, and pay up: as it is desirable to close up the affairs of the bank without delay. 8. MOSBY, Receiver. 6 March 4, 1868.
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# BOLD AND HEAVY ROBBERY Between one and two o'clock this morning, as Captain McMath, accompanied by patrolman Orr, was passing down Second street, on his way to the lower station, he noticed the door in the rear of the saloon on the northeast corner of Beal and Second standing ajar, and having his suspicions aroused by this discovery, he entered the saloon with a view to satisfying themselves as to whether all was right or not. On gaining the inside of the saloon they woke the proprietors, Messrs. Chepudewil & Bro., who were asleep at the time in a room to the rear, and by them were informed that the door had been closed and locked before they retired. A search was at once instituted, and it was very shortly discovered that the establishment had been visited, by thieves. Just after the suspension of the Gayoso Savings Institution, the Messrs. C. had drawn their funds out of bank, and since, had been in the habit of keeping the same in a tin box under the counter in their saloon. This box, containing about $1900 in currency, $100 in gold and a gold and a silver watch were gone, and all search forthem about the premises proved unavailing. The burglars, after securing their booty, had succeeded in making off with the same without arousing either of the occupants of the adjacent room.