De Soto Bank (Memphis, TN)

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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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MEMPHIS, Sept. 25.

There is great excitement in this city on account of the suspension of the banks, which is due to their inability to realize on the securities in New York.

The First National and DeSoto banks were closed to-day, and it is rumored that the Freedmen's Savings and Trust Company is also suspended. There is a heavy run on other banks. It is expected all the suspended banks will reopen after the panic subsides.

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MEMPHIS

Suspension of the Frst National and De Soto Bauks. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks. caused by their inability to realize on their securities in New York. The following are the names of the banks that have closed up to to-day First National Bank and De Soto Bank. It is reported that theIFreedmen's Savings and Trust Company has suspended. There is a heavy run on the other banks. It is expected that they will reopen after the panic subsides. The excitement is intense.

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NOTICE

N OTICE. e DESOTO BANK, } MEMPHIS, TENN., Sept. 25. 1873. o WING TO THE DEMANDS UPON US, and it being an impossibility to procure currency at present, we have been compelled to suspend payment. The assets of the DeSoto Bank are ample to meet its liabilities. We have made no losses, and our assets will be faithfully collected and applied. In the meantime we hope to resume business at an early day. For the present, all notes and paper maturing at this Bank will be found at the State National Bank. JAMES ELDER, President. T. R. FARNSWORTH, Cashier.

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The DeSoto and First National banks of Memphis have suspended,

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Banks Suspended at Memphis, Tenn. MEMPHIS, Tenn., Sept. 25, 1873. 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 De Soto 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. It is expected, however, that all of the suspended banks will reopen after the panic subsides.

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Money

1 Our readers will have, long before this paragraph meets their eye, heard all about the fearful money panic that is deyastating the financial centers of the country. Under radical rule these "panics" have become a part and parcel of the financial system of the country, without which, at least once a year, the favorites of the court of Ulysses could not well get along. The only remedy that we can suggest to our people is to live on corn bread and bacon for one year, work hard and at the end of that time we can sit and look on at the wreck of the leviathans of commerce and trade ery much as old Noah may be apposed to have done from the indows of the ark upon drowning manity at the deinge. The City Chester yesterday evening ght the news of the suspension First National, Desoto and man's banks at Memphis, the rumors of worse to come.

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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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A MATRIMONIAL IDYL

How Hymen Bridged the Financial Chaos. From the Memphis Avalanche, Sept. 29. A young man, rather good looking, did business on Front street, kept an account in bank, in fact didn't have a cent any where else, and fell in love with a handsome maiden out in the country a few dozen miles. Numerous trips during the recent dull season on the railroad kept the young bachelor oblivious to the approach of the recent financial storm, and the fair inamorata who had 80 won his attentions, finally brought him to her feet. Last Thursday was set for the wedding day, and it came off as anticipated, at the rural home of the bride. So did something else in a rather unexpected way. The young groom, in company with his blushing bride, came to the city expecting to take passage for up the country on the steamer City of Chester, the bridal chamber of that handsome 708sel having been bespoke several days before. Upon reaching the city, however, the happy young man was suddenly thrown into a high state of consternation and excitement by finding the First National Bank closed to business, and no more checks cashed. His countenance changed in a jiffy from that of smiles and good cheer to one of wrath and disappointment. He ripped and tore, swore and raved, and finally sought solace with 3 former bachelor friend. The latter tendered substantial aid and gave him a check for $400 on the DeSoto Bank. Smiles again wreathed his face as he wended his way toward Madison street, but again changed to chagrin and wrath upon finding be was just ten minutes too late, the bank having suspended and closed in the meantime. The newly-made groom was in despair, and his condition was truly deserving of commiseration and pity. It was late in the day before he toned down to a reasonable tranquillity. Finally he found another friend who kept a good supply of currency outside of bank vaults, and by putting up a few collaterals he managed to secure a sufficiency of the filthy lucre to go on his intended tour. The bridal party was too late for the steamer, however, and they had to lay over in this fever stricken city and take railway train next day. Then they went on their way rejoicing, and 'tis hoped they are now happy in the enjoyment of their honeymoon, and entirely independent of financial institutions.

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City Items.

Twenty nurses are expected to-day from New Orleans and seven from Natchez, Mississippi.

The First National Bank's deposits yesterday were over $55,000.

The noon train to-day on the Louisville road was well patronized by country air-seeking Memphians.

Kate White was thrown from a hack last night at the corner of Madison and Second, and suffered a broken ankle.

The State National Bank received over $100,000 currency yesterday of its own issue, which goes to assist the merchants and pay for cotton.

The DeSoto Bank resumed business this morning, and now the way is clear for a speedy resumption of the heavy business done by that institution before its suspension.

Sergeant Rogers visits the markets this evening with his little book upon which is entered the names of contributors. He only asks that his friends give as much as they are able to.

That Brownsville injunction was the theme of conversation on the streets yesterday afternoon and this morning, and was condemned by every person who expressed an opinion in regard to it.

Tom Hatch, a negro highwayman, attempted to rob George Williams last night, on the corner of Main and Beal streets, but was captured by officers Dea and Blitz before he had completed his work.

Harry Cranmer has again, mach to the terror of evil-doers, accepted an appointment upon the staff of Chief of Police Athy. His abilities in the "catching" line are well known, and no special comment is necessary.

Dr. C. Happolt, at 194 Old Raleigh road, generously offers to attend yellow fever patients free of charge. Orders can be left at Renkert's drug store, corner of Main and Market, or at Vigus' drug store, 187 Poplar street.

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liquidation), is a"most gratifying one to its creditors. Their total assets are $3,468,504.94 liabilities, $2,203,326.02: excess of assets, $1,255,178.92. Over $16,000,000 in currency was received at Chicago by express between the 25th of September and the 2d of October. The new Michigan State House will be one of the finest public edifices in the country An unsophisticated gentleman hailing from New York city, was swindled out of $6,000 in Chicago, last week, by two gamblers. The Chicago Board of Trade gave $1,000 to the Shreveport sufferers The amount of bullion received at San Francisco from the mines during the quarter was nearly $10,000,000, and for the last nine months $24,000,000. THE St. Joseph (Mo.) Gazette has been sold at auction to Joseph A. Corby for $25,000. THE Third National Bank of Chicago, which suspended during the late flnancial unpleasantness, has resumed business The survivors of Capt. Jack's tribe have been sent to Fort Russell, Wyoming Territory Ex-Congressman John Law, of Evansville, Ind., is dead, aged 77. Mrs. Horton, of Van Wert, O., the other day left her infant in a cradle near the fire-place, and went out to witness a circus procession. When she returned her child was burned to a crisp. The South. THE New Orleans Picayune estimates the cotton crop at not less than 4,000,000 bales The first Ku-Klux trial before the North Carolina State Courts has just come off at Raleigh, N. C., and resulted in the conviction of three persons- white and one colored-of murder in the first degree. They were sentenced A. to be hung on the 13th of November J. Stephens, cashier of the St. Louis Mutual Life Insurance Company, has decamped with $6,500 of the institution's funds. The cotton crop of the Rio Grande valley has been seriously damaged by floods. The report, started by a Mexican paper, that armed United States soldiers had made another raid into Mexico, is untrue. YELLOW FEVER is raging as badly as ever at Shreveport, La., and Memphis, Tenn. At the former place the scourge is abated, if at all, only by the frightful depopulation it has already caused. The citizens of Memphis have issued an appeal for aid, addressed to the whole country, and begging for the co-operation of the mayors of the various cities to secure it. Money is most needed to buy food, The bury the dead, and shelter the orphans town of Lampasas, Texas, was recently inundated by the overflow of a creek which runs through the village. Twenty houses, including the postoffice and several stores, together with their contents, were swept away, and six or eight persons drowned. A herse ran away with a street-car in St. Louis, last week, and, colliding with another car, killed one of the passengers, and seriously injured four or five others Joseph H. Fore, of St. Louiswho some time ago murdered his brother-inlaw, who made three unsuccessful attempts to kill his wife, and who the other day came near murdering an attorney in court-has been sentenced to ten years in the penitentiary. THE tobacco crop now being secured is the best that has been raised in Virginia for years past. President Grant has ordered 5,000 army rations for the suffering and starving people of Shreveport The De Soto Bank, Memphis, has resumed. THE ravages of the yellow fever at Memphis are frightful to contemplate. A dispatch of the 6th inst. says The number of deaths in the infected district yesterday was SO great that the undertakers were unable to bury the bodies, and to-day in two or three instances whole families were carried to the buryingground at one load. Scenes in that part of the city are beyond description. Those not afflicted are 80 demoralized that they can be of no assistance to the sick, but seem chained to the locality, and make no effort to get away. THE South was visited by the first frost of the season on the 7th inst During the height of the yellow fever scare a number of citizens of Little Rock, Ark., chartered sleeping-coaches on the railroads, in which they slept, going out several miles on the railroad in the evening, and returning next morning. An old Itaiian padrone, with fourteen boys, who arrived at Little Rock a few ago, was taken in charge by the Italians, his money taken away from him and divided between the children, and he was ordered to leave the city. The bagging factory of Richardson, Henry & Co., of Louisville, has been burned. Loss, $70,000. Washington. CHARLES WILLIAMS (colored) is to be hung at Washington on the 14th of November for the murder of Frank Cohn, a Virginia drover. The railroad lobbyists and land-grabbers are organizing for the coming session of Congress. A Washington correspondent states that Ben Holliday, the Oregon railroad magnate, has taken a house at the capital for the session, in order to press the indorsement of his railroad bonds on which the interest was repudiated last winter. The Northern Pacific interest also boasts of its ability to get a Government indorsement on the ground that its bonds are so well diffused, through the constituencies, that enough members can be got to vote for their relief It is reported from Washington that a majority of President Grant's Cabinet are in favor of restoring the franking privilege to the departments. The Postmaster-Genera will oppose the restoration, however, in his next annual report The Chicago Tribuue's special Washington correspondent gives some gossip about the vacant Chief Justiceship. Senator Conkling is said to desire that Judge Ward Hunt should have it. Judge Pierrepont and Mr. Wm. M. Evarts are also prominently mentioned, the only objection to the latter being the fear that he will not keep the place for any length of time. Butler's opposition to Judge Hoar is thought to be sufficient to defeat the latter prospects, while Justice Miller, of Ohio, and Senator Howe, of Wisconsin, are reported as ahead in the race. no The President has declared he will call extra session of Congress. While he thinks that the financial situation does not demand an extra session, he still makes the announcement that he will put out the $44,000,000 reserve" as rapidly as is consistent with the Treasury's interest. Fant, Washington & Co., bankers, have resumed business. SECRETARY RICHARDSON says that the Government will lose nothing by the suspension of Clews & Co., in New York, or Clews, Habicht & Co., in London: also, that if Jay Cooke & Co. pay 33 per cent. the Government will be no loser by the failure of the First National Bank. He thinks that the country will be gratified to find in the public debt statement that the reserve" has not yet been touched, though he reiterates his purpose of using it whenever he judges it to be necessary The public debt statement for September shows a reduction of $1,901,467. The following are the figures $1,235,000,200 Six per cent. bonds 488,567,300 Five per cent. bonds Total coin bonds $1,723,567,500 14,678,000 $ Lawful money debt Matured debt 15,756,130

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country was at war with the allied His. pano republica of South America. Thirty gunboats, built at New York and in the vicinity, sailed out under the Spanish flag in the winter of 1869-70. And now we will have an opportunity to tight those same ginnboats. But we do not believe there will be any war. The Government could easily take and hold Cuba, but could not cope with the Spanish navy in less than a year. Congress will meet next week; the war fever will &bate a little; assurances of continued good feeling on the part of our "ancient ally " will be tendered by the Spanish Minister, and the whole question will finally be submitted to arbitration, which has recently been so satisfactory in adjusting difficulties with Great Britain. Meantime the Secretary of the Navy will brush up the old hulks of the navy, make a warlike show and ask Congress for an appropriation of a few millions, which will find its way into the pockets of contractors. WE are gratified to observe that the DeSoto Bank has resumed its full business again after a partial suspension of several weeks. The excellent gentlemen at the head of this institution enjoy to a remarkable degree the confidence of the community, and this is now strengthened all the more since they have made good their promise to reopen at an early day. This is one of the cheerful signs of the times added to the many alluded to in a late editorial in regard to the returning prosperity of Memphis. Surely our stricken city exhibits remarkable signa of vitality and recuperative power. What a complete transformation has taken place within a few weeks, and our financil skies yet brightening Out from the clouds and gloom of the past year we believe that a New Memphis will emerge purided, strengthened for a brighter era of prosperity and expansion than yet known in all our history.

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DeSoto Bank Reopened

The announcement made elsewhere, that the DeSoto Bank has resumed business in full and upon its own resources, will be hailed with pleasure not only by our business men but by the general public. Even during the late suspension of the DeSoto the bank has been paying off elaims when presented. The standing of this institution was never doubted, and during the temporary suspension depositors gave it support and had in its managers implicit reliance. The result shows that such confidence was not misplaced. The DeSoto has been and will be one of the largest and heaviest moneyed institutions in our city. We congratulate the business public upon the further facilities for trade now furnished by President Elder and Cashier Farnsworth of the old DeSoto.

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THE LATEST NEWS.

NEW ORLEANS, November 24. The delegates to the Peoples' Convention assembled this morning at the St. Charles hotel, and from thence proceeded to McEnery's office, where the committee of Seventy with the delegates adjourned to Greenwald Hall on Baronne street, which had been chosen for the session.

The hall was tastefully decorated with numerous inscriptions and a profusion of flags, the busts of Washington, Clay, Webster and Chief Justice Martin being prominent. Ata quarter past 12 o'clock R. H. Marr, Chairman of the committee of Seventy, called the convention to order, and named Dr. Chappin, temporary Chairman and Thomas L. Maxwell, temporary Secretary, These nominations were adopted unanimously.

Dr. Chappin, taking the chair, said he did so because he believed every man in Louisiana should contribute his mite in this struggle for liberty. Committees on credentials and organization were appointed, when a recess of half an hour was taken. After the recess the committee on organization nominated Judge W. B. Eagan, of Caddo, for President, and Thomas L. Maxwell, of New Orleans, Secretary. On mocion, the nominations were accepted. Judge Eagan, upon assuming the chale, addressed the convention, reviewing the situadoo, etc. Other addresses followed. After the appointment of the usual committees, the convention adjourned until 10 o'clock to-morrow morning.

NEW ORLEANS, November 24. The board of United States engineer officers appoiated to deliberate upon the feasibility, of the proposed Fort St. Phillip canal, have arrived here.

Cotion in good demand; sales 5300 bales. Prices easier. Good ordinary to strict good ordinary 14@15c; low midling to strict low midling 15@15½c; midling to strict midling 18@18½c; good midling 17@17½c for certified checks. Gold 8¼@8½; currency 14@1 sight 1¼ for certified checks; sterling 17¾@18 for certified checks.

NEW YORK, November 24.-Edmund J. Randolph & Co., bankers, who sus-dended during the panie, have resumed. The Spanish iron-clad Arapeles has so far progressed in her repairs as to be almost ready to leave the navy yard. Coal will be put on board to-day. She will go to an anchorage in the North river to-morrow to take in coal, stores and powder, Her commander is determined to have her away at sea before December 1st.

WASHINGTON, November 24. In the case of the United States vs. Lapine and others, the Supreme Court to-day decided that where a party advanced funds to a firm in New Orleans, to be used by their agents in the interior in the purchase of cotton prior to the capture of the city in 1862, all the parties being then im New Orieans and the city was captured by the Federal forces before th cotion was purchased with the funds so advanced, the agent having gone into the interior prior to the capture, his agency to purchase cotton was terminated by the hostile position of his principais toward the cotton of the owners, consequent upon the capture and that a purchase of cotton afterwards was an effectual aid to the enemy. It was forbidden by the soundest principles of public law. The purchaser therefore obtained no title to the cotton and had no claim against the governmeat for its capture. Mr. Justice Hunt delivered the opinion, Justices Miller and Fields dissenting.

Secretary Richardson issues the following: "The instructions of the 27th ult., in reference to the limited disbursement of silver coin in lieu of currency, are hereby so modified that hereafter in making disbursements silver coin will be paid only in the fractional parts of a dollar."

The Postmaster-General, having received a number of inquiries from Postmasters, as to whether a circular issued by a Rhode Island Postmaster calling for a convention of Postmasters at Washington on the 9th of January, is in accordance with his wishes, states that his name was used in the circular without authority, and he has directed the project to be abandoned and the circula to be withdrawn as far as possible.

LIVERPOOL, November 24. Not below good ordinary shipped December and January 8"d; not below low middlings shipped November and December 8 5-16d.

NEW YORK, November 24. The Spanish sloop or war Arapeles, left the navy yard this morning, and dropped down to the battery, preparatory to sailing for Cuba. Her repairs are incomplete.

A full jury was drawn in the Ingersoll case to-day, and the trial will proceed. It is expected to be short, as the proof of his forgeries is said to be quite plain.

The charity cor. missioners of Brooklyn state that they cannot meet a quarter of the demands for assista ace made on them by the poor of that city.

A. L. Roberts and Valentine Greene were to-day arraigned before the Over and Terminer on forty-alne indictments for boad forgeries. There are sixty-eight indictments against them also at the court of General Sessions.

The meeting of the Toust company to-day reached no final decision on the resumption of business, bot a director states that the company expect to resume Monday next.

Several hundred men were at the navy yard to-day who were promised by politicians that they would be put to work, but they were all disappointed, as no men were taken on to-day.

MATANORAS, November 24. The concession to construct a railway from the Rio Grande frontier to the city of Mexico and thence to the Pacific has been granted to a company of Mexicans. This defeats the Plum and Rosencranz project and leaves the matter in the hands of the Mexicans, who will doubtless interest other parties in their enterprise or dispose of their concessions to the greatest advantage to themselves.

MEMPHIS, November 24. The De Soto bank resumes to-morrow. It is First National will resume