Tri-weekly journal. (Evansville, Ia. [i.e. Ind.]) 1847-188?, 1847-12-07

BANK EXCITEMENT IN MEMPHIs.-The Mem
phis Eagle of Tuesday last has the following in
relation to the Farmers and Merchants Bank of
that place.
There was a great and general excitement
and lrOnder among some of our streets, yester-
day, relative to statements currently af1oat
touching certain high-handed and e&traordina-
ry acts of the president and directors of the
Farmers and Merchants Bank after the in
junction Of the court had been served on them
wrestling from their further keeping and man
agement the affairs and assets of the bank
The facts, as represented TO us by one who
heard them from the lips of the cashier, are
these:
That several hours after the writ of iniunc-
ton had been served on the president and
Messrs. Looney, Connel, and Maltbie, direc-
tors, they, with Mr.. Gaines, another director,
held a meeting in the bank and discounted
each others notes to an amount which cleaned
the vaults ofits money, and enough of the notes
of the suspended bank to make the amount
S50,000l
That they also discounted the presidents DR..
Fowlkes) notes to an amount sufficient to take
up the bills drawn by the several directors
for Fowlkes's benefit we suppose-on Cross,
Connel, & Co.. thus substituting his individ-
own responsibilities as drawers, &C., to a very
large amount, leaving Fowlkes standing debt
or on the books of the bank, it is said, for near
four hundred thousand dollars! This being
done, they afterwards surrendered the KEYS OF
the striped vault and bank to the sheriff, and
walked out! If this does not cap the climax OF
bold financiering, then we give it up.
Farmers & Merchants Bank, notes were yes
terday bid thirty cents on the dollar for by the
brokers; there were no operations, however,
during the CONSERVATION and excitement about
the institution. A few days will settle mat
tiers, probably, when something like a stand
ard value will be placed on them.
FURTHER,-For better understanding of the
above article we copy the following from the
same paper of preceding date.
We learn that an Injunction was served, OF
Friday last, upon the present managers of the
Farmers and Merchants Bank; restraining
them from any further control over it, and plac-
ing its assets in the hands of receiver, Joseph
H. Talbot. Esq. The injunction was issued at
the instance of Mr.. Evan Rogers, of Philadel-
phia, who is said to own or control many
shares CT the stock of the bank, and who came
out here from Philadelphia at the instance OF
the Eastern stockholders, and who, in conjunc-
ton with r. |. Moore, Esq, of Nashville, re-
Cenlly spent ABOUT fortnight mere IN eAamln-
ing into the condition and management of the
bank.
The exact character and object of the bill of
injunction we have not ascertained. But we
presume that it puts the bank into liquidation
and winds ii up finally and forever.
The silent and prompt manner in which the
management of the bank has thus been wrested
from the hands Of its managers, after Messrs.
Rogers and Moore probed into their conduct,
evinces at least their decided condemnation of
it; and the allegations in the bill, we under
stand, are not only numerous but of most
serious and startling character.
The money fell Immediately some ten per
cent, though really its intrinsic value, most
people think, as do we, is enhanced by the
change.