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e r BANK CRASH IN MEMPHIS. Suspension of the Memphis Savings Bank. What Dabbling in Shifting Stocks Will Lead To. Another and a Run on All the Banks Expected. MEMPHIS, Text.,Oct.27,1879. It was announced last night toolate telegraph that the savings bank of Memphts, of which M. de Wicks is President and W. c. McClure-cashier, had made assignment and would not open its doors on Monday. The following card, which appears in the papers of this morning, is the only explanation given to the public, and it is understood its publication was not agreed to until after midnight last night. THE PRESIDENT'S CARD MEMPHIS, Tenn., Oct. 26, 1872. To MY FRIENDS AND THE PUBLIC:regret to announce that, by reason of the stringency of the times and misfortunes which I have been unable to surmount, the savings bank of Memphis has this day suspended business and assigned all of its assets to W. R. Canningham ami R. A. Parker for the payment of its creditora rateably. Creditors may feel assured that the assets will be faithfully devoted to the payment of the debts and that I shall use my efforts in their M. J. WICKS. President. behalf. CAUSE OF THE BREAK. Inqutry this morning develops the fact that the assignment was occasioned by a draft made on Friday against $115,000 deposited to the account of the Memphis and Charleston Railroad, which, since July 1, has been operated by Tom Scott's Southern Railway Security Company, Cap tain Jaquea being superintendent or manager. Wicks was president of the road before its operation by the security company. and 18 understood to have takeur an active part among stockholders in bringing about the lease, which is for ninety-nine years, in consideration of which the lessees agreed to keep the road and equipment in good repair and to pay a dividend of three per cent annually for the first five years and six per cent annually thereafter. On Friday Jaques became suspicious that the bank was shaky and CHECKED UPON IT FOR THE AMOUNT on deposit as above. when he was informed the bank had not the funds necessary to meet the check, and was asked for indulgence. Consultation followed, in which President Lewis, of the First National Bank. was called in as adviser, and the result was a proposition to Jaques yesterday to take $15,000 cash and the remainder in equal monthly instalments, which, by the advice of his at torneys, Jaques declined to entertain, though he made a proposition himself the substance of which was that the bank should give the railroad credit for $70,000 interest due on its bonded debt next month and provide for the remainder as convenient. Unable to comply with this, the directory of the bank resolved on an assignment, which was carried into effect after bank hours yesterday. THE ASSIGNEES are gentlemen of good standing in business circles. Cunaingham is a cotton merchant. and was formerly president of the bank. Parker is secretary o. the Merchants' Insurance Company. What THE CONDITION OF THE BANK is It is difficult to ascertain with reliability; but the best informed regard the prospect for creditors as unpromising, the concern having. it 18 supposed, become badly mixed up in purchases of stock of the Memphis and Charlesten Railroad, which, in anticipation of the lease, sold as high as 45, and has since declined to 29, its present value. The liabilities are estimated at $275,000, of which $60,000, is capital stock owned chiefly by Jaques & Cunningham. It is said that Wicks proposes to devote his personal property and estate to the relief of the small depositors. The announcement of Wicks in the papers this morning TOOK THE PUBLIC BY SURPRISE, the bank having always been regarded strong and safe, and, notwithstanding it was Sunday, quite an excited crowd gathered on Madison street, and indications are that there will be a heavy run on the banks to-morrow. which, in view of the heavy discount and active employ. ment of money in the removal of cotton would seriously embarrass business, if not cause other suspensions. I am told by a banker this evening that there will be ANOTHER FAILURE TO-MORROW, but it will be a small affair. and as the concern has been known to be in laboring circumstances for some time its suspension or assignment will take nobody by surprise. It has for several weeks. been carried by two of the leading banks, who must now drop it in order to take care of themselves in any emergency that may result from the failure or yesterday. Its capital stock is $10,000, and its deposit line has not for some time exceeded $75,000. As for the leading banks, while they are likely to be heavily run upon, inquiry and a knowledge of financial matters convince me that they are in solvent condition and will promptly meet all demands that may be made upon them. Burnett's Miniature Toilets.-Elegane
