20782. City Bank (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 31, 1872
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
9c11397c

Response Measures

None

Description

Multiple contemporaneous newspaper reports (dated July 31–Aug 15, 1872) report the City Bank of Memphis suspended on July 31, 1872. Articles cite bad debts, losses on stock investments, decline in securities and tight money; a receiver was to be appointed and no reopening is reported in these items. No bank run is described—only a suspension and appointment of a receiver—so classified as suspension_closure.

Events (1)

1. July 31, 1872 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Several bad debts over prior years, losses on stock investments in New York, decline in value of securities held by the bank, and a tight money market; liabilities about $55,000 and assets unknown. A receiver will be appointed to examine the books and take charge of assets.
Newspaper Excerpt
Bank Suspended, The City Bank, on Madison street, S. H. Tobey, President, suspended this morning...
Source
newspapers

Newspaper Articles (11)

Article from Public Ledger, July 31, 1872

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Article Text

NEW FLOUR. "Clarksville City Mills." To the Trade, Cheap. HADDEN & AVERY, 206 Front Street. FINANCIAL AND COMMERCIAL. MONEY. PUBLIC LEDGER OFFICE, MEMPHIS. TENN., July 31, 1872. The géneral theme of conversation in financial circles to-day was the suspension of the City Bank, the particulars of which will be found in our local columns. The liabilities will perhaps amount to $55,000 or $60,000, and the assets, though not definitely known, may cover a portion of that amount. Depositors will lose but little, as the line of deposits were small, and already a movement is on foot among the friends of Mr. S. H. Tobey, President, to again establish him in business. We might properly add, too, that the movement originates with his friends in other banks. We trust it may succeed. A receiver will be ap. pointed and the books examined at once. There is a fair demand for money, and rates are firm at 10@12 # cent. FB aunum at the banks. Exchange is scarce, and par is paid for cotton bills, with light offerings, the only transaction being a purchase of $27,000. Selling rates are steady at tc premium. Gold advanced to 115} in New York today, but subsequently declined gc. Dealers buy at 114}. Local investments are dull, and but one transaction -a sale of $50000 Memphis currency sixes-reported at 53c. There were moderate offerings of county scrip, comptroller's warrants and Tennessee money, but no transactions reported.


Article from Public Ledger, July 31, 1872

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Bank Suspended, The City Bank, on Madison street, S. H. Tobey, President, suspended this morning, an event not unexpected in financial circles. The list of depositors of the bank was small, and the impression prevails that only a few people, comparatively, will suffer loss. The liabilities are stated at $55,000; assets unknown. The depositors were generally personal friends of Mr. Tobey, and for some time past have been depositing very lightly. A receiver will be appointed to take charge of the assets of the bank and a statement will be published in due time.


Article from Worcester Daily Spy, August 1, 1872

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Abbreviated Dispatches. Eleven hundred poor colored children of Philadelphia participated in an excursion to Rockland, East Fairmount park, yesterday. The City bank of Memphis suspended yesterday. Liabilities $55,000, assets unknown. Michael Lowery of New York threw his wife from a third-story window to the yard, last night. She cannot recover. He has been arrested. A glorious rain in Memphis, yesterday afternoon, suspended the heated term of ten days' duration-the longest and hottest ever known there. The weather probabilities give "clearing and cooling weather, with winds" to the eastern states for to-day. The governor of Arkansas has issued a proclamation threatening to declare martial law in Pope county.


Article from Memphis Daily Appeal, August 1, 1872

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THE CITY BANK. The Failure-How it was Received, its Extent and Effect. One of the principal topics of conversation on the streets yesterday was the suspension of the City Bank, of-which Mr. S. H. Tobey is President. The bank has been in operation for several years, and the general opinion was that it was in a flourishing condition. The cause of the suspension was several bad debts made over a couple of years ago, losses on stocks made in New York sometime since, decline in the value of securities held by the bank, and the present tightness of the money market. The liabilities are estimated at from fifty to sixty thousand dollars, but it will not be possible to ascertain the amount of assets until a receiver is appointed and the books thoroughly examined. It may be proper to mention that the depositors and all who have had business with the bank, express themselves as having the greatest confidence in the President, Mr. Tobey, and several leading gentlemen on Front street tendered him material aid yesterday afternoon, in order that he may be in a position to resume business as soon as possible. A rumor was current on the streets last evening that J. Harvey Mathes, TaxCollector on Privileges, and Mr. A. Woodward, County Trustee, had county funds on deposit in the City Bank. Both authorize us to state that such was not the fact. The Radicals have for four years held posséssion of the Tax-Collector's


Article from Wilmington Daily Commercial, August 1, 1872

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Crimes and Casualties. Michael Lowery threw his wife out of a thirdstory window in New York last night, and she is not expected to live. The white lead and color works of Boucher & Walkewitz, at St. Louis, were burned yesterday. Loss, $75,000. The City Bank, of Memphis, Tenn., suspended yesterday. Its liat ilities are $55,000; its assets, unknown. H. K. Whittlesey. money receiving clerk for Adams Express. at Cincinuati, was arrested yesterday for stealing $9000. The money was recovered. The Prairie City Bank, of Terre Haute, Ind. iana, was robbed yesterday morning while its officers were looking at a circus parade. The amount stolen was $3937 in money, a check of J. S. Beach on the Prairie City Bank for $267. and a check of Seath & Hager on McKeen & Minshall for $1771. Payment of the checks has been stopped.


Article from Wilmington Daily Gazette, August 1, 1872

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I The City Bank, of Memphis, Tenn, suspended yesterday. Its liabilities are $55,000; its assets, I 1 unknown.


Article from Nashville Union and American, August 1, 1872

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MEMPHIS. Bank Suspension-The Election ToDay-A Glorious Rain. MEMPHIS, July 31.-The City Bank suspended to-day. Liabilities $53,000; assets unknown. The election for county officers to-morrow is the engrossing subject. The canvass has been exceedingly bitter, and some trouble is anticipated. A special police force will be placed on duty and the saloons all closed. There was a glorious rain this afternoon suspending the heated term of ten days duration, which has been the longest and hottest ever known here.


Article from Daily Kennebec Journal, August 1, 1872

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Telegraph News in General. New York Mills, N. Y., 31. President Grant and party visited this village at noon to-day. The mills are all closed for the occasion and the people were out en masse and welcomed the President with enthusiastic demonstrations. The visitors were entertained at the residences of Senator Campbell and W. D. Walcott. and at 2 o'clock returned to Utica. Phiiadelphia, 31. Eleven hundred poor colored children participated in an excursion to-day, to Rockladd East Fairmount Park. Memphis, Tenn., 31. The City Bank suspended to-day; liabilities $55,000; assetts unknown. There was a glorious rain this afternoon, the heated term ten durasuspending the longest of days known tion and hottest ever in this city. Chicago, 31. The republican congressional convention of the 11th Illinois district, nominated A. C. Matthews of Pike county. Little Rock, Ark., 31. The Governor has issued a proclamation threatening to declare the martial law in Pope county. He reters to appearance in court there of prisoners and their friends fully armed and interferring with the course of justice, and to the reports that the citizens of Pope county are now in arms determined to resist the authority of the law and its officers. He does not desire to that county under martial law, but the be enforced and if the entire force of law necessary place must the obeyed, State will and be employed for that purpose. Trouble is anticipated at the county election to-morrow. A special police force will be placed on duty and the saloone all closed. The canvass has been exceedingly bitter the past week. Savannah, Ga., 31. The street car tronbles have entirely ceased and the city is as quiet as usual. Wilson was arrested by the United authorities to-day for the meeting on Monday States republican George disturbing night. until The commissioner continued the case tomorrow. Springfield, Mass., 31. A cable despatch has been received announcing the death at Southampton, England, of Rev. J. B. Moore, acting pastor ot the church. He was a native of Concord, N. H, and for six years was pastor of the Unitarian church at Lawrence, Mass. He leaves a wife and one son, the former being a daughter of Rev. Dr. Muzzey of Cambridge. N. Y. 31. The President received the of Utica in the Opera Utica, citizens House them this afternoon, and was introduced to by Senator Conkling. Six thousand people were present, a great many having come a long to see the President. evethe President was distance ning serenaded has received In the by the inUtica Citizens' Corps. He vitations to visit Syracuse, Rochester, Rome deand other cities, but was compelled to cline them. Toledo, 31. The republican congressional convention of the tenth district at Clyde, has re-nominated Hon. Chas. Foster. Laconia, N. H., 31. An unoccupied house owned by Bennett Swain, near Meredith Centre, was burned last night. Cleveland, O., 31. The 19th district has nominated J. A. Garfield for Congress. 31. Captain Lorenzo Danford, was nominated yesterday by Wheeling, the in 16 place h Ohio Congression District Convention, of Hon. John A. Bingham. Salt Lake. 31. Democrats, generally, refuse to accept George Cannon as the nomi- Connee of their Convention for delegate to gress. I Atlanta, Ga., 31. The Senate to-day passto allow colored men from e the lists to appeal to a Judge ed an jury act excluded of the Superior Courts. John Bowles. surveyor of the port of Savannah, has tendered his resignation. St. Louis, 31. The loss by the barning of : the lead and color works of Boucher & Wal) kenity is estimated at $75,000. Dawdall, Page & Co.'s machinery depot was damaged to the amount of $9,000. Insured in the Home Co. Hartford, Ct., 31. The Connecticut Screw Company, just incorporated by the Legisla1 ture, have purchased the property of the Carpet Co. at Tarriffville, which has been lying idle since the disastrous fire there some for years ago, and will soon erect buildings their works. FINANCIAL COMMERCIAL.


Article from The Daily Dispatch, August 2, 1872

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BANK SUSPENSION IN Mearus.-Memphis, July 31.-The City Bank suspended to-day. Liabilities, $53,000; assets unknown.


Article from Eaton Weekly Democrat, August 8, 1872

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The South. ANTON HOLME, of St. Louis, killed his wife, last week, by stabbing her with a dirk. The murderer was arrested. A MURDERER named James Sharp was taken from the Warrensburg, Mo., jail, last week, and hung by a mob. Two entire business blocks in Jefferson, Texas, were recently destroyed by fire. Serious disturbances have Loss, $150,000 occurred in Augusta, Ga., caused by a determined attempt on the part of the neWhile groes to ride in the street cars Carl Schurz was addressing a mass meeting at Charlotte, N. C., the other day, a scoundrelly negro set fire to a house in the town, for the purpose of breaking up the meeting. The rascal was arrested. THE first two bales of new cotton were received at Savannah, Ga., on the 31st ult., one from Florida and one from Bainbridge, Ga The City Bank, of Memphis, has collapsed. Liabilities $55,000 The streetcar troubles in Augusta, Ga., have ceased, and all is quiet again. THE troubles in Pope county, Ark., still continued at last accounts, and many people are leaving the country. Armed bands of militia are still at large, despite the Governor's proclamation calling on them to disband. Gov. Hadley threatens to put the county under martial law The evidence taken before the Frontier Commission authorized by Congress, and now sitting at Brownsville, Texas, implicates Gen. Cortinas in assisting the thieves in running off cattle from Texas into Mexico. It also establishes the fact that eighty miles of the most fertile river frontier in Texas is unsettled on account of the insecurity of life and property from these Mexican raids Advices from Charleston, S. C., state that the drought is so excessive throughout the State that the crops are almost parching up, and that if rain does not fall soon there will be nothing left for the caterpillars to eat. The cotton crop in some sections of the State will be an entire failure.


Article from Fayetteville Observer, August 15, 1872

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P The City Bank of Memphishas suspended. Liabilities $55.000; assets unknown.