Memphis National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3633
Charter Number: 3633
Start Date: March 12, 1889
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: 41e70bed

Response Measures

None

Description

Article (Mar 12, 1889) reports the bank has closed and patrons told there is no cash here after checks drawn on the Memphis National Bank by the Tribune's manager could not be honored. No run is described; this appears to be a suspension/closure tied to bank-specific insolvency or mismanagement (checks paid without funds).

Events (3)

1. February 7, 1887 Chartered

Source: historical_nic

2. March 12, 1889 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was unable to honor checks drawn by the Tribune's business manager; bank reported closed and had no cash for deposits—indicates internal insolvency/mismanagement leading to suspension
Newspaper Excerpt: The bank has closed, gentlemen, ... they presented them to the bank yesterday, learned for the first time that there is no cash here for the Memphis Tribune
Source: newspapers

3. October 10, 1905 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. March 12, 1889 The Memphis Appeal Memphis, TN

Article from The Memphis Appeal, March 12, 1889

Click image to open full size in new tab

Article Text

A SHORT, SWEET LIFE. The Memphis Evening Tribune Drops Into the Broth. What, ho! There is weeping, and wailing and hearts chock full of grief in the office of the Memphis Evening Tribune. Its business manager, Mr. E. E. Finney, is in durance vile, accused of meeting running expenses with checks on the Memphis National Bank, when there was not a sou marke on deposit there to the concern's credit. Saturday was pay day for the pretentious force of employes, editorial staff and compositors. Good salaries had been promised the former, and the latter had, by steady and faithful motion, earned living wages. Mr. E. E. Finney, of Kansas City, the business manager and half owner of the paper, failed to show up until late in the afternoon, but when he did it was only to be confronted with the pay-roll. "The bank has closed, gentlemen," remarked Mr. Finney, as if taken by surprise at the demand for such paltry satisfaction, "but I will give you checks for the claims." A consultation was held by the printers; it was decided to accept that style of settlement, and there the matter ended for the time being. The editorial staff's claims were disposed of in a similar way. The next day being Sunday, and the banks closed, there was no chance to test the worth of the checks, and there was no black cloud of m aterial size appeared on the horizon all of yesterday. But one was in the vicinity forcing its way upward to public vision. Those to whom checks were given, and the amounts, were as follows: W. R. Love, $28.15; C. D. Madden, $29.50; Dan Wolf, $22.60; B. L. Smith, $25.95; W. L. Harris, $24.70; Ed Workhover, $7.50; H. B. Higgins, $23; Walter Wayman, $27; J. S. Merifield, $5.95; En F. Grace, $25.70; M. W. Connally, $25. Some of these checks were kindly cashed by friends of the holders, as follows: W. R. Love, by V. B. Thayer; C. D. Madden, by A. M. Wortham; B. L. Smith, by A. W. Love; W. L. Harris, by J. H. Shepherd; M. W. Connaily, by Mike Blessing. The owners of the checks presented them to the bank yesterday, learned for the first time that "there is no cash here" for the Memphis Tribune, whereupon they began to hustle to learn the why and wherefore of this condition of affairs. Mr. Finney found himself in hot water, but kept the crowd at bay until last night by promises to find the money. When last night's darkness spread its sable wings over this part of the earth, Mr. Finney still produced nothing but appeals and promises, and Messrs. Love and Harris went before Justice Garvin, swore out a warrant of-arrest against Finney, and he was taken in custody. An APPEAL reporter saw Finney at Justice Garvin's office, and invited him to make any statement of the difficulty he might desire, but he declined. From the printers in interest, however, it was learned that Finney had told them during the day that he sent to and expected from Kansas City money enough to meet the expenses already and to become due for some time. Failing in this direction, he had wired to New York, but here, too, he was disappointed, due, no doubt, to the absence of his man from that city. He would give no names. It was also learned that the business manager had made preparations to leave for Kansas City last night, for what purpose is unknown. The imposed upon and prosecuting creditors manifested commendable magnanimity toward Finney, as did also Attorney-General Peters, who was telegraphed to for advice. The ultimatum of both parties was that if he could arrange in any satisfactory manner to come to time he should be allowed to do 80 without further detention and annoyance. This ne was unable to do, and at 10 o'clock last night was taken to jail. The history of the Tribune is brief. Merged into the Memphis Watchman, J.