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When the officers of the Merchants' Trust company decided to suspend business Chancellor Heiskell was asked to appoint a receiver for the institution and named John P. Edmundson, a lawy 15. The Merchants' Trust company recently absorbed the Memphis National bank,
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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.
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PETITION FOR REMOVAL OF RECEIVER EDMONDSON Memphis, Tenn., Dec. 28.-A bill has been called and will be argued before Chancellor Heiskell today seeking to have John P. Edmondson removed as receiver of the Merchants' Trust company, which closed its doors yesterday. The bill alleges that the company is insolvent and further alleges that Receiver Edmondson is a director in the Merchants' Trust company and a large stockholder, and the court is asked to appoint another receiver.
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The Merchants Trust Co., of Memphis, Tenn., has closed its doors and a receiver has been appointed. The institution has a capital stock of $200,000.
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MERCHANT'S TRUST CO. Bill Filed to Have J. P. Edmondson Removed as Receiver. Memphis. Dec. 28.-A bill has been filed and will be argued before Chancellor Heiskell today seeking to have John P. Edmondson removed as receiver of the Merchants' Trust company, which closed its doors yesterday. The bill was filed by T. F. Wordell and
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MEMPHIS HAS THREE FAILURES By Associated Prese Memphis. Dec. 27.-The Merchants' Trust Company has closed its doors and a receiver has been appointed. Felix T. Pope is president of the Merchants Trust Company. The institution has a capital stock of $200,000.
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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.
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Object to Receiver. Memphis, Dec. 28.-Scarcely a ripple in financial circles occurred this morning when a bill was filed asking for the removal of Receiver John P. Edmonson, appointed yesterday for the Merchants' Trust company. The bill asks that another be appointed.
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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.
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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-
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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.
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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-
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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.
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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.
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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.
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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.
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MEMPHIS BANKS FAIL. Allied Institutions Forced to Close Their Doors-Over-Louns the Reported Cause. 1 Memphis, Tenn., Dec. 28.-Anticipation of a heavy run on the Merchants' Trust company, No. 111 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. The American Savings Bank and Trust company, No. 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 Bank and Trust company, it develops, absorbed the Mechanics' Savings bank at Main and Calhoun street, 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. 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 capital 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. 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.
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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.
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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.
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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.
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Twice ToldTales 10 Years Ago Today in Memphis. JANUARY 8, 1909. Business men hold a monster mass meeting at Cotton exchange building as a declaration against statewide prohibition. As a result of the disturbances at Reelfoot lake several weeks ago six nightriders have been sentenced to death and two to 20 years' imprisonment. The men were convicted by a jury at Union City, Tenn. Holders of the stock in the American bank, which went into the hands of a receiver at the time the Merchants' Trust company failed, are soon to receive a dividend of about 35 per cent of their stock. Gallant Confederate heroes will assemble in Memphis in yearly session on June 1, 2 and 3. Flames originating from the engine room destroyed the Memphis machine works and damaged property to the extent of $35,000. While military pomp will mark the funeral of James E. Clary, the veteran fire chief and Confederate soldier, who died at his home Thursday morning, men who have been his comrades since the early days, when It was Pipeman Clary. will bear the coffin to its last resting place.