18070. Memphis National Bank (Memphis, TN)

Bank Information

Episode Type
Suspension โ†’ Reopening
Bank Type
national
Bank ID
3633
Charter Number
3633
Start Date
March 11, 1889
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
050ff8788cd1f6a3

Response Measures

None

Description

Article 1 (Memphis Appeal, 1889-03-12) reports the Memphis National Bank was 'closed' and had 'no cash' when checks from the Memphis Evening Tribune were presented, indicating a suspension/temporary closing or liquidity problem. There is no clear mention of a depositor run in these pieces. Article 2 (San Francisco Call, 1897) cites Comptroller reports listing a failed National bank in Memphis in earlier decades; that appears to refer to an older failed institution and not necessarily the same charter referenced here (the provided charter date is 1887). Because the 1889 article reports a closure but gives no evidence of permanent failure or receivership for this specific 1889 event, I classify the episode as a suspension (no run) with unknown outcome; I select suspension_reopening as the most likely category but note uncertainty due to limited evidence of reopening or permanent closure.

Events (4)

1. February 7, 1887 Chartered
Source
historical_nic
2. March 11, 1889 Suspension
Cause Details
Bank closed and had no cash to pay checks presented by the Memphis Evening Tribune; suggests liquidity trouble or temporary closure following bounced checks drawn on the paper's account. The article implicates the business manager issuing checks without funds but does not establish insolvency of the bank itself.
Newspaper Excerpt
The bank has closed, gentlemen, remarked Mr. Finney... there is no cash here for the Memphis Tribune
Source
newspapers
3. October 10, 1905 Voluntary Liquidation
Source
historical_nic
4. * Receivership
Newspaper Excerpt
I have selected eight of these fifteen National banks ... Memphis, Tenn., and New Orleans, La. They may be numbered and grouped as follows: (discussion of failed national banks in Comptroller Knox's report).
Source
newspapers

Newspaper Articles (2)

Article from The Memphis Appeal, March 12, 1889

Click image to open full size in new tab

Article Text

A SHORT, SWEET LIFE. The Memphis Evening Tribune Drops Into the Broth. What, ho! There is weeping, and wailing and hearts chock full of grief in the office of the Memphis Evening Tribune. Its business manager, Mr. E. E. Finney, is in durance vile, accused of meeting running expenses with checks on the Memphis National Bank, when there was not a sou marke on deposit there to the concern's credit. Saturday was pay day for the pretentious force of employes, editorial staff and compositors. Good salaries had been promised the former, and the latter had, by steady and faithful motion, earned living wages. Mr. E. E. Finney, of Kansas City, the business manager and half owner of the paper, failed to show up until late in the afternoon, but when he did it was only to be confronted with the pay-roll. "The bank has closed, gentlemen," remarked Mr. Finney, as if taken by surprise at the demand for such paltry satisfaction, "but I will give you checks for the claims." A consultation was held by the printers; it was decided to accept that style of settlement, and there the matter ended for the time being. The editorial staff's claims were disposed of in a similar way. The next day being Sunday, and the banks closed, there was no chance to test the worth of the checks, and there was no black cloud of m aterial size appeared on the horizon all of yesterday. But one was in the vicinity forcing its way upward to public vision. Those to whom checks were given, and the amounts, were as follows: W. R. Love, $28.15; C. D. Madden, $29.50; Dan Wolf, $22.60; B. L. Smith, $25.95; W. L. Harris, $24.70; Ed Workhover, $7.50; H. B. Higgins, $23; Walter Wayman, $27; J. S. Merifield, $5.95; En F. Grace, $25.70; M. W. Connally, $25. Some of these checks were kindly cashed by friends of the holders, as follows: W. R. Love, by V. B. Thayer; C. D. Madden, by A. M. Wortham; B. L. Smith, by A. W. Love; W. L. Harris, by J. H. Shepherd; M. W. Connaily, by Mike Blessing. The owners of the checks presented them to the bank yesterday, learned for the first time that "there is no cash here" for the Memphis Tribune, whereupon they began to hustle to learn the why and wherefore of this condition of affairs. Mr. Finney found himself in hot water, but kept the crowd at bay until last night by promises to find the money. When last night's darkness spread its sable wings over this part of the earth, Mr. Finney still produced nothing but appeals and promises, and Messrs. Love and Harris went before Justice Garvin, swore out a warrant of-arrest against Finney, and he was taken in custody. An APPEAL reporter saw Finney at Justice Garvin's office, and invited him to make any statement of the difficulty he might desire, but he declined. From the printers in interest, however, it was learned that Finney had told them during the day that he sent to and expected from Kansas City money enough to meet the expenses already and to become due for some time. Failing in this direction, he had wired to New York, but here, too, he was disappointed, due, no doubt, to the absence of his man from that city. He would give no names. It was also learned that the business manager had made preparations to leave for Kansas City last night, for what purpose is unknown. The imposed upon and prosecuting creditors manifested commendable magnanimity toward Finney, as did also Attorney-General Peters, who was telegraphed to for advice. The ultimatum of both parties was that if he could arrange in any satisfactory manner to come to time he should be allowed to do 80 without further detention and annoyance. This ne was unable to do, and at 10 o'clock last night was taken to jail. The history of the Tribune is brief. Merged into the Memphis Watchman, J.


Article from The San Francisco Call, June 25, 1897

Click image to open full size in new tab

Article Text

YEARLY LOSS OF PAPER MONEY. To the Editor of the San Francisco Call-SIR: In order to obtain the annual percentage of loss of paper money in circulation I have searched through the reports of the Treasury Department from 1867 to 1897 for a record of National banks which have failed and have had their circulation withdrawn and canceled as the law requires. In no report have I found any reference made to the annual percentage of loss. On page 27 of Comptroller Knox's report for 1883 we find groups of failed banks with dates of organization. By going back through the record of the department to the volume for 1875 we find the dates when receivers were appointed for the fifteen banks which had failed prior to 1870. With the date of organization and date of failure thus found we are able to determine how long these fifteen banks were in existence, and having the percentage of the lost notes given at the last date named (1883) we can calculate the annual percentage of loss. I have selected eight of these fifteen National banks as a fair average of the whole fifteen, which are thus reported: Attica, N. Y.; Farmers' and Citizens', Brooklyn, N. Y.; First National, Bethel, Conn.; Rockford, III.: Austin, Nev.; Merchants', D. C.; Memphis, Tenn., and New Orleans, La. They may be numbered and grouped as follows: