20761. American Savings Bank & Trust Company (Memphis, TN)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: f69c54e7

Response Measures

None

Description

The American Savings Bank & Trust Company suspended payments Dec 27, 1905, not due to its own insolvency but to avoid a run after the affiliated Merchants' Trust Co. closed and a receiver was appointed. Multiple articles state the American Savings was in good condition and officials anticipated resumption; stockholders subscribed and talks of takeover/rehabilitation occurred, supporting classification as a suspension with likely reopening (though later final disposition is not conclusively reported in these clippings).

Events (3)

1. December 27, 1905 Receivership

Newspaper Excerpt: A. Y. Allen, cashier of the American Savings Bank and Trust company, has been appointed receiver of that institution.
Source: newspapers

2. December 27, 1905 Suspension

Cause: Local Banks
Cause Details: Suspended to avoid a run after the Merchants' Trust Company closed and a receiver was appointed; Merchants' Trust had over-loans on discounts and its failure prompted anticipation of heavy withdrawals from affiliated institutions.
Newspaper Excerpt: The American Savings Bank and 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.
Source: newspapers

3. January 2, 1906 Other

Newspaper Excerpt: Stockholders agreed to pay $44,500... If accepted it is announced that the institution will resume business Tuesday; committee appointed to investigate affairs and secure an audit (rehabilitation steps).
Source: newspapers

Newspaper Articles (20)

1. December 26, 1905 The Daily Sentinel Grand Junction, CO

Article from The Daily Sentinel, December 26, 1905

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THREE BANKS CLOSE DOORS. Special to The Sentinel. Memphis, Tenn., Dec. 27.-Three banking institutions failed to open their doors for business today. The Merchants Trust company capitalized for $200,000 and the American Savings bank and Trust company, and the Mechanics' Bank, two institutions allied with the first named were the banks that failed to open. John C. Edmonason was appointed as receiver. The cause of the suspension of business was overloans on discounts. The deposits amounted to $625,000.

2. December 27, 1905 The Roswell Daily Record Roswell, NM

Article from The Roswell Daily Record, December 27, 1905

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LITTLE EXCITEMENT Trust Company Drags Downs Two Smaller Institutions in its Train.Condensed Statement Showing Assets and Liabilities.-$30,000 Actual Cash on Hand. Memphis, Tenn., Dec. 27.-The Merchants' Trust Company has closed its doors and a receiver has been appointed. The institution had a capital of $200,000. The American Savings Bank and Trust Company and the Merchants' Savings Bank have suspended business. These are small institutions allied with the Merchants Trust Company. The cause of the suspension of the Merchants' Trust Company is said to have been loans and discounts. The Merchants' Trust Co. recently absorbed the Memphis National Bank, and it is stated owns the controlling stock of the American Savings Bank and Trust Co. The latter institution has practically absorbed the Mechanics' Savings Bank. The suspension of the three institutions caused but little excitement in financial circles. A condensed statement of the conf dition of the Merchants' Trust Co. at the close of business Dec. 26 was given out, as follows: Total assets $3,665,055; indebtedness of every character to depositors, $3,132,319. All other obligations exclusive of cap ital stock, $889,058. Cash actually on hand, $30,000. New York, Dec. 27.-The American Savings Bank and Trust Company of Memphis, according to a recent statement, owed depositors $625,000.

3. December 27, 1905 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, December 27, 1905

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THREE BANKS FAIL Merchants' Trust and Allied Institutions Closed at Mem. phis, Tenn. EXPECT TO PAY ALL DEBTS Trouble Over Losses and DiscountsCauses Little Excitement in Financial Circles. Memphis, Tenn., Dec. 27.-The Merchants' Trust company has closed its doors and a receiver has been appointed. Felix T. Pope is president. The institution has a capital of $200,000. The American Savings Bank & Trust company and the Mechanics' Savings bank have suspended. These are small institutions allied with the Merchants' Trust company. According to a recent statement the Merchants' Trust owed depositors $605,000. Pay All Obligations. The cause of the suspension of the Merchants' Trust is said to have been over loans on discounts. One director said to the Associated Press the three institutions had ample assets and could pay dollar for dollar. The suspension of the three institutions caused little excitement in financial circles. The American Savings bank, according to a recent statement, owed depositors $625,000.

4. December 27, 1905 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, December 27, 1905

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THREE MEMPHIS BANKS SUSPENDED Merchants' Trust Co., American Savings Bank & Trust Co., and Merchants' Savings Bank. WAS CAUSED BY OVER LOANS. The Suspension of the Institutions Re. sulted in Little Excitement in Financial Circles. Memphis, Tenn., Dec. 27.-Three institutions failed to open their 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. " FELIX T. POPE. (Signed.) "President." Another notice reads: "This bank has 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 businesss, Chancellor Heiskell 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 & 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 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 re-organization 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, $3,65,055: indebtedness of every character to depositors, $2,132,319: all other obligations exclusive of capital stock, $889,058; cash actually on hand, $30,000. AMOUNT DUE DEPOSITORS. New York. Dec. 26.-The American Savings Bank & Trust company of Memphis, Tenn., according to a recent statement, owed depositors $625,000.

5. December 27, 1905 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, December 27, 1905

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THREE MEMPHIS BANKS CLOSE THEIR DOORS 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 & Trust company, and the Mechanics' Savings bank, smaller institutions, and allied with the first-named concern, have gone into liquidation. The cause of the suspensions of the Merchants' Trust company is said to have been overloans on discounts. One of the directors said that the three institutions had ample assets and would pay dollar for dollar. The suspension of the three institutions caused little excitement in financial circles.

6. 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

7. December 28, 1905 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, December 28, 1905

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THE FACT that call loans were quoted at 90 per cent. in New York yesterday has naturally caused apprehension in conservative business circles throughout the country. The failure of the Ryan banks in Chicago a few weeks ago and the disaster to the Merchants' Trust Company and the American Savings Bank and Trust Company in Memphis yesterday have added to the anxiety. A financial panic is imminent in Europe, and should Russia fail to suppress the revolt against the autocracy and thereby drain her treasury, the payment of interest on her bonds would necessarily cease. Millions of the securities are held in France and Prussia, and the crash, now dreaded, would surely come as an avalanche. Call loans were quoted in New York at 125 per cent., which has added to the apprehension and caused many to fear that financial troubles in this country are drawing near.

8. December 28, 1905 The Times Dispatch Richmond, VA

Article from The Times Dispatch, December 28, 1905

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MEMPHIS BANKS GO TO THE WALL Merchants Trust Company and American Savings Bank Suspend Payments. DEPOSITORS PAID IN FULL Officials Say Latter Will Not Lose a Dollar-Stockholders Suffer 20 Pen Cent. (By Associated Press.) MEMPHIS. TENN., December 27.-Anticipation of a heavy run on the Merchants Trust Company, No. 11 Madison Street, 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 to-day. The American Savings Bank and Trust Company, No. 176 South Main Street, which is dominated by the directors 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 Bank and Trust Company, It developed, recently absorbed the Mechanics' Savings Bank, at Main and Calhoun Streets, 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 18 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 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 $00,000. 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. 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 appointed receiver of that institution. The decision not to open the doors of the Merchants Trust Company to-day was reached after an all-night session of the board of directors. Statements of the financial status of the closed banks at the close of business December 26th: Merchants Trust Company-Assets, $3,665,055; liabilities, $2,132,310. American Savings Bank-Assets, $758,783; liabilities, $758,703. The deposits in both institutions exceed $2,000,000. C. W. Shultze, president of the Memphis Clearing House Association, made the following statement in behalf of 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 ns carefully as time 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 HTC safe, yet It would take an extraordinarily large sum to pay all immediate demand:

9. 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.

10. December 29, 1905 Gainesville Daily Sun Gainesville, FL

Article from Gainesville Daily Sun, December 29, 1905

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THREE INSTITUTIONS FAIL TO OPEN DOORS Cause Of Suspension Overloans On Discounts. RECEIVER IS APPOINTED A Have Ample Assets and Will Pay Dol. lar for Dollar-Suspension Caused Little Excitement In Financial Cir. cles-Had $200,000 Capital Stock. Memphis, Tenn., Dec. 28.-Three Anancial institution 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. and allies with the first named concern, have gone into liqui. dation. 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 11. quidation. (Signed) Felix T Pope, president." Another notice read as follows: "This bank has gone into liquida tion. Jonn P. Edmondson nas 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 repre. sentative 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 bus. iness. Chancellor Helskell was asked to appoint a receiver for the institu tion. Hon. John P. Edmendson, one of the best known lawyers In Memphis, was named as receiver. The Merchats' Trust company recently absorbed the Memphis National bank. and, It is said. owns the controlling stock of the American Sav. ings Bank and Trust company The lat. ter institution has practically absorb ed the Mechanics' Savings bank The suspension of the three Institutions caused little excitement In finan. clal circles.

11. December 30, 1905 The Sun Tallahassee, Jacksonville, FL

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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-

12. December 30, 1905 The News & Observer Raleigh, NC

Article from The News & Observer, December 30, 1905

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ASK RECIEVER'S REMOVAL. Creditors Assert That the Merchants Trust Company Owes Half a Million More Than Its Assets. (By the Associated Press.) Memphis, Tenn., Dec. 28.-A bill was filed before Chancellor Heiskell today seeking to have John P. E mondson removed as receiver of the Merchants Trust Company, which closed its doors yesterday. The bill was filed by T. F. Wordell and W. F. Ladd, who sue for themselves and all other creditors of the Merchants Trust Company. The bill sets forth that the liabilities of the Merchants Trust Company amount to three m:1lion dollars and the assets of the institution are $2,500,000 when the same are realized on. The bill alleges that the company is insolvent and owes $500,000 more than its assets will bring. It further alleges that Receiver Edmondson is a director in the Merchants Trust Company and a large stock holder and the court is asked to appoint another receiver. It was stated today that the affairs of the American Savings Bank and Trust Company are in good condition and it is believed the bank will resume business in a short time. A notice to the public signed by the presidents of the local clearing house banks, was issued today, saying: "The committee appointed to examine into the affairs of the Merchants Trust Company report to us that in their opinion the depositors will no doubt receive a very large percentage if not the entire amunt of their claims against the institution." President Schult of the Clearing House Association stated today that in his opinion the afairs of the Merchants Trust Company were too heavily involved for a re-organization.

13. 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.

14. December 30, 1905 The Sun Tallahassee, Jacksonville, FL

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15. 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.

16. January 2, 1906 Twice-A-Week Plain Dealer Cresco, IA

Article from Twice-A-Week Plain Dealer, January 2, 1906

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BANK DEFICIT LARGE. Creditors of Insolvent Memphis Company Ask That Receiver Edmondson Be Ousted. Memphis, Tenn., Dec. 29.-A bill was filed Thursday seeking to have John P. Edmondson removed as receiver of the Merchants' Trust company, which closed its doors Wednesday. The petitioners are creditors, and the bill sets forth that the liabilities are $3,000,000 and assets $2,500,000. The bill alleges the company owes $500,000 more than its assets will bring. It further alleges Edmundson is a director and large stockholder in the Merchants' Trust company. There was hardly a ripple on the financial surface because of the failures. The banks of the city opened for business at nine o'clock, and no unusual incidents occurred. It was stated Thursday that the affairs of the American Savings Bank and Trust company are in good condition, and it is believed the bank will resume business in a short time. This institution recently absorbed the Mechanics' Savings bank, and the statement of its condition, given out Wednesday, included the affairs of the letter bank.

17. January 3, 1906 The Abbeville Press and Banner Abbeville, SC

Article from The Abbeville Press and Banner, January 3, 1906

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Banks Fail. The Merchant's Trust company of Memphis, Tenn., decided to go into liquidation and the American Savings Bank and Trust company, controiled by the Me:c ant's company, closed its doors to avoid . a run. Up to 11. o'clock Wednesday morning the institutions made no statement. The Merchants' company has a paid-up capital of $500,000 and deposits of about $600,000. The American Sav ings Bink and Trust company has a paid-up capital of $25,000 and deposits of about $625,000.

18. January 4, 1906 Valentine Democrat Valentine, NE

Article from Valentine Democrat, January 4, 1906

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BANKS GO UNDER. Three Memphis, Tenn., Institutions Close Their Doors. At Memphis, Tenn., the Merchants' Trust Company hasclosed its doors and a receiver has been appointed. Felix T. Pope is president. The institution has a capital of $200,000. The American Savings Bank and Trust Company and the Merchants' Savings Bank have suspended. These are small institutions allied with the Merchants' Trust Company. According to a recent statement, the Merchants' Trust Company owed depositors $605,000. The cause of the suspension of the Merchants' Trust Company is said to have been overloans on discounts.

19. 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.

20. January 6, 1906 Americus Times-Recorder Americus, GA

Article from Americus Times-Recorder, January 6, 1906

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May Absorb American Co. Memphis, Tenn., Jan. .-The Com mercial Trust and Savings bank has offered to take over the affairs of the American Savings Bank and Trust company, one of the institutions which recently suspended business in connec. tion with the failure of the Merchants' Trust company, The matter has been placed in the hands of Chancellor Heiskell for approval.