Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-02-06
THE GAYoso BASKsusPESSION
An Afternoon OF Excitement
throughout the City.
Madison street Crowded with
PeopIe-RumOrs and
speculntiOns.
A Card frog the Cashier-The
Banks Assets and La
biIities.

The most profound sensation ever
produced in this city resulted from the
announcement yesterday that the Gay
oso Savings Institution had stopped
payment Yesterday morning the doors
we're opened, and until IL o'clock the
regular business Of the bank proceeded
as usual. Checks were paid as readily
as ever and deposits received, as though
no trouble we're anticipated. 0fcourse,
the principal officers of the bank knew
that a crisis was imminent, but the fact
that they continued to receive deposits
up to n few moments Of the catastrophe
would indicate that they felt confident
of completing the days business, hoping
to effect some arrangement for going
ahead all right tbis morning.
Checks we're paid as late as IL o'clock,
and we heard of one gentleman who de-
posted large sum only few minutes
prior to that time. But soon alter IL
one of the clerks went to the front door,
and closed it. A moment atterward a
placard, bearing the announcement:
1--WE have been compelled to Close
Further Particulars Tomorrow Morn
ing" This, it is said, occurred almost
Immediately after the representative OF
corporation presented check for
SIS, 900, which could not be paid.
A few citizens passing by at the time
witnessing the unusual spectacle OF a
banks doors closing at midday, paused,
and, to their surprise saw the announce
ment of suspension. Their presence
in front of the bank attracted the atten-
ton of others, who stopped to learn the
cause of the apparent agitation. Soon'
men began to cross the street, and were
Joined by more, until, in few mi uutes'
quite a crowd had assembled on the
pavem ent Amusement was depicted on
every countenance. Had the buildin
itself, without any apparent cause, crum'
bled to dust at their feet, they could
scarcely have been more surprised. The
Gayoso Bank closed / Who ever dreamed
of such calamity
Bad news readily finds wings, and this
spread like wildfre along Main and
Front streets. Half an hour after the
doors closed Madison street, from Main
to Center alley, was lined with people,
representing almost every class, many
of whom were depositors in the bank.
By one clock six or seven hundred had
assembled within that space. The crowd
before the bank for time was dense.
Men wearing anxious faces went up to
the door, read the ominous placard, and
peered through the glass into the interior,
as though comfort could be derived from
the action. 1t seems singular that, with
full knowledge of the fact that bank.
ing institution has suspended, people
| should linger about the building, looking
| into its darkened rooms as though the
money intrusted to its now empty vaults
could in some manner be evoked. But
/ this seems to be the regular attendant OF
every similar calamity.
The crowd rapidly increased until
efforts of the police were required to keep
the streets open for pedestrians. The
presence, shortly after two o'clock, OF
scores of newsboys with the LEDGER, in
which the suspension had been barely
announced, and who piped out: "All
about the suspension of the Gayoso
Bank" communicated the fact to nearly
everybody who failed to learn the un-
welcome tidings from rumor. Fire bells
at midnight mover made as startling an
announcement as these little news
vendors rapidly spread from Chelsea to
Fort Pickering. 1t is an i'll wind that
blows nobody good; and the catastrophe
proved rich harvest to them.
Throughout the entire afternoon large
crowds remained on Madison street.
Every one supposed to possess informa-
ton about the suspension was anxiously
questioned, and, in the absence of any
thing positive, speculations of all kinds
were rife, and passed current as facts.
Various immediate causes were adj
vanced, which passed from mouth to
mouth. There was no loud talking. The
feeling was too deep for that. Groups
stood here and there, conversing in low
tones, as if afraid to break the awful
stiffness which the gloomy pail suddenly
thrown over the city had created. The
scene resembled that in death room,
where one involuntary walks en- tlptoe
and sinks the voice as though fearing to
disturb the rigid, pulseless form beneath
the white drapery.
Men thus unexpectedly deprived OF the
temporary control of their means, and
those who, fortunately, were not caught
by the catastrophe, seemed depressed
alike. The first feeling of amazemeni
worn away, universal sorro W prevailed.
The high standing of the bank and Its
officers had rendered il for years favor
ita with all classes. II was a savings
bank" allowing moderate interest on
deposits, and poor people. with small
surnlus. preferred it TO all others.