20848. Savings Bank of Memphis (Memphis, TN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
7026d487

Response Measures

None

Description

The Savings Bank of Memphis suspended and made an assignment for the benefit of creditors on Oct 26, 1872; trustees/assignees were appointed and the president devoted personal assets to creditors. Newspapers state there was no run. The suspension was effectively a failure/closure (assets assigned), so classification is suspension_closure. Cause attributed to a large withdrawal/demand by the Southern Security Company (check for ~$150,000).

Events (1)

1. October 26, 1872 Suspension
Cause Details
Large demand for payment (a $150,000 check) by Captain Jaques on behalf of the Southern Security Company precipitated the bank's assignment/suspension; combined with general monetary stringency/background misfortunes of the president led to closure.
Newspaper Excerpt
The Savings Bank of Memphis has this day suspended business, and assigned all of its assets to W. R. Cunningham and R. A. Parker, for the payment of its creditors ratably. M. J. WICKS, President.
Source
newspapers

Newspaper Articles (11)

Article from Memphis Daily Appeal, October 27, 1872

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SUSPENDED. The Savings Bauk of Memphis has Closed its Doors. The heading of this local" will surprise a great many of our readers, and at first might occasion a great deal of exeitement in commercial as well as monetary circles, but happily Sunday intervenes before the week of business commences, and merchants and business men will have abundant leisure to consider and weigh well and provide for any contingencies arising out of it. We to record this suspension, account of the as 23 regret on the having gentlemen general officers public of the insti- well tution which has always stood well with our citizens. The Savings Bank of Memphis has been a favorite and muchfavored institution, was well and carefully conducted, had the confidence of the public, but has at last, after years of usefulness succumbed to the severe monetary stringency that prevails throughout the country. It yesterday closed its doors and declared a suspension growout of the of its heaviest deAn ing positor. assignment pressure has been the made bank and the assets and effects of have been placed in the hands of Trustees for the benefit of all the depositors, who will share alike in any distribution of the proceeds. In making this assignment the President has been characterized by the same high sense of honor as has distinguished him in a long, laborious and useful life, and it will be found that he has made no discrimination as between depositors, but that the largest as well as the smallest will share pro rata in the disposal of the assets. It is proper that we should state for the information of parties abroad, as well as to reassure our own people, that the line of deposits, except the account of the Southern Security Company, is small. MEMPHIS, October 26, 1872. To my Friends and the Public: I regret to announce that by reason of the stringency of the times, and misfortunes which I have been unable to surmount, the Savings Bank of Memphis has this day suspended business, and assigned all of its assets to W. R. Cunningham and R. A. Parker, for the payment of its creditors ratably. Creditors may feel assured that the assets will be faithfully devoted to the payment of the debts, and that I shall use every effort in their behalf. M. J. WICKS, President.


Article from Public Ledger, October 28, 1872

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BANK SUSPENSION. The Savings Bank of Memphis Makes an Assignment and Goes Under. Yesterday morning it was officially announced through the press that the Savings Bank of Memphis, President Wicks, had made an assignment for the benefit of its creditors to Messrs. R. A. Parker and W. B. Cunningham. The apparent cause of the suspension was the demand of payment of a check for $150,000 by Captain Jaques, of Tom Scott's Southern Security Railway Company, which above amount the company had deposited in the bank. There are many rumors afloat, but nothing has been made official except what appears in the following card. We presume & more complete explanation will be made in due time:


Article from Public Ledger, October 28, 1872

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CARD OF PRESIDENT WICKS. MEMPHIS, TENN., October 26, 1872. To my friends and the public: I regret to announce that by reason of the stringency of the times and misfortunes which I have been unable to surmount, the Savings Bank of Memphis has this day suspended business and assigned all of its assets to W. R. Cunningham and R. A. Parker, for the payment of its creditors ratably. Creditors may feel assured that the assets will be faithfully devoted to the payment of the debts, and that I shall use my efforts in M. J. WICKS, Pres't. their behalf.


Article from The Wheeling Daily Register, October 29, 1872

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MEMPHIS. Bank Failure. MEMPHIS, TENN., October 28.-The Savings Bank of Memphis, W. J. Wicks, President, closed on Saturday night, and trustees were appointed. Their liabilities amount to about $200,000. The assets are not vet known, but it is expected that they will cover the greater portion of the losses. The Fair. The attendance at the fair to-day was rather slim. The trot, best three in five, by horses owned here, for a to purse the second, of $1000-$350 $250 to the to third the first, and $250 $150 to the fourth-was won by Honest John, as follows: Honest John, 2, 1, 1, 1 Brown Dick, 3, 3, 4,2; Lead Mine, 5, 6, 2, 5; Major, 1, 2, 5, 3; Tennessee Boy, distanced; Henry, 6, 5, distanced; Bov Tom. 4, 4, 5, 3. Time, 2:41 2:44}, 2:47}, and 2:45. The Savings Bank Failure. The failure of the Savings Bank creates little or no excitement, as its line of deposits were small. The liabilities of the Savings Bank of Memphis, which made an essignment Saturday, will, it is said, reach three hundred thousand dollars, and the as sets. with the personal property, real es rate, &c. belonging to its President, W. J. Wicks, and wife, and which has been turned over to the trustees, will pay seventy-five cents on the dollar. Contrary to the expectation of everybody, there was not the slightest indication of a run, and but few calls made for balances. Steamer Sunk. The steamer Umpire sunk below Shawneetown yesterday, and is a total wreck. No lives were lost.


Article from Nashville Union and American, October 29, 1872

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Suspension of the Savings Bank of Memphis. The Memphis Avalanche of Sunday says: It has been known in bank circles for la day or two that the Savings Bank of Memphis, Moses J. Wicks, President, was on the verge of suspension. The trouble culminated yesterday afternoon in a determination on the part of the officers to make an arrangement, which was effected last night, and bank will not open Monday. For several months past the Southern Security Company (Thomas A. Scott's Association) has had $150,000 deposited in the Savings Bank of Memphis. Recently Capt. Jaques, the manager for Tennessee, checked on the bank for the full amount. He was asked to withdraw the check and give the bank an opportunity to pay in installments. Capt. Jaques telegraphed to headquarters in New York for instructions, but the response was not favorable, and the assignment for the benefit of all the creditors was the result. The assignment was completed late last night, the assignees being Messrs. R. A. Parker and W. R. Cunuingham. The last annual statement showed the bank to have a cash capital of $60,000 and an average deposit line of $150,000, exclusive of the Southern Security Company's funds. The extent of the disaster will be developed in a short time. In the absence of facts we decline to give rumors. Below is the card of President Wicks, which briefly announces the suspension: MEMPHIS, Tenn., Oct. 26, 1872.-Tomy friends and the public: I regret to announce that by reason of the stringency of the times and misfortunes which I have been unable to surmount, the Savings Bank of Memphis has this day suspended business and assigned all of its assets to W.R. Cunningham and R. A. Parker, for the payment of its creditors ratably. Creditors may feel assured that the assets will be faithfully devoted to the payment of the debts, and that I shall use my efforts in their behalf. M. J. WICKS, P1 resident. A Memphis dispatch of Monday says: "The liabilities of the Memphis Savings Bank will exceed two hundred and thirty thousand dollars, but the individual deposits will only amount to fifty-seven thousand dollars. Its assets are unknown. Thesus pension caused no excitement in financial circles." A later dispatch says: "The liabilities of the Memphis Savings Bank will exceed three hundred thousand dollars, but Maj. Wicks, the President of the institution, has placed his entire fortune at the disposal of the creditors, which will pay seventy per cent. of the total indebtedness. There is no excitement in the money market in consequence." Southern Bonds in New York. The sales of Southern bonds at the New York Stock Exchange on the 22d inst. were as follows: FIRST BOARD. 106 1,000 New York six per cent of 1874 5,000 Tennessee six per cents, old. 1,000 South Carolina six per cents, new, January and July 26% 3,000 South Carolina six per cents, new, January and July 261/2 5,000 South Carolina six per cents, new January and July 26 X 93 98,000 Misouri six per cents SECOND BOARD. 1,000 South Carolina six per cents, new, January and July 26 1/2 The sales on the 23d inst. were as follows: FIRST BOARD, 75 2,000 Tennessee six per cents, new 1,000 Tennessee six per cents. old 74% 5,000 North Carolina six per cents, old bds. 33% 5,000 North Carolina six per cents issued to the North Carolina Railroad 46 5,000 South Carolina six per cents, new, 26 January and July 2,000 Missouri six per cents. 391/2 SECOND BOARD. 75 5,000 Tennessee six per cents, new The sales on the 24th inst. were thus reported : FIRST BOARD. 3,000 Tennessee six per cents, old .74% 75 d 1,000 Tennessee six per cents, new 2,000 Missouri six per cents. .93% 2,000 Missouri six per cents 93% 4 93 6,000 Missouri six per cents 2,000 Missouri six per cents, H. and St. Jos. Issue 91 X h


Article from Whig and Tribune, November 2, 1872

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CARD OF PRESIDENT WICKS. MEMPHIS, TENN., Oct.26, 1872 To my friends and the public: I regret to announce that by reason of the stringency of the times and misfortunes which I have been unable to surmount, the Savings Bank of Memphis has this day suspended business and assigned all of its assets to W. R. Cunningham and R. A. Parker, for the payment of its creditors ratably. Creditors may feel assured that the assets will be faithfully devoted to the payment of the debts, and that I shall use my efforts in their behalf. M. J. WICKS, Pres't.


Article from Whig and Tribune, November 2, 1872

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BANK SUSPENSION Yesterday morning official ally announced through the press that the Savings Bank of Memphis, President Wicks, had made au assignment for the benefit of the creditors to Messrs. R. A. Parker and W. B. Cunningham. The apparent cause of the suspension was the demand of payment of a check for $150,000 by Captain Jaques, of Tom Scott's Southern Security Railway Company, which above amount the company had deposited in the bank. There are many rumors afloat, but nothing hss been made official except what appears in the following card. We presume a more complete explanation will be made in due time:- Mem. Ledger.


Article from American Citizen, November 2, 1872

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MEMPHIS, Oct: 26, 1872. To my Friends and the Public: Iregret to announce that by reason of the stringency of the times and misfortunes which I have been unable to surmount, the Savings Bank of Memphis has this day suspended business and assigned all of its assets to W. R. Cunningham and R. A. Parker, for the payment of its creditors, ratably. Creditors may feel assured that the assets will be faithfully devoted to the payment of the debts, and that I shall use my efforts in their behalf. M. J. WICKS, Prest.


Article from American Citizen, November 2, 1872

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: I ANOTHER BANK CRASH.-The I Savings Bank of Memphis suspend| ed on the 26th inst. The following card from the President speaks for itself: -


Article from Nashville Union and American, November 3, 1872

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# The Memphis Bank Failure. The assets of the Savings Bank of Memphis, which suspended a week or so ago, are officially reported at $296,017.50, of which only $4,977.21 is in cash, while the liabilities are put down at $300,717.61. The heaviest creditors are: the Southern Security Company, $115,320.75; W. C. McClure, Receiver, $49,389.90, and E. A. Cole, $22,061.67. The Memphis Appeal of the 1st inst. says: "The suspension of the Savings Bank produced little effect in commercial circles. Occurring Saturday afternoon, bankers had time for reflection throughout Sunday, and instead of a "run" upon other banks, each was stronger, with heavier deposits made Monday and Tuesday, than on Saturday. There were heavy operators in the cotton market, who deserve popular gratitude. They absolutely refused to draw checks on Monday for cotton bought Saturday, fearing that such action might induce others to check out balances. If a run had been made the bankers were prepared to meet it, and there were those of them, in a meeting held Sunday evening, as we were informed, who stated that nothing was more desirable than a thorough test of the solidity of the banks. But there was no public alarm. The sum of deposits in the banks Tuesday was greater than on Monday. In fact, the cause for the suspension of the Savings Bank were so well understood that it could by no possibility create alarm. The subsequent conduct of the President of the bank, Maj. Wicks and of Cashier McClure, was well calculated to lessen, to the greatest possible extent, any excitement, or bitterness of feeling, usually incident to such events. Not only were the assets of the bank applied by an assignment to the extinction of its indebtedness, but Maj. Wicks devoted his private property, even that which was the separate property of his wife and inaccessible to creditors to the purpose of relieving those who entrusted their gains to the guardianship of an institution of which he is President. Many are subjected to serious inconvenience, but none to final loss. The assets of the bank, having an equal or greater face value than the sum of its indebtedness, will only be required to extinguish any balance due after Maj. Wicks' available resources are exhausted. Such has been the faultlessness of his conduct that the most exacting and selfish of the bank's creditors are forced to commend his honorable action. In fact, creditors fear to criticise, lest the response be made that their action, if in Maj. Wicks' position, might be very different. It is said, as a last recourse of faultfinders and scolds, that a bank has no right to fail. Since newspapers sometimes explode as well as merchants, and farmers, and banks are conducted by fallible men, and in the instance before us surely by an honest gentleman, the criminality depends wholly upon the purpose of the event. While therefore we regret the incident in the city's commercial history, it has surely inculcated, with a force never known before, the wisdom of the maxim that honesty is the best policy. The conduct of Maj. Wicks and of his associates has divested the calamity of half its terror, and for the first time the voice of calumny is silenced where accident and misfortune find a victim."


Article from Memphis Daily Appeal, February 23, 1873

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The following appeared in the North Georgian of the twentieth instant: DALTON, GEORGIA, February 19, 1873. OF THE CITIZEN-There in the Knoxville of the nineteenth appeared EDITOR dated of Decem- Chroni- Memde, last, a communication W. R., ber December 16th, signed by phis, which did me the grossest injustice falsehoods it asserted and insinua- with the with regard to my connection the ted, Saving Bank of Memphis and the of the Memphis and Charleston affairs railroad. On the twentieth of Decem- to I addressed a respectful note of Meast's ber Rule & Ricks, the proprietors of Chronicle demanding the author the communication. On the twenty- letthe fourth they informed me by of the that William Rule, one author; editors ter and proprietors, was the did but the letter of the twenty-fourth Janreach me until the third day of not when I addressed respectful note UDuary, William Rule, Esq., asking an conditional to disclaimer of intention his part to reflect upon my charupon for integrity or as a gentleman. received acter the eleventh of January I deOn answer to my note of the third, an to make the general disclaimer. to clining But expressing his willingness make any correction in the communica- de: of the sixteenth of December, tion necessary to do me justice, and in the resired, the proposition contained newing of Rule & Ricks, of the twenty- these letter fourth of December, which was in words: "If feel that any wrong has been Doyou in that letter (sixteenth of what done cember), you and will inform us in cheerparticular, we will promptly and fully make all corrections and reparation justice demands." I immediately addressed him a note, the his attention to the points of in De. calling communication of the sixteenth Rewhich did me injustice. the cember, ceiving no answer to this note, on him twentieth of January I addressed of 9 note, calling his attention to my note no the eleventh of January. Receiving and to my notes of the eleventh of answer twentieth of January, on the first February I addressed him a note, asking behim to name such time and place, the limits of Tennessee, at which It yond would be convenient for him to meet me, for the purpose of FURTHER DISCUSSING THE MATTEES involved in our correspondence; but on the tenth of February I was informed that friend had failed to deliver my note my of the first, and I immediately informed Mr. Rule, by note sent be by at a messenger, that I would special National Hotel, at Dalton, Georgia, the this day, at ten 'clock in the mornon when and where I would be pleased dising, him, in order that we might we to see further the matters about which cuss had corresponded. But, upon reaching to find, here this morning I was surprised instead of William Rule, Esq., of this a of the K noxville Chronicle corredate, copy containing a copy of the spondence, with & communication, of dated yesterday, about three-fourths reitercolumn in length, in which he conates a the calumnies and falsehoods tained in the communication of the six teenth of December, but declines to meet his for the purpose of vindicating false me charges and insinuations or giving the slightest satisfaction for the gross If and me wanton wrong he has done me. he had exhibited the thousandth part of zeal in au effort to reach THE TRUTH of the matters about which he under- distook to inform the public, that he played to stringing together the tissue falsehood and slander in the he of nication of sixteealh December, would have ascertained that the Savresumed payments within days after suspension, 80 far as to ings ninety its liabilities, Bauk presented, and ready have that all been paid, and that it is balpay, whenever presented, the had small called anceyet outstanding. If be upon my successor m the Presidency Railroad of the Memphis and Charleston Company, or the directors of that.com afwho are most familiar with its pany, fairs and the manner in which they that were managed during the time he I was President of the company, not would have learned that there was the shadow of foundation for his VILE, FALSE AND SLANDEROUS INSINUATIONS with regard to this matter; but, instead reof this, he wilfully and deliberately peats the falsehoods, and seeks to that proteet himse If behind the declaration dueling is contrary to the spirit of the age, the laws of humanity, the country these and of God; yet in the face he violates truth every of honor in the principle lawe, grossly infamous of and all He work says, of detraction and defamation. he has reason to believe that knew he would net fight before I invited him to meet me here. In answer to which did I have only to may that I not even know of his existence until my attention was called to him by his false and slanderous communication the of the sixteenth of December, and only reason I could have had to doubt his his manhood is found in the fact of dastardly conduct in giving publicity to falsehood and slander which he had not the manliness to promptly vindicate or retract. Feeling assured that no charge or statement hereafter emanating from William Rule can harm any one, I leave him to such position in the public esteem or contempt as a just and enlightened people may consign him. M. J. WICKS