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MEMPHIS. Town of Sardis, Miss., Almost Destroyed by Fire-Loss, $80,000 The Commercial Bank of Memphis Suspended. # ag
18034. Commercial Bank of Tennessee (Memphis, TN)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- January 13, 1868
- Location
- Memphis, Tennessee (35.150, -90.049)
Metadata
- Model
- gpt-5-mini
- Short Digest
c06095f6c7e4200a
Response Measures
None
Description
Contemporary reports (Jan 13–14, 1868) state the Commercial Bank suspended payment and did not reopen. A receiver (J. A. Omberg) was appointed soon after; later 1868 coverage discusses the receiver and dissolution/asset questions. Articles mention runs on other banks but not a run on this bank. No reopening is reported, consistent with permanent closure/receivership.
Events (3)
1.
January 13, 1868
Suspension
- Cause Details
- Contemporary reports note suspension on Jan. 13, 1868; sources state assets exceed the liabilities but give no specific trigger (liquidity or legal/administrative reasons unclear).
- Newspaper Excerpt
- The Commercial Bank of Memphis suspended this morning.
- Source
- newspapers
2.
January 14, 1868
Receivership
- Newspaper Excerpt
- Mr. J. A. Omberg, late assistant cashier, has been appointed receiver of the Commercial Bank of Memphis, whose suspension was noticed yesterday.
- Source
- newspapers
3.
April 29, 1868
Other
- Newspaper Excerpt
- What has become of the Commercial Bank ? ... the assets of the bank have long been in the hands of a Receiver of the Chancery Court ... creditors wish to know if they will get a dividend
- Source
- newspapers
Newspaper Articles (14)
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FINANCIAL AND COMMERCIAL. OFFICE OF THE DAILY APPEAL, MEMPBIS, January 13, 1868. We regret to record the suspension of the Commercial Bank of this city. It did not open its doors to-day. A card from the President, Mr. Jesse Page, jr., will be found in another column. The mind of the public was somewhat prepared fer an occurvence of this kind by an article in our columns on Sunday, and the excitement and distrust which otherwise would have pervaded this community was thereby allayed. The Commercial Bank is one of our oldest banking institutions, and has heretofore stood very high in the opinion of our business men. We learn that some Indications of a run upon other banks was apparent early in the day, but the promptness they displayed in casbing all checks presented soon allayed all uneasiness, and in a very few hours the miods of depositors were entirely at ease upon the subject. Gold opened in New York to-day at 138760. and closed at 140c. Since the advance there has been very little offered in this market-in fact it is about exhausted and no advance could bring out a large amount. Brokers keep up a large margin. They buy at 37@87%c. There is no counter demand. Currency remains close but there is enough on hand to to meet all choice sight bills. Cotton bills are plentiful and taken at %@%. off on New York and other Eastern cities as well as New Orleans. Selling at par on all points exeept the latter, upon which our banks check at & premium of $2 per $1000. City Scrip is irregular but firm. There is none offering from first nands, and brokers have no regular otfering rates A lot of several thousand dollars was offered by & broker at 50c; but small lots can't be had at that figure. County Warrants are in fair demand at 65c buying, selling at 08@70c. Police Scrip is dull at 800 buying, selling at 85c.
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From Memphis-Extensive Fire-Bank Suspension. MEMPHIS, Jan. 13.-The town of Sardis, Míss., was nearly destroyed by fire yesterday, which is supposed to have been the work of incendiaries. Loss $80,000. Insurance $26,000. The Commercial Bank of Memphis suspended this morning. It is said the assets exceed the liabilities. The suspension caused some excitement. Runs were made on other banks, but the excitement was soon allayed.
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Monetary and Commercial Money Market. PUBLIC LEDGER OFFICE, Tuesday Evening, January 14, 1868. As was to be anticipated, the closing of the Commercial Bank, yesterday, created considerable distrust in commercial circles, which found vent in a run on some of the other banks. All demands were promptly riet, and anxiety soon ceased. A few withdrew their balances. Fortunately for the banks, the lines of deposits are small. During the day, and this forenoon, the stoppage of the Commercial Bank continued to be the principal topic of conversation among business men, who expressed various opinions as to the ability of the bank to pay out. A few days will doubtless reveal the extent of the corporation's assets. City Scrip continues to be sought, and is on an upward tendency, but there seems to be no settled price. Some brokers offer as high as 53c, and hold for 55 to 60c. We heard of one dealer this morning who sold a lot of $1500 for 50c. County Scrip is not in demand. Police Scrip is scarce, and the demand is brisk. Brokers pay 82 to 83c, and sell at 85 to 86c. There is little change in Tennessee money, which we quote as before: Bank of Tennessee (old issue), 28: Bank of West Tennessee, 40; Bank of Chattanooga, 10; Bank of Middle Tennessee, 90: City Bank, 60; Merchants' Bank, $5; Northern Bank, 90; Ocoee Bank, 10; Planters' Bank, 98: Union Bank, 98: Shelbyville Bank, 80; Southern Bank, 20: Traders' Bank, 90. Nothing is transpiring in stocks.
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LOCALS IN BRIEF. -R. J. Davis, proprietor of a trading boat, is under arrest charged with receiving stolen goods. -A man was knocked down and robbed near the corner of Second and Exchange streets last night. -A called meeting of the Board will be held this evening, at which final action will be taken on the bonds of newly elected city officers. -His Honor, Judge Connelly F. Trigg, of the U. S. Court, arrived yesterday, and stopped at the Gayoso. His court will convene to-morrow. -A negro yesterday discovered another negro foolish enough to be swindled by the lock game, and took him in." Officer Cusack arrested the scamp. -We wonder whether it has ever oc. curred to William Hunter, in the few moments of his life when lucidity holds sway, that he is an egregious ass and elephantine humbug? -Some sawdust in the old icehouse on Washington, east of Third street, was fired by mackerels yesterday evening, but the flames were extinguished before any serious consequences ensued. -Esq. Miller this morning committed a negro named Aaron Wilson for trial, charged with stealing some clothing and a few dollars from Hugh McDermott, at the Basket saloon, several weeks ago. -We learn that Mr. J. A. Omberg, late assistant cashier, has been appointed receiver of the Commercial Bank of Memphis, whose suspension was noticed yesterday. Mr. O. is a competent selection. -To South Memphis and Hernando road people: Now that the roads are so bad, those wanting Hay, Corn, Oats, Bran, Flour and Meal will find a saving of time and money by purchasing of S. M. Guest, Hernando road, south of South street. He also keeps a fine stock family groceries, cheap, and for cash only. -Jo. Locke, 22 Jefferson street, is daily receiving the latest newspapers and periodicals. He has on hand to-day the Waverley Magazine, Albion, Wilkes' Spirit, New York Citizen, Harper's Bazar, LaCrosse Democrat, Chimney Corner, Saturday Night, London News (with a picture), Peterson's Magazine, and Ballou's Monthly. He has also a splendid stock of novels, stationery, and almost everything which is usually found in an establishment of this description. -Emmons & Son, Nos. 10 Jefferson and 393 Main streets, have received the Police News and Gazette, Harper's Weekly, Southern Home Journal, New York Observer, Scientific American, New York Weekly, Kelly's Weekly, Pen and Pencil Weekly, Pleasant Hours (for February), Staats Zeitung, Frank Leslie's Illustrated, Rural New Yorker, Scottish American, Peterson's Magazine (for February), Tribune Almanac for 1868, Boys' and Girls' Weekly, Horticulturist (for January).
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TENNESSEE. Failure of the Commercial Bank of Memphis. MEMPHIS, Jan. 13, 1868. The Commercial Bank of Memphis suspended this morning. It is said the assets will exceed the liabilities. The suspension caused some excitement, and runs were made on other banks, but the excitement was soon ailayed.
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FROM MEMPHIS. Suspension of a Bank. MEMPHIS, Jan. 14.-The Commercial Bank of this city has suspended.
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Our Washington Dispatches. STANTON REINSTATED BY THE SENATE-HE OCCUPIES THE WAR DEPARTMENT-SPECULATIONS ABOUT THE PRESIDENT'S COURSE-CONGRESSIONAL NEWS, ETC. WASHINGTON, January 14.-Certified copies of the Senate's resolution regarding Secretary Stanton's suspension were furnished to the President, Gen. Grant and Mr. Stanton last night. Gen. Grant and Stanton had a conference late last night and met again this morning at the War Office. Grant left the office afterwards and Stanton remained: Stanton received calls from various officers of the Department, but up to noon had not formally commenced business. Up to noon the President had taken no action in the premises. LATER-EVENING.-Stanton issued an order this afternoon, informing the employees of the War Office that he had again taken possession of the portfolio of war. He drew nearly $3000 from the pay officer, being his salary during his suspension. It is understood that the President in no way recognizes Stanton, and it is confidentially stated that a charge of insubordination hangs over Grant. Nothing definite is known, but the feeling is quite feverish. Judge Thurman has been elected United States Senator, from Ohio. The Commercial Bank of Memphis has suspended. The revenue receipts amount to $276,000. Pope has been assigned to the command of the Department of the Lakes. Headquarters will be at Detroit. PROCEEDINGS OF CONGRESS. WASHINGTON, January 14.-IN THE SENATE, petitions were presented for an appropriation to charter a vessel and buy provisions for the suffering poor in Sweden. Resolutions gradually reducing the army, a bill removing the political disabilities from Governor Patton, of Alabama, a bill.amending an act for the safety of travellers by steam vessels, a bill reducing the number of Major and Brigadier-Generals, and a bill restoring confiscated lands in the States lately in rebellion, were read. Mr. Davis' amendment to the constitution, providing a tribunal to determine constitutional questions, was discussed, when the consideration of the anti-contraction policy was resumed and discussed to the adjournment. IN THE HOUSE, the Committee of Ways and Means reported the cotton tax bill as amended by the Senate with a resolution of non-concurrence, which was adopted. The Secretary of the Treasury was called upon for a statement of the expense of furnishing the national banks with a circulating medium. A bill was reported by the Appropriation Committee in payment of the claims on account of seizure or damage to vessels, cars, wagons, or for lands occupied tor fortifications during the war, which was laid over. The Reconstruction Committee bill was then resumed. The Speaker then read a communication from General Grant, covering the following from General Meade: "Unless the pending bill in Congress directing the military to fill the offices in their departments, rescinds the test oath in the provision to select other qualified voters, I am informed that its execution in this department is entire impracticable." The House then adjourned.
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# Incendiarism-Bank Suspension. MEMPHIS, January 13.-The town of Sardis, Miss., was nearly destroyed by fire yesterday, which is supposed to have been the work of incendiaries. Loss, $80,000. Insurance, $26,000. The Commercial Bank of Memphis suspended this morning. It is said that the assets exceed the liabilities. The suspension caused some excitement. Runs were made on other banks, but the excitement was soon allayed.
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What has become of the Commercial Bank ? EDITORS LEDGER: As a public guardian, and as one supposed to be informed of the character and condition of the chartered institutions of your State, permit me to inquire of you, what has become of The Commercial Bank of Tennessee" Is it totally defunct Had it no assets when it suspended payment? If it had any, have any of them been collected, and if collected, why can not its creditors get a dividend ? If they are to lose their money, they wish to know it; and further, they would like to know where it is, and who is enjoying its benefits. By a response through your popular journal, you will oblige creditors, many of whom are among JUSTICE. your friends. Memphis April 29, 1868. We are as much in the dark as our correspondent, and like him would be pleased to know something more on this subject. Light is a very useful thing anyhow. And it is a very puzzling problem to tell how to get on without it. When the Commercial Bank went under there was no great outery made and very little feeling produced, as we supposed at the time, because it was not regarded as a very bad failure. How is it now ? That is a very fair question, and one which those most interested, as being responsible, will do well to answer. Creditors have a right to know, and will not be very well satisfied if that right is withheld. Will the President or Cashier answer When the Gayoso failed, it was first thought its paper would be worth fifty cents, then twenty-five, then five. And now we are told the Receiver is doubtful whether the assets will be sufficient to cover his fees! The fact is these things always get worse and worse the more they are sifted and stirred. Instead of issuing a million city bonds, we think the best plan would be to hand the whole thing over to Mr. Mosby, and then if we have enough to pay his fees, we can rub out and begin anew. By the bye, as speaking of Ku-Klux reminds one of the Leagues, what has become of that school fund which wasn't appropriated to the melish ? We hope to have light and more light on all these subjects, until all our faces shall shine with delight, and we shall feel asrich with our dividends as so many boot-blacks. A national bank is a national blessing.
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Commercial Bank. MESSRS. EDITORS: Your correspondent, Justice, asks in your yesterday's paper after the Commercial Bank. If he is a creditor, he must know the assets of the bank have long been in the hands of a Receiver of the Chancery Court, and that the officers of the late bank are not more able to render the required information than he himself can be by the proper examination. I suppose you could not have intended to reflect on Mr. RESPONDENT. Mosby. In our remarks yesterday, we took it for granted that the interrogatories of "Justice" were proper enough. From the statement of "Respondent," how. ever, it would seem that the proper place to seek information was indicated by him. As to our allusion to Mr. Mosby and fees, his fees, if he receives any, are fixed by the court, and no occasion of reproach to him. If the assets of the bank amount to little, it is not his fault, when as we have no reason to doubt, he is doing the best he can with them.
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NEW ADVERTISEM'NTS ASONIC NOTIOE-AngeM rona Lodge 168, will work in the E. A. Degree, this, Monday, evening at 8 o'clock. All E. A.'s in good standing are fraternally invited. JOHN zent, W. M. JOHN BEAMISH, Secretary. jy20 It OR RENT.-A Dwelling for a small family, F No. 91 Marketstreet. Rent low. Apply to A. CARR, Boat Stere, Water street. jy19 lw OR RENT.-The building lately occupied F by the Commercial Bank of Tennessee. Apply to J. A. OMBERG, Receiver. JY 18 3t ANTED-An experienced Planter or OverW seer to take charge of a Cotton and Corn Plant tion. The best of references required. Apply to J. W. TODD, at Edmonds, Todd & Co, 308 Front street, Memphis, Tenn. jy 19 In the District Court of the United States, for the District of West Tennessee. In the matter of Morris R. Mitchell, Bankrupt. In Bankruptcy, District of West Tennessee-ss To whom it may concern: The undersigned hereby gives notice of his appointment as assignee of erris R. Mitchell, of Memphis, in the county of Shelby and State of Tennessee, within said District, who has been adjudged a Bankrupt upon his own petition, by the District Court of Said District. Memphis, Tenn. the 18:h day of July, A.D., 1868. WILLIAM Y. CIRODE, jy19 26 2 Assignee, etc. In the District Court of the United States, for the District of West Tennessee. In the matter of Emanuel A. Levy, Bankrupt. In bank. ruptcy, District of West Tennessee--ss To whom it may concern: The undersigned hereby gives notice of his appointment as assignee of Emanuel A. Levy, of Memphis,in thecounty ofShelby and State of Tennesses, within said District, who has been adjudged a Bankrupt upon his own petition, by the District Court of sald District. Memphis, Tennessee, the 18th day of July, A.D., 1888. WILLIAM Y. CIRODE, 2 Assignee, Etc.
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CHANCERY COURT-Wm, M. Smith, Chancellor, etc.-Tue decrees and orders entered on yesterday are as follows: Wile vs Boon, leave to answer. somerville Vs Dubose, reference. Butler VS Johnson, order on Sheriff. Brown vs Day, guardian appointed. Glisson vs Kus p, sale. Wilkerson vs F. Ins. Co., reference. Hamilton VS Treat, sale, etc. Edmonds VS Bates, flnai decree. Page VS Commercial Bank of Tennessee, instructions to Receiver. Finlay VS Heylin, consolidation. Mosby V8 Hunt, reference. Hardin VS Hunningham, guardian appointed. White VS Bias, (heirs,) final. Orgih VS Baker, sale confirmed. Caurch VS Trezevant, final. Bolton VS Harrell, final. Quimiy VS Rothrock, pro confesso. Newsom VS Taylor, pro confesso, Butler V6 Small, decree renewed. Bo ton VS Cash, pro confesso Anderson VS Cross, Receiver released. Martin VS Durf, interlocutory order. Robinson VS Williams, sale, etc. Kaapp VS Southern Express Company, interlocutory order. Greenlaw VS Mouroe, consent order. Fargason vs Hawley, guardian appointed. Pierath VS Signiago, reference. Harrison VS Blackburn, sale renewed. Cirode vs/Aikens, reference. Gulle vs Hayer, rence. Cordes VS Murpay, motion to dissolve. Smith VS Hicks, guardian appointed. Galaer VS Smith, guardian appointed. Paul vs Smith, guardian appointed. Wickersham YS Callahan, order on tenants. Cox vs Ketchum, final decree. Irby VS Sherwe 1, order On complainant Niblett VS Brown, administrator appointed. The remaining orders and decrees will be published to morrow morning. The cases set for trial on Monday next are as follows-Court standing adjourned over to Monday 194 Stockley VS Trigg et al. 195 Walker VS Trigs es al. 255 Jones VS Spencer. 271 Chasnir VS Merrill al. 273 Adams VS Memphis and Little Rock Railroad Company a. 274 Trigg et al V8 Trigg et al. 273 Howell V8 Williams. 276 Wicks VS McDermott, 277 Porter VS Street et al. 278 Thompson VS Schmock. 279 Morris et al V8 Seldon & Co et al. 280 Hill et al VS Davie et al. 281 Halum, adm'r, VS Barnett et al. 284 Sharpe & Co V8 Hicks et at. 283 Cope & Co VS Philips st al. 284 Cope & Cove Thomas et al. 285 Gayoso Savings Inst. vs Connell et al. 286 Parker V8 Parker et al. 287 Saffarans VS Hendrickson et al. 288 Clinton V8 McDonald. 2:9 Clinton vs McDonald. 290 Ferguson VS Wade al. 291 Waddell vs Stewart et al. 292 Speckernagle VS Menitee et al. 293 Mosby et al VS Hunt et al. 294 Smith VS Smith et al. 295 Rawlings VS Horne et al. 293 Ragan V8 May et al. 207 Ford, adm'r, V8 Clayton et al. 298 Williferd, adm'r, VS Westbrook et al. 299 Boyd VS Grant et al. 300 Bumenthal VS Horanson. 301 Waiker, adm'r, vs Pickett et al. 302 T igg Vs Nelson, extrx. 803 Bledsoe VS Carpenter et al. 304 Crofford et al V8 Smith et al. 805 Spittle vs Spittle et al. 306 Spivey VS Smith. 307 Price VS Parker. 308 Trader VS Goggin et al. SHELBY CIRCUIT COURT.-Geo. W. Reeves, Judge.-The Jury in the case of the State vs. Hudnall, indictment for murder, returned & verdict of not guilty. The case of Davis vs. Davis, divorce, was on hearing yesterday, but not determined. To-day the case of the State vs. Lanahan, indictment for murder will be cared up for trial. Law COURT-H. S. Lee, Judge.-The cases set for yesterday were disposed of. To-day being motion day, the motion docket will be taken up and called. MUNICIPALCOURT-Geo. W. Waldran, Judge.-The following business was tansacted yesterday : The jury in the case of the State VS Cuaningham, indicted for keeping & gaming house, returned a verdict of guilty and fixed the fine at $50 00. In the cases of the State VS Wetherbee, unlawful retailing, the jury returned a verdict of not guilty. The criminal side of the Court stands adjourned until Monday next. To-day the law side of the Court opens. The cases specially set for trial will be called up and heard. New style Hot et
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GARVIN. STARTLING REVELATIONS. The Jury Return a Verdict in Favor of the Bendsmen. In the Circuit Court motion was made by the State against Phil. Garvin and his sureties for State tax collected as Tax Collector for 1866 and 1867. Judgment was rendered some days since against Phil. Garvin and his securities for $686, balance due on his settlement for 1866. Afterward motion was entered against said Garvin and J. W. Page, Dan. Able, John Donovan, Goo. W. Cheek and J. H. Waggener, his sureties, on a bond dated July 19, 1867-for State revenue collected on the assessment for 1867whereupon the sureties plead non est factum-alleging that the paper purporting to be the bond was signed by them when the amount thereof with blank, and that Garvin promised them to get other names to the bond before the same would be delivered-that other names were not added. The amount of $100,000 was afterward, without their knowledge or consent, inserted by some person, and the bond filed in Court, without any ac. knowledgment on their part in open Court or eisewhere-upon which issue was joined by the State, and to determine these questions of fact a special jury of commercial men was emwho, after on the same deliberating panneled, for hearing nearly three and the days returned a verdict in favor of said eureties upon their plea of non est factum, and consequently Donovan, Page, Able, Cheek and Waggener were wholly discharged from any liability. meantime the State-whilet the out jury In the was deliberating-proceeded with its motion before the Court against Phil. Garvin individually, seeking also to hold the sureties on his original bond, executed in 1866, liable for the State tax of 1867 collected by him; but the Court, holding that the statute required the Tax Collector to execute bonds annually, decided that the sureties on the bond of 1866 were not liable for the revenue of 1807 collected by Garvin, and dismissed the motion as to them-leaving Philip Garvin alone and individually liable for the amount of State tax of 1867 by him collected and not paid over, amounting, as alleged by the State, to $100,000, for which amount the Court will in all probrender Thus seen ability; Garvia to-day. judgment it will against be that said a public officer, handling more than a quarter of a million of dollars, is allowed e to proceed in the discharge of his duties, I collecting and paying over upward of two hundred thousand dollars to the t State and county-still leaving due to 3 the State a balance of $100,000-as afore. said, and that too without a bond. It is 8 the intention of the State to inaugurate measures to 1 it was to duty rigorous require hold competent those whose bonde responsible for all damages sustained by r account of gross and failure to gence the State on discharge their their negli- offi: cial duties. It may, however, come to pass that they too have no bonds. It is said Garvin will settle as far as he is able, 1 3 having sustained a heayy loss by the suspension of the Commercial Bank.