gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9fd632bc2b4a5270
Response Measures
None
Description
Closed by chancery court with a receiver appointed; directors asserted solvency.
Events (1)
1.December 24, 1907Suspension
Cause
Government Action
Cause Details
Officers went before Chancellor Heiskell and the court ordered the bank placed in receivership amid financial stringency and earlier rumors about certain paper.
Newspaper Excerpt
This bank is closed by order of the Chancery Court. E. L. McHenry has been appointed receiver.
Source
newspapers
Newspaper Articles (18)
1.December 24, 1907Evening Times-RepublicanMarshalltown, IA
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MEMPHIS BANK CLOSES. Shortage of Cash Compels Old Institution to Wind Up Its Affairs. Memphis, Tenn., Dec. 24. - The Memphis Savings bank failed to open its doors this morning. Later a statement was issued by the directors announcing that the institution was solvent and creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank and ask for a receiver to liquidate affairs. The bank was one of the oldest institutions in the city. Notice for suspension has not been given yet. G. W. McRae, a well known local capitalist, is president, and E. L. Menager cashier. The bank carries deposits of over $1,500,000. The president of the clearing house association said today. the suspension would not affect any other institution in the city.
2.December 24, 1907The Spokane PressSpokane, WA
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MEMPHIS, Dec. 24.-The Memphis Savings bank failed to open its doors today. Its capital is $291,000 and deposits estimated at $1,250,000. Receiver E. T. McHenry states the depositors will be paid in full.
3.December 24, 1907East Oregonian : E.OPendleton, OR
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Memphis Savings Bank Fails. Memphis, Tenn., Dec. 24.-The Memphis Savings bank failed to open its doors today. The capital stock is $294,000 and the deposits are estimated at ($1,250,000. Receiver E. T. McHenry states that the deposits will be paid in full.
4.December 24, 1907The Topeka State JournalTopeka, KS
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CLOSED BY THE COURT. Big Savings Bank in Memphis in Receiver's Hands. Memphis, Tenn., Dec. 24.-"This bank is closed by order of the chancery court. E. L. McHenry has been appointed receiver." The above was posted on the doors of the Memphis Savings bank, one of the oldest institutions in the city, at opening time this morning. It is said that the officers went before Chancellor Heiskell late last night and applied for a receiver. No reason for the suspension has yet been given out. G. W. MacRae, a well known local capitalist, is president and E. L. Menager, cashier. The bank carries deposits of over a million and a half dollars. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which it could not realize. This set many rumors afloat and the bank inserted the following explaination in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors and the bank sustained no loss whatever. The claim was bought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Read of the Memphis Clearing House association said today that the suspension of the Memphis Savings bank would not affect any other institution in the city. Mr. Read said he felt certain that all depositors in the Memphis Savings bank would be paid in full. A statement of the condition of the suspended bank was made public on December 11, and is as follows: Resources, loans and discounts, $1,031,056. Overdrafts secured, $28,697. Stocks and bonds. $829,370. Real estate, $17,218. Cash and sight exchange, $236,982. Liabilities, capital stock, $294,100. Surplus and undivided profits, $72,654; bills payable, $250,000; cashiers' checks, $5,537; deposits, $1,531,949. Later a statement was issued by the directors of the Memphis Savings bank announcing that the institution was solvent and that creditors would not lose a cent. The statement says that because of the financial stringency it was deemed wise to close the bank, ask for a receiver and liquidate its affairs.
5.December 24, 1907The Seattle StarSeattle, WA
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Bank Fails to Open. MEMPHIS, Tenn., Dec. 24.Memphis Savings bank, with a capital of $264,000 and deposits estimated at $1,250,000, failed to open its doors this morning. "E. T. McHenry. the assistant cashier, who was appointed receiver, said the depositors will be paid in full.
SAVINGS BANK RECEIVER. One of the Oldest Memphis Institutions Goes to Wall. Memphis, Tenn., Dec. 24.-The Memphis Savings bank failed to open its doors this morning. A notice posted on the door said that the bank had been placed in the hands of a receiver, and that E. L. McHenry had been appointed. The bank was one of the oldest institutions in the city.
7.December 25, 1907New-York TribuneNew York, NY
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MEMPHIS SAVINGS BANK CLOSED. Directors Blame Financial Stringency, but Say Institution Is Solvent. Memphis, Dec. 24.-The Memphis Savings Bank, one of the oldest institutions in the city, did not open to-day. A notice on the door announced that the bank was closed by order of the Chancery Court and that E. L. McHenry had been appointed receiver. G. W. McRae, a well known local capitalist, is president, and E. L. Menager cashier. The bank carries deposits of over a million and a half dollars. A statement was issued by the directors of the bank to-day announcing that the institution was solvent and that creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank. ask for a receiver and liquidate its affairs.
8.December 25, 1907Los Angeles HeraldLos Angeles, CA
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morning. A notice posted on the doors said that the bank had been placed in the hands of a receiver and that E. B. McHenry had been appointed receiver. The Memphis Savings bank is one of the oldest institutions in the city. It is understood that the officers went before Chancellor Heiskell late last night and applied for a receiver. No reason for the suspension has yet been given out. C. W. McBrae, a well known capitalist, is president. and E. L. Menager is cashier. The bank carried deposits of over a million and a half dollars. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which it could not realize. This set many rumors afloat and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to the supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors and the bank sustained no loss whatever. The claim was brought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them. President S. P. Read, of the Memphis Clearing House association, said today that the suspension of the Memphis Savings bank would not affect any other institution in the city. Mr. Read said he felt certain that all aepositors in the Memphis Savings bank would be paid in full. A statement of the condition of the suspended bank was made public on December 11 and is as follows: Resources, loans and discounts, $1,031,056; overgrafts secured, $28,697; stocks and bonds, $829,370; real estate, $17,218; cash and sight exchange, $236,982; liabilities, capita' stock, $294,100; surplus and undivided profits, $72,654; bills payable, $250,000; cashiers' checks, $5537; deposits, $1,531,949.
9.December 25, 1907Bryan Morning EagleBryan, TX
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FAILS TO OPEN DOORS. Memphis Savings Bank Is Not Doing Business. RECEIVER IS IN CHARGE. One of the Oldest Financial Institutions In the Bluff City and Carrying Deposits of Over Million and a Half Dollars Shuts Down. Memphis, Dec. 24.-The Memphis Savings bank failed to open its doors Tuesday morning. A notice posted on the doors said the bank had been placed in the hands of a receiver and E. B. McHenry had been appointed as receiver. The Memphis Savings bank is one of the oldest institutions in the city. It is understood the officers went before Chancellor Heiskell Monday night and applied for a receiver. G. W. MacRae, a well known local capital1st, is president. and E. L. Meneager, cashier. The bank carried deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded' with paper of certain concerns upon which it could not reallze. This set many rumors afloat and the bank inserted following explanation in the daily papers: "Misappre. hension seems to exist in regard to the supposed loss made by this bank. The facts are unpaid maturity was Immediately made good to the bank by citation of its officers and directors and the bank sustained no loss whatever. The claim was bought at Its face value by said officers and directors and is their property. Whatever Is realized from It helongs to them." President S. P. Read of the Memphis Clearing House association said the suspension of Memphis vings bank will not affect any other institution in this city. Mr. Read said be felt certain all depositors will be paid in full.
10.December 25, 1907The Montgomery AdvertiserMontgomery, AL
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MEMPHIS BANK NOW OLDEST SAVINGS INSTITUTION THERE CLOSES DOORS. Statement Issued in Which Claim is Made All Depositors WIII Be Paid in Full. Memphis. Tenn., Dec. 24.-"This bank is closed by order of the Chancery Court. E. L. McHenry has been appointed receiver." The above notice was posted on the doors of the Memphis Savings Bank, one of the oldest institutions in the city, at the usual time for opening this morning. It is understood that the officers went before Chancellor Heiskell last night and applied for a receiver. No reason for the suspension has been given out by the officers, but it is said a statement will be made public today. C. W. MacRae. a wellknown local capitalist. is President and E. L. Monoger, cashier. The bank carried deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which It could not realize. This set many rumors afloat and the bank inserted the following explana-
11.December 26, 1907Ottumwa Tri-Weekly CourierOttumwa, IA
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MEMPHIS BANK CLOSES No Reason Given-for Suspension of Savings Institution-No Other Banks Affected. Memphis, Dec. 24.-The Memphis Savings bank failed to open its doors this morning. The bank is one of the oldest institutions in the city. No reason for the suspension has yet been given. C. W. McRae, a well known local capitalist is the president and E. L. Menager is cashier. The bank carries deposits of over a million and a half The president of the clearing house association said today the suspension would not affect any other institution in the city. Creditors WIII Not Lose a Cent. A late statement was issued by the directors announcing that the institution is insolvent but creditors would not loose a cent, the statement adds. Because of the financial stringency it was deemed wise to close the bank and asks for a receiver to liquidate the affairs.
12.December 26, 1907The CaucasianShreveport, LA
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Institution Solvent. Memphis, Dec. 26.-A statement was issued by the Memphis Savings bank, which did not open Tuesday, announcing that the institution was solvent, and that the creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank, ask for a receiver and liquidate affairs.
Suspension of the Memphis Sav. ings Bank. IT WAS AN OLD INSTITUTION Buspension Will Not Affect Any Other Institution in the City-It Is Said All the Depositors Will Be Paid In Full In Time. Memphis, Tenn., Dec. 25.-"This bank is closed by order of the chancery court. E. J. McHenry has been appointed receiver." The above notice was posted on the loors of the Memphis Savings bank, one of the oldest Institutions in the city, at the usual time for opening Tuesday morning. It is understood that the officers went before Chancellor Heiskell Monday night and applied for a receiver. No reason for the suspension has been Iven out by the officers, but it is said statement will be made public soon. G. W. Macrea, a well known local capitalist, is president, and E. L. Menager, cashier. The bank carried deposits of over a million and a half ollars. Several weeks ago a statement was published that the bank had been heav. nv loaded with paper of a certain concern upon which It could not realize. This set many rumors afloat, and the bank inserted the following explanation in the daily newspapers: "A misapprehension seems to exist In regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the b. k by certain of its of ficers and directors. and the bank sustained no loss whatever, The claim was bought at Its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Read. of the Memphis clearing house association, said that the suspension of the Memphis Savings bank would not affect any other institution in this city. Mr. Road said he felt certain that all de positors would be paid in full.
HAS $1,500,000 DEPOSITS Memphis Savings Bank Fails to Open Its Doors. Memphis, Dec. 25.-"This bank is closed by order of the chancery court. E. L. McHenry has been appointed receiver." The above notice was posted on the doors of the Memphis Savings bank, one of the oldest institutions in the city, at opening time. G. W. MacRae, a well known local capitalist, is president and E. L. Menager cashier. The bank carries deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern, upon which it could not realize. This set many rumors afloat and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors and the bank sustained no loss whatever. The claim was bought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Read of the Memphis Clearing House association said that the suspension of the Memphis Savings bank would not affect any other institution in the city. Mr. Read said he felt certain that all depositors in the Memphis Savings bank would be paid in full. Later a statement was issued by the directors of the Memphis Savings bank announcing that the institution was solvent and that creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank, ask for a receiver and liquidate its affairs.
HAS $1,500,000 DEPOSITS Memphis Savings Bank Fails to Open Its Doors. Memphis, Dec. 25.-"This bank is closed by order of the chancery court. E. L. McHenry has been appointed receiver." The above notice was posted on the doors of the Memphis Savings bank, one of the oldest institutions in the city, at opening time. G. W. MacRae, a well known local capitalist, is pres. ident and E. Menager cashier. The bank carries deposits of over $1,500,000. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern, upon which it could not realize. This set many rumors afloat and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain of its officers and directors and the bank sustained no loss whatever. The claim was bought at its face value by said officers and directors and is their property. Whatever is realized from it will belong to them." President S. P. Read of the Memphis Clearing House association said that the suspension of the Memphis Savings bank would not affect any other institution in the city. Mr. Read said he felt certain that all depositors in the Memphis Savings bank would be paid in full. Later a statement was issued by the directors of the Memphis Savings bank announcing that the institution was solvent and that creditors would not lose a cent. The statement adds that because of the financial stringency it was deemed wise to close the bank, ask for a receiver and liquidate its affairs.
16.December 27, 1907The Columbia HeraldColumbia, TN
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MEMPHIS BANK CLOSES ITS DOOR ONE OF THE OLDEST FINANCIAL INSTITUTIONS IN HANDS OF RECEIVER. MEMPHIS, Tenn., Dec. 25.-"This bank is clsed by order of the Chancery Court. E. L. McHnery has been appointed receiver." The above notice was posted on the doors of the Memphis Savings Bank, one of the oldest institutions in the city, at the usual time for opening this morning. It is understood that the officers went before Chancellor Heiskell last night and applied for a receiver. G. W. Macrae, a well-known local capitalist, is President, and E. L Menager Cashier. The bank carried deposits of over a million and a half dollars. Several weeks ago a statement was published that the bank had been heavily loaded with paper of a certain concern upon which it could not realize. This set many rumors afloat, and the bank inserted the following explanation in the daily papers: "A misapprehension seems to exist in regard to a supposed loss made by this bank. The facts are that an unpaid maturity was immediately made good to the bank by certain 01 its officers and directors. The claim was bought at its face value by said a officers and Directors and is their property. Whatever is realized from it will belong to them." President S. P. Read of the Memphis Clearing House Association, said today that the suspension of the Memphis Savings Bank would not affect any other institution in this city. Mr. Read said he felt certain that all of the depositors would be paid in full.
17.December 29, 1907The Washington TimesWashington, DC
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ACCUSES BANK OFFICIALS OF PERMITTING FRAUD MEMPHIS, Tenn., Dec. 28.-Blair Fierson, representing himself as a creditor and declaring he represents other creditors, filed suit in chancery court this afternoon asking the removal of E. B. McHenry as receiver of the Memphis Savings Bank. He charges fraud committed with the full knowledge and consent of all the directors and officials. Pierson also asked that the court order the cost prorated among the creditors to provide for a thorough probe of all affairs of the bank since it was reorganized in 1905 and the capItal stock increased from $50,000 to $300,000. Pierson charges that daily meetings of the bank's directors were held for sixty days at least prior to the closing, and that the recapitalization was a fraud. He asked that the officers be declared personally liable.
18.January 14, 1908Pine Bluff Daily GraphicPine Bluff, AR
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MacRae, president of the suspended Memphis Savings Bank, has sold the property at 121 Union avenue, occupied by the Whittemore Buggy Company to Dr. J. F. Simmons of Pine Bruff, Ark., for $48,000. The lot is 26 1-2 by 200 feet, and the building is a four-story brick, on which the buggy company retains a lease. Last year Dr. Simmons purchased property in this city on Main, near Gayoso, for $100,000. A few months ago Doctor Simmons purchased a corner on Main street here, paying $96,000 cash for it.
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.
