The Van Buren press., 1873-09-30
CITY CURRENCY
The Excitement Continues Numbers CT
those who Took it Wednesday
Take 1t No Longer.

|
| ing topic OF conversation. Yesterday morn
| ing numbers Of those who had taken it all
| along ceased to receive il. At o'clock yes
tcrday morning 1t was circulated that the
| First National bank of Memphis had susp, nd
cd. and considerable excitement follow ed
Soon after intelligence was received of the
suspension of the DeSoto bank These two
suspensions seem to affect our business men
more than all the rest. Business at the banks
was quite lively. and continued SO all day
The two suspended banks in Memphis were
generally considered to be of the seundest
character. James Elder was president, and
+. r. Farnsworth, cashier of the DeSoto. The
officers Of tho National were; President,
! Frank =. Davis; cashier, w. W. Thatcher.
At o'clock information was received in H.
nanci,l circles of the States National bank
Al Memphis. making three failures in one day.
To say that moneyed men were excited hard
" expresses the sentiment 1t was not pub
licly expressed last evening to what extent
these Memphis failures would be felt in Little
Rock
Information from Hot Springs. where about
pnc-siNth of the money in circulation, was
Little Rock city Indebtedness. Is that it is now
unanimously refused. and that many of the
people had considerable sums on their hands.
The opening OF fuckers bank next Mon
day. at which time twenty five per cent of the
liabilities i'll be paid. will probably relieve
tent
Not much Ia doing in finance. and collatcr-
ais are dull State scrip is offered Mt 40i. on
the dollar. and not n bnycr. There are no
buyers. and will be but few during this city
money crisis.
All yesterday there was avery heavy run
on Stoddard's bank. and each check was
promptly cashcd. When the bank closed at
three o'clock. the depositors, almost to n man,
had withdrawn their money. We were assnr.
ed by Mr.. Steddard, last night. that the bank
world open promptly at O'Clock this morn
ing lie says he has passed through the
worst of the crisis
Memphis failures, was quite heavy, but all
checks were cashed. Col Roots stated last
night that the bank would open promptly at
. o'clock. and that every check from every
depositor would be promptly paid. He says
the bank was never In amorc prosperous con-
dition than at present.
JOINT STOCK GROCERY.
Twenty-Five persons met at the chamber Of
commerce room last night. Additional sub
scripliens to the joint stock grocery were an
nounccd, amounting to S2i950.
a temporary organization was effected by
the election OF the following board of direc-
tors. Mcssrs. johnson. Kramer, Reichardt,
Weeks and Charter.
Mr.. II. J.. Fletcher was elected treasurer,
and Mai. L. T.. Peck secretary.
Mcssrs. Cohn. Weeks and Peeks were APP
pointed a committee on permanent organiza-
tion.-L. Il. Gazette, 2GN
LATER.
Yesterday the excitement on the money
question was continued. City money, not
withstanding the action OF the council Thurs
day night, was refused by a large number Of
the merchants, except In the lay ment OF old
Aol tc a. n 10 Inn
was not MS heavy ~ on the day previous.
Those who drew their money yesterday were
principally mechanics and laborng men. The
run OF, The Merchants National was the heav-
lest, for the reason that etoddsrd's heaviest
depositors With drew their money on Thurs
day. Several deposits weiG mace IN the Ma
tional In the f,ren0cn. Bnsiisss Mt Stod-
dards' was very duh in the afternoon. NJ their
run was In the morning. The amount with.
drawn frcm the Merchants yesterday WINS
fully cquaed by the deposits Every cheek
was promptly cashed. and 10th banks are
now supposed to have passed the worst of the
crisis. AT al! events, they were both open all
day yesterday
The excitement about the city money was
temporarily osrreome by the news from st.
Louis. yesterday morning announcing the
suspension OF the banks oftliat city.
A prominent broker received the following
telegram from Il, \. Belts, cashier OF the st.
Louis National bankt
Mr.. -:
Our banks all suspended. Draw your drafts
payable through the st Louis clearing house
X. A. BEr1s.
The excitement among the merchants when
this news was made public. WAS noticed by
all
Mr. T.. w. Parker. who Is regarded By all as
well versed In finance, Is of the opinion that
the suspensions In st. Louis will not be seri-
ously felt here. MS Little Rock Is owing that
city n great deal lie Is also OF the opinion
that the action of the council, Thursday night. |
had some effect In quietng the city money
panic. us the talk about IL WAS certainly not
50 grcat.--Sdturidy. 2yth.
II fiu carnnanv of Sfafa Gn...l, |.