State National Bank (Memphis, TN)

View Charter #2127 on SPMC View balance sheet

Episode Information

Episode UID
212701124
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
21270 national
Charter Number
2127
Start Date
August 15, 1893
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0f7705f463c109c1

Response Measures

None

Description

Articles describe city-wide clearinghouse/savings-bank payment restrictions affecting Memphis banks; the specific bank is not named.

Events (3)
1. August 27, 1873 Chartered
Source
historical_nic
2. August 15, 1893 Suspension
Cause
Macro News
Cause Details
Banks invoked the 90-day law and refused to cash out-of-town checks amid broader business distress in August 1893.
Newspaper Excerpt
The savings banks of Memphis, at a private meeting held on Monday night, decided to invoke the protection of the ninety-day law.
Source
newspapers
3. October 30, 1907 Suspension
Cause
Macro News
Cause Details
Clearinghouse banks imposed temporary payment restrictions and required certificates as a precaution during the nationwide 1907 financial disturbance.
Newspaper Excerpt
the Memphis clearinghouse banks yesterday decided temporarily to pay checks in clearinghouse certificates or New York exchange; and the savings banks will require the notice authorized by law before paying drafts on savings deposits.
Source
newspapers

Newspaper Articles (2)
1. August 16, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 16, 1893

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Article Text

Other Business Troubles. MEMPHIS. Tenn., Aug. 15.-The savings banks of Memphis, at a private meeting held on Monday night, decided to invoke the protection of the ninety-day law. The other banks claim to be prepared for all emergencies. They refuse to cash checks on outside cities. because, they say, they san collect nothing but certified checks. MEMPHIS, Tenn., Aug. 15.- The Cole Man. ufacturing Company to-day filed an application before Judge Beard, in the Chancery Court. asking that a receiver be appointed to take charge of the personal property of W. A. Collier, of the Memphis Appeal-Avalanche Company, and his associates in business, who are named in the bill. SAN FRANCISCO, Aug. 15.-The S. P. Taylor Paper Company, one of the largest paper houses on the coast, has made a voluntary assignment, The Pioneer paper mills, belonging to the same company, have also suspended. Liabilities, $190,000; assets, $400,000. BUFFALO. Aug. 15.-The Union Steam boat Company, after a successful existence for a quarter of a century. has passed into the hands of receivers. The company has always been one of the greatest earners among the transportation lines on the lakes. CHICAGO, Aug. 15.-The Lakota Hotel, on Michigan boulevard, J. Foster Rhodes, manager, went into the hands of a receiver to-day. Assets, $500,000; liabilities, hall

2. October 30, 1907 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, October 30, 1907

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Article Text

Advertising Rates Made Known OR Application. Fide The Largest Bona Pine Circulation of any Bluff Newspaper. A WISE PRECAUTION. Pursuant to the course followed in other cities, the Memphis clearinghouse banks yesterday decided temporarily to pay checks in clearinghouse certificates or New York exchange; and the savings banks will require the notice authorized by law before paying drafts on savings deposits. This is unquestionably a sound precaution to take, and is actually required by the situation It is taken in the interest of the banks, the stockholders, the depositors and the busi ness world generally. Our dispatches show that nearly every city of importance in the country has taken a similar course, and it is necessary here in order to facilitate the movement of cotton now about to begin. There is no occasion for the slightest alarm. We are assured by some of the leading financiers of the city that values have not diminished in the least since a year ago; but of course if deposits were withdrawn through a senseless alarm, it would be impossible to calculate the extent of the disaster that would ensue. Our banks are on as sound a basis as the Rock of Gibraltar, but in the very nature of the case no bank in the country could stand a steady run. If the savings bank is to make money with which to pay interest on deposits, it must make investments, and these investments are safe-guarded by law. A bank must make sound investments if it wishes to continue doing business as a bank. There can be little doubt that the savings deposits in Memphis are thoroughly protected, and they are absolutely safe where they are. If they should be withdrawn, the depositors would lose their interest and the banks would lose their life. Of course every city in the country must retain as much of its currency as possible until the channel connecting it with New York is opened. This is merely a prudential measure, and we have no idea that the people of Memphis will regard it in any other light. Memphis has never been easily flurried. She weathered the storm of 1893 without a single shipwreck, and she is of course much stronger today than she was then. Our banks have ample resources to meet every cent they owe, but of course no bank in the world could pay all that it owes to its depositors on a hurry call The action of the banks here may occasion some inconvenience temporarily, but it is a wise thing to do, and we believe the people of Memphis generally will heartily endorse what has been done.-Memphis Commercial Appeal.