20824. Memphis Bank (Memphis, TN)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 26, 1872
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: 574b7cf0

Response Measures

None

Description

No run is described in the articles. The Memphis Bank suspended payment on 1872-12-26 (statement by J.J. Murphy) and later property was sold by a court-appointed receiver in April–May 1873, indicating permanent closure and receivership. OCR errors corrected (e.g., dates and minor spelling).

Events (3)

1. December 26, 1872 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Long-continued financial stringency and drained funds; unsecured liabilities ($24k) and suits/rumors had reduced deposits, forcing suspension of payments; bank was 'in process of winding up' and lacked funds to continue operations.
Newspaper Excerpt: This morning the Memphis Bank, J. J. Murphy, President, failed to open its doors for the transaction of business. ... The long continued financial stringency necessitated the suspension of the Memphis Bank ... J.J. MURPHY, President.
Source: newspapers

2. April 16, 1873 Other

Newspaper Excerpt: RECEIVER'S SALE - OF BANKING HOUSE AND LOT ... By appointment from the Receiver, we shall have the honor of making public sale ... of that most desirable property recently occupied by The Memphis Bank ... By order of the Receiver. (Memphis Daily Appeal, 1873-04-16).
Source: newspapers

3. May 8, 1873 Other

Newspaper Excerpt: Receiver's sale of the Memphis Bank property, northeast corner of Main and Madison streets, at 4 o'clock THIS DAY. (Memphis Daily Appeal, 1873-05-08).
Source: newspapers

Newspaper Articles (12)

1. October 29, 1872 The New York Herald New York, NY

Article from The New York Herald, October 29, 1872

Click image to open full size in new tab

Article Text

TRIPLE SHEET. New York, Tuesday, Oct. 29, 1872. THE NEWS OF YESTERDAY. To-Day's Contents of the Herald. ."THE CLOSING WEEK OF THE PRESIDENTIAL CAMPAIGN ! THE STRENGTH OF GENERAL GRANT AND THE WEAK POINTS OF THE OPPOSITION ALLIANCE"-EDITORIAL LEADER-SIXTH PAGE. THE EQUINE MALADY! NEW MYSTERIES! EPIZOOTIC BECOMING EPIDEMIC: OVERTAXING THE POOR BEASTS: PRESENT CONDITION OF AFFAIRS-THIRD PAGE. BLEEDING ARKANSAS ! HISTORY OF THE SECRET LEAGUE : AN INVESTIGATION THE FATE OF TWO NEGROES-FIFTH PAGE. LETTER FROM PRESIDENT GRANT ON THE INDIAN POLICY-THE MEMPHIS BANK SUSPENSION-SEVENTH PAGE. INTERESTING CABLE TELEGRAMS FROM EUROPE-SEVENTH PAGE. PERSONAL NEWS-THE FEATURES IN AMUSEMENTS-SIXTH PAGE. A COMMISSION TO INVESTIGATE THE MEXICAN BORDER TROUBLES-FORNEY'S RETURN TO THE REPUBLICAN FOLD: OTHER NEWS FROM WASHINGTON-SEVENTH PAGE. FUTURE HOMES FOR THE TASTEFUL! WASHINGTON HEIGHTS AND ITS LOVELY VICINAGE: EXTENSIVE SALE AND ENORMOUS INCREASE IN VALUE OF REAL ESTATE: NEW COLUMBIA COLLEGE SITE-EIGHTH PAGE. MORE LIGHT ON. THE JERSEY BANK ROBBERY! McWILLIAMS' OWN STORY: PRESS WARNING: THAT "SMART" WITNESS: TAMPERING WITH JURORS-THIRD PAGE. MARYLAND JOCKEY CLUB MEETING! ALL THE FAVORITES BEATEN: DETAILS OF THE EVENTS-SEVENTH PAGE. LEGAL GARVEY'S TESTIMONY CONTINUED: INDICTING EX-ALDERMEN: VANDERBILT'S DEPOT: SISTER MARY'S SANITY: REGISTRATION TROUBLES: UPTOWN IMPROVEMENTS-FOURTH PAGE. OPERATIONS ON 'CHANGE! LAPSE OF NEARLY NINE PER CENT IN PACIFIC MAIL : MONEY RATE ADVANCE: ERIE AGAIN A FEATURE-FIFTH PAGE. JERSEY RAILROAD MONOPOLIES ! ANSWER OF THE NATIONAL RAILWAY COMPANYSUNDAY SCHOOL TEACHERS-MOVEMENTS OF SHIPPING-TENTH PAGE. SPEECH OF THE DEMOCRATIC MAYORAL NOMINEE-THE HEADQUARTERS-KINGS COUNTY POLITICAL NEWS-TENTH PAGE. STOLEN DIAMONDS! OFFICIAL REPORT ON THE JOHN STREET ROBBERY: WHAT WAS STOLEN-HEAVY BURGLARY UPTOWNFOURTH PAGE. THE NEW ATLANTIC STEAMSHIP LINE: ARRIVAL OF THE GLAMORGAN-FIFTH PAGE. OBSEQUIES OF FATHER McGUIRE-SUICIDEEIGHTH PAGE.

2. December 26, 1872 Public Ledger Memphis, TN

Article from Public Ledger, December 26, 1872

Click image to open full size in new tab

Article Text

The Memphis:Bank Suspended. This morning the Memphis Bank, J. J. Murphy, President, failed to open its doors for the transaction of business. The following note was found pasted on the front door. Its brief and businesslike sentences furnish all the explanation necessary. MEMPHIS BANK. } MEMPHIS, December 26, 1872. The long continued financial stringency necessitated the suspension of the Memphis Bank, and its books and assets will be placed in the hands of an assignee who will proceed to settle its affairs as speedily as possible. J.J. MURPHY, President. We have been informed from apparently reliable sources that the liabilities are twenty-four thousand dollars, with assets sufficient to pay dollar for dollar.

3. December 27, 1872 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, December 27, 1872

Click image to open full size in new tab

Article Text

Abbreviated Dispatches. The Memphis bank, J. J. Murphy, president, suspended yesterday morning: liabilities $24,000, which fall chiefly on small depositors; assets unknown. The suspension has been expected for some time. The Mississippi steamer Wild Cat was sunk on Wednesday evening, near Cairo, by the ice barge Swallow, which also struck and immediately sunk. Christmas was more generally observed in W ashington than heretofore. Services were held in various churches, the president attending those at the Metropolitan. The weather moderated at noon, when there was a snow storm, covering the ground an inch. The reported burning of the Palisade hotel at Englewood, N. .J., is untrue. Five negro women in Memphis were shot during the Christmas festivities, two fatally, by husbands, and others by colored admirers. The entire through mail from New York for Mobile, Ala., with dates of the 16th and 17th inst., have failed to reach Mobile. Later dates have been received. The delay causes great inconvenience.

4. December 27, 1872 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, December 27, 1872

Click image to open full size in new tab

Article Text

THE LATEST NEWS. -The steamship Washington has arrived at Brest. -Advices from the Cape of Good Hope to the 28th of November have been received. Heavy gales had occurred on the sea coast and several steamers were recked. -The St. Lawrence river is bridged with ice between Cape Vincent, New York, and Kingston, Ontario, a distance of twelve miles, and teams cross in safety. -The noted negro desperado Tom Wright, aged;about 26 years, was arrested at Washington City on charge of murdering Rogerski. -President Grant closed his office at noon yesterday until the 2d of January. -The steamship Sarmation, from Liverpool, has arrived at Portland, Maine. -At Evansville, Indiana, Christmas day, Marshall Hayhurst seriously cut Jno. Laub, while Laub was putting Hayhurst and Jno. Shepherd out of his house. -At Cleveland, Wednesday night, A woman named Eliza Catlan committed suicide by taking laudanum. Husbands abuse was probably the cause. -J. H. Beadle, author of Life in Utah and special correspondent of the Cincinnati Commercial, was married last evening to Miss Jennie A. Cole, niece of Judge A. S. Robinson at Evansville, Ind. -A barn and twenty horses and sleighs belonging to a dancing party at Lattsville, Warren county, Pa., were burned up on Christmas night. Total loss. -The steamship Samara from Boston for Liverpool, arrived at Queensto wn. -At Millville, New Jersey, the steamer Hellen Gutty was burned to the water's edge, Wednesday, while lying at wharf. -The Memphis Bank, J. J. Murphy, President, suspended Thursday morning. Liabilities $10,000; assets unknown as yet. -Five negro women were shot during the Christmas festivities at Memphis, Wednesday, fatally, by their husbands and other colored admirers.

5. December 27, 1872 The Charleston Daily News Charleston, SC

Article from The Charleston Daily News, December 27, 1872

Click image to open full size in new tab

Article Text

SPARKS FROM THE WIRES. -The Memphis Bank has suspended. -The king of the Sandwich Islands is dead. -The Russian Czarowitch has typhus fever. -A vigilance committee, at: Vistria, California, hung Ohas. Allen, a murderer. -The specie shipments from New York on Wednesday were over half a million dollare. -Mayor Hall proposes to give a public reception, at New York. to Judges Campbell and Kennedy, of the New Orleans citizens' committee. -Cheers were given in the Spanish Cortes on the reading of the bill emancipating the slaves of Porto Rico, who are to be liberated within four months, with compensation to the owners.

6. December 27, 1872 Nashville Union and American Nashville, TN

Article from Nashville Union and American, December 27, 1872

Click image to open full size in new tab

Article Text

MEMPHIS. Bank Suspension. MEMPHIS, Dec. 26.-The Memphis bank, J. J. Murphy, President, suspended this morning. Liabilities $40,000; assets unknown as yet. LATER - Liabilities unsecured of the Memphis bank which suspended to-day are $24,000, which fall chiefly on small depositors. The suspension has been looked for for some weeks.

7. December 27, 1872 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, December 27, 1872

Click image to open full size in new tab

Article Text

Telegraph News in General. Milleville, N. J., 26. The steamer Helen Getty was burned yesterday at the wharf. Baltimore, 26. The severe snow storm continues causing a partial suspension of travel. Chatanooga, Tenn., 26. There was a heavy sleet all day yesterday and last night, the thermometer was standing at 84 degrees. Chicago, 26. It has been snowing all the forenoon and 18 cold. Pittsburg, Pa., 26. Nine inches of snow has fallen here; thermometer 25 degrees. Indianapolls, Ind., 26. There are five inches of snow, and it is still falling; thermometer 21 degrees. Richmond, Va., 26. It snowed all day yesterday, and to-day it is cloudy; thermometer 28 degrees. Providence, R. I., 26. Cunningham's clothing store at Pawtucket was damaged by fire and water to the extent of $5000 Wednesday night; insured. The snow storm which commenced early this forenoon continues at nine o'clock this evening with no prospect of abatement. The railroad trains are all behind, that from Boston only having arrived. The afternoon train for Boston has put up at Mansfield. No d boat for New York leaves this city or Stonington to-night. The street car tracks are kept open by plows, and cars run occasionally. Trenton. N. J., 26. The snow storm here is very heavy. All trains are blockaded on the Jersey side to Philadelphia. The snow is two feet deep. The storm abated at six o'clock this evening. Memphis, 26. The liabilities of the Mem phis Bank, which suspended to-day. amount to $24,000, falling chiefly on small depositors The suspension has been expected for some time.

8. December 27, 1872 The New York Herald New York, NY

Article from The New York Herald, December 27, 1872

Click image to open full size in new tab

Article Text

SUSPENSION OF THE MEMPHIS BANK. MEMPHIS, Tenn., Dec. 26, 1872. The Memphis Bank suspended operations to-day. Its unsecured liabilities are understood to be $25,000, due mostly to small depositors. The capital stock was $15,000, owned entirely by the Prestdent, J. J. Murphy, who claims assets in real estate, stocks, &c., to the amount of $75,000, which makes a favorable prospect for the unsecured creditors. At one time the bank had $100,000 of deposits, considerable of which has been withdrawn in consequence of suits and rumors affecting its credit. It was in process. of winding up when it came suddenly to a stop for want of funds. It is believed creditors will realize seventy-tive per cent If not the full amount of their claims.

9. December 27, 1872 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 27, 1872

Click image to open full size in new tab

Article Text

Bank Failure. MEMPHIS, Tenn., Dec. 26.-The Memphis Bank, J. J. Murphy, President, suspended payment this morning, with liabilities amounting to $10,000. Its assets are unknown as vet. The unsecured liabilities are $24,000, which fall chiefly on small depositors. The suspension has been looked for for some weeks.

10. January 8, 1873 The Fairfield Herald Winnsboro, SC

Article from The Fairfield Herald, January 8, 1873

Click image to open full size in new tab

Article Text

Condensed News. The King of the Sandwich Islands is dead. Twenty-flve persons were killed in the railroad accident at Goose Greek, Pennsylvania. A California vigilance committee bung a murderer: All the Philadelphia trains delayed by snow. Two people killed and four wounded on the Atchison, Topeka and Sante Fe R. R. by telescoping of trains. Sixteen lives lost in the wreck of the Newoastle, off Cooke Straits. A car wheel factory in Philadel bhia was crished in by snow and many workmen were buried. The ceiling of the Baptist Church at Williamsburg fell on five hundred worshippers; fourteen killed and thirty injured: Reports from every quarter represeht the weather during the past two days as very severe. Great storm has driven water out of Niagara River into the I'Ake and Buffalo factories have suspended. Five negro women shot Christmas in Memphis, two fatally Memphis Bank stispend ed. Bowery Theatre, New York, damaged by fire. Twelve inches snow in New York, White House closed until after New Year's. So great was the snow sto. ni that thousands of business men in New York slept in their offices Thursday night unable to get home. No mails received and none liave left the city. Baltimore harbor closed to sailing vessels. Potomac frozen solid. Ice gorge breaking caused considerable damage at Memphis. Southern bound train from Louis. villé ran off with a large number of passengers: Nine killed ; several 80riously hurt. The baggage car was burned. Manilla barque Kadesh, bound for Boston, ashore ; Captain and six of crew lost. Medoo Indiana scalping soldiers. Ship Peruvian, Singapore to Boston wrecked off Cape Cod ; all the people on yoard lost. Buffalo has a water famine.

11. April 16, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, April 16, 1873

Click image to open full size in new tab

Article Text

PUBLIC SALE OF MADISON STREET RESIDENCE We are instructed by the owner to sell to the highest bidder, at unreserved public sale, On Thursday, April 17th, at 11 o'clock, upon the premises, the new two-story Frame Dweiling No. 244 Madison street, just west of the Charleston House, with a lot fronting 233/4 feet on the north side of Madison street, by a depth of 115 feet. The house has 5 rooms, hall and kitchen, good well and eistern; in excellent order, and under rent at $40 per month. Terms-Half cash; balance in one year, secured by trust deed. ⑉ Buyers will bear in mind that the sale is ordered to be made without reserve, to the highest bidder, and will come off promptly at 11 o'clock. TREZEVANT & CO., Anctioneers. RECEIVER'S SALE -OFBANKING HOUSE AND LOT By appointment from the Receiver, we shall have the honor of making public sale, on Thursday, May 8th, at 4 o'clock, upon the premises, of that most desirable property recently occupied by The Memphis Bank, situated on the northwest corner of Main and Madison streets, and the adjoining tenement on Main street, the well-known refectory stand of Mr. Chas. Howard. The preeminent value of this property, in comparison with any other in the city, is so generally known that we deem it only necessary, in order to secure the general attendance of capitalists, to announce, in connection with the time and place, that the sale will be absolute, and without postponement or reserve. Terms given at the sale. By order of the Receiver.

12. May 8, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, May 8, 1873

Click image to open full size in new tab

Article Text

Receiver's sale of the Memphis Bank property, northeast corner of Main and Madison streets, at 4 o'clock THIS DAY.