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A TRIO OF FAILURES TRUST CONCERNS OF MEMPHIS WENT BUMP Merchants Trust Co. Has a Receiver -Its Failure Pulled Down Another Trust Company and a Savings Bank - -Had $200,000 Capital Stock. Memphis, Tenn, Dec. 27.-The Merchants Trust Co., has closed its doors and a receiver has been appointed. The institution has a capital stock of $200,000. The American Savings and Trust Co. and the Merchants Savings bank, small subsidiary concerns, also suspended.
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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.
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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.
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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.
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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.
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BANKS GO UNDER. Three Memphis, Tenn., Institutions Close Their Doors. At Memphis, Tenn., the Merchants' Trust Company hasclosed 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.