Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-29
Suspension OF the Savings Rank Of
Memuf,fa

memphis.
The Memphis Ardlanche of SUNDAY saws:
IL mas been known in bank circles for day
or two that the Savings Bank of Memphis.
Moses !. Wicks, President, was on the
verge OF suspension. The trouble culrpi-.
mated yesterday afternoon in a determine
ton on the part of the officers to make an
arrangement, which was effected last NIGHT.
and bank viii not open Monday. For sew.
erai months past the Southern Security
COMPANY (Thomas A. Scott's AssociationS
has had $4,000 deposited in the SAVINGS
Bank OF Memphis. Recently Capt. Jaoues.
the manager for Tennessee, checked on the
bank for the full amount. He was ssked IN
withdraw the check and give the bank All
opportunity to pay in instaIuents, Cant.
Jaques telegraphed to headquarters in New
ork 1or instructions, but the response was
not favorable, and the assignment for the
Denent OF Eli the creditors was the result.
me assignment was completed late last
nlgnt, the assignees being Messrs. r. A.
farker and w. r. Cunningham. The last
annual statement showed the bank to have
a cash capital of 100000 and an average de-
post line Of $150,000, exclusive Of the
Southern Security Company's funds. The
extent OF the disaster will be developed in
short time. In the absence of facts we
decline to give rumors. Below is the card
OF PRESIDENT Wicks, which briefly announces
the suspension: 49,,
MEMPHIS, Tenn, Oct. 26, IS72-To NV
friends and the public: regret to annhnnca
that by reason of the stringencv of tbe
times and misfortunes which / have been
unable 10 surmount, the Savings Bank of
Mempnls has tins day suspended business
ana assigned all OF its assets to w. r. Cum
nIngnam and 4. A. Parker, for the payment
OF It's creditors rstably. Creditors may feel
assured that the assets viii be faithfully de-
voted to the payment of the debts, and that
snail use my efforts in their behalf.
ID. j. WICKs, PI ssident.
memphis dispatch of Monday says:
"The liabilities of the Memphis Savings
Bank will exceed two hundred and thirty
thousand dollars, but the individual deposits
VIII only amount to fifty-seven thousand
dollars. Its assets are unknown. The sus-
pension caused no excitement in financial
circles"
A later dispatch says: "The liabilities of
the Memphis Savings Bank will exceed
Lnree hundred thousand dollars, but Mai.
VICES, the President of the institution, has |
placed DIS entire fortune at the disposal of |
me creditors, which will pay seventy per |
cent. OF the total indebtedness. There is
no excitement in the money market in con-
sequence"
Southern Bonds I'm New York,
The sales Of Southern bonds at the New
ork Stock Exchange on the 22d inst. were
IS follows:
So FIRST BOARD.
l,0OO New York six per cent of 1874 lO8
1900 Tennessee six per cents old. |
l'ooo south Carolina six per cents, new,
January and July 26x
5,OOO South Carolina six per cents new
- January ana uly.................,...2 6k ]
o'oOO South Carolina six per cents, new
10 ~. january and July 26K
NS'O"O - 81 pei Genus. .......3
SECOND BOARD.
1000 South Carolina six per cents. new.
January and July. 26X |
The sales on the 23d inst. were as fol-
1ws:
FIRST BOARD.
1000 Tennessee six per cents, new.........75
LOU tennessee six per cents. old 74x
oOO0 North carolina six per cents, old bds..33x
o,VOO North Carolina six per cents issued to
the North Carolina Railroad. .46
o,VOO South Carolina six per cents, new
January and July.
2,0OO Missouri six per cents. .S9x
SECOND BOARD.
5000 Tennessee six per cents, new......75
The sales on the oath inst. were thus re-
orted:
FIRST BOARD.
5000 Tennessee six per cents, old. .,.74x
d,0OO tennessee six per cents, new.
1000 Missouri six per cents.........9S x
1000 Missouri six per cen IS
o,OOO missouri six per cents............,.,,.,S3
2,OOO Missouri six per cents, H. and st. Jos.
Assue''....... SIX |