Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-08-28

have sent in the following notice for
publication in the morning papers: "In
consequence Of the panic and the impOs-
sibility OF obtaining coin, the National
Gold and Trust company will close un-
til further notice. The bank has thirteen
hundred thousand dollars over and above
all its liabilities, and as soon as coin can
be obtained it will resume business as
usual. In the meantime, any creditor
desiring can have coed assets of the
bank to the amount of his claim. By
order Of the board OF trustees.
HENRY L. DAVIS, President"
CLOSE OF THE MERCHANTS EXCHANGE
BANK,
The Merchants Exchange bank closed
its doors this morning. The directors
have prepared the following notice for
publication in the afternoon papers:
iIn consequence OF excitement and the
disappointment in getting coin, the di-
rectors deem it for the best interests of
all not TO open our doors for the present.
The secretary states that the bank has
one hundred thousand dollars in coin on
hand. The amount liable on deposits is
eight hundred thousand dollars, but
against that there may be over four hun
dred thousand dollars in notes. The
bank is perfectly solvent, the only trou-
ble being the lack of coin. There is
a run on the London and San Francisco
bank, but Manager Latham asserts Its
ability to meet all demands without any
trouble" Crowds surrounded the Bank
OF California, the National Gold Bank
and Trust company and the Savings
bank, but the action of the officers of
the latter institution last night effectusl-
IrTrA q RIM
ment is great.
EXCITEMENT sUBsIDINe.
The excitement seems to be subsiding.
The crowd on California street is much
less than at the opening of business this
morning. The run on London and San
Francisco has ceased, with large sur
plus remaining in values. There WAS q
slight run on the Anglo-C California at the
opening, but it soon subsidized. The First
national gold bank supports everything.
The same may be said of the bank of
British Columbia, Pacific and CONNER
cial banks. The private banks all report
no excitement, and everything going
ON as usual. Generally all Of the city
banks are considered sound, except the
Bank of California. RalstOn this after
noon says nothing in addition to the
are current as to the condition Of the
Bank Of California. One statement,
apparently from good authority, is that
the bank will pay its depositors in full,
and the stockholders fifty cents. On the
other hand, prominent stockholders state
that the utmost the bank can do will be
to satisfy its depOsitors, and scarcely
that. There has been a little rush at
the Hibernian savings bank, but the de-
msnds were promptly met. Generally
speaking, confidence seems returning.
Ii is believed that the worst is over. But
little uneasiness is felt as to the affairs of
either the National Gold Banking Trust
company or Merchants Exchange bank.
The former reports probability Of soon
Tesuming, though unable to fix the time.
There is an abundance OF available as
sets, only awaiting the reception Of coin.
The president stated this afternoon
that they paid out about million dol
lars yesterday, with small supply left.
The Merchants Exchange Is believed to
be sound, aud the suspension only tenn
porary. 1t is stated, on presumably
good authority, that someshali dozen
heavy stock brokers are likely to go
down. No names are given. No COM
mercial failures are yet reported. A
equeeZs is expected next Monday. The
savings banks, during the day, have
been doing usual business, the deposits
in some being larger than the disburae-
ments. No excitement on that line.
1t is difficult at present TO state the ef-
feet f RalstOn's failure. The RimOall
manufacturing company will hardly
survive the shock. The rolling mills
are in better condition. Tne Cornell
watch factory will probably be seriously
crippled. The effect of the failure on
mining stock cannot at present be esti-
mated, as there is no market for bus!-
ness in that line. Many theories are ad-
Vanced as to the causes of the failure,
such as sending money out OF tie city
to buy wheat, locking up com by other
parties, speculation in mining stocks,
etc. A statement made by Mr.. Ralston
will be of interest. Throughout all pub
lie interviews yesterday and to-day Mr.
Ralston stated explicitly that the sus-
pension was not owing to any hostile act
by adverse parties who have been cred
tied with locking up coin. AT an inter-
view last evening at Ralston's residence
he repeated that assertion in the
Iresence OF ether parties. As
YOUR reporter left the room Mr.. RalstOn
followed him into the hall and said:
Z" The statement that i haVe made as 10
the causes Of the failure are my state
ments to the world. As matter Of per-
sonal and private information, l tell
you that this failure is the result OF
persistent effort for months to break this
bank.n Under the circumstances your
reporter believes it proper to make this
uuOIic. The streets are still full Of peO
Die, but the crowd are disposed to be
quiet and orderly, though some feeling
/ of uneasiness is evident. Extra pTecau-
tions have been taken by the police de-
( psrtment to preserve order, and, it is
/ believed, the evening will pass off un-
! disturbed.
| SUICIDE OF RALST0N.
SAN FRANCISCO, August 27-About
/ ten minutes past five o'clock close car
/ riage drove rapidly to the side-dOOr OF
/ the Bank OF California. A gentleman
/ jumped out in a state of excitement, ran
/ into the bank, and in response to in-
| quiries, said he had just left the body OF
! Ralston in charge of an officer on the
beach, near the smelling works, in the