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Short Digest
5002991aae71da01
Response Measures
None
Description
The bank suspended following heavy withdrawals on December 26, 1905; while stockholders attempted a reorganization, creditors later filed for a new receiver, indicating a permanent failure.
Events (4)
1.December 26, 1905Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals occurred after the bank had overloaned its capital and faced a stringency in the New York market.
Measures
The bank applied to the Memphis Clearing House Association for $160,000 in aid prior to closing.
Newspaper Excerpt
preliminary intimation of which was given by withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension
Source
newspapers
2.December 27, 1905Receivership
Newspaper Excerpt
John P. Edmondson, a prominent attorney of this city and one of the directors, has been appointed receiver for the Merchants Trust company.
Source
newspapers
3.December 27, 1905Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank was overloaned, holding only $30,000 in cash against heavy withdrawal demands.
Newspaper Excerpt
Three banks of this city failed to open their doors this morning... The closed banks are: The Merchants Trust Co.
Source
newspapers
4.December 30, 1905Other
Newspaper Excerpt
At a conference of stockholders of the suspended Merchants Trust Company held late today steps were taken looking to rehabilitation.
Source
newspapers
Newspaper Articles (22)
1.December 27, 1905The Daily TribuneFlorence, CO
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THREE BANKS FAIL TO OPEN DOORS Memphis, Tenn., Treated to a Financial Crisis. Holiday Reverie of Southern City Spoiled by Big Bank Failures and Threatened Run on Others. Memphis, Tenn., Dec. 27 - Three banks of this city failed to open their doors this morning and at noon great excitement prevails throughout the city. No doubt a run will be made on other financial institutions unless the Chicago Clearing House soheme is repeated. The banks closed are: The Merchants Trust Co., with a capital of $200,000. The American Savings Bank and Trust Co. Merobants Savings Bank. All three institutions were consider. ed strong and had the ocnfidence of the public.
Memphis, Tenn., Dec. 27.-The Merchants' Trust company today decided to go into liquidation. The American Savings and Trust company, controlled by the Merchants' company, closed its doors to avoid a run. The Merchants' company has a capital of $500,000 and deposits of $600,000. The American company has a capital of $25,000 and deposits of $625,000. There is not much excitement here over the closing of the banks this morning. The failure is caused by over-loans. It is believed quite certain that dollar for dollar will be paid and not in this case will be the usual promise without fulfillment.
3.December 27, 1905The Seattle StarSeattle, WA
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FAILED! MEMPHIS, Tenn., Dec. 27.-The Merchants' Trust company of this city went into liquidation today. The American Savings Bank & Trust company closed its doors to avoid if run. The Merchants' capital Is $500,000; deposits, $600,000. American's capital, $250,000; deposits, $625,000. Both institutions are allied with the Merchants' Trust company, which absorbed the Memphis National bank, and which controls the American Savings, One of the directors states that depositors are to be paid In full. Rumors are afloat that 80 cents on the dollar will be paid.
4.December 28, 1905The Birmingham Age-HeraldBirmingham, AL
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Anticipation of Heavy Run Caused Memphis Trouble THREE BANKS ARE INVOLVED President of Merchants' Trust Co. Says the Stockholders Will Undoub Realize a Large Percent. of Their Investmer cipation of Memphis, December 27 F iants' Trust a heavy run on the et, preliminary company, 111 Madison intimation of which given by withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension of that bank and the appointment of a receiver. The American Savings Bank and Trust company, 176 South Main street, which is dominated by the directorate of the Merchants' Trust company, fearing that the failure of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchants' Trust company shall have been adjusted. The American Savings and Trust company, it develops, recently absorbed the Mechanics' Savings bank at Main and Calhoun streets and took charge of the latter company's business. Will Pay Dollar for Dollar. It is stated by the officials of these institutions that depositors will be fully protected and paid dollar for dollar. The stockholders of the Merchants' Trust company, it is said, will suffer to the extent of 20 per cent on the capital invested, as the liquidation of the bank's finances are expected to entail a slight loss. The assets of the Mercahnts' Trust company greatly exceed the liabilities. The American Savaings Bank and Trust company, according to its latest statement, is in excellent condition and is carrying more ready cash than is usual for an institution of its size. The Mercahnts' Trust company has on hand only $30,000, the remainder of its capital being loaned our. The fact that the bank had overloaned and the stringency of the New York market are given as the direct causes of the suspension. John P. Edmondson, a prominent attorney of this city and one of the directors, has been appointed receiver for the Merchants' Trust company. A. Y. Allen, cashier of the American Savings Bank and Trust company, has been made the receiver of that institution. The decision not to open the doors of the Merchants' Trust company today was reached after an all-night conference of the board of directors. Felix T. Pope, president of the Merchants' Trust company, gave out the following statement: Bank Is Amply Solvent. "The bank is amply solvent and every depositor will be re'The stockholders paid will in undoubtedly full. alize a large percentage of their investments. "The Merchants' Trust company had loaned too much money and was unable to realize on its loans fast enough to meet the demands. "I am not in position to make a statement now as to reorganization or future plans." W. A. Percy, attorney for the Merchants' Trust company and the directors of that institution. make the statement that all depositors of both of the American Savings Bank and Trust company and the Merchants' Trust company will be paid in full. Statements of the financial status of the closed banks at the close of business December 26: Merchants' Trust company-Assets, $3.655,055; liabilities, $2,132,319. American Savings bank-Assets, $758,703; liabilities, $758,703. Deposits in these institutions exceed $2,000,000. Since the recent absorption of the Mechanics' Savings bank by the American Bank and the of the former concern been business Savings Trust American. company has conducted directly by the
RUN ANTICIPATED. This Was the Cause of Suspension of Merchants' Trust Company. Memphis, Dec. 28.-Anticipation of a heavy run on the Merchants' Trust company. preliminary intimation ot which was given by the withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension of that bank and the appointment of a receiver. The American Savings Bank and Trust company. which is dominated by the directors of #the Merchants' Trust company. fearing the failure of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchant Savings bank shall have been adjusted. The American Savings Bank and Trust company, It is said, will suffer to the extent of 20 per cent on the capital Invested. as the liquidation of the bank's finances 19 expected to entall a stight loss, The assets of the Merchant's Trust company greatly exceed the liabilities The American Savings Bank and Trust company, according to its latest statement, is in excellent condition.
6.December 28, 1905The Times DispatchRichmond, VA
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MEMPHIS BANKS GO TO THE WALL Merchants Trust Company and American Savings Bank Suspend Payments. DEPOSITORS PAID IN FULL Officials Say Latter Will Not Lose a Dollar-Stockholders Suffer 20 Pen Cent. (By Associated Press.) MEMPHIS. TENN., December 27.-Anticipation of a heavy run on the Merchants Trust Company, No. 11 Madison Street, preliminary intimation of which was given by the withdrawal of many deposits Tuesday afternoon, was the Immediate cause of the suspension of that bank and the appointment of a receiver to-day. The American Savings Bank and Trust Company, No. 176 South Main Street, which is dominated by the directors of the Merchants' Trust Company fearing that the failure of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchants' Trust Company shall have been adjusted. The American SavIngs Bank and Trust Company, It developed, recently absorbed the Mechanics' Savings Bank, at Main and Calhoun Streets, and took charge of the latter company's business. It is stated by the officials of both institutions that the depositors will be fully protected and paid dollar for dollar. The stockholders of the Merchants' Trust Company, It 18 said, will suffer to the extent of 20 per cent. on the capital invested, as the liquidation of the bank's finances are expected to entail slight loss. The assets of the Merchants' Trust Company greatly exceed the liabilities. The American Savings Bank and Trust Company, according to its latest statement is in excellent condition and is carrying more ready cash than is usual for an institution of its size. The Merchants Trust Company has on hand only $00,000. the remainder of its capitalization being loaned out. The fact that the bank had overloaned and the stringency of the New York money market are given as the direct cause of the suspension. John P. Edmondson, a prominent attorney of this city, and one of the directors, has been appointed receiver for the Merchants Trust Company. A. Y. Allen, cashier of the American Savings Bank and Trust Company, has been appointed receiver of that institution. The decision not to open the doors of the Merchants Trust Company to-day was reached after an all-night session of the board of directors. Statements of the financial status of the closed banks at the close of business December 26th: Merchants Trust Company-Assets, $3,665,055; liabilities, $2,132,310. American Savings Bank-Assets, $758,783; liabilities, $758,703. The deposits in both institutions exceed $2,000,000. C. W. Shultze, president of the Memphis Clearing House Association, made the following statement in behalf of the association; "Fifteen days ago the Merchants' Trust Company applied to the Memphis Clearing House Association for help. "The Clearing House Association appointed a committee to investigate the matter. The committee went over the assets of the Merchants' Trust Company ns carefully as time limited time allowed, and the association advanced through the Merchants' Trust Company the sum of $160,000 "Subsequent investigation revealed the fact that, while it was the opinion of the members of the Clearing House Association that the depositors of the concern HTC safe, yet It would take an extraordinarily large sum to pay all immediate demand:
7.December 28, 1905The Seattle StarSeattle, WA
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MEMPHIS, Tenn., Dec. 28.There is scarcely a ripple 1 n financial circles this morning. A bill was filed asking the removal of Receiver John P. Edmonson, appointed yesterday for the Merchants Trust company, and asks that another man be appointed.
Two Memphis Banks Go Under. MEMPHIS, Tenn., Dec. 28.-Anticipation of a heavy ryn on the Merchants' Trust company here, preliminary intimation of which was given by the withdrawal of many deposits. was the inimediate cause of the suspension of that bank and the appointment of a receiver. The American Savings Bank and Trust company, which is dominated by the directors of the Merchants' Trust company, fearing that the suspension of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchants' Trust company shall have been adjusted.
Memphis, Tenn., December 27.-Anticipationof a heavy run on the Merchants Trust Company, 11 Madison street preliminary intimation of which was given by the withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension of that bank and the appointment of a receiver today. The American Savings Bank and Trust Company, 176 south Main street, which is dominated by the directors of the Merchants Trust Company fearing that the failure of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchants Trust Company shall have been adjustd. The American Savings Bank and Trust Company, it developed, recently absorbed the Mechanics Savings Bank, at Main and Calhoun streets, and took charge of the latter company's business. It is stated by the officials of both institutions that the depositors will be fully protected and paid dollar for dollar. The stockholders of the Merchants Trust Company, it is said, will suffer to the extent of 20 per cent. on the capital invested, as the liquidation of the banks finances are expected to entail a slight loss. The assets of the Merchants Trust Company generally exceed the liabilities. The American Savings and Trust Company, according to its latest statement is in excellent condition and is carrying more ready cash than is usual for an institution of its size. The Merchants Trust Company has en hand only $30,000, the remainder of its capitalization being loaned out. The fact that the bank had overloaned and the stringency of the New York market are given as the direct cause of the suspension. John P Edmondson, a prominent attorney of this city and one of the directors has been apointed receiver for the Merchants Trust Company. A. Y. Allen, cashier of the American Savings and Trust Company has been appointed receiver of that instituion. The decision not to open the doors of the Merchants Trust Company today was reached after an all night session of the board of directors. Felix T. Pope, president of the Merchants Trust Company, gave out the following statement: "The bank is amply solvent and every depositor will be paid in full. "The stockholders will undoubtedly realize a large percentage of their investments. "The Merchants Trust Company had loaned too much money and was unable to realize on its loans fast enough to meet the demands. "I am not in a position to make a statement now as to re-organization or future plans." W. A. Percy, attorney for the Merchants Trust Company and the directors of that institution make the statement that all depositors, both of the Merchants Trust Company and the American Savings and Trust Company will be paid in full. Statements of the financial status of the closed banks at the close of business December 26: Merchants Trust Company, assets $3,665,055; liabilities $2,132,319. American Savings Bank, assets $758,783: liabilities $758,703. The deposits in both institutions exceed $2,000,000. C. W. Schultt, president of the Memphis Clearing House Association made the following statement in behalf of the association: "Fifteen days ago the Merchants Trust Company applied to the Memphis Clearing House Association for help. "The Clearing House Association appointed a committee to investigate the matter. The committee went over the assets of the Merchants Trust Company as carefully as the limited time allowed and the association advanced through the Merchants Trust Company the sum of $160,000.
10.December 30, 1905The Free LanceFredericksburg, VA
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MEMPHIS BANKS FAIL Merchants Tfust and the American Suspend Payments. DEPOSITORS FULLY PROTECTED Bank Overloaned and the Stringency of the Money Market Given As the Cause - Feared a Run On Deposits. Memphis, Tenn., Dec. 28.-Anticipation of a heavy run on the Merchants' Trust company, preliminary intimation of which was given by the withdrawal of many deposits Tuesday afternoon, was the immediate cause of the suspension of that bank and the appointment of a receiver. The American Savings Bank and Trust company, which is dominated by the directors of the Merchants' Trust company, fearing that the suspension of the other institution would cause a run on its own deposits, also suspended payment until the affairs of the Merchants' Trust company shall have been adjusted. The American Savings Bank and Trust company, it developed, recently absorbed the Mechanics' Savings bank and took charge of the latter company's business. It is stated by the officials of both institutions that the depositors will be fully protected and paid dollar for dollar. The stockholders of the Merchants' Trust company, it is said, will suffer to the extent of 20 per cent. on their capital invested, as the liquidation of the bank's finances is expected to entail a slight loss. The assets of the Merchants' Trust company greatly exceed the liabilities. The American Savings Bank and Trust company. according to its latest statement, is in excellent condition, and is carrying more ready cash than is usual for an institution of its size. The Merchants' Trust company has on hand only $30,000. the remainder of its capitalization being loaned out. The fact that the bank had overloaned and the stringency. of the New York money market are given as the direct cause of the suspension. A. Y. Allen, cashier of the American Savings Bank and Trust company. has been appointed receiver of that Institution. The decision not to open the doors of the Merchants' Trust company was reached after an all-night session of the board of directors. W. A. Percy, cashier of the Merchants' Trust company, and directors of that institution make the statement that all depositors, both of the Merchants' Trust company and the Amerlean Savings Bank and Trust company, will be paid in full. Statements of the financial status of the closed banks at the close of business December 26: Merchants' Trust company: Assets, $3,665,055; Habilities, $2,132,319. American Savings bank: Assets. $758,783: liabilities. $758,703. The deposits in both institutions exceed $2,000,000.
11.December 31, 1905The Montgomery AdvertiserMontgomery, AL
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MAY RESUME BUSINESS. Merchants Trust Company Stockholders Have Meeting. Memphis .Tenn. Dec. 30.-At a conference of stockholders of the suspended Merchants Trust Company held late today steps were taken looking to rehabilitation. A committee of disinterested parties was appointed to Investigate the affairs of the company. secure an Audit of the books and to report at a meeting to be held next week when Sik obable definite action will be the John P. Edmundson, named as temporary receiver was endorsed. as permanent receiver Mr. Edmundson stated that within a few days he believes he can raise $500,000 for the benefit of the company. At the meeting stockholders agreed to pay $44,500, the amount of stock of the American Savings Bank and Trust Company, which suspended on the same day as the Merchants Trust Company, owned by the latter institution. The whole amount practically was subscribed before adjournment of the meeting. This proposition will be referred to Chancellor Helskell and if accepted it is announced that the institution will resume business Tuesday. A. Y. Allen was endorsed as permanent receiver of the American Savings Bank and Trust Company at the meeting, 3,632 shares of 5,000 being represented.
12.December 31, 1905The St. Louis RepublicSaint Louis, MO
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TRUST COMPANY MAY REOPEN. Memphis Stockholders Take Steps to Resume Business. Memphis, Tenn., Dec. 30-At a conferonce of the stockholders of the suspended Merchants' Trust Company, held late today. steps were taken looking to a rehabilitation of that institution A committee of disinterested persons was appointed to investigate the affairs of the company. secure an auditing of the books and to report at a meeting to be held next week. when It is probable deflnite action will be taken. John P. Edmunson. named as temporary receiver was Indorsed as permanent recelver. It 1- announced that the institution may resume business on Tuesday.
MAY SOON RESUME BUSINESS Steps Taken Toward Rehabilitation of the Suspended Merchant Trust Company in Memphis. Memphis, Tenn., December 30.-At a conference of stockholders of the suspended Merchants Trust Company, held late tonight, steps were taken looking to a rehabilitation of that institution. A committee of disinterested parties were appointed to investigate the affarra of the company, secure an audit of the books, and to report at 3 meeting to be limit rext week when it is probable definite action will be taken. John P. Edmundson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmundson stated that within a few days he believed he could raise $500,000 for the relief of the company. At the meeting stockholders agreed to pay $44,500 the amount of stock of the American Savings and Trust company which suspended on the same day as the Merchants Trust Company, owned by the latter institution. The whole amount practically was subscribed before adjournment of the meetings. This proposition will be referred to Chancellor Heiskell, and if accepted it is announced that the institution will resume business on Tuesday. Mr. A. Y. Allen was endorsed as permanent receiver of the American Savings Bank and Trust Company. At the meeting 3,632 shares of 5,000 were represented.
14.January 2, 1906The Farmer and MechanicRaleigh, NC
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BANK TO RESUME BUSINESS. Meeting of the Stockholders of the Suspended Merchants Trust Company. (By the Associated Press.) Memphis, Tenn., Dec. 30.-At a conference of stockholders of the suspended Merchants Trust Company, held late tonight, steps were taken looking to a rehabilitation of that institution. A committee of disinterested parties were appointed to investigate the affairs of the company, secure an audit of the books and to report at a meeting to be held next week when it is probably definite action will be taken. John P. Edmundson, named as temporary receiver, was endorsed as permanent reciever. Mr. A. Y. Allen was endorsed as permanent receiver of the American Savings Bank and Trust Company.
15.January 2, 1906The Morris County ChronicleMorristown, NJ
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BANKS IN MEMPHIS FAIL Trouble Ascribed to Too Ambitious Consolidation. Generally Believed That Depositors Will Be Paid and That the Stockholders Will Not Lose Heavily. Memphis, Tenn.-The Merchants' Trust Company, the American Savings Bank and the Mechanics' Savings Bank failed to open their doors for business in the morning. The three institutions are related and an application for a receiver on the report of the officers and directors of the Merchants' Trust Company late at night caused the other two to take precautions, anticipating a run. No depositors will lose, so all the officers say. Heavy withdrawals of deposits from the Mercliants' Trust Company, which corporation conducted a Savings Bank feature in addition to its interests in the other banks named, caused the reeeivership application to be filed. The officers of the Merchants' Trust Company and the American Savings Bank and Trust Company gave out statements. The Mechanics' Savings Bank, claiming to be intact, made no statement. Merchants' Trust Company assets, $3,665,055; liabilities, $2,132,319. American Savings Bank assets, $7,643,193.82; liabilities, $614,178.88. The deposits of these two will go over two millions and the Merchants' Bank will add half a million more. Felix Pope, President of the trust company, says that all the depositors will be paid in full, though the stockholders may lose a heavy percentage. President Pope is a large stockholder and a director in the other two, and speaks for them also. The reason assigned for the failures is the over confidence and consequent liberal branching out of the Merchants' Trust Company, which recently absorbed the Memphis National Bank. taking over all of its liabilities without getting all of its directors, stockholders and depositors, who were among the conservative business men of Memphis. Afterward the trust company took over the American Savings Bank and an interest in the Mechanics' Savings Bank, without interesting the leading men of the two institutions. C. W. Schulte, President of the Memphis Clearing House. who is also President of the State National Bank of Memphis, said that every other financial institution here was amply able to take care of itself and ascribed the foregoing reasons as the cause of the present failures. The presidents and cashiers of other leading banks here were in line with the Clearing House President in their statements. At a late hour in the afternoon W. A. Percy, attorney for the Merchants' Trust Company, on behalf of the directors said: "All depositors will be paid in full. No one, save possibly the stockholders. of either institution will suffer any loss. I do not think the latter will lose more than twenty per cent. in the liquidation proceedings, if so much." It is possible that the corporations involved may be placed on a sound footing and reorganized with even less loss to the stockholders. At the close of business at night only $50,000 was in the vaults of the Merchants' Trust Company. No report was made as to the cash on hand of the other two banks.
16.January 4, 1906The Brandon NewsBrandon, MS
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May Resume Business. Memphis.-At a conference of the stockholders of the suspended Merchants' Trust Company held, steps were taken looking to a rehabilitation of that institution. A committee of secure an audit of the books and to investigate the affairs of the company, secure an audit o fthe books and to report at a meeting to be held next week when it is probable that definite action will be taken. John E. Edmonson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmonson stated that within s few days he believes that the can raise $500,000 for the relief of the company. At the meeting stockholders agreed to pay $44,500 the amount of stock of the American Savings Bank and Trust Company, which suspended on the same day as the Merchant's Trust Company, owned by the latter institution. The whole amount practically was subscribed before the adjournment of the meeting. This proposition will be referred to Chancellor Heiskell and if accepted it is announced that the institution will resume business on Tuesday. A. Y. A1len was endorsed as permanent receiver of the American Savings Bank and Trust Company. At the meeting 3,632 shares of the 5,000 were represented.
17.January 5, 1906The Penn's Grove RecordPenns Grove, NJ
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BANKS IN MEMPHIS FA Trouble Ascribed to Too Ambitious Consolidation. Generally Believed That Depositors Will Be Paid and That the Stockholders Will Not Lose Heavily. Memphis, Tenn.-The Merchants' Trust Company, the American Savings Bank and the Mechanics' Savings Bank failed to open their doors for business in the morning. The three institutions are related and an application for a receiver on the report of the officers and directors of the Merchants' Trust Company late at night caused the other two to take precautions, anticipating a run. No depositors will lose, so all the officers say. Heavy withdrawals of deposits from the Merchants' Trust Company, which corporation conducted a Savings Bank feature in addition to its interests in the other banks named, caused the receivership application to be filed. The officers of the Merchants' Trust Company and the American Savings Bank and Trust Company gave out statements. The Mechanics' Savings Bank, claiming to be intact, made no statement. Merchants' Trust Company assets, $3,665,055; liabilities, $2,132,319. American Savings Bank assets, $7,643,193.82; liabilities, $614,178.88. The deposits of these two will go over two millions and the Merchants' Bank will add half a million more. Felix Pope, President of the trust company, says that all the depositors will be paid in full, though the stockholders may lose a heavy percentage. President Pope is a large stockholder and a director in the other two, and speaks for them also. The reason assigned for the failures is the over confidence and consequent liberal branching out of the Merchants' Trust Company, which recently absorbed the Memphis National Bank, taking over all of its liabilities without getting all of its directors, stockholders and depositors, who were among the conservative business men of Memphis. Afterward the trust company took over the American Savings Bank and an interest in the Mechanics' Savings Bank, without interesting the leading men of the two institutions. C. W. Schulte, President of the Mem. phis Clearing House, who is also President of the State National Bank of Memphis, said that every other financial institution here was amply able to take care of itself and ascribed the foregoing reasons as the cause of the present failures. The presidents and cashiers of other leading banks here were in line with the Clearing House President in their statements. At a late hour in the afternoon W. A. Percy, attorney for the Merchants' Trust Company, on behalf of the directors said: "All depositors will be paid in full. No one, save possibly the stockholders. of either institution will suffer any loss. I do not think the latter will lose more than twenty per cent. in the liqui-dation proceedings, if so much." It is possible that the corporations involved may be placed on a sound footing and reorganized with even less loss to the stockholders. At the close of business at night only $50,000 was in the vaults of the Merchants' Trust Company. No report was made as to the cash on hand of the other two banks.
18.January 5, 1906Greene County HeraldLeakesville, MS
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May Resume Business. Memphis.-At a conference of the stockholders of the suspended Merchants' Trust Company held, steps were taken looking to a rehabilitation of that institution. A committee of secure an audit of the books and to investigate the affairs of the company, secure an audit o fthe books and to report at a meeting to be held next week when it is probable that definite action will be taken. John E. Edmonson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmonson stated that within a few days he believes that he can raise $500,000 for the relief of the company. At the meeting stockholders agreed to pay $44,500 the amount of stock of the American Savings Bank and Trust Company, which suspended on the same day as the Merchant's Trust Company, owned by the latter institution. The whole amount practically was subscribed before the adjournment of the meeting, This proposition will be referred to Chancellor Heiskell and if accepted it is announced that the institution will resume business on Tuesday. A. Y. Allen was endorsed as permanent receiver of the American Savings Bank and Trust Company. At the meeting 3,632 shares of the 5,000 were represented.
19.January 6, 1906Americus Times-RecorderAmericus, GA
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May Absorb American Co. Memphis, Tenn., Jan. .-The Com mercial Trust and Savings bank has offered to take over the affairs of the American Savings Bank and Trust company, one of the institutions which recently suspended business in connec. tion with the failure of the Merchants' Trust company, The matter has been placed in the hands of Chancellor Heiskell for approval.
20.January 11, 1906The Brandon NewsBrandon, MS
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Would Take Over Business. Memphis, Tenn.-The Commercial Trust and Savings Bank has officially offered to take over the affairs of the American Savings Bank, and Trust Company one of the institutions which recently suspended business in connection with the failure of the Merchants Trust Company. The matter has been placed in the hands of Chancellor Heiskell for approval.
21.January 18, 1906Wood County ReporterWisconsin Rapids, WI
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# IN A NUT SHELL
Lieutenant General Adna R. Chaffee, chief of staff, favors the army bill providing for a reserve of 50,000 men.
Leon Zolotkopf of Chicago was elected grand master of the Order of the Knights of Zion at the convention in St. Louis.
Regular train service on the road built between Elkins and Charleston, W. Va., by ex-Senator Henry Gassaway Davis was inaugurated Jan. 1.
Andrew Carnegie has a pipe organ for an alarm clock. He is wakened every morning by the strains of "Lead, Kindly Light" or "Silent Night."
E. E. McDaniel, president of the Dallas Abstract Company, was shot and killed in a Dallas, Texas, saloon by Elmo Trimble, a discharged employe.
Governor Herrick of Ohio, as a New Year's gift, pardoned Leonard Kitzel-man, who has served twenty-three years for murder in the second degree.
James Kittredge, who was a patient in a private sanitarium in Philadelphia, jumped from a second-story window of the institution and was instantly killed.
The Montreal Express on the Boston and Maine railroad was wrecked at Wallamoosac station, New York, and seven persons injured. The switch had been spiked and the signal light turned to indicate a clear track.
The Wabash lines east of Pittsburg have decided to issue no more passes.
The Pittsburg and Lake Erie railroad of the Vanderbilt system has also abolished free transportation.
A well-known ticket broker of St. Louis declared that 100 ticket brokers and hotel keepers around the Union station were compelled to pay money to the police for protection.
While attending a ball at Hague, Va., Mrs. Mary Willoughby Brown Williams, wife of Professor John Roger Williams of Princeton University, was badly burned by her dress catching fire from a lamp.
A cable dispatch from Caracas, Venezuela, says that the visit of courtesy of Mr. Bax-Ironside, British minister to Venezuela, to President Castro is resulting in a settlement of the dispute with Great Britain.
Creditors of the failed Merchants' Trust Company at Memphis filed a bill asking for a new receiver in place of John P. Edmondson, who, they charge, is a director and heavy stockholder in the bank. They also declare that the liabilities are $3,000,000 and the assets $2,500,000.
The Kansas Supreme Court at Topeka decided that a man who has murdered his wife may claim her property even though he killed her for the purpose of obtaining it. The case was that of the husband of Kate Brandt, who killed his wife and then made over her property to his attorneys. He is under sentence of death.
22.January 23, 1906Wausau PilotWausau, WI
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IN A HELL Lieutenant General Adna R. Chaffee, chief of staff, favors the army bill providing for a reserve of 50,000 men. Leon Zolotkopf of Chicago was elected grand master of the Order of the Knights of Zion at the convention in St. Louis. Regular train service on the road built between Elkins and Charleston, W. Va., by ex-Senator Henry Gassaway Davis was inaugurated Jan. 1. Andrew Carnegie has a pipe organ for an alarm clock. He is wakened every morning by the strains of "Lead, Kindly Light" or "Silent Night." E. E. McDaniel, president of the Dallas Abstract Company, was shot and killed in a Dallas, Texas, saloon by Elmo Trimble, a discharged employe. Governor Herrick of Ohio, as a New Year's gift, pardoned Leonard Kitzelman, who has served twenty-three years for murder in the second degree. James Kittredge, who was a patient in a private sanitarium in Philadelphia, jumped from a second-story window of the institution and was instantly killed. The Montreal Express on the Boston and Maine railroad was wrecked at Wallamoosac station, New York, and seven persons injured. The switch had been spiked and the signal light turned to indicate a clear track. The Wabash lines east of Pittsburg have decided to issue no more passes. The Pittsburg and Lake Erie railroad of the Vanderbilt system has also abolished free transportation. A well-known ticket broker of St. Louis declared that 100 ticket brokers and hotel keepers around the Union station were compelled to pay money to the police for protection. While attending a ball at Hague, Va., Mrs. Mary Willoughby Brown Williams, wife of Professor John Roger Williams of Princeton University, was badly burned by her dress catching fire from a lamp. A cable dispatch from Caracas, Venezuela, says that the visit of courtesy of Mr. Bax-Ironside, British minister to "Venezuela, to President Castro is resulting in a settlement of the dispute with Great Britain. Creditors of the failed Merchants' Trust Company at Memphis filed a bill asking for a new receiver in place of John P. Edmondson, who, they charge, is a director and heavy stockholder in the bank. They also declare that the liabilities are $3,000,000 and the assets $2,500,000. The Kansas Supreme Court at Topeka decided that a man who has murdered his wife may claim her property even though he killed her for the purpose of obtaining it. The case was that of the husband of Kate Brandt. who killed his wife and then made over her property to his attorneys. He is under sentence of death.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
