18014. American Savings Bank & Trust Company (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
December 27, 1905
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
64e0c6125d888da3

Response Measures

None

Description

The articles report that the American Savings Bank & Trust Company (Memphis) suspended payments on Dec 27, 1905 fearing a run precipitated by the failure/overloans at the affiliated Merchants' Trust Company. Receivers were appointed and liquidation/rehabilitation efforts are discussed; ultimately another local trust offered to take over/liquidate the defunct bank's affairs, consistent with a suspension that led to closure rather than a simple temporary suspension and reopening.

Events (3)
1. December 27, 1905 Receivership
Newspaper Excerpt
A. Y. Allen, cashier of the American Savings Bank and Trust Company, has been appointed receiver of that institution.
Source
newspapers
2. December 27, 1905 Suspension
Cause
Local Banks
Cause Details
Suspended because failure/anticipated heavy run on the affiliated Merchants' Trust Company (withdrawals from Merchants' Trust prompted American Savings to suspend to avoid run).
Newspaper Excerpt
The American Savings Bank and Trust Company ... suspended payment until the affairs of the Merchants' Trust Company shall have been adjusted.
Source
newspapers
3. January 12, 1906 Other
Newspaper Excerpt
The Commercial Trust and Savings Bank has officially offered to take over the affairs of the American Savings Bank and Trust Company ... matter placed in hands of Chancellor Heiskell for approval.
Source
newspapers

Newspaper Articles (20)
1. December 27, 1905 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, December 27, 1905

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LITTLE EXCITEMENT Trust Company Drags Downs Two Smaller Institutions in its Train.Condensed Statement Showing Assets and Liabilities.-$30,000 Actual Cash on Hand. Memphis, Tenn., Dec. 27.-The Merchants' Trust Company has closed its doors and a receiver has been appointed. The institution had a capital of $200,000. The American Savings Bank and Trust Company and the Merchants' Savings Bank have suspended business. These are small institutions allied with the Merchants Trust Company. The cause of the suspension of the Merchants' Trust Company is said to have been loans and discounts. The Merchants' Trust Co. recently absorbed the Memphis National Bank, and it is stated owns the controlling stock of the American Savings Bank and Trust Co. The latter institution has practically absorbed the Mechanics' Savings Bank. The suspension of the three institutions caused but little excitement in financial circles. A condensed statement of the conf dition of the Merchants' Trust Co. at the close of business Dec. 26 was given out, as follows: Total assets $3,665,055; indebtedness of every character to depositors, $3,132,319. All other obligations exclusive of cap ital stock, $889,058. Cash actually on hand, $30,000. New York, Dec. 27.-The American Savings Bank and Trust Company of Memphis, according to a recent statement, owed depositors $625,000.

2. December 27, 1905 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, December 27, 1905

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FAILURES IN BUSINESS Two Banks of Memphis Have Closed Their Doors THE LIABILITIES ARE VERY HEAVY Another Grain Brokerage Firm of San Francisco Goes Under-Too Much Speculation. MEMPHIS, Tenn., Dec. 27-The Mer chants Trust company of this city went into liquidation today. The American Savings Bank and Trust company closed its doors to avoid a run. The Merchants' Trust company had a capital of $500,000 and deposits of $600,000. The American has a capital of $250,000 and deposits of $625,000. Both institutions were allied with the Memphis Trust company, which absorbed the Memphis National Bank and which controls the American Savings Bank. One of the directors stated that all depositors will be paid off. There are rumors of settling at 80 cents on the dollar. Lawson and Standard Oil are blamed for the failure.

3. December 27, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, December 27, 1905

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THREE MEMPHIS BANKS CLOSE THEIR DOORS Memphis, Dec. 27.-Three financial institutions failed to open their doors for business today. The Merchants' Trust company, with a capital stock of $200,000, the American Savings Bank & Trust company, and the Mechanics' Savings bank, smaller institutions, and allied with the first-named concern, have gone into liquidation. The cause of the suspensions of the Merchants' Trust company is said to have been overloans on discounts. One of the directors said that the three institutions had ample assets and would pay dollar for dollar. The suspension of the three institutions caused little excitement in financial circles.

4. December 28, 1905 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 28, 1905

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THREE BANKS GO TO WALL BIG MEMPHIS INSTITUTIONS PASS INTO LIQUIDATION Memphis, Tenn. Dec. 27. - Three institutions failed to open their doors for business today. The Merchants' Trust company with a capital stock of $200,000. The American Savings Bank & Trust company, and the Mechanics Savings bank, smaller institutions allied with the first named concern, have gone into liquidation. The following notice was posted on the doors of the Merchants' Trust company: "This bank is closed by order of the board of directors and will go into liquidation. FELIX T. POPE. (Signed) "President." Another notice reads: "This bank has gone into liquidation. John P. Edmunson has been appointed receiver." The cause of the suspension of the Merchants' Trust company is said to have been over-loans on discounts. One of the directors said to a representative of the Associated Press that the three institutions had ample assets, and would pay dollar for dollar. When the officers of the Merchants Trust company decided to suspend business, Chancellor Heiskell was asked to appoint a receiver for the institution and named John F. Edmondson, a Memphis lawyer. The Merchants' Trust company recently absorbed the Memphis National bank, and it is stated, owns the controlling stock of the American Savings Bank and Trust company. The latter institution has practically absorbed the Mechanics' Savings bank. The suspension of the three institutions caused little excitement in financial circles.

5. December 28, 1905 The Waxahachie Daily Light Waxahachie, TX
Article from The Waxahachie Daily Light, December 28, 1905

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RUN ANTICIPATED. This Was the Cause of Suspension of Merchants' Trust Company. Memphis, Dec. 28.-Anticipation of a heavy run on the Merchants' Trust company. preliminary intimation ot which was given by the withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension of that bank and the appointment of a receiver. The American Savings Bank and Trust company. which is dominated by the directors of #the Merchants' Trust company. fearing the failure of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchant Savings bank shall have been adjusted. The American Savings Bank and Trust company, It is said, will suffer to the extent of 20 per cent on the capital Invested. as the liquidation of the bank's finances 19 expected to entall a stight loss, The assets of the Merchant's Trust company greatly exceed the liabilities The American Savings Bank and Trust company, according to its latest statement, is in excellent condition.

6. December 28, 1905 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 28, 1905

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MEMPHIS BANKS CLOSE ANTICIPATION OF RUN THE CAUSE OF ASSIGNMENTS. One of the Concerns Will Pay Dollar for Dollar, While Creditors of the Other will Lose Money. Memphis, Dec. 27.-Anticipation of a heavy run on the Merchants' Trust Company, 111 Madison Street, preliminary intimation of which was given by the withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension of that bank and the appointment of a receiver. The American Savings Bank and Trust Company, 166 South Main Street, which is dominated by the directorate of the Merchants' Trust Company. fearing that the failure of the other institution would cause a run on its own deposits. also suspended payment until the affairs of the Merchants' Trust Company shall have been adjusted. The American Savings Bank and Trust Company, it develops, recently absorbed the Mechanics' Savings Bank, at Main and Calhoun Streets, and took charge of the latter company's business. It is stated by the officials of these institutions that the depositors will be fully protected and paid dollar for dollar. The stockholders of the Merchants' Trust Company, it is said, will suffer to the extent of 20 per cent. on the capital invested, as the investigation of the bank's finances are expected to entail a slight loss. The assets of the Merchants' Trust Company greatly exceed the liabilities. The American Savings Bank and Trust Company, according to its latest statement. is in excellent condition, and is carrying more ready cash than is usual for an institution of its size. The Merchants Trust Company has on hand only $30,000. the remainder of its canital being loaned out. The fact that the bank had overloaned and the stringency of the New York money market, are the direct causes of the suspension. John P. Edmonson, a prominent attorney of this city and one of the directors, has been appointed receiver for the Merchants' Trust Company. A. Y. Allen, cashier of the American Savings Bank and Trust Company has been named as the receiver of that institution. The decision not to open the doors of the Merchants' Trust Company today was reached after an all-night conference of the Board of Directors. Felix T. Pope. President of the Merchants' Trust Company, gave out the following statement: "The Bank is amply solvent and every depositor will be paid in full. "The stockholders will undoubtedly realize a large percentage of their investments. "The Merchants' Trust Company had loaned too much money and was unable to realize on its loans fast enough to meet the demands. "I am not in position to make a statement now as to reorganization or future plans." W. A. Percy, attorney for the Merchants' Trust Company and the directors of that institution make the statement that all depositors, both of the Merchants' Trust Company and the American Savings Bank and Trust Company, will be paid in full. e Statements of the financial status of the closed banks at the close of busi, ness December 26: ) Merchants' Trust Company-Assets, ) $3,665,055; liabilities, $2,132,310. American Savings Bank-Assets, $758,703; liabilities, $758,703. , The deposits in these institutions exceed $2,000,000. :

7. December 28, 1905 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 28, 1905

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THE FACT that call loans were quoted at 90 per cent. in New York yesterday has naturally caused apprehension in conservative business circles throughout the country. The failure of the Ryan banks in Chicago a few weeks ago and the disaster to the Merchants' Trust Company and the American Savings Bank and Trust Company in Memphis yesterday have added to the anxiety. A financial panic is imminent in Europe, and should Russia fail to suppress the revolt against the autocracy and thereby drain her treasury, the payment of interest on her bonds would necessarily cease. Millions of the securities are held in France and Prussia, and the crash, now dreaded, would surely come as an avalanche. Call loans were quoted in New York at 125 per cent., which has added to the apprehension and caused many to fear that financial troubles in this country are drawing near.

8. December 28, 1905 The Times Dispatch Richmond, VA
Article from The Times Dispatch, December 28, 1905

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MEMPHIS BANKS GO TO THE WALL Merchants Trust Company and American Savings Bank Suspend Payments. DEPOSITORS PAID IN FULL Officials Say Latter Will Not Lose a Dollar-Stockholders Suffer 20 Pen Cent. (By Associated Press.) MEMPHIS. TENN., December 27.-Anticipation of a heavy run on the Merchants Trust Company, No. 11 Madison Street, preliminary intimation of which was given by the withdrawal of many deposits Tuesday afternoon, was the Immediate cause of the suspension of that bank and the appointment of a receiver to-day. The American Savings Bank and Trust Company, No. 176 South Main Street, which is dominated by the directors of the Merchants' Trust Company fearing that the failure of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchants' Trust Company shall have been adjusted. The American SavIngs Bank and Trust Company, It developed, recently absorbed the Mechanics' Savings Bank, at Main and Calhoun Streets, and took charge of the latter company's business. It is stated by the officials of both institutions that the depositors will be fully protected and paid dollar for dollar. The stockholders of the Merchants' Trust Company, It 18 said, will suffer to the extent of 20 per cent. on the capital invested, as the liquidation of the bank's finances are expected to entail slight loss. The assets of the Merchants' Trust Company greatly exceed the liabilities. The American Savings Bank and Trust Company, according to its latest statement is in excellent condition and is carrying more ready cash than is usual for an institution of its size. The Merchants Trust Company has on hand only $00,000. the remainder of its capitalization being loaned out. The fact that the bank had overloaned and the stringency of the New York money market are given as the direct cause of the suspension. John P. Edmondson, a prominent attorney of this city, and one of the directors, has been appointed receiver for the Merchants Trust Company. A. Y. Allen, cashier of the American Savings Bank and Trust Company, has been appointed receiver of that institution. The decision not to open the doors of the Merchants Trust Company to-day was reached after an all-night session of the board of directors. Statements of the financial status of the closed banks at the close of business December 26th: Merchants Trust Company-Assets, $3,665,055; liabilities, $2,132,310. American Savings Bank-Assets, $758,783; liabilities, $758,703. The deposits in both institutions exceed $2,000,000. C. W. Shultze, president of the Memphis Clearing House Association, made the following statement in behalf of the association; "Fifteen days ago the Merchants' Trust Company applied to the Memphis Clearing House Association for help. "The Clearing House Association appointed a committee to investigate the matter. The committee went over the assets of the Merchants' Trust Company ns carefully as time limited time allowed, and the association advanced through the Merchants' Trust Company the sum of $160,000 "Subsequent investigation revealed the fact that, while it was the opinion of the members of the Clearing House Association that the depositors of the concern HTC safe, yet It would take an extraordinarily large sum to pay all immediate demand:

9. December 28, 1905 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, December 28, 1905

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THREE EMBARRASSED. That Number of Memphis Banking Houses Did Not Open Wednesday. "emphis, Dec. 27-Three financial institutions failed open their docrs if business Wednesday, The Merchants' Trust company. with a capital stock of $200,000. American Savings Bank arl Trust company, and Me. chanies' Savings bank. smaller Institutions and allied with the first named concern. have gone into liquidation The following notice was posted on the doors of the Merchants' Trust company: "This bank is closed by order of the board of directors and will go Into liquidation. FELIX T. POPE." President. Another notice reads as follows: "This bank has gone into liquidation. John P. Edmondson has been appointed receiver." The cause of the suspension of the Mercnants' Trust company is said to have been over loans on discounts. One of the directors said to a representative of the Associated Press that the three institutions have ample assets and will pay dollar for dollar. When the officers of the Merchants' Trust company decided to suspend business, Chancellor Heiskell was asked to apoint a receiver for the institution. Hon. John P. Edmondson, one of the best known lawyers in Memphis, was named as receiver. The Merchants' Trust company recently absorbed the Memphis National bank. and It is said owns the controlling stock of the American Savings Bank and Trust company. The latter institution practically absorbed the Mechanics' Savings bank. The suspension of these institutions caused little excitement In financial circles.

10. December 29, 1905 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 29, 1905

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Memphis, Tenn., December 27.-Anticipationof a heavy run on the Merchants Trust Company, 11 Madison street preliminary intimation of which was given by the withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension of that bank and the appointment of a receiver today. The American Savings Bank and Trust Company, 176 south Main street, which is dominated by the directors of the Merchants Trust Company fearing that the failure of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchants Trust Company shall have been adjustd. The American Savings Bank and Trust Company, it developed, recently absorbed the Mechanics Savings Bank, at Main and Calhoun streets, and took charge of the latter company's business. It is stated by the officials of both institutions that the depositors will be fully protected and paid dollar for dollar. The stockholders of the Merchants Trust Company, it is said, will suffer to the extent of 20 per cent. on the capital invested, as the liquidation of the banks finances are expected to entail a slight loss. The assets of the Merchants Trust Company generally exceed the liabilities. The American Savings and Trust Company, according to its latest statement is in excellent condition and is carrying more ready cash than is usual for an institution of its size. The Merchants Trust Company has en hand only $30,000, the remainder of its capitalization being loaned out. The fact that the bank had overloaned and the stringency of the New York market are given as the direct cause of the suspension. John P Edmondson, a prominent attorney of this city and one of the directors has been apointed receiver for the Merchants Trust Company. A. Y. Allen, cashier of the American Savings and Trust Company has been appointed receiver of that instituion. The decision not to open the doors of the Merchants Trust Company today was reached after an all night session of the board of directors. Felix T. Pope, president of the Merchants Trust Company, gave out the following statement: "The bank is amply solvent and every depositor will be paid in full. "The stockholders will undoubtedly realize a large percentage of their investments. "The Merchants Trust Company had loaned too much money and was unable to realize on its loans fast enough to meet the demands. "I am not in a position to make a statement now as to re-organization or future plans." W. A. Percy, attorney for the Merchants Trust Company and the directors of that institution make the statement that all depositors, both of the Merchants Trust Company and the American Savings and Trust Company will be paid in full. Statements of the financial status of the closed banks at the close of business December 26: Merchants Trust Company, assets $3,665,055; liabilities $2,132,319. American Savings Bank, assets $758,783: liabilities $758,703. The deposits in both institutions exceed $2,000,000. C. W. Schultt, president of the Memphis Clearing House Association made the following statement in behalf of the association: "Fifteen days ago the Merchants Trust Company applied to the Memphis Clearing House Association for help. "The Clearing House Association appointed a committee to investigate the matter. The committee went over the assets of the Merchants Trust Company as carefully as the limited time allowed and the association advanced through the Merchants Trust Company the sum of $160,000.

11. December 30, 1905 The News & Observer Raleigh, NC
Article from The News & Observer, December 30, 1905

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ASK RECIEVER'S REMOVAL. Creditors Assert That the Merchants Trust Company Owes Half a Million More Than Its Assets. (By the Associated Press.) Memphis, Tenn., Dec. 28.-A bill was filed before Chancellor Heiskell today seeking to have John P. E mondson removed as receiver of the Merchants Trust Company, which closed its doors yesterday. The bill was filed by T. F. Wordell and W. F. Ladd, who sue for themselves and all other creditors of the Merchants Trust Company. The bill sets forth that the liabilities of the Merchants Trust Company amount to three m:1lion dollars and the assets of the institution are $2,500,000 when the same are realized on. The bill alleges that the company is insolvent and owes $500,000 more than its assets will bring. It further alleges that Receiver Edmondson is a director in the Merchants Trust Company and a large stock holder and the court is asked to appoint another receiver. It was stated today that the affairs of the American Savings Bank and Trust Company are in good condition and it is believed the bank will resume business in a short time. A notice to the public signed by the presidents of the local clearing house banks, was issued today, saying: "The committee appointed to examine into the affairs of the Merchants Trust Company report to us that in their opinion the depositors will no doubt receive a very large percentage if not the entire amunt of their claims against the institution." President Schult of the Clearing House Association stated today that in his opinion the afairs of the Merchants Trust Company were too heavily involved for a re-organization.

12. December 30, 1905 The Sun Tallahassee, Jacksonville, FL
Article from The Sun, December 30, 1905

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In anticipation of a run, two financial institutions at Memphis, Tenn., have been forced to suspend business. The officials of the two concerns involved, the Merchants' Trust Company and the American Savings Bank and Trust Company, have made the statement that the depositors will be protected. Receivers have been appointed. C. W. Schulte, presi-

13. December 31, 1905 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 31, 1905

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MAY RESUME BUSINESS. Merchants Trust Company Stockholders Have Meeting. Memphis .Tenn. Dec. 30.-At a conference of stockholders of the suspended Merchants Trust Company held late today steps were taken looking to rehabilitation. A committee of disinterested parties was appointed to Investigate the affairs of the company. secure an Audit of the books and to report at a meeting to be held next week when Sik obable definite action will be the John P. Edmundson, named as temporary receiver was endorsed. as permanent receiver Mr. Edmundson stated that within a few days he believes he can raise $500,000 for the benefit of the company. At the meeting stockholders agreed to pay $44,500, the amount of stock of the American Savings Bank and Trust Company, which suspended on the same day as the Merchants Trust Company, owned by the latter institution. The whole amount practically was subscribed before adjournment of the meeting. This proposition will be referred to Chancellor Helskell and if accepted it is announced that the institution will resume business Tuesday. A. Y. Allen was endorsed as permanent receiver of the American Savings Bank and Trust Company at the meeting, 3,632 shares of 5,000 being represented.

14. December 31, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, December 31, 1905

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EDMUNDSON IS NAMED PERMANENT RECEIVER Steps Are Taken in Memphis for the Rehabilitation of the Suspended Merchants' Trust Company. Memphis, December 30.-At a conference of stockholders of the suspended Merchants Trust company held late today, steps were taken looking to a rehabilitation of that institution. A committee of disinterested parties were employed to investigate the affairs of the company, to secure an audit of the books and report at a meeting to be held next week. when it is probably definite action will be taken. John P. Edmunson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmunson stated that within a few days, he believes he can raise $500,000 for the relief of the company. At the meeting stockholders agreed to pay $44,500, the amount of stock of the American Savings Bank and Trust company, which suspended on the same day as the Merchants Trust company, owned by the latter institution. The whole amount practically was subscribed before adjournment of the meeting. This proposed acHeistion will be referred to Chan Institution kill. It is announced that tb " Pundrans will resume business on A. Y. Allen was en orsed receiver of the A. can and Trust com

15. January 2, 1906 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, January 2, 1906

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BANK DEFICIT LARGE. Creditors of Insolvent Memphis Company Ask That Receiver Edmondson Be Ousted. Memphis, Tenn., Dec. 29.-A bill was filed Thursday seeking to have John P. Edmondson removed as receiver of the Merchants' Trust company, which closed its doors Wednesday. The petitioners are creditors, and the bill sets forth that the liabilities are $3,000,000 and assets $2,500,000. The bill alleges the company owes $500,000 more than its assets will bring. It further alleges Edmundson is a director and large stockholder in the Merchants' Trust company. There was hardly a ripple on the financial surface because of the failures. The banks of the city opened for business at nine o'clock, and no unusual incidents occurred. It was stated Thursday that the affairs of the American Savings Bank and Trust company are in good condition, and it is believed the bank will resume business in a short time. This institution recently absorbed the Mechanics' Savings bank, and the statement of its condition, given out Wednesday, included the affairs of the letter bank.

16. January 3, 1906 Willmar Tribune Willmar, MN
Article from Willmar Tribune, January 3, 1906

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MISCELLANEOUS Three Memphis (Tenn.) financial institutions failed to open their doors for business. The Merchants' Trust company, with a capital stock of $200,000, the American Savings Bank and Trust company and the Mechanics' Savings' bank, smaller institutions and allied with the first named concern, have gone into liquidation. The suspension of the three institutions caused little excitement in financial circles. Dr. R. A. Torrey, the noted evangelist of Chicago, was welcomed home from Europe by 6,000 persons and he predicts a widespread revival in the United States the coming year. Sarah Bernhardt appealed to the French ambassador to the United States against the discrimination of the theatrical trust against her as a citizen of France. Clearings for Chicago banks have passed the $10,000,000,000 mark, the figure set by officials of the clearing house for the year's business. A trusted clerk of the First National bank of Mamaroneck, N. Y., is said to have confessed to robbing the institution of $8,000. The municipally operated ferry between New York and Staten island costs New York city $500 a day, that being the excess of expenses over receipts. b Two children of Mr. and Mrs. George Fayette burned to death at Miller's Mill, Mich., a little girl four years old and a boy one year old. The mother had locked them in the house alone. [t is supposed the little girl set fire to the house with matches. Eight men were killed by a fall of 1,000 tons of ore from a slip on the 1,300-foot level of the Newport mine in Ironwood Mich. Mrs. Drusilla Hall Johnson, the daughter of a soldier of the American revolution, died at her home in Northampton, Mass., aged 100 years. Supreme Court Justice Gaynor, of Brooklyn, handed down a decision in which he declares that the supreme council of the Royal Arcanum has no right to put into effect rates for the assessment of members different from those at which they were admitted into the order. The international livestock exposition in Chicago closed with a record attendance for the week, 557,743 persons attending. The pope, who is a warm admirer of Prseident Roosevelt and the American nation, will send a wedding present to Miss Alice Roosevelt. A concerted effort to establish a lasting world peace is to be made by the civilized nations under the dominating guidance of President Roosevelt, Henry Wulff, former Illinois state treasurer, has been indicted by the graud jury in Chicago on a charge of promoting a lottery. -

17. January 4, 1906 The Brandon News Brandon, MS
Article from The Brandon News, January 4, 1906

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May Resume Business. Memphis.-At a conference of the stockholders of the suspended Merchants' Trust Company held, steps were taken looking to a rehabilitation of that institution. A committee of secure an audit of the books and to investigate the affairs of the company, secure an audit o fthe books and to report at a meeting to be held next week when it is probable that definite action will be taken. John E. Edmonson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmonson stated that within s few days he believes that the can raise $500,000 for the relief of the company. At the meeting stockholders agreed to pay $44,500 the amount of stock of the American Savings Bank and Trust Company, which suspended on the same day as the Merchant's Trust Company, owned by the latter institution. The whole amount practically was subscribed before the adjournment of the meeting. This proposition will be referred to Chancellor Heiskell and if accepted it is announced that the institution will resume business on Tuesday. A. Y. A1len was endorsed as permanent receiver of the American Savings Bank and Trust Company. At the meeting 3,632 shares of the 5,000 were represented.

18. January 5, 1906 Greene County Herald Leakesville, MS
Article from Greene County Herald, January 5, 1906

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May Resume Business. Memphis.-At a conference of the stockholders of the suspended Merchants' Trust Company held, steps were taken looking to a rehabilitation of that institution. A committee of secure an audit of the books and to investigate the affairs of the company, secure an audit o fthe books and to report at a meeting to be held next week when it is probable that definite action will be taken. John E. Edmonson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmonson stated that within a few days he believes that he can raise $500,000 for the relief of the company. At the meeting stockholders agreed to pay $44,500 the amount of stock of the American Savings Bank and Trust Company, which suspended on the same day as the Merchant's Trust Company, owned by the latter institution. The whole amount practically was subscribed before the adjournment of the meeting, This proposition will be referred to Chancellor Heiskell and if accepted it is announced that the institution will resume business on Tuesday. A. Y. Allen was endorsed as permanent receiver of the American Savings Bank and Trust Company. At the meeting 3,632 shares of the 5,000 were represented.

19. January 12, 1906 Greene County Herald Leakesville, MS
Article from Greene County Herald, January 12, 1906

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Would Take Over Business. Memphis, Tenn.-The Commercial Trust and Savings Bank has officially offered to take over the affairs of the American Savings Bank, and Trust Company one of the institutions which recently suspended business in connection with the failure of the Merchants Trust Company. The matter has been placed in the hands of Chancellor Heiskell for approval.

20. January 16, 1906 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, January 16, 1906

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DOMESTIC. Fire did $100,000 damage to property of the New York Lubricating Oil Company, in Water street, Expert accountants declared that the forged municipal bonds which caused the suspension of the firm of Denison, Prior & Co., of Cleveland, Ohio, after Mr. Prior's suicide, may exceed $100,000. New York State enumeration gives six new Supreme Court judges for Manhattan and seventeen for the Brooklyn district of New York City. E. H. Harriman and two others bought a tract of 20,000 acres in Orange County, N. Y. It is supposed they plan to develop a new colony on the lines of Tuxedo. Dr. Harry T. McGronen, of Brooklyn, N. Y., was crushed to death by an elevator in a factory. District Attorney Jerome, of New York County, N. Y., is preparing to prosecute guilty insurance officials. Protests against the seating of McGowan and five Aldermen were made before the Aldermen's Committee on Privileges and Elections in New York City. The Clyde Line steamer Cherokee went ashore in a fog near Atlantic City, N. J. The vessel was in little danger, and the passengers and crew remained aboard. The 545-foot steamer Joseph Sellwood was launched at Lorain, Ohio. Deputy Commissioner O'Keefe, of New York City, ordered that hazing of new policemen be stopped. The Federal Grand Jury, at Butte, Mont., has indicted Daniel B. Jacobs for running a lottery. Nothing has been learned regarding the $18,000 express package lost between Augusta, Ga., and New York City. John M. Pattison, of Cincinnati, Ohio, who defeated Governor Myron T. Herrick by 61,000 plurality, was inaugurated Governor at Columbus. Making a short cut to his home, Dr. Harrison S. Hathaway was struck by a train on a trestle at Toledo, Ohio, and killed. William M. Ivins, addressing a Brooklyn, N. Y., congregation on dishonest upbuilding of wealth, criticised Rockefeller. A motion for a rehearing of the case of "Bluebeard" Johann Hoch, under death sentence for wife murder, has been filed at Springfield, Ill. Two railroad men were killed and three hurt in a head-on collision of freight trains on the Burlington road near Woods Station, Mo. The Newfoundland west coast fishing season has practically been ended by ice and American vessels are leaving with about half cargoes. The Commercial Savings and Trust Company, at Memphis, Tenn.. will liquidate the affairs of the defunct American Savings Bank and Trust Company. Shot through the body, O. W. Meadows, a farmer, was found dead in his buggy at Milledgeville, Ga., probably a victim of robbers. An eighteen-ton flywheel at the Morgan Engineering Works, Alliance, O., burst, without killing any of the many men working around it.