18073. Memphis Savings Bank (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 24, 1907
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
88c56760d0a26b9e

Response Measures

None

Description

All articles (Dec 24–27, 1907) report the Memphis Savings Bank failed to open Dec 24, 1907; a receiver was appointed by order of the Chancery Court and the bank was placed in liquidation. Directors asserted the institution was solvent and depositors would be paid in full. There is mention of earlier rumors about heavy paper holdings, but no article describes a depositor run prior to the suspension. OCR shows minor variations in names (E. B./E. L. McHenry, G. W. McRae/MacRae); dates normalized to 1907-12-24 for the suspension/receivership posting.

Events (2)
1. December 24, 1907 Receivership
Newspaper Excerpt
E. B. McHenry (also reported as E. L. McHenry/T. McHenry in some reports) has been appointed receiver; notice posted on the doors that bank is in receiver's hands and will be liquidated; directors say creditors will not lose a cent.
Source
newspapers
2. December 24, 1907 Suspension
Cause
Government Action
Cause Details
Officers went before Chancellor Heiskell and applied for a receiver; court ordered closure and receiver appointed (bank placed in receivership/liquidation).
Newspaper Excerpt
This bank is closed by order of the chancery court. E. L. McHenry has been appointed receiver.
Source
newspapers

Newspaper Articles (17)
1. December 24, 1907 Albuquerque Citizen Albuquerque, NM
Article from Albuquerque Citizen, December 24, 1907

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Article Text

MEMPHIS SAVINGS BANK CLOSES Memphis, Dec. 24. The Memphis Savings bank failed to open this morning, and E. B. McHenry has been appointed receiver. The officers of the bank went before Chancellor Heiskell last night and applied for a receiver. No reason for suspension has as yet been anounced. C. W. McRae, a capitalist, is president of the bank, which carries deposits of over a million and a half dollars. Several weeks ago a statement was published that the bank had been neavily loaded with paper, which it could not realize on and the bank's officers published a statement that this loan was made good to the bank at maturity by certain officers and directors. President Rand of the clearinghouse association said today that no other institution in the city would be affected by the suspension of the Memphis Savings bank.

2. December 24, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 24, 1907

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MEMPHIS BANK CLOSES. Shortage of Cash Compels Old Institution to Wind Up Its Affairs. Memphis, Tenn., Dec. 24. - The Memphis Savings bank failed to open its doors this morning. Later a statement was issued by the directors announcing that the institution was solvent and creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank and ask for a receiver to liquidate affairs. The bank was one of the oldest institutions in the city. Notice for suspension has not been given yet. G. W. McRae, a well known local capitalist, is president, and E. L. Menager cashier. The bank carries deposits of over $1,500,000. The president of the clearing house association said today. the suspension would not affect any other institution in the city.

3. December 24, 1907 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, December 24, 1907

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MEMPHIS SAVINGS BANK FAILS TO OPEN (By Associated Press.) Memphis, Tenn.. Dec. 24.-The Memphis Savings Bank failed to open its doors this morning, and E. B. McHenry has been appointed receiver. No statement has been issued. C. W. McRae. the well known capitalist and president, and E. L. Manager, the cashier of the bank, carried deposits of over $1,500,000. President S. P. Read of the Memphis Clearing House Association said today that the suspension would not affect any of the other institutions of the city, and he felt certain that all depositors would be paid in full.

4. December 24, 1907 Lewiston Evening Teller Lewiston, ID
Article from Lewiston Evening Teller, December 24, 1907

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Memphis Savings Bank Fails MEMPHIS, Dec. 24.-The Memphis Savings bank failed to open today. A receiver has been appointed. No statement has been made. The bank is one of the oldest institutions in the city. President Read of the Memphis clearing house association said he felt certain the depositors would be paid in full. Later a statement was issued by the directors that the bank is solvent and the creditors will not lose a cent.

5. December 24, 1907 The Spokane Press Spokane, WA
Article from The Spokane Press, December 24, 1907

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Article Text

MEMPHIS, Dec. 24.-The Memphis Savings bank failed to open its doors today. Its capital is $291,000 and deposits estimated at $1,250,000. Receiver E. T. McHenry states the depositors will be paid in full.

6. December 24, 1907 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, December 24, 1907

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Memphis Savings Bank Fails. Memphis, Tenn., Dec. 24.-The Memphis Savings bank failed to open its doors today. The capital stock is $294,000 and the deposits are estimated at ($1,250,000. Receiver E. T. McHenry states that the deposits will be paid in full.

7. December 24, 1907 Evening Star Washington, DC
Article from Evening Star, December 24, 1907

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Article Text

MEMPHIS BANK SUSPENDS Carries Deposits of Over a Million. Oldest in City. Special Dispatch to The Star. MEMPHIS. Tenn.. December 24.-"This bank is closed,by order of the chancery court. E. L. McHenry has been appointed receiver." The above notice was posted on the doors of the Memphis Savings Bank, one of the oldest institutions in the city, at opening time today. It is understood that the officers went before Chancellor Heikell late last night and applied for a receiver No reason for the suspension has yet been given out. G. W. MacRae, a well-known local capitalist, is, president and E. L Menager cashier. The bank carries deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which it could not realize. This set many rumors afloat and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors. and the bank sustained no loss whatever. The claim was bought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Reid of the Memphis Clearing House Association said today that the suspension of the Memphis Savings Bank would not affect any other institution in the city. Mr. Reid said ne felt certain that all depositors in the Memphis Savings Bank would be paid ir full.

8. December 24, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 24, 1907

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Article Text

Savings Bank Closed. Memphis, Tenn., Dec. 24.-The Memphis Savings Bank failed to open its doors this morning. T. McHenry, 28sistant cashier of the bank, has been appointed receiver. The bank has a capital of $294,000. The receiver says all depositors will be paid in full. The stockholders, he claims, will receive forty per cent. The deposits are estimated at $1,250,000.

9. December 24, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 24, 1907

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Article Text

CLOSED BY THE COURT. Big Savings Bank in Memphis in Receiver's Hands. Memphis, Tenn., Dec. 24.-"This bank is closed by order of the chancery court. E. L. McHenry has been appointed receiver." The above was posted on the doors of the Memphis Savings bank, one of the oldest institutions in the city, at opening time this morning. It is said that the officers went before Chancellor Heiskell late last night and applied for a receiver. No reason for the suspension has yet been given out. G. W. MacRae, a well known local capitalist, is president and E. L. Menager, cashier. The bank carries deposits of over a million and a half dollars. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which it could not realize. This set many rumors afloat and the bank inserted the following explaination in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors and the bank sustained no loss whatever. The claim was bought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Read of the Memphis Clearing House association said today that the suspension of the Memphis Savings bank would not affect any other institution in the city. Mr. Read said he felt certain that all depositors in the Memphis Savings bank would be paid in full. A statement of the condition of the suspended bank was made public on December 11, and is as follows: Resources, loans and discounts, $1,031,056. Overdrafts secured, $28,697. Stocks and bonds. $829,370. Real estate, $17,218. Cash and sight exchange, $236,982. Liabilities, capital stock, $294,100. Surplus and undivided profits, $72,654; bills payable, $250,000; cashiers' checks, $5,537; deposits, $1,531,949. Later a statement was issued by the directors of the Memphis Savings bank announcing that the institution was solvent and that creditors would not lose a cent. The statement says that because of the financial stringency it was deemed wise to close the bank, ask for a receiver and liquidate its affairs.

10. December 25, 1907 New-York Tribune New York, NY
Article from New-York Tribune, December 25, 1907

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Article Text

MEMPHIS SAVINGS BANK CLOSED. Directors Blame Financial Stringency, but Say Institution Is Solvent. Memphis, Dec. 24.-The Memphis Savings Bank, one of the oldest institutions in the city, did not open to-day. A notice on the door announced that the bank was closed by order of the Chancery Court and that E. L. McHenry had been appointed receiver. G. W. McRae, a well known local capitalist, is president, and E. L. Menager cashier. The bank carries deposits of over a million and a half dollars. A statement was issued by the directors of the bank to-day announcing that the institution was solvent and that creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank. ask for a receiver and liquidate its affairs.

11. December 25, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, December 25, 1907

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Article Text

morning. A notice posted on the doors said that the bank had been placed in the hands of a receiver and that E. B. McHenry had been appointed receiver. The Memphis Savings bank is one of the oldest institutions in the city. It is understood that the officers went before Chancellor Heiskell late last night and applied for a receiver. No reason for the suspension has yet been given out. C. W. McBrae, a well known capitalist, is president. and E. L. Menager is cashier. The bank carried deposits of over a million and a half dollars. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which it could not realize. This set many rumors afloat and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to the supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors and the bank sustained no loss whatever. The claim was brought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them. President S. P. Read, of the Memphis Clearing House association, said today that the suspension of the Memphis Savings bank would not affect any other institution in the city. Mr. Read said he felt certain that all aepositors in the Memphis Savings bank would be paid in full. A statement of the condition of the suspended bank was made public on December 11 and is as follows: Resources, loans and discounts, $1,031,056; overgrafts secured, $28,697; stocks and bonds, $829,370; real estate, $17,218; cash and sight exchange, $236,982; liabilities, capita' stock, $294,100; surplus and undivided profits, $72,654; bills payable, $250,000; cashiers' checks, $5537; deposits, $1,531,949.

12. December 25, 1907 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, December 25, 1907

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FAILS TO OPEN DOORS. Memphis Savings Bank Is Not Doing Business. RECEIVER IS IN CHARGE. One of the Oldest Financial Institutions In the Bluff City and Carrying Deposits of Over Million and a Half Dollars Shuts Down. Memphis, Dec. 24.-The Memphis Savings bank failed to open its doors Tuesday morning. A notice posted on the doors said the bank had been placed in the hands of a receiver and E. B. McHenry had been appointed as receiver. The Memphis Savings bank is one of the oldest institutions in the city. It is understood the officers went before Chancellor Heiskell Monday night and applied for a receiver. G. W. MacRae, a well known local capital1st, is president. and E. L. Meneager, cashier. The bank carried deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded' with paper of certain concerns upon which it could not reallze. This set many rumors afloat and the bank inserted following explanation in the daily papers: "Misappre. hension seems to exist in regard to the supposed loss made by this bank. The facts are unpaid maturity was Immediately made good to the bank by citation of its officers and directors and the bank sustained no loss whatever. The claim was bought at Its face value by said officers and directors and is their property. Whatever Is realized from It helongs to them." President S. P. Read of the Memphis Clearing House association said the suspension of Memphis vings bank will not affect any other institution in this city. Mr. Read said be felt certain all depositors will be paid in full.

13. December 25, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 25, 1907

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MEMPHIS BANK NOW OLDEST SAVINGS INSTITUTION THERE CLOSES DOORS. Statement Issued in Which Claim is Made All Depositors WIII Be Paid in Full. Memphis. Tenn., Dec. 24.-"This bank is closed by order of the Chancery Court. E. L. McHenry has been appointed receiver." The above notice was posted on the doors of the Memphis Savings Bank, one of the oldest institutions in the city, at the usual time for opening this morning. It is understood that the officers went before Chancellor Heiskell last night and applied for a receiver. No reason for the suspension has been given out by the officers, but it is said a statement will be made public today. C. W. MacRae. a wellknown local capitalist. is President and E. L. Monoger, cashier. The bank carried deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which It could not realize. This set many rumors afloat and the bank inserted the following explana-

14. December 25, 1907 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, December 25, 1907

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BANK IM MEMPHIS CLOSES ITS DOORS Savings Institution Is Short of Ready Money NO OTHER BANKS AFFECTED Memphis Savings Bank, One of the Oldest Institutions in the City Is Forced to Liquidate Its Affairs. Memphis, Tenn., December 24.-"This bank is closed by order of the chancery court. E. L. McHenry has been appointed receiver." The above notice was posted on the doors of the Memphis Savings bank, one of the oldest institutions in the city, at the usual time for opening this morning. It is understood that the officers went before Chancellor Heiskel last night and applied for a receiver. No reason for the suspension has been given out by the officers, but it is said a statement will be made public late today. G. W. MacRae, a well known local capitalist, is president, and E. L. Menegar cashier. The bank carried deposits of over a million and a half dollars. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which it could not realize. This set many rumors afloat and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors, and the bank sustained no loss whatever. The claim was bought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Read of the Memphis Clearing House association said today that the suspension of the Memphis Savings bank would not affect any other institution in this city. Mr. Read said he felt certain that all depositors would be paid in full. A statement of the condition of the suspended bank was made public on De. cember 11, and is as follows: Resources-Loans and discounts, $1,031,056; overdrafts secured, $28,697; stocks and bonds, $829,370; real estate, $17,218; cash and sight exchange, $236,982. Liabilities-Capital stock, $294,100; surplus and undivided profits, $72,654; bills payable, $250,000; cashiers' checks, $5537; deposits, $1,531,949. Later a statement was issued by the directors of the Memphis Savings bank announcing that the institution was solvent and that creditors would not lose a cent. The statement adds that because of the financial stringency, it was deemed wise to close the bank, ask for a receiver, and liquidate its affairs.

15. December 26, 1907 The Caucasian Shreveport, LA
Article from The Caucasian, December 26, 1907

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Institution Solvent. Memphis, Dec. 26.-A statement was issued by the Memphis Savings bank, which did not open Tuesday, announcing that the institution was solvent, and that the creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank, ask for a receiver and liquidate affairs.

16. December 27, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, December 27, 1907

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HAS $1,500,000 DEPOSITS Memphis Savings Bank Fails to Open Its Doors. Memphis, Dec. 25.-"This bank is closed by order of the chancery court. E. L. McHenry has been appointed receiver." The above notice was posted on the doors of the Memphis Savings bank, one of the oldest institutions in the city, at opening time. G. W. MacRae, a well known local capitalist, is president and E. L. Menager cashier. The bank carries deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern, upon which it could not realize. This set many rumors afloat and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors and the bank sustained no loss whatever. The claim was bought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Read of the Memphis Clearing House association said that the suspension of the Memphis Savings bank would not affect any other institution in the city. Mr. Read said he felt certain that all depositors in the Memphis Savings bank would be paid in full. Later a statement was issued by the directors of the Memphis Savings bank announcing that the institution was solvent and that creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank, ask for a receiver and liquidate its affairs.

17. January 3, 1908 The Yale Expositor Yale, MI
Article from The Yale Expositor, January 3, 1908

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MISCELLANEOUS. A murder combining the elements of mystery and deliberate cruelty that take it out of the ordinary was committed on the Hackensack Meadows in the town of Harrison, N. J., and the nude body of the victim, a comely woman of perhaps 30 years, was found nearly submerged in the icy waters of a little pond. She was seen crossing the meadows with a man during the night. Resolutions were adopted unanimously at the biennial love feast of Indiana Republicans, urging the nomination of Vice President Charles W. Fairbanks for the presidency. Judge A. B. Anderson refused to take the case of John R. Walsh, the former Chicago banker, from the jury in the federal court and order the defendant dismissed on a plea made by Attorney John S. Miller. Albert G. Beaunisne, assistant to the publisher of the Chicago Daily News, died suddenly of heart disease. At Dayton, O., the third explosion in as many weeks at the Kings powder mills fatally injured two employes. George W. H. Davis, president of the Farmers' Grain company, which owns a line of elevators in North Dakota and Manitoba, died at Devils Lake, N.D. By a majority of 545 Raleigh, N. C., voted out its liquor dispensary and becomes a prohibition city. Frank Amos of Hastings, Pa., made despondent by the fact that he had broken a temperance pledge, shot and killec himself. The pope, on Christmas eve launched the severest blow he has yet dealt modernism, the pronunciation of the greater excommunication against all concerned in the production of the monthly review Il Rinnovamento, which is published at Milan. Rear Admiral Charles W. Abbott, retired, died at Warren, R. I., aged 78 years. In 1853-54 he went with Commodore Perry on his famous expedition to Japan. Mayor Price of Elgin, III., was fined three dollars and costs for assaulting a newspaper reporter. A receiver was appointed for the Memphis Savings bank and the institution was closed, but the directors said it was solvent and its creditors would lose nothing. M. Gude, formerly minister of Norway and Sweden to Denmark, has been appointed to succeed the late H. C. Hauge as minister of Norway to the United States. Chatham, Mass., was struck by a destructive hurricane that lasted only five minutes. Ex-Gov. Horn, of Togoland, was sen tenced in Berlin to a fine of $75 and costs and to be transferred to another post for the ill-treatment of a native in Togoland in 1903. Telegraphic communication in all di rections from Chicago was demoralized by a severe sleet storm.