18072. Memphis Savings Bank (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
October 27, 1872
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
0b9155fa3e8cc2af

Response Measures

None

Description

The articles report the Memphis Savings Bank suspended and its president made an assignment of assets to assignees (W. R. Cunningham and R. A. Parker) on Oct 26–27, 1872. There was mention of crowding and an expectation of runs, but contemporaneous reports state little actual run occurred; the institution appears to have been assigned/placed into hands of assignees (effectively a receivership/closure) rather than a temporary suspension followed by normal reopening. Cause relates to bank-specific adverse information (large draft it could not meet and bad railroad stock/speculative losses). Dates use newspaper dates (Oct 27–28, 1872).

Events (2)
1. October 27, 1872 Receivership
Newspaper Excerpt
assigned all of its assets to W. R. Canningham and R. A. Parker for the payment of its creditors rateably; the savings bank has this day suspended business and assigned all of its assets to ... . M. J. WICKS, President.
Source
newspapers
2. October 27, 1872 Suspension
Cause
Bank Specific Adverse Info
Cause Details
A draft by the Southern Railway Security Company for $115,000 could not be honored; bank had large exposures and losses tied to Memphis & Charleston Railroad stock and other speculative investments.
Newspaper Excerpt
The Memphis Savings Bank ... suspended last evening
Source
newspapers

Newspaper Articles (13)
1. October 28, 1872 New-York Tribune New York, NY
Article from New-York Tribune, October 28, 1872

Click image to open full size in new tab

Article Text

FAILURE OF THE MEMPHIS SAVINGS BANK. MEMPHIS, Oct. 27.-The liabilities of the Memphis Savings Bank, which suspended last evening, are variously reported at from $190,000 to $250,000, of which $115,000 is due the Southern Security Company, an Eastern corporation that recently leased the Memphis and Charlesfou Railroad. Several months ago the bank received a deposit of $160,000 from the Southern Security Company which remained undisturbed until recently, when their check for $45,000 not being promptly cashed, an inquiry was made into the condition of the bank by Col. Joseph Jaques, Vice-President of the Security Company. He presented a check for $115,000. the balance due which the bank could not honor, and, declining any compromise, Major Wieks. President of the bank. made an assignment. Beside the amount due the Security Company it is said the bank owes $120,000, distribated among nearly 175 depositors. These claims the President will endeavor to meet from his private means. The bank had a capital of $50,000 and a deposit line of about $150,000.

2. October 28, 1872 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 28, 1872

Click image to open full size in new tab

Article Text

Suspension of a Savings Bank. MEMPHIS, October 28.-- - The card of M. J. Wicks, President of the Memphis Savings Bank, in the morning papers announcing the suspension of that bank, has been the all absorbing topic of the day, as the institution has been generally regarded as one of the safest in the country. I⑆is reported the liabilities are $175,000, though they may exceed this amount. The heaviest losers are the Southern Rail way Security Company, and Carolina Life Insurance Company. The former being near $50,000

3. October 28, 1872 The New York Herald New York, NY
Article from The New York Herald, October 28, 1872

Click image to open full size in new tab

Article Text

e r BANK CRASH IN MEMPHIS. Suspension of the Memphis Savings Bank. What Dabbling in Shifting Stocks Will Lead To. Another and a Run on All the Banks Expected. MEMPHIS, Text.,Oct.27,1879. It was announced last night toolate telegraph that the savings bank of Memphts, of which M. de Wicks is President and W. c. McClure-cashier, had made assignment and would not open its doors on Monday. The following card, which appears in the papers of this morning, is the only explanation given to the public, and it is understood its publication was not agreed to until after midnight last night. THE PRESIDENT'S CARD MEMPHIS, Tenn., Oct. 26, 1872. To MY FRIENDS AND THE PUBLIC:regret to announce that, by reason of the stringency of the times and misfortunes which I have been unable to surmount, the savings bank of Memphis has this day suspended business and assigned all of its assets to W. R. Canningham ami R. A. Parker for the payment of its creditora rateably. Creditors may feel assured that the assets will be faithfully devoted to the payment of the debts and that I shall use my efforts in their M. J. WICKS. President. behalf. CAUSE OF THE BREAK. Inqutry this morning develops the fact that the assignment was occasioned by a draft made on Friday against $115,000 deposited to the account of the Memphis and Charleston Railroad, which, since July 1, has been operated by Tom Scott's Southern Railway Security Company, Cap tain Jaquea being superintendent or manager. Wicks was president of the road before its operation by the security company. and 18 understood to have takeur an active part among stockholders in bringing about the lease, which is for ninety-nine years, in consideration of which the lessees agreed to keep the road and equipment in good repair and to pay a dividend of three per cent annually for the first five years and six per cent annually thereafter. On Friday Jaques became suspicious that the bank was shaky and CHECKED UPON IT FOR THE AMOUNT on deposit as above. when he was informed the bank had not the funds necessary to meet the check, and was asked for indulgence. Consultation followed, in which President Lewis, of the First National Bank. was called in as adviser, and the result was a proposition to Jaques yesterday to take $15,000 cash and the remainder in equal monthly instalments, which, by the advice of his at torneys, Jaques declined to entertain, though he made a proposition himself the substance of which was that the bank should give the railroad credit for $70,000 interest due on its bonded debt next month and provide for the remainder as convenient. Unable to comply with this, the directory of the bank resolved on an assignment, which was carried into effect after bank hours yesterday. THE ASSIGNEES are gentlemen of good standing in business circles. Cunaingham is a cotton merchant. and was formerly president of the bank. Parker is secretary o. the Merchants' Insurance Company. What THE CONDITION OF THE BANK is It is difficult to ascertain with reliability; but the best informed regard the prospect for creditors as unpromising, the concern having. it 18 supposed, become badly mixed up in purchases of stock of the Memphis and Charlesten Railroad, which, in anticipation of the lease, sold as high as 45, and has since declined to 29, its present value. The liabilities are estimated at $275,000, of which $60,000, is capital stock owned chiefly by Jaques & Cunningham. It is said that Wicks proposes to devote his personal property and estate to the relief of the small depositors. The announcement of Wicks in the papers this morning TOOK THE PUBLIC BY SURPRISE, the bank having always been regarded strong and safe, and, notwithstanding it was Sunday, quite an excited crowd gathered on Madison street, and indications are that there will be a heavy run on the banks to-morrow. which, in view of the heavy discount and active employ. ment of money in the removal of cotton would seriously embarrass business, if not cause other suspensions. I am told by a banker this evening that there will be ANOTHER FAILURE TO-MORROW, but it will be a small affair. and as the concern has been known to be in laboring circumstances for some time its suspension or assignment will take nobody by surprise. It has for several weeks. been carried by two of the leading banks, who must now drop it in order to take care of themselves in any emergency that may result from the failure or yesterday. Its capital stock is $10,000, and its deposit line has not for some time exceeded $75,000. As for the leading banks, while they are likely to be heavily run upon, inquiry and a knowledge of financial matters convince me that they are in solvent condition and will promptly meet all demands that may be made upon them. Burnett's Miniature Toilets.-Elegane

4. October 28, 1872 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 28, 1872

Click image to open full size in new tab

Article Text

Bank Failure in Memphis. MEMPHIS, Tenn., Oct. 27.-M. J. Wicks, President of the Memphis Savings Bank, in. this morning's papers, announces the suspension of that bank. It has been the all-absorbing topic to-day, as the institution has been generally regarded as one of the safest in the country. The reported liabilities are $175,000, and may exceed this figure. The heaviest losses are the Southern Eailway Security Company and the North Carolina Life Insurance Company. The former's claim is near $150,000.

5. October 29, 1872 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 29, 1872

Click image to open full size in new tab

Article Text

Abbreviated Dispatches. Base ball at Philadelphia yesterday, tournament game: Baltimores 15, Athletics 7. Vessels report at Lewes, Del., large quantities of corkwood from the wreck of the barque Medway drifting out to sea. and portions of the wreck John Sidney drifting about the bay dangerous to passing vessels. A severe northeast gale has prevailed, and numerous vessels are running into the breakwater for shelter. The liabilities of the Memphis savings bank will exceed $230,000, but the individual deposits only amount to $57,000. Its assets are unknown. The suspension has caused no excitement in financial circles. A freight train on the Pittsburg, Cincinnati and St. Louis railroad ran off the track into Stillwater river, near Covington, Ohio, Sunday, killing the brakeman and injuring the engineer and fireman. The registration in Brooklyn is said by U.S. Marshal Harlow to be remarkably clean, and only three orders of arrest have been issued. The difference in pay due the workmen in the New York navy yard from April 1 to May 20, 1869, will be paid to-day. The payment has reference to the amounts deducted on account of the eight hour law. A letter from St. Johns says the potato crop of Newfoundland is to a great extent destroyed by blight, and that the cod fishery will certainly not be more than two-thirds as good as that of last year. Out of a fleet of 75 vessels arriving in Buffalo since Sunday, 50 are already chartered to go immediately to Marquette and Escanaba, on Lake Superior, for ore, and four to Duluth for wheat. During a republican mass meeting at Newburg, yesterday, two men, Wm. and John S. Wilson, were injured by the premature explosion of a cannon. Both will probably recover. The steamer Cyphrenes, from Shanghae via Suez canal, which has just arrived at New York, reports that Oct. 26th she fell in with brig Anglo-Norman, from Curacoa for Plymouth, dismasted and in a sinking condition. She took off the captain and crew. In an altercation yesterday between John Henry and Perry Lyons, two New Orleans gamblers, the former was shot four times and the latter stabbed fatally. Henry will also probably die. The finance committee of the Philadelphia councils last night agreed upon reporting a bill to the general body appropriating $50,000 to the United States centennial commission to pay incidental expenses thereof, and for engraving, printing and opening books of subscription in the several states and territories.

6. October 29, 1872 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, October 29, 1872

Click image to open full size in new tab

Article Text

2 he Memphis Bank Suspension. Memphis, October 28.-The liabilities of the Memphis Savings Banks, announced yesterday as suspended, exceed $230,000. The loss by individual depositors is only $57,000. Major Wickes gives his entire fortune to the creditors of the Savings Bank, which reduces the liabilities 70 per cent.

7. October 29, 1872 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 29, 1872

Click image to open full size in new tab

Article Text

The Memphis Bank Suspension. MEMPHIS. October 28.-The liabilities of the Memphis Savings Bank, aunounced yesterday as suspended, exceed $230,000. The loss by individual deposits is only $57,000. Major Wicks gives his entire fortune to the creditors of the Savings Bank, which reduces the liabilities seventy per cent.

8. October 29, 1872 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, October 29, 1872

Click image to open full size in new tab

Article Text

MEMPHIS. THE SAVINGS BANK FAILURE, MEMPHIS, October 28.-The liabilities of the Memphis Sayings Bank, exceed $230,000, but the individual deposits only amount to $57,000. Its assets are unknown. The suspension causes no excitement in financial circles. James Speed, ticket agent of the Memphis & Louisville Railroad, was garroted and robbed of a valuable watch and chain, on Madison street, at 7 o'clock last evening, in Centre City" The liabilities of the Memphis Savings Bank will exceed $300,000, but Major Wicks, President, has placed his entire fortune at the disposal of the creditors, which will pay seventy per cent of the total indebtedness. There is no excitement in the money market in conscquence.

9. October 29, 1872 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 29, 1872

Click image to open full size in new tab

Article Text

A villainous outrage was perpetrated in New York on Saturday night. The friends of James O'Brien, who has been nominated for Mayor by the Apolio Hall Democrats, were holding a meeting at the corner of Roosevelt and Water streets, and during its progress some scoundrel pushed over the chiminey of it house in the viciuity, and the falling bricks created great consternation in the crowd. A young man named Thomas Mangan was killed, and a number of others were wounded. Four persons suspected of having assisted in the outrage have been arrested. The Memphis Savings Bank has suspended payment. Its liabilities are reported at $175,000. The Southern Railway Security and the Carolina Life Insurance Company are said to be the heaviest losers. The instituLiou has hitherto been regarded as perfectly solvent. The letter n falling out of the word "lines" made a Grant paper in Iowa call upon its party to maintain the lies,"

10. October 29, 1872 Wilmington Daily Gazette Wilmington, DE
Article from Wilmington Daily Gazette, October 29, 1872

Click image to open full size in new tab

Article Text

General News. It is stated that the potato crop of New Foundland has been to a great extent destroved by blight; also, that the yield ot the cod fishery will not be mcre than two-thirds of that of last year. The quays at Havre are reported to be crowded with vessels bound for the United States Shipowners refuse to let them sail in consequence of the ten per cent increase of duty on exports in French bottoms. The liabilities of the suspended Memphis Savings Bank are now stated, at over $300,000. The individual deposits are only $57,000. The assets are not known. Major Wickes, President of the Bank, has placed his entire property at the disposal of its crcditors, and this, it is said will pay 70 per cent. of the total indebtedness.

11. October 29, 1872 The New York Herald New York, NY
Article from The New York Herald, October 29, 1872

Click image to open full size in new tab

Article Text

THE MEMPHIS SAVINGS BANK. No Further Failures-$300,000 Liabilities-Seventy Per Cent Probably Recoverable. MEMPHIS, Tenn., Oct. 28, 1872. Contrary to expectation, there was little run on the bank to-day, and no further failures occurred. All the banks opened and closed at regular hours, and transacted business as usual. The failure foreshadowed in yesterday's despatch to the HERALD was averted by the First National and other leading banks coming to the aid of their weak neighbor with sufficient means to carry it through, and as nothing was known of the circumstance by the public the financial and commercial pulse once more seems to beat healthfully. Had the bank referred to failed to open there is no doubt there would have been a rush, for the reason that A GREAT DEAL OF CURRENCY IS IN TRANSIT at present in connection with removal of cotton, and it is questionable that more than two or three banks were in condition to meet all demands in the event of such a panic as would have resulted. The leading cotton shippers were under request to check lightly as possible for a day or two, and in spite of the advance elsewhere cotton was almost stagnant here to-day; but considerable currency arrived from the North and East this evening. Some of it was ordered in anticipation of the failure of Saturday, and as much more is expected to-morrow. It is not likely that the business derangement will be of long duration. In AN INTERVIEW WITH M. J. WICKES, President of the defunct Savings Bank, to-day, I learned that the liabilities of the concern were not short of $300,000, of which, he thinks, if no litigation be brought on, seventy per cent can be realized by the creditors. The capital stock, he says, was sunk several months ago through the defection of Shears & Co., of New York. Next the Southern Security Railway Company, the principal creditor is the First Chancery Court, which is interested in the sum of $20,000.

12. November 1, 1872 The Albany Register Albany, OR
Article from The Albany Register, November 1, 1872

Click image to open full size in new tab

Article Text

ALBANY REGISTER. Bancroft has gone to Italy. There isn't a white man in Choctaw ed county, Alabama. Some Georgia ladies flogged a boigus doctor for quackery. Newburyport p t ts in for about $5.000.000 of the Geneva award. U. An ex-Confederate General has he joined the Yale Scientific School. Y. Russia leather nmbrella covers are et the latest expensive weakness. There are 5,000 Whigs in Alabama etwho have not voted since the war. or A band of Jews have started out to of beg enough to rebuild Jerusalem. Twenty-seven persons died from nsmall-pox in Boston last week. nt The Jesuits propose building a third 11church in New York city. te The Memphis Savings bank has suspended. Liabilities, $175,000. k leGreeley Democrats are reported as to stampeding rapidly to O'Conor. Minister Washburne arrived in nt Washington Oct. 29th. He had an hour's talk with the President. ug laSpeaker Blaine made a speech in to Chicago the other night to an assembly of ten or twelve thousand hearers. pThe story that Schuyler Colfax is to of become an editor of the Tribune is ng emphatically denied. ug The Democrats and Liberals in Ohio of are denouncing each other furiously in Ohio. "Go it wife. go it bar." ed David S. Meyer. a stranger. suieided rst in Cincinnati last Monday with a rarezor. it The National Democracy, of New ne York. have nominated John McCool for Governor. olL. H. Kormendy. gymnasium proH. ve prietor of Chicago, shot himself dead an at the Brigg's House on the 27th ult. nMayor Medill, of Chicago, compelled the closing of nearly all the saloons he last Sunday. He declares he will enhe force the law until it is repealed. is A niece of Daniel Webster is runa ning a Boston lodging-house. and her eshusband sells fish. She only married ns for money. ill A stranger, registering himself as ns Louis Patterson, of Baltimore, M.D. is suicided at New Orleans last Monday. the with morphine. the tor Minister Washburne says he came from Paris to vote for Grant and to on the take part in the campaign. and will exreturn to France as soon as possible. ge The total number of votes on registry the in New York is 148.710 as against ent 152,592 last October. In Brooklyn the ian registry is 75,577. It is stated that during the past year a house has been finished in Chicago : every hour of every working day. In ase Philadelpbia it has been one every in twenty-nine minutes. had

13. November 7, 1872 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, November 7, 1872

Click image to open full size in new tab

Article Text

venicie with mem They were taken before Commissioner Osborne, No held in $8,000 each for trial. to one and to bail them, and *they James Blood, Wm. were Colonel appeared taken Ludlowstreet jail. editor and Woodhull and Claflin's Weekly, A. Smith, its publisher, were arrested district and locked up at the second of police court this P. M., in default for examination. The intense feeling bail, against Woodhull and Claflin is of throughout the city, and threats ed in. mobbing them have been freely indulgTHE "STRAIGHT-OUT" ELECTORAL of TICKET!-The following is the result James the conference between Mr. Lyons and the five other Straight-outs Hotel who assembled at the Exchange in Richmond. "The Democrats lately assembled in Richmond, few in number, but representing, as they believe, the true Demo- the cratic party of the State, submit to people of Virginia for their suffrages at the approaching Presidential election, the following Electoral ticket, viz: First District- Gabriel Johnson. Second District- D. Parker. Third District-Robert Graeme. Fourth District- Edwing J. Harvie. Fifth districtSfxth District- Hon. John Robertson. Seventh District- Campbell. Eight District- Gen. J. M. Bethune. Ninth Districtand Districts being "No Ninth representatives from present, the Fifth no Electors for those districts are named, reand the people of those districts are quested to vote for such person as they may choose Elector. J. As Electors at large-Hon. W Robertson and Hon. James Lyons. AWFUL ACCIDENT. Two wine-grow in ers, named Rousseau, were employed throwing grapesinto a vat at Gevvey, recently, and a man to treat them, but was down France, fermentation. suffocated was sent arising from to of the proprietors went One by the gases down fate help him, and shared the same The survivor followed, and was likewise prostrated. Their mother then when went down and was overpowered, and that taken out she was the only one could be brought back to consciousness NEW YORK, October 0.-Mrs. Mary S Greeley, wife of Hon. Horace Greeley, died this morning at the residence the of Mr. Alvin Johnson. During evening yesterday her symptoms were inof such a favorable character as to spire some faint hopes of her recovery Such expectations, however, prove durunfounded, as she had two chills ing the night, after she was very easy M., until she ceased to breathe at 4 A. passing away peacefully, without will any perceptible struggle. The funeral take place from Dr. Chapin's Church, at 12 o'clock, Friday. ESCAPED.- Five thousand sadly dis slowly took their way from on the morning homeward Carolinia, appointed people Hendersonville, of the witness North 25th had assembled to execution of one Martin of the murder of a convicted ult. the They Baynard, certain and his three children. was prepared, to Silas The gallows Weston the expectation show the stretch waiting for on when intelligence was that if the play was commence, brought acted must that day the important principal part of necesity be cut out. The prisoner his had escaped the previous night in wife's clothes, and the humane and gentle country folk, balked of their specette. tacle,grumblingly dispersed.-Bul GazWilliam Craig, a negro, charged Mrs. with committing a rape on the person of a white woman years of near New Creek, two Lottie age, Dayton about 74 in the months ago, was tried last week at Circuit Court of Allegany county, Comberland, found guilty'an sentenced The by Judge Pearre to be hanged. day of execution will be fixed by the Governor of Maryland. It is said that "the original Declaration of Independence is fading out. And the duce of it is, we haven't among Jeffer our statesmen a single Thomas son to write another The Memphis Savings Bank has suspended payment. Its liabilities are reported at $175,-000. The Southern life Railway security and the Carolina the Insurance Company are said to be has heaviest losers. The institution hitherto been regarded as perfectly solvent. WhiTE LABOR IN THE SOUTH. The popular fallacy that white laborors canendure the heat of the cotton, sugar and of the is ex the New Orleans not ploded rice by plantations South, Picayune, workwhich says that white laborers are of in the fields all over the State Louisiana ing the year round as low down tide water from the Gulf of Mexico, as and the islands along the Gulf shore. And these laborers are not more sickly in than colored men, or men who stay the shade. DEFALCATION OF PUBLIC OFFICIALS. correspondent says report of the forthcoming A Washington second due audi- the the show a large amount States of defaulting due from paymasters United amount tor will officers. is number shown The to be nearly $670,000. forcest friend The unleas involving