Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-02-06


numbered by hundreds, ard scores felt
easy when their money was IN he vaults
who could not have been induced TO risk
any other institution in the city.
The deposit line, as may naturally be
inferred, has always been very large
These are times when bank accounts
usually show little margin yet, for the
reasons already given, the Gayoso has
proved an exception According TO the
sworn statement Of the officers, the
average deposits Of the bank last month
we're 45O,0OO-an amount to which
lessening confidence in other banks has
materially added. II seems TO be under
stood that between $500, 900 and 5000 900
we're due depositors when the doors
closed yesterday.
The Gayoso Bank has been transacting
a general discount and exchange bus
mess, and dealing to considerable extent
in scrips and uncurrent money. IL has
accommodated largely in the way OF dis
counting, and now holds paper therefor
to a large amount Unfortunately many
thus indebted to the bank have been I'M
able to meet their obligations. In nu-
merous instances the money could not
be promptly made out of their securities
and extensions have necessarily been
given. Much Of the means of the bank
has doubtless been absorbed in uncurren'
money, held for a rise. So materially
has a combination Of such causes embar'
raised the bank that, without even
run" being made, the currency grad
ually gave out until it Became impossible
to pay cheeks presented in regular bust
ness.
The only official explanation Of the
suspension is contained in the following
card from Mr.. Z. NJ. Avery, the cashier
To the creditors Of the Gayoso Savings lnstitu
ton:
In our past and more recent efforts tc
relieve the bushes community and com
mercial interests of Memphis, in times o.
trial and pecuniary embarrassment, VIZ
have been induced, from time to time, tt
loan largely from our capital aud re-
sources, using, at the same time, as W.
believed, every precaution to loan only
upon prompt and reliable securities.
Owing, however, to the present de
nression in trade and business matters
generally, and the unusual stringency IL
money matters, we find it utterly i'm
nossible to realize sufficient upon oul
business paper which is duly maturing
or upon any description of assets in oul
,,ossession-either of real estate or dis
e,Nunted paper-to meet the urgent de
ma dds which are now being pressed
upon us, 81;
I'm, her these circumstances we lind
n,,erlv impossible to continue business
and Ting the necessity is forced upon u
to suspend further payments for tn
nresent. Every possible effort tina
could he made to avert this necessity ha
heen made. but without success.
The assets of the institution, althoug
not Immediately ailable, for the reason
assigned, it is believed, with proper mar
agement, can be ultimately realized TO
W. E. NJ. AVERY, Cashier.
No men in the community stand highe
as business men and men of personal in
/ te urity than Mr.. John G. Lanier, Pres
dent, and Mr.. E. M. Avery, Cashier N
one believes them capable of wrong
doing. and, aside from any question
losses. their misfortune is subject
profound sorrow. But we regret tha
Mr.. Avery's card is general rather tina
specific. 1t is little more than the doc
placard amplifed, and not calculated t
restore public confidence. We hope tn
officers of the bank will make anothe
publication, setting forth the extent
its liabilities, and the extent and natur
of its resources. Such an action
due the public, and would do much
quiet the general distrust this calamit
has created.
Between one and three o'clock yestel
d,,y afternoon there was heavy run
several banks, caused by the anxiety
depositors. Every demand was prompt
met
This morning another run was antic
mated. but none occurred. In financi'
circles the stoppage of the Gayoso Ban
was to some extent, expected, and othe
institutions have been for weeks prepa
| ing for the event. Up to noon the checl
ing was no larger than ordinarily.
Gents good calf boots, 81 80; gent
good aII-Iinen bosom shirts, 81 oo
gents, good cashmere hats, 81 90. .
III. Loewenstine 81 Bros, No. 2SI Mai
street. Determined 20 sell ont.
WARD MEETINGS. delegates to th
County Conservative Convention will
elected from the Third ward this evening
the meeting to be held at the Adam
street station-house. The Second war
Conservatives will meet at Exchang
Building tomorrow night for the sam
purpose.
Messrs. |. T. Cartwright and j. /