Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-06-29
MERCHANTS NATIONAL BANK.
Statement from Mr.. Cherry,
President Of the Insti-
tuition.
The Suspens ion-A Few
Why's and Wheref0res.

| itAAtl MINIMUM ""' Hst' - ts" -<-"~~
Of Saturday last, OF the fact that the Mer-
chants National Bank had suspended
payment, and that Government agent
had taken charge Of the disordered
Affairs Of the institution. The facts which
we were able 10 ascertain at that time
we're so meager and Of so complicated
nature that we refrained from publishing
until something more taRgible and salts
factory should transpire. Various ru-
mors and copjectures we're aaoat during
Saturday afternoon, and 1t was natural
consequence that our morning cotempo-
raries experienced great difficulty in as
certaining the straight" Of the matter,
after ever so thoroughly winnowing
the real from the chaff Of the
coDjectural. A statement Of the affairs
of the institution, which appeared in
contemporary the following morning, has
elected the following from W. II. Cherry,
President of the bank, which may be re-
garded as possibly more reliable than
anything which has as yet transpired,
and will, therefore, be read with general
interest Mr.. Cherry says:
When the bank closed on Friday eve
ming, we had money here and en- route by
express to pay every depositor, save our
large account, which L was arranging in
another way, but when / was informed
that the bank would be closed by
an agent from Washington City next
day Saturday at noon, whether we con-
tinued to pay or not il was decided by
our Directors to put themselves in shape
for that event, by protecting themselves
and other friends who had come to our
aid during the run on us. Hence pay
ments and settlements we're made during
the morning until, when we were closed,
we owed depositors, not provided for, less
than $4,000, instead of $4,000 to
800, 900, as you have it. think this will
show why there was little money on hand
when we we're closed. That on the way
by express was partly used in payment
to depositcrs and part was retired to bank
lending it, after we closed and even with
the small amount remaining to be paid to
depositors, we took up during the morning
by cash, $500 of our exchange, which
had been previously paid out, and would
, have been promptly met il we had been
permitted to go on. / was rendered du.
ring the morning, from tpo undoubted
sources, money to meet all checks if
would only continue to pay but, not be-.
, ing able to get assurance that we would
; not be closed, though we should continue
to pay all depositors, was unwilling to
! use their money so kindly rendered.
The above'goes to confirm our statement
on Saturday, that small depositors will
suffer but slightly by the suspension, and
hence the little general excitement, as
compared with the breakage of the
Gayoso Savings Institution. With the
suspension of the Merchants National,
we present the following list of bank
ing institutions which have gone
up within the past twelve months,
all of which except those of Boiling,
Green Il Co., and the Tennessee
Savings Institution, were failures, these
institutions have wound up their
affairs satisfactorily to all concerned {:
Franklin Insurance company, Cameron
x Carey, Boiling, Green 81 Co.'S Tennes-
see National Bank, Commercial Bank,
German Savings Bank. Gaycso Savings
Institute, and Merchants National Bank.
Tennessee Savings Institute.
|
, New YORK CONVENTION. The Mem
phis and Charleston railroad is still car
, rying delegates and visitors to and from
the National Democratic Convention, to
assemble at New York on the 4th of July
next, at halt fare tickets for the round
trip being issued at the Company office,
27S Main street. The great Southern
Mail and Express Route is the shortest
and only all rail route to the East, having
no ferrying or river travel; has sure and
direct connections and fine equipments,
the country through which it passes pre-
senting at all times, but more especially
during the summer months, rare beauty,
variety and attractiveness. These are
qualities that will always secure the "Air
Line the popularity and business it has
ever enjoyed. Convention round trip
ticket, $3S %. Good until July 20. 1Ol
Beautiful grenadines, 20 cents !:
good prints, 10 cents; A bleached
domestic, I2 I-2 cents, at j. III. Loew.
enstine d Bros, No. 23I Main street,
Clay Building. 2
RACEs.-There will be trotting race
to rule at the Association Course, on the
Fourth of July, free for all trotting
horses Entrance fee, $40. Purse of
800, three horses or more to make the
race. Parties wishing to enter horses
will call at the Opal Saloon, Greenlaw
Opera House. The entrance fee will
close on the evening of the I'd. Pools
will be sold on the Sd. los
TEAs.-Just received fresh invoice
of japanese and other fine brands of
teas, to which we invite attention.
WIN. DEAN & Co.,
l02 1913 and 1884 Poplar street.
IRISH linen, very low, at 233 Main
street [lOO-t] RICE & EXCEL
A LUXURY in the way of a shave can be
had at the Eldorsdo saloon, As Jefferson
street, at the reduced price of fifteen
cents. None but frstclass white BARRIERS
/ emnloved ia