20757. American Bank & Trust Company (Memphis, TN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
0d4668f3

Response Measures

None

Description

Newspaper accounts (Dec 27, 1905) report that the American Bank & Trust Company 'has suspended business' following the failure/receivership of the Merchants' Trust Company. No article mentions a depositor run or a reopening; Merchants' Trust was placed in receivership. Cause of the suspension appears to be linkage/contagion from the Merchants' Trust failure (over-loans), so classified as suspension_closure; closure is inferred as the episode includes a related failure and little indication of simple temporary measures. If later reopening evidence exists, classification would change.

Events (2)
1. December 27, 1905 Other
Newspaper Excerpt
Merchants' Trust Company of That City Closes Its Doors. ... a receiver has been appointed. ... The Merchants' Trust company has closed its doors and a receiver has been appointed. ... The cause of the failure of the Merchants' Trust company is said to have been over loans on discounts. The Merchants' Trust company recently absorbed the Memphis National bank, and it is stated, owns a controlling interest in the American Savings Bank & Trust company. The latter institution has practically absorbed the Mechanics' Savings bank. The suspension of the three institutions caused but little excitement in financial circles.
Source
newspapers
2. December 27, 1905 Suspension
Cause
Local Banks
Cause Details
Suspension followed failure/receivership of the Merchants' Trust Company (over-loans) to which American Bank & Trust was allied/controlled by same interests; contagion/affiliation prompted suspension of business by American Bank & Trust Company on Dec. 27, 1905. (Merchants' Trust closed and receiver appointed.)
Newspaper Excerpt
The American Bank & Trust company and the Mechanics' Savings bank have suspended business.
Source
newspapers

Newspaper Articles (3)
1. December 27, 1905 Albuquerque Evening Citizen Albuquerque, NM
Article from Albuquerque Evening Citizen, December 27, 1905

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Article Text

MEMPHIS BANKS SUFFER FAILURE Merchants' Trust Company of That City Closes Its Doors. TWO SMALLER GO WITH IT Same Old Story of Over Loans on Discounts and Small Cash in Vaults. Memphis, Tenn., Dec. -The Merchants' Trust company has closed its doors and a receiver has been appointed. The institution has a capital of $200,000. The American Bank & Trust company and the Mechanics' Savings bank have suspended business. These are small institutions, allied with the Merchants' Trust company. The cause of the failure of the Merchants' Trust company is said to have been overloans on discounts. The Merchants' Trust company recently absorbed the Memphis National bank, and it is stated, owns a controlling interest in the American Savings Bank & Trust company. The latter institution has practically absorbed the Mechanics' Savings bank. The suspension of the three institutions caused but little excitement in financial circles.

2. December 27, 1905 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 27, 1905

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Article Text

MEMPHIS BANKING HOUSES GO UNDER Three Institutions Closed Doors There. LITTLE EXCITEMENT CAUSED Statement Issued Showing Condition as to Assets and Liabilities. Memphis, Tenn., Dec. 27.-The Merchants Trust Company has closed its doors and a receiver has been appointed. The institution has a capital of $200,000. The American Bank and Trust Company, and the Mechanics' Savings Bank <have also suspended business. These are small institutions allied with the Merchants' Trust Company. Cause of Suspension. The cause of the suspension of the Merchants' Trust Company, is said to have been over loans on discounts. The Merchants' Trust Company recently absorbed the Memphis National Bank and it is stated that it owns the controlling stock of the American Savings Bank and Trust Company. The latter institution has practically ings Bank. absorbed the Mechanic ree instituThe suspension of tl itement in tions has caused little financial circles. Statement of the conA condensed staten Trust Comditions of the Mercha ness on Depany at the close of as follows: cember 26, was given Indebtedness Total assets $3,665,055. of every character to depositors $3, 132,319. All other obligations exclusive of capital stock is $889,058, Cash actually on hand $30,000. New York Report. New York, Dec. 27.-The American Savings Bank and Trust Company of according to a recent statement, owed the depositors $625,000. According to a recent statement the Merchants Trust Company of Memphis owes depositors $605,000.

3. December 27, 1905 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, December 27, 1905

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Article Text

Fail. Memphis. Memphis, Tenn, Dec. 27.-The merchants Trust company has closed its doors and a receiver. nas been appointed. The institution has a capital of $200,000. The American Bank n Trust company and Mechanics' Sav. inzs bank have also suspended bust. ness. These are small Institutions al. lied with the Merchants' Trust company. The cause of the suspension of the Merchants' Trust company is said to have been over loans on discounts. The Merchants Trust company recently absorbed the Memphis National bank, and, It is stated, owns the con frelling stock of the American Sav. ings Bank & Trust company. The lat. incer WHON has practically absorb. ed the Mechanics' Savings bank. The suspension of these three institutions caused some little excitement in finanBanks Owe Over a Million. New York Dec. 27.-The American