Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1884-05-15
WILD CONFUSION.


WILD CONFUSION.
At 1915 o'clock Wall street was a mass
Of people from Trinity church to the GUS
tomhouse. Both the sidewalks and car
riageway were impossible. At the doors
OF the suspended bank were masses OF
humanity. Many discoDsolate faces gazed
at the closed doors. Among the crowd
were seen several well-dressed ladies,
some present from motives other than
curiosity. The news of the disaster seemed
to spread with lightning rapidity, and
private carriages with liveried servants
from uptown were flying through the
streets, and many stood outside the doors
of banks and bankinghouses. The direc-
tors of nearly all the banks were either in
session or present in the buildings for any
emergency. The doors of the Stock Ex-
change were guarded by policemen, the
visitors galleries were cleared, and no one
was admitted to the building.
AT THE cLEARINGHoUsE.
The bank presidents Immediately met
al the Clearinghouse, and it is stated on
the best authority that the banks viii
stand by each other as they did in 1873
The meeting adjourned after adopting the
following:
Resolued, That in view of the present
crisis. the banks of this association, for the
purpose OF sustaining each other and the
business community, have resolved to re-
ceive banks members of the association
bills receivable. or other securities, to be
offered by said committee, who are author
lied 70 issue to such depositing banks loan
certificates bearing interest at the rate OF
6 per cent. per annum, not in excess of 20
per cent. OF the securities or bills receiva-
bic deposited, except in case of United
States bonds, and said certificates shall be
received in settlement of balances at the
Clearinghouse.
The following gentlemen comprise the
committee: F. d. Tappen, George S. Coe,
J. ID. Nermilyear, George E. Williams, w.
A. Wall and Ward II. Harkins.
NOTICES oy PAYMENT.
The following notices were posted on
the Metropolitan Bank door: "Checks
drawn by the Maverick Bank of Boston
on the Metropolitan Bank NAV be pre-
sented TO the First National Bank for pay
ment All drafts drawn by the First
National Bank OF Utica on the Metropoli-
tan Bank may be presented to the First
National Bank for payment"
Additional notices posted at the Metro.
pOlitan Bank say: "The drafts of Holmes
& Son, Of Pittsburg, viii. be paid by the
Bank OF America; the drafts of the Flour
City Bank and Marshall, Field & CO., of
Chicago, by the Bank of Commerce; the
drafts OF the Bank of Attics, Buffalo, by
the Hanover Bank"
sECRETARY FoLGER's ACTION.
Secretary Folger was at the sub-treas-
ury all the morning, and said he would do
everything in his power to relieve the
present financial situation. He imme-
diaiely telegraphed to Washington TO take
up the bonds under the l27th call on pre-
sentstion, the bonds not being due until
June.
Mr.. Folger says the break is due to reck-
less speculation by few men, and he will
do everything in his power to prevent a
stringency. He stated: "There is plenty
of money in the country, and l do not
anticipate any extensive panic. The sit
uation is not as weak as the people sup
pose, and shall do everything in my
power to restore confidence"
THE EXCITEMENT ABATING.
Toward the close the excitement, to a
great extent, abated, and the stock market
closed comparatively firm, on the reports
that the banks had agreed to stand by
each other.
LAST cLEARINGHoUsK STATEMENT OF THE
METROPOLITAN.
In statement issued by the Clearing
house April oath, the last issued, is full
condition of the Metropolitan Bank, as
follows: Capital, ss,o00,00o; net profits,
q, ,z9s 600; circulation, SS04, 800; due
hanks, S5,sl5,oO0; due depositors, SS,9l2,-
500; unpaid dividends, $1,000; total,
81, SIS, 200; certified checks, S957,l
THE SECOND NATIONAL SAFE.
The Clearinghouse received the follow
ing from National Bank Examiner
Serbia to-day: after investigation OF the
second National Bank, iind it abso-
lutely sound
BoGARr's FAILURE.
The Commercial advertiser says: The
firm OF o. NJ. Bogsrt & Co. has long been
known rs one of the most important