Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-03-16
London, GlasgoW and Liverpool An.
nOunce their Quota to the Suspen-
siORs Of the Day.
The Union Savings Bank OF Cedar
Rapids Fellows the Example Of the
Bank Of New York.
Business StasnatiOn Signs OF Increased
Trade at the South and West q
Figures Worth Studying. - w

posted In the hotise. Five are trifilng,
but one, that of william Upward, stock
broker, No. Is ThToekmorton etreet, is
believed TO be for considerable amount.
Further failures are considered certain
A number Of failures are also reported
at Glasgow and Liverpool at the stock
exchange, bat II has rOs yet been me-
known whether these will lave Ruy
serious effect here. ne weather con-
tinues boisterous, and the telegram lines
are still ceraDged and dispatches nom
all Iuartsrs are seriously dclsyed, to the
detrtment OF business.
Two additional failures have been
posted up in the stock exchange Busi-
ness is almost nominal, the settlement
absoT cipE attention. The changes in
prices OF the different securities and
shares do not show that there is any ex.
element, though they are mo- ly down
ward. Sill further failtree ale expect
ed, but none Of snS great Importance.
Gee Baore sInali failure is announced
at the stock exchange, making nine for
the day and sixteen on this fortnigktly
settlement. The stock naTket closes
firmer and with bsttcf feeling than at
tny time since Saturday.
IN DAVENPORT IOWA.
authoritatively announced here OF the
Union savings bapk OF Cedar Rapids,
this State. This bank has been In oper.
alton some ten years, and had q nomi-
nal capital OF about four hHndfed thou
sand dollsrs. It's president and mausgsr
was Judge q Gorge Greene, formerly pres
ldsnt OF the Burlington, Cedar Ranids
and htnnesO Ota railrOsd. TIE bank was
started mainly t. 10 the banking busi-
ness Of The TOAD, which amounted to
seversi millions annually, but when the
change in the management of the road
took place the railroad deposits were
taken from the Union bank. This Grip.
pied the institution. The Greenes, who
controlled the institution, ara among the
best citizens Of the State, and are con-
cerned in many large Interests in Cedhr
Rapids, none OF which it is thought will
suffer. 1t is stated that there viii be
no material losses, and that the bank
will simply retire from the banking busi=
ness.
IN NEw vnRk.
NEw YORK, March l5.-The suspen-
sion al the United States reflector com
psny Of COner, Jacobsen Il Co, manu-
facturers and importers of rejecting
chandeliers, was announced yesterday.
Their liabilities amount to over 800, 900,
and their assets are considered good.
The Immediate cause OF suspension was
the difficulty in making collections.
The EUeNing Post says no receiver has
been appointed for the Bank Of the State
Of New IOlk, and it was learned this
morning on the best authority that the
comptroller OF currency, John J sy Khox,
is making an effort to have the bank go
int III hero h
officers are willing TO adopt this course,
and believe they can cstry IL out sue
cess'ully. The doors of the bank build
ing we're open this morning, and the
officers were in attendance to answer the
questions Of depositoIs, who visited the
institution in large numbers. Vice.
President Patrick said nothing could be
done by the managers until the decision
Of the banking department at Washing
ton was announced. He also said in re-
gard to Ovei drafts and loans which have
been censured tnat the reports Of these
had been exaggerated. Mr.. Reed, one
OF the directors Of the bank, said there
was no foundation whatever for the
statement that he had made an over
draft CT $500, 900. There is some trouble
between persons who yesterday gave
o-igiDal cheoks certified by the Bank OF
the S ate Of New York, and S meeting
Of the governing committee of the stock
exchange will probably decide their
difficulties. Among the visitors to the
bank to-day were several persons who
made deposits only short time before
the bank was closed. They were in
formed that all deposits made yesterday
were kept sepa ate, and were deposited
with the Bank of Commerce in trust
for the Bank of the. State of New York.
Wall street was quiet this morning, and
stocks were higher than yesterday.
. at a meeting Of the stockholders OF
the Bank Of the State of New York,
which suspended d yesterday, the resigna-
ton Of the old board directors was ac-
cepted, and following the new board ap-
pointed Augustus Belmont, r. q. Rails
ton, G.. r. FalmAn, ID. ID. Wtthers,
Lawrence TUrnme, Jno. r. Marshall,
DanI. Drake Smith, Adrian IZslin and
Henry Morgan. Mr.. Belmont was
elected president. The new board meet
to- morrow to appoint other executive
Cfficers and rsOrganize affairs, and give
a bond to the comptroller of the currency
that the banks sssets will be applied to
the Liquidation of its debts. The insti-
tuition will resume business at an early
day. The eX-president, MIR. q. w.
Duer, remains with the bank in ad-
visory capacity.
BUSINESS sTAGNATIoN.
New York Public
In what sense is there improvement
in business? Railway earnings look
well; the returns Of twenty-five roads,
elsewhere given, show earnings Of So
30S974, for certain weeks OF 1876,
against s., ,646, SOL for the corresponding
weeks of 1875, a gain of neatly % per
cent. Nor is this gain confined to q few
roads. OF those reporting, every road
except three returns larger earnings
thus far than during the corresponding
portion Of last year. This is not the
only encouraging sign. Grain receipts
at lake ports, from August LIST to Febru-
airy 26tb, -four included as wheat, aggTe.
gate 110, $50, 203 bushels, against l02, 49,
500 during the same time last year.
Shipments from lake and river cities
since August show an increase OF more
than SO per cent. compared with ship
menus during the same time last year.
Cotton receipts at sIl porte, from Septem-
Der LIST to March 9Th, aggregate 8. .533 .604
bales, against 8, ,0l2, 662 during The same
time last year, and exports since
s ptember lst, are 2,244 Sl2 bales,
ASalnst lSoOoiO50 loSt ySaLs AZ Ne"
York receipts Of almost every impor-
tant article are larger this year.thus far
than for the corresponding weeks OF last
year, and repC rts from other cities give
like evidence Of improvement. But
glance al the barometer Of modern COM
merce warns US not to indulge Rs yet in
too sanguiDe estimates The clearing
house returns at New York, Philadel-
DhiR, Boston, st. Louis and Chicago are
given elsewhere, and these indicate that
there has been as yet little IL any in
crease IN aggregate transactions, as the
following comparison Of clesrings for
January and February in 1875 and 1875
will show:
January CledriHgS.
1876. lg-5
New ,754 SIS 6O7 81 aS3 SSI 7SS
Boston -.-...-.------. 2l4l6I,6S ~, ,365 O62