American Savings Bank & Trust Company (Memphis, TN)

Episode Information

Episode UID
26005771272
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
2600577 routing
Routing Number
26-0057
Start Date
December 27, 1905
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9d573deae3192530

Response Measures

None

Description

Suspended with receiver appointed and later liquidation referenced; suspension driven by connection to Merchants' Trust failure rather than an independent depositor run.

Events (3)
1. December 27, 1905 Receivership
Newspaper Excerpt
A. Y. Allen, cashier of the American Savings Bank and Trust Company, has been appointed receiver of that institution.
Source
newspapers
2. December 27, 1905 Suspension
Cause
Local Banks
Cause Details
Suspended because it was dominated by Merchants' Trust Co.; feared failure of that institution and consequent run after Merchants' Trust overloans were revealed.
Newspaper Excerpt
The American Savings Bank and Trust company ... also suspended payment until the affairs of the Merchants' Trust Company shall have been adjusted.
Source
newspapers
3. January 16, 1906 Other
Newspaper Excerpt
The Commercial Savings and Trust Company, at Memphis, Tenn., will liquidate the affairs of the defunct American Savings Bank and Trust Company.
Source
newspapers

Newspaper Articles (22)
1. December 26, 1905 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, December 26, 1905

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Article Text

THREE BANKS CLOSE DOORS. Special to The Sentinel. Memphis, Tenn., Dec. 27.-Three banking institutions failed to open their doors for business today. The Merchants Trust company capitalized for $200,000 and the American Savings bank and Trust company, and the Mechanics' Bank, two institutions allied with the first named were the banks that failed to open. John C. Edmonason was appointed as receiver. The cause of the suspension of business was overloans on discounts. The deposits amounted to $625,000.

2. December 27, 1905 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, December 27, 1905

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LITTLE EXCITEMENT Trust Company Drags Downs Two Smaller Institutions in its Train.Condensed Statement Showing Assets and Liabilities.-$30,000 Actual Cash on Hand. Memphis, Tenn., Dec. 27.-The Merchants' Trust Company has closed its doors and a receiver has been appointed. The institution had a capital of $200,000. The American Savings Bank and Trust Company and the Merchants' Savings Bank have suspended business. These are small institutions allied with the Merchants Trust Company. The cause of the suspension of the Merchants' Trust Company is said to have been loans and discounts. The Merchants' Trust Co. recently absorbed the Memphis National Bank, and it is stated owns the controlling stock of the American Savings Bank and Trust Co. The latter institution has practically absorbed the Mechanics' Savings Bank. The suspension of the three institutions caused but little excitement in financial circles. A condensed statement of the conf dition of the Merchants' Trust Co. at the close of business Dec. 26 was given out, as follows: Total assets $3,665,055; indebtedness of every character to depositors, $3,132,319. All other obligations exclusive of cap ital stock, $889,058. Cash actually on hand, $30,000. New York, Dec. 27.-The American Savings Bank and Trust Company of Memphis, according to a recent statement, owed depositors $625,000.

3. December 27, 1905 The Spokane Press Spokane, WA
Article from The Spokane Press, December 27, 1905

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BANK WILL LIQUIDATE MEMPHIS, Tenn., Dec. 27.-The Merchants Trust company of this city went into liquidation today. The American Savings Bank and Trust company closed its doors to avoid a run. The Merchants Trust company has a capital of $500,000, and deposits of $600,000. The American Savings Bank and Trust company has a capital of $250,000, and deposits of $625,000.

4. December 27, 1905 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 27, 1905

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THREE MEMPHIS BANKS SUSPENDED Merchants' Trust Co., American Savings Bank & Trust Co., and Merchants' Savings Bank. WAS CAUSED BY OVER LOANS. The Suspension of the Institutions Re. sulted in Little Excitement in Financial Circles. Memphis, Tenn., Dec. 27.-Three institutions failed to open their doors for business today. The Merchants' Trust company, with a capital stock of $200,000, the American Savings Bank & Trust company, and the Mechanics' Savings bank, smaller institutions allied with the first named concern, have gone into liquidation. The following notice was posted on the doors of the Merchants' Trust.company: "This bank is closed by order of the board of directors and will go into liquidation. " FELIX T. POPE. (Signed.) "President." Another notice reads: "This bank has gone into liquidation. John P. Edmondson has been appointed receiver. The cause of the suspension of the Merchants' Trust company is said to have been over-loans on discounts. One of the directors said to a representative of the Associated Press that the three institutions had ample assets and would pay dollar for dollar. When the officers of the Merchants' Trust company decided to suspend businesss, Chancellor Heiskell was asked to appoint a receiver for the institution and named John P. Edmondson, a. Memphis lawyer. The Merchants' Trust company recently absorbed the Memphis National bank and. it is stated, owns the controlling stock of the American Savings Bank & Trust company. The latter institution has practically absorbed the Mechanics' Savings bank. The suspension of the three institutions caused little excitement in financial circles. It was later learned that the American Savings Bank & Trust company had actually absorbed the Mechanics' Savings bank several days ago. It was stated today that the suspension of this institution is only temporary, and that its affairs are in good shape. Officers say that the suspension was decided upon because they feared a run when the doors were opened this morning. the public generally being aware of the bank's relation to the Merchants' Trust company. At the latter Institution It was announced that a thorough re-organization would be made and hope was expressed that the company would again open its doors for business in a short time. A condensed statement of the condition of the Merchants' Trust company at the close of business Dec. 26, was given out as follows: Total assets, $3,65,055: indebtedness of every character to depositors, $2,132,319: all other obligations exclusive of capital stock, $889,058; cash actually on hand, $30,000. AMOUNT DUE DEPOSITORS. New York. Dec. 26.-The American Savings Bank & Trust company of Memphis, Tenn., according to a recent statement, owed depositors $625,000.

5. December 28, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, December 28, 1905

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THREE ALLIED INSTITUTIONS AT MEMPHIS, TENN., WILL LIQUIDATE Memphis, Tenn., Dec. 27.-The Merchants' Trust company has closed its doors and a receiver has been appointed. Felix T. Pope is the president of the institution, which has a capital of $200,000. The American Savings Bank and Trust company, and the Mechanics' Savings. bank have also suspended. These are small institutions allied with the Merchants' Trust company. Overloans Cause Trouble. The cause of the suspension of the Merchants' Trust is said to have been overloans on discounts. One of the directors said to the Associated Press that the three institutions have ample assets and can pay dollar for dollar. The suspension of the three institutions has caused little excitement in financial circles. The American Savings bank, according to a recent statement, owed its depositors $625,000. According to a recent statement the Merchants' Trust owed its depositors $605,000.

6. December 28, 1905 The Waxahachie Daily Light Waxahachie, TX
Article from The Waxahachie Daily Light, December 28, 1905

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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.

7. December 28, 1905 The Times Dispatch Richmond, VA
Article from The Times Dispatch, December 28, 1905

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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:

8. December 28, 1905 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, December 28, 1905

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Article Text

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.

9. December 29, 1905 The Clarksburg Telegram Clarksburg, WV
Article from The Clarksburg Telegram, December 29, 1905

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THREE BANKS CLOSE DOORS By Associated Press. Memphis, Tenn., Dec. 27-The Marchants Trust Company closed it uir today and a receiver has been inted. Felix T. Pope is presia of the Merchants Trust Company. The institution has a capital stock of $200,000. The American Savings Bank and Trust Company and the Merchants Savings Bank have also suspended business. These are small institutions and allies with the Merchants Trust Company. The Merchants Trust Company will go out of business. One of the difectors says the three concerns will pay dollar for dollar. The cause of the suspension is said to be overloans on discounts.

10. December 29, 1905 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 29, 1905

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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.

11. December 29, 1905 The News & Observer Raleigh, NC
Article from The News & Observer, December 29, 1905

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Merchants Trust Company First to Suspend. DEPOSITORS ARE SAFE of Such is the Declaration of Officials Both, Institutions. American Savings Bank, the Second Institution, Dominated by Directors of the First Named. (By the Associated Press.) Memphis, Tenn., Dec. 27.-Anticipation of a heavy run on the Merchants Trust Company, 11 Madison of street, preliminary intimation 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 is dominated by the Merchants of which the Trust Company, the directors other fearing that the failure of 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 Merchants Savings Bank, at Main and Calhoun streets and took charge of the latter company's búsiness. It is stated by the officials of both institutions that the depositors will be fully protected and paid dollar for dollar. The stock holders 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 to the bank's finances are expected 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 is and carrying more ready cash then usual for an institution of its size. The Merchants Trust Company has on hand only $30,000. the remainder of its capital having been 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 A. for the Merchants Trust Company. 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 today was reached after an all night session of the board of directors. Says the Bank is Solvent, Felix T. Pope, president of the Merchants Trust Company, gave out the following statement: "The bank is 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 reorganization or future plans.' W. A. Percy, attorney for the Merchants Trust Company, and the direc- the tors of that institution make that all depositors of both Trust statement the Merchants Company Trust Com- and the American Savings and pany 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, $2,132,319; liabilities, $3,665,055; American Savings Bank, assets, $758.783: liabilities, $758,703. The deposits in both institutions exceed $2,000,000. C. W. Schulte's Statement. C. W. Schulte, president of the Memphis Clearing House Association, made of the following statement in behalf 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 are carefulty as the 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 are safe. yet it would take an extraordinary large sum to pay all immediate demands. In the interests of the city and the depositors, and of the various institutions of the city, which for the last month had anticipated some such movement, it was deemed wisest to allow the concern to close its doorsRepresentatives of the large banks New York, Chicago and St. Louis are of in the city with great quantities of money in furtherance of the legitimate business interests of the city. "Old and experienced bankers and members of the Memphis situation Clearing House Association have the well in hand. No danger is appreand the commercial interests are competent any hended of the city to arise." meet situation that is liable to AN ASTOUNDING STORY.

12. December 30, 1905 The Sun Tallahassee, Jacksonville, FL
Article from The Sun, December 30, 1905

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In anticipation of a run, two financial institutions at Memphis, Tenn., have been forced to suspend business. The officials of the two concerns involved, the Merchants' Trust Company and the American Savings Bank and Trust Company, have made the statement that the depositors will be protected. Receivers have been appointed. C. W. Schulte, presi-

13. December 30, 1905 The News & Observer Raleigh, NC
Article from The News & Observer, December 30, 1905

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ASK RECIEVER'S REMOVAL. Creditors Assert That the Merchants Trust Company Owes Half a Million More Than Its Assets. (By the Associated Press.) Memphis, Tenn., Dec. 28.-A bill was filed before Chancellor Heiskell today seeking to have John P. E mondson removed as receiver of the Merchants Trust Company, which closed its doors yesterday. The bill was filed by T. F. Wordell and W. F. Ladd, who sue for themselves and all other creditors of the Merchants Trust Company. The bill sets forth that the liabilities of the Merchants Trust Company amount to three m:1lion dollars and the assets of the institution are $2,500,000 when the same are realized on. The bill alleges that the company is insolvent and owes $500,000 more than its assets will bring. It further alleges that Receiver Edmondson is a director in the Merchants Trust Company and a large stock holder and the court is asked to appoint another receiver. It was stated today that the affairs of the American Savings Bank and Trust Company are in good condition and it is believed the bank will resume business in a short time. A notice to the public signed by the presidents of the local clearing house banks, was issued today, saying: "The committee appointed to examine into the affairs of the Merchants Trust Company report to us that in their opinion the depositors will no doubt receive a very large percentage if not the entire amunt of their claims against the institution." President Schult of the Clearing House Association stated today that in his opinion the afairs of the Merchants Trust Company were too heavily involved for a re-organization.

14. December 30, 1905 The Sun Tallahassee, Jacksonville, FL
Article from The Sun, December 30, 1905

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In anticipation of a run, two financial institutions at Memphis, Tenn., have been forced to suspend business. The officials of the two concerns involved, the Merchants' Trust Company and the American Savings Bank and Trust Company, have made the statement that the depositors will be protected. Receivers have been appointed. C. W. Schulte, presi-

15. December 31, 1905 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 31, 1905

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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.

16. January 2, 1906 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, January 2, 1906

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BANK DEFICIT LARGE. Creditors of Insolvent Memphis Company Ask That Receiver Edmondson Be Ousted. Memphis, Tenn., Dec. 29.-A bill was filed Thursday seeking to have John P. Edmondson removed as receiver of the Merchants' Trust company, which closed its doors Wednesday. The petitioners are creditors, and the bill sets forth that the liabilities are $3,000,000 and assets $2,500,000. The bill alleges the company owes $500,000 more than its assets will bring. It further alleges Edmundson is a director and large stockholder in the Merchants' Trust company. There was hardly a ripple on the financial surface because of the failures. The banks of the city opened for business at nine o'clock, and no unusual incidents occurred. It was stated Thursday that the affairs of the American Savings Bank and Trust company are in good condition, and it is believed the bank will resume business in a short time. This institution recently absorbed the Mechanics' Savings bank, and the statement of its condition, given out Wednesday, included the affairs of the letter bank.

17. January 3, 1906 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, January 3, 1906

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Banks Fail. The Merchant's Trust company of Memphis, Tenn., decided to go into liquidation and the American Savings Bank and Trust company, controiled by the Me:c ant's company, closed its doors to avoid . a run. Up to 11. o'clock Wednesday morning the institutions made no statement. The Merchants' company has a paid-up capital of $500,000 and deposits of about $600,000. The American Sav ings Bink and Trust company has a paid-up capital of $25,000 and deposits of about $625,000.

18. January 3, 1906 Willmar Tribune Willmar, MN
Article from Willmar Tribune, January 3, 1906

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MISCELLANEOUS Three Memphis (Tenn.) financial institutions failed to open their doors for business. The Merchants' Trust company, with a capital stock of $200,000, the American Savings Bank and Trust company and the Mechanics' Savings' bank, smaller institutions and allied with the first named concern, have gone into liquidation. The suspension of the three institutions caused little excitement in financial circles. Dr. R. A. Torrey, the noted evangelist of Chicago, was welcomed home from Europe by 6,000 persons and he predicts a widespread revival in the United States the coming year. Sarah Bernhardt appealed to the French ambassador to the United States against the discrimination of the theatrical trust against her as a citizen of France. Clearings for Chicago banks have passed the $10,000,000,000 mark, the figure set by officials of the clearing house for the year's business. A trusted clerk of the First National bank of Mamaroneck, N. Y., is said to have confessed to robbing the institution of $8,000. The municipally operated ferry between New York and Staten island costs New York city $500 a day, that being the excess of expenses over receipts. b Two children of Mr. and Mrs. George Fayette burned to death at Miller's Mill, Mich., a little girl four years old and a boy one year old. The mother had locked them in the house alone. [t is supposed the little girl set fire to the house with matches. Eight men were killed by a fall of 1,000 tons of ore from a slip on the 1,300-foot level of the Newport mine in Ironwood Mich. Mrs. Drusilla Hall Johnson, the daughter of a soldier of the American revolution, died at her home in Northampton, Mass., aged 100 years. Supreme Court Justice Gaynor, of Brooklyn, handed down a decision in which he declares that the supreme council of the Royal Arcanum has no right to put into effect rates for the assessment of members different from those at which they were admitted into the order. The international livestock exposition in Chicago closed with a record attendance for the week, 557,743 persons attending. The pope, who is a warm admirer of Prseident Roosevelt and the American nation, will send a wedding present to Miss Alice Roosevelt. A concerted effort to establish a lasting world peace is to be made by the civilized nations under the dominating guidance of President Roosevelt, Henry Wulff, former Illinois state treasurer, has been indicted by the graud jury in Chicago on a charge of promoting a lottery. -

19. January 3, 1906 The Miller Sun Miller, SD
Article from The Miller Sun, January 3, 1906

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BANKS GO UNDER. Three Memphis. Tenn., Institutions Close Their Doors. At Memphis, Tenn., the Merchants' Trust Company has closed its doors and a receiver has been appointed. Felix T. Pope is president. The institution has a capital of $200,000. The American Savings Bank and Trust Company and the Merchants' Savings Bank have suspended. These are small institutions allied with the Merchants' Trust Company. According to a recent statement, the Merchants' Trust Company owed depositors $605,000. The cause of the suspension of the Merchants' Trust Company is said to have been overloans on discounts.

20. January 4, 1906 The Brandon News Brandon, MS
Article from The Brandon News, January 4, 1906

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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.

21. January 5, 1906 Greene County Herald Leakesville, MS
Article from Greene County Herald, January 5, 1906

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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.

22. January 16, 1906 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, January 16, 1906

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DOMESTIC. Fire did $100,000 damage to property of the New York Lubricating Oil Company, in Water street, Expert accountants declared that the forged municipal bonds which caused the suspension of the firm of Denison, Prior & Co., of Cleveland, Ohio, after Mr. Prior's suicide, may exceed $100,000. New York State enumeration gives six new Supreme Court judges for Manhattan and seventeen for the Brooklyn district of New York City. E. H. Harriman and two others bought a tract of 20,000 acres in Orange County, N. Y. It is supposed they plan to develop a new colony on the lines of Tuxedo. Dr. Harry T. McGronen, of Brooklyn, N. Y., was crushed to death by an elevator in a factory. District Attorney Jerome, of New York County, N. Y., is preparing to prosecute guilty insurance officials. Protests against the seating of McGowan and five Aldermen were made before the Aldermen's Committee on Privileges and Elections in New York City. The Clyde Line steamer Cherokee went ashore in a fog near Atlantic City, N. J. The vessel was in little danger, and the passengers and crew remained aboard. The 545-foot steamer Joseph Sellwood was launched at Lorain, Ohio. Deputy Commissioner O'Keefe, of New York City, ordered that hazing of new policemen be stopped. The Federal Grand Jury, at Butte, Mont., has indicted Daniel B. Jacobs for running a lottery. Nothing has been learned regarding the $18,000 express package lost between Augusta, Ga., and New York City. John M. Pattison, of Cincinnati, Ohio, who defeated Governor Myron T. Herrick by 61,000 plurality, was inaugurated Governor at Columbus. Making a short cut to his home, Dr. Harrison S. Hathaway was struck by a train on a trestle at Toledo, Ohio, and killed. William M. Ivins, addressing a Brooklyn, N. Y., congregation on dishonest upbuilding of wealth, criticised Rockefeller. A motion for a rehearing of the case of "Bluebeard" Johann Hoch, under death sentence for wife murder, has been filed at Springfield, Ill. Two railroad men were killed and three hurt in a head-on collision of freight trains on the Burlington road near Woods Station, Mo. The Newfoundland west coast fishing season has practically been ended by ice and American vessels are leaving with about half cargoes. The Commercial Savings and Trust Company, at Memphis, Tenn.. will liquidate the affairs of the defunct American Savings Bank and Trust Company. Shot through the body, O. W. Meadows, a farmer, was found dead in his buggy at Milledgeville, Ga., probably a victim of robbers. An eighteen-ton flywheel at the Morgan Engineering Works, Alliance, O., burst, without killing any of the many men working around it.