18080. Merchants Trust Company (Memphis, TN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
0b7b610e849d1489

Response Measures

None

Description

Multiple contemporaneous articles (Dec 27–30, 1905) report heavy withdrawals/anticipation of a run that prompted the Merchants' Trust Company to suspend, appoint a receiver (John P. Edmondson) and go into liquidation. Causes cited: immediate trigger was anticipation of a heavy run/withdrawals; underlying cause was overloans and stringency of the New York money market. Some later reports mention stockholders planning rehabilitation, but initial action was suspension with receiver and liquidation notices, so classified as suspension following a run with closure/receivership.

Events (4)
1. December 27, 1905 Receivership
Newspaper Excerpt
John P. Edmondson has been appointed receiver for the Merchants' Trust company.
Source
newspapers
2. December 27, 1905 Run
Cause
Rumor Or Misinformation
Cause Details
Anticipation of a heavy run manifested by large withdrawals; public awareness of relations between allied banks prompted withdrawals
Measures
Banks closed doors to forestall run; Merchants' Trust officers applied for receiver; allied American Savings Bank & Trust also suspended
Newspaper Excerpt
Anticipation of a heavy run on the Merchants' Trust company ... preliminary intimation of which was given by the withdrawal of many deposits Tuesday afternoon
Source
newspapers
3. December 27, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Direct causes given as over-loans on discounts / bank had overloaned and could not realize loans fast enough; New York money-market stringency exacerbated liquidity shortage
Newspaper Excerpt
This bank is closed by order of the board of directors and will go into liquidation. T. POPE, President.
Source
newspapers
4. December 30, 1905 Other
Newspaper Excerpt
At a conference of stockholders ... steps were taken looking to a rehabilitation ... it is announced that the institution may resume business on Tuesday (if accepted by Chancellor Heiskell).
Source
newspapers

Newspaper Articles (24)
1. December 28, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, December 28, 1905

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Anticipation of Heavy Run Caused Memphis Trouble THREE BANKS ARE INVOLVED President of Merchants' Trust Co. Says the Stockholders Will Undoub Realize a Large Percent. of Their Investmer cipation of Memphis, December 27 F iants' Trust a heavy run on the et, preliminary company, 111 Madison intimation of which given by 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, 176 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 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. Will Pay Dollar for Dollar. It is stated by the officials of these institutions that 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 bank's finances are expected to entail a slight loss. The assets of the Mercahnts' Trust company greatly exceed the liabilities. The American Savaings 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 Mercahnts' Trust company has on hand only $30,000, the remainder of its capital being loaned our. The fact that the bank had overloaned and the stringency of the New York market are given as the direct causes 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 made 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: Bank Is Amply Solvent. "The bank is amply solvent and every depositor will be re'The stockholders paid will in undoubtedly full. alize 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 of both of the American Savings Bank and Trust company and the Merchants' 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, $3.655,055; liabilities, $2,132,319. American Savings bank-Assets, $758,703; liabilities, $758,703. Deposits in these institutions exceed $2,000,000. Since the recent absorption of the Mechanics' Savings bank by the American Bank and the of the former concern been business Savings Trust American. company has conducted directly by the

2. 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.

3. December 28, 1905 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 28, 1905

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THREE HOUSES CLOSE DOORS Two Banks and One Trust Company Suddenly Go Out of Business. 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 and Trust company and the Mechanics' Savings bank, smaller institutions allied with the firstnamed 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 liquidaFF tion. T. POPE, President." Another noti in ds as follows: "This bank hel gone into liquidation. John P. Edmondson 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 Heiskel was asked to appoint a receiver for the institution and named John P. 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. It was later learned that the American 1 Savings Bank and Trust company had actually absorbed the Mechanics Savings t bank several days ago. It was stated today that the suspension of this institution is only temporary and e that its affairs are in good shape. Officers v say that the suspension was decided upon o because they feared a run when the doors n were opened this morning. the public genr erally being aware of the bank's relation t to the Merchants' Trust company. At the latter institution it was said that a thorough investigation would be made and hope is expressed that the bank would n again open its doors for business in a y short time. A condensed statement of the condition s of the Merchants Trust company at the . close of business December 26 was given y out as follows: Total assets, $3,665,055; ink debtedness of every character to deposio tors, $2,132,319; all other obligations, excluk sive of capital stock, $889,058; cash actually e on hand, $30,000. S Major G. W. MacCrae, president of the Memphis Savings bank. said: I believe the liquidation to be a result of t taking on too much business by the Merchants Trust company; too much spreadn ing out and too large advances in purchasing other properties. k. C. W. Schulte, president of the Memphis t Clearing House association, made the following statement in behalf of the associat tion: to Fifteen days ago the Merchants Trust is company applied for help to the Memphis Clearing House association. The clearing house association appointed re a committee to investigate. the matter. The committee went over the assets of the n Merchants Trust companyas carefully as be the limited time allowed and the ossociad tion advanced through the Merchants Trust company the sum of $160,000. ly Subsequent investigation revealed the fact that while it was the opinion of the he members of the clearing house associaution that the depositors of the concern are safe, yet it would take an extraordinarily large sum to pay all immediate deat mands. W In the interests of the city and the depositors and of the various institutions of athe city, which for the last month had nanticipated some such movement, it was s: deemed wisest to allow the concern to close its doors. ve Representatives of the large banks of us New York, Chicago and St. Louis are a. in the city with great quantities of money in furtherance of the legitimate business of interests of the city, un It is deemed advisable that no undu ot excitement be indulged in. Old and experienced bankers and members of th er Memphis Clearing House association have to is the situation well in hand. No danger a apprehended and the commercial interest of the city are competent to meet any nsituation that is liable to arise. ld NEW YORK, Dec. 27.-The American ne Savings Bank and Trust company of Mem he in phis, Tenn., according to a recent state of ment, owed depositors $625,000.

4. December 28, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 28, 1905

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THREE MEMPHIS BANKS GO DOWN Assets Said to Be Ample to Pay the Depositors. RESULT OF SPREADING OUT FAILURE CAUSED LITTLE OR NO EXCITEMENT. EMPHIS, Tenn., Dec. 27.-Three institutions failed to open their M 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. (Signed.) "FELIX T. POPE. "President." Another notice reads: "This bank has gone into liquidation. John P. Edmonson has been appointed receiver.' Assets Are Ample. 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 P. Edmonson, 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 & Trust company: The latter institution has practically absorbed the Mechanics' Savings bank. The suspension of the three institutions caused little excitement in financial circles. A Run Was Feared. It was later learned that the American Savings Bank & Trust company had actually absorbed the Mechanics' Savings bank several days ago. It was stated today that the suspension of this institution is only temporary and that its affairs are in good shape. Officers say that the suspension was decided upon because they feared a run when the doors were opened this morning, the public generally being aware of the bank's relation to the Merchants' Trust company. At the latter institution it was announced that a thorough reorganizatio would be made, and hope was expressed that the company would again open its doors for business in a short time. A condensed statement of the condition of the Merchants' Trust company at the close of business Dec. 26 was given out, as follows: Total assets, $3,665,055: indebtedness of every character to depositors, $2,132,319; all other obligations exclusive of capital stock, $889,058; cash actually on hand, $30,000. Aided by Clearing House. C. W. Schulte, president of the Memphis Clearing House association, made the following statement in behalf of the association: "Fifteen days ago the Merchants' Trust company applied for help to the Memphis Clearing House association. 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. "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 are safe, yet it would take an extraordinarily large sum to pay all the demands. "In the interests of the city and depositors and of the various institutions of the city, which for the last month have anticipated some such movement, it was deemed wisest totallow the concern to close its doors. Other Banks Safe. "Representatives of the large banks of New York, Chicago and St. Louis are in the city with great quantities of money in furtherance of the legitimate business interests of the city. "It is deemed advisable that no undue excitement be indulged in. Old and experienced bankers and members of the Memphis Clearing House association have the situaiton well in hand. No danger is apprehended and the commercial interests of the city are competent to meet any sttuation that is liable to arise." Major G. W. McRae. president of the Memphis Savings bank, said: "I believe the-liquidation to be a result of taking on too much business by the Merchants' Trust company, too much spreading out and too large advances in purchasing other properties."

5. December 28, 1905 The Seattle Star Seattle, WA
Article from The Seattle Star, December 28, 1905

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MEMPHIS, Tenn., Dec. 28.There is scarcely a ripple 1 n financial circles this morning. A bill was filed asking the removal of Receiver John P. Edmonson, appointed yesterday for the Merchants Trust company, and asks that another man be appointed.

6. December 28, 1905 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, December 28, 1905

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BANKS FAILED TO OPEN THE DOORS Three Memphis Banks Go Down With a Crash GO INTO LIQUIDATION OVERLOANS AND DISCOUNTS SAID TO BE RESPONSIBLE.INSTITUTIONS CLAIM THEY WILL PAY OUT. Memphis, Tenn., Dec. 27.-Three financial institutions of this city failed to open their doors today. They are the Merchants' Trust company, capital stock two hundred thousand: the American Savings (bank and Trust company and the Mechanics' Savings bank. The two last are smaller institutions allied with the first named institution. John P. Edmondson, a well known attorney. was appointed receiver of the Mechanics' Trust company. Overloans and discounts are said to be the reason for the action of the directors. Felix T. Pope is president of the Merchants' Trust company. which recently absorbed the Memphis National bank and later secured a controlling 'nterest stock of the American Savings bank and Trust company. A director of the institution told al representative of the American Press today that the banks were solvent and would pay dollar for dollar. The arfairs of the American Savings and Trust bank are said to be in excellent shape and its suspension is only temporary. The public, however, knew its relation to the Merchants' Trust company, and its officers say that to avoid 1 run on the institution today they closed its doors. They hope to reorganize and begin business again in and Co., and allaeeinsegteraEshrd two weeks. Off'cers of the Merchants' Trust company say they expect to reorganize. Statements how the assets of all the institution to be a little less than four million dollars, with liabilities considerably under that sum. The deposits in the two institutions are over two millions. The Merchants' Trust company, so the directors say, will pay dollar for dollar. Rumor, however, says only 80 per cent. on the dollar will be paid. The American Savings will undoubtedly pay out in full. The capital of the Merchants' Trust company is $200,000. The American Savings bank's capital, counting the capital of the Merchants' Savings bank is $100,000.

7. December 29, 1905 The News & Observer Raleigh, NC
Article from The News & Observer, December 29, 1905

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Merchants Trust Company First to Suspend. DEPOSITORS ARE SAFE of Such is the Declaration of Officials Both, Institutions. American Savings Bank, the Second Institution, Dominated by Directors of the First Named. (By the Associated Press.) Memphis, Tenn., Dec. 27.-Anticipation of a heavy run on the Merchants Trust Company, 11 Madison of street, preliminary intimation 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 is dominated by the Merchants of which the Trust Company, the directors other fearing that the failure of 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 Merchants Savings Bank, at Main and Calhoun streets and took charge of the latter company's búsiness. It is stated by the officials of both institutions that the depositors will be fully protected and paid dollar for dollar. The stock holders 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 to the bank's finances are expected 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 is and carrying more ready cash then usual for an institution of its size. The Merchants Trust Company has on hand only $30,000. the remainder of its capital having been 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 A. for the Merchants Trust Company. 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 today was reached after an all night session of the board of directors. Says the Bank is Solvent, Felix T. Pope, president of the Merchants Trust Company, gave out the following statement: "The bank is 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 reorganization or future plans.' W. A. Percy, attorney for the Merchants Trust Company, and the direc- the tors of that institution make that all depositors of both Trust statement the Merchants Company Trust Com- and the American Savings and pany 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, $2,132,319; liabilities, $3,665,055; American Savings Bank, assets, $758.783: liabilities, $758,703. The deposits in both institutions exceed $2,000,000. C. W. Schulte's Statement. C. W. Schulte, president of the Memphis Clearing House Association, made of the following statement in behalf 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 are carefulty as the 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 are safe. yet it would take an extraordinary large sum to pay all immediate demands. In the interests of the city and the depositors, and of the various institutions of the city, which for the last month had anticipated some such movement, it was deemed wisest to allow the concern to close its doorsRepresentatives of the large banks New York, Chicago and St. Louis are of in the city with great quantities of money in furtherance of the legitimate business interests of the city. "Old and experienced bankers and members of the Memphis situation Clearing House Association have the well in hand. No danger is appreand the commercial interests are competent any hended of the city to arise." meet situation that is liable to AN ASTOUNDING STORY.

8. 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-

9. December 30, 1905 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, December 30, 1905

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TAREE BANKS FAIL; OVER-LOANS CAUSE ALLIED INSTITUTIONS OF MEMPHIS, TENN., GO TO THE WALL. RECEIVER AFPOINTED FOR TRUST COMPANY Merchants' Trust Company, American Savings Bank and Trust Company and Mechanics' Savings Bank Are the Fallen Institutions. Memphis, Tenn., Dec. 28.-Three financial institutions failed to open their doors for business Wednesday. 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 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. Signed, Felix T. Pope, president." Another notice read as follows: "This bank has gone into liquidation. John P. Edmondson has been appointed receiver." Over-Loans the Cause. The cause of the suspensions of the Merchants' Trust company is said to have been over-loans on discounts. One of the directors said 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 Hon. John P. 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. Financiers Not Excited. The suspension of the three inscitutions caused little excitement in financial circles. It was learned that the American Savings Bank and Trust company had actually absorbed the Mechanics' Savings bank several days ago. It was stated Wednesday that the suspension of this institution is only temporary and that its affairs are in good shape. Officers say that the suspension was decided upon because they feared a run when the doors were opened Wednesuay morning, the public generally being aware of the bank's relation to the Merchants' Trust company. At the latter institution it was announced that a thorough reorganiza. tion would be made and hope was expressed that the company would again open its doors for business in a short time.

10. December 30, 1905 Martinsburg Herald Martinsburg, WV
Article from Martinsburg Herald, December 30, 1905

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Two Memphis Banks Go Under. MEMPHIS. Tenn., Dec. 28.-Anticipation of a heavy run on the Merchants' Trust company here. preliminary intimation of which was given by the withdrawal of many deposits, 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 that the SHSpension 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.

11. December 30, 1905 The Free Lance Fredericksburg, VA
Article from The Free Lance, December 30, 1905

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MEMPHIS BANKS FAIL Merchants Tfust and the American Suspend Payments. DEPOSITORS FULLY PROTECTED Bank Overloaned and the Stringency of the Money Market Given As the Cause - Feared a Run On Deposits. Memphis, Tenn., Dec. 28.-Anticipation of a heavy run on the Merchants' Trust company, 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, which is dominated by the directors of the Merchants' Trust company, fearing that the suspension 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 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 their capital invested, as the liquidation of the bank's finances is 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 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. 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 was reached after an all-night session of the board of directors. W. A. Percy, cashier of the Merchants' Trust company, and directors of that institution make the statement that all depositors, both of the Merchants' Trust company and the Amerlean Savings Bank 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; Habilities, $2,132,319. American Savings bank: Assets. $758,783: liabilities. $758,703. The deposits in both institutions exceed $2,000,000.

12. December 30, 1905 Gainesville Daily Sun Gainesville, FL
Article from Gainesville Daily Sun, December 30, 1905

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TRY TO REMOVE RECTIVER. Who Was Appointed in Memphis Bank Falures. Memphis, Dec. 29.-A bill has been filed and will be argued before Chan celler Heiskell seeking to have John P. Edmondson, removed as receiver of the Merchants' Trust company which closed Its doors Wednesday. The bill was filed by T F. Worrell end W. F. Ladd. who sue for themselves and all other creditors of the Merchants Trust company. The bill sets forth that the Hablit ties of the Merchants' Trust company amounts to $3,300,000. and that the ILY. sets of the institution are only $2,500... 000, when the same are realized on. The bill alleges that the company is Insolvent, and owes $500,000 more than It further alits assets will bring. leges that Receiver Edmondson Is a director in the Merchants' Trust com. pany, and a large stockholder. and the court is asked to appoint another re celver.

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 St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, December 31, 1905

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TRUST COMPANY MAY REOPEN. Memphis Stockholders Take Steps to Resume Business. Memphis, Tenn., Dec. 30-At a conferonce of the stockholders of the suspended Merchants' Trust Company, held late today. steps were taken looking to a rehabilitation of that institution A committee of disinterested persons was appointed to investigate the affairs of the company. secure an auditing of the books and to report at a meeting to be held next week. when It is probable deflnite action will be taken. John P. Edmunson. named as temporary receiver was Indorsed as permanent recelver. It 1- announced that the institution may resume business on Tuesday.

15. January 2, 1906 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, January 2, 1906

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MAY SOON RESUME BUSINESS Steps Taken Toward Rehabilitation of the Suspended Merchant Trust Company in Memphis. Memphis, Tenn., December 30.-At a conference of stockholders of the suspended Merchants Trust Company, held late tonight, steps were taken looking to a rehabilitation of that institution. A committee of disinterested parties were appointed to investigate the affarra of the company, secure an audit of the books, and to report at 3 meeting to be limit rext week when it is probable definite action will be taken. John P. Edmundson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmundson stated that within a few days he believed he could 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 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 meetings. This proposition will be referred to Chancellor Heiskell, and if accepted it is announced that the institution will resume business on Tuesday. Mr. 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 were represented.

16. January 2, 1906 The Farmer and Mechanic Raleigh, NC
Article from The Farmer and Mechanic, January 2, 1906

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BANK TO RESUME BUSINESS. Meeting of the Stockholders of the Suspended Merchants Trust Company. (By the Associated Press.) Memphis, Tenn., Dec. 30.-At a conference of stockholders of the suspended Merchants Trust Company, held late tonight, steps were taken looking to a rehabilitation of that institution. A committee of disinterested parties were 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 it is probably definite action will be taken. John P. Edmundson, named as temporary receiver, was endorsed as permanent reciever. Mr. A. Y. Allen was endorsed as permanent receiver of the American Savings Bank and Trust Company.

17. January 2, 1906 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, January 2, 1906

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BANKS IN MEMPHIS FAIL Trouble Ascribed to Too Ambitious Consolidation. Generally Believed That Depositors Will Be Paid and That the Stockholders Will Not Lose Heavily. Memphis, Tenn.-The Merchants' Trust Company, the American Savings Bank and the Mechanics' Savings Bank failed to open their doors for business in the morning. The three institutions are related and an application for a receiver on the report of the officers and directors of the Merchants' Trust Company late at night caused the other two to take precautions, anticipating a run. No depositors will lose, so all the officers say. Heavy withdrawals of deposits from the Mercliants' Trust Company, which corporation conducted a Savings Bank feature in addition to its interests in the other banks named, caused the reeeivership application to be filed. The officers of the Merchants' Trust Company and the American Savings Bank and Trust Company gave out statements. The Mechanics' Savings Bank, claiming to be intact, made no statement. Merchants' Trust Company assets, $3,665,055; liabilities, $2,132,319. American Savings Bank assets, $7,643,193.82; liabilities, $614,178.88. The deposits of these two will go over two millions and the Merchants' Bank will add half a million more. Felix Pope, President of the trust company, says that all the depositors will be paid in full, though the stockholders may lose a heavy percentage. President Pope is a large stockholder and a director in the other two, and speaks for them also. The reason assigned for the failures is the over confidence and consequent liberal branching out of the Merchants' Trust Company, which recently absorbed the Memphis National Bank. taking over all of its liabilities without getting all of its directors, stockholders and depositors, who were among the conservative business men of Memphis. Afterward the trust company took over the American Savings Bank and an interest in the Mechanics' Savings Bank, without interesting the leading men of the two institutions. C. W. Schulte, President of the Memphis Clearing House. who is also President of the State National Bank of Memphis, said that every other financial institution here was amply able to take care of itself and ascribed the foregoing reasons as the cause of the present failures. The presidents and cashiers of other leading banks here were in line with the Clearing House President in their statements. At a late hour in the afternoon W. A. Percy, attorney for the Merchants' Trust Company, on behalf of the directors said: "All depositors will be paid in full. No one, save possibly the stockholders. of either institution will suffer any loss. I do not think the latter will lose more than twenty per cent. in the liquidation proceedings, if so much." It is possible that the corporations involved may be placed on a sound footing and reorganized with even less loss to the stockholders. At the close of business at night only $50,000 was in the vaults of the Merchants' Trust Company. No report was made as to the cash on hand of the other two banks.

18. 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.

19. January 5, 1906 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, January 5, 1906

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BANKS IN MEMPHIS FA Trouble Ascribed to Too Ambitious Consolidation. Generally Believed That Depositors Will Be Paid and That the Stockholders Will Not Lose Heavily. Memphis, Tenn.-The Merchants' Trust Company, the American Savings Bank and the Mechanics' Savings Bank failed to open their doors for business in the morning. The three institutions are related and an application for a receiver on the report of the officers and directors of the Merchants' Trust Company late at night caused the other two to take precautions, anticipating a run. No depositors will lose, so all the officers say. Heavy withdrawals of deposits from the Merchants' Trust Company, which corporation conducted a Savings Bank feature in addition to its interests in the other banks named, caused the receivership application to be filed. The officers of the Merchants' Trust Company and the American Savings Bank and Trust Company gave out statements. The Mechanics' Savings Bank, claiming to be intact, made no statement. Merchants' Trust Company assets, $3,665,055; liabilities, $2,132,319. American Savings Bank assets, $7,643,193.82; liabilities, $614,178.88. The deposits of these two will go over two millions and the Merchants' Bank will add half a million more. Felix Pope, President of the trust company, says that all the depositors will be paid in full, though the stockholders may lose a heavy percentage. President Pope is a large stockholder and a director in the other two, and speaks for them also. The reason assigned for the failures is the over confidence and consequent liberal branching out of the Merchants' Trust Company, which recently absorbed the Memphis National Bank, taking over all of its liabilities without getting all of its directors, stockholders and depositors, who were among the conservative business men of Memphis. Afterward the trust company took over the American Savings Bank and an interest in the Mechanics' Savings Bank, without interesting the leading men of the two institutions. C. W. Schulte, President of the Mem. phis Clearing House, who is also President of the State National Bank of Memphis, said that every other financial institution here was amply able to take care of itself and ascribed the foregoing reasons as the cause of the present failures. The presidents and cashiers of other leading banks here were in line with the Clearing House President in their statements. At a late hour in the afternoon W. A. Percy, attorney for the Merchants' Trust Company, on behalf of the directors said: "All depositors will be paid in full. No one, save possibly the stockholders. of either institution will suffer any loss. I do not think the latter will lose more than twenty per cent. in the liqui-dation proceedings, if so much." It is possible that the corporations involved may be placed on a sound footing and reorganized with even less loss to the stockholders. At the close of business at night only $50,000 was in the vaults of the Merchants' Trust Company. No report was made as to the cash on hand of the other two banks.

20. 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.

21. January 11, 1906 The Brandon News Brandon, MS
Article from The Brandon News, January 11, 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.

22. January 12, 1906 The Montgomery Tribune Montgomery City, MO
Article from The Montgomery Tribune, January 12, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed: receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29--Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton, O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.: due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National, Home SavIngs and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

23. January 13, 1906 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, January 13, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3--Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton, O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, III, national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

24. January 18, 1906 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, January 18, 1906

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# IN A NUT SHELL Lieutenant General Adna R. Chaffee, chief of staff, favors the army bill providing for a reserve of 50,000 men. Leon Zolotkopf of Chicago was elected grand master of the Order of the Knights of Zion at the convention in St. Louis. Regular train service on the road built between Elkins and Charleston, W. Va., by ex-Senator Henry Gassaway Davis was inaugurated Jan. 1. Andrew Carnegie has a pipe organ for an alarm clock. He is wakened every morning by the strains of "Lead, Kindly Light" or "Silent Night." E. E. McDaniel, president of the Dallas Abstract Company, was shot and killed in a Dallas, Texas, saloon by Elmo Trimble, a discharged employe. Governor Herrick of Ohio, as a New Year's gift, pardoned Leonard Kitzel-man, who has served twenty-three years for murder in the second degree. James Kittredge, who was a patient in a private sanitarium in Philadelphia, jumped from a second-story window of the institution and was instantly killed. The Montreal Express on the Boston and Maine railroad was wrecked at Wallamoosac station, New York, and seven persons injured. The switch had been spiked and the signal light turned to indicate a clear track. The Wabash lines east of Pittsburg have decided to issue no more passes. The Pittsburg and Lake Erie railroad of the Vanderbilt system has also abolished free transportation. A well-known ticket broker of St. Louis declared that 100 ticket brokers and hotel keepers around the Union station were compelled to pay money to the police for protection. While attending a ball at Hague, Va., Mrs. Mary Willoughby Brown Williams, wife of Professor John Roger Williams of Princeton University, was badly burned by her dress catching fire from a lamp. A cable dispatch from Caracas, Venezuela, says that the visit of courtesy of Mr. Bax-Ironside, British minister to Venezuela, to President Castro is resulting in a settlement of the dispute with Great Britain. Creditors of the failed Merchants' Trust Company at Memphis filed a bill asking for a new receiver in place of John P. Edmondson, who, they charge, is a director and heavy stockholder in the bank. They also declare that the liabilities are $3,000,000 and the assets $2,500,000. The Kansas Supreme Court at Topeka decided that a man who has murdered his wife may claim her property even though he killed her for the purpose of obtaining it. The case was that of the husband of Kate Brandt, who killed his wife and then made over her property to his attorneys. He is under sentence of death.