gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e470ede6cd6cec51
Response Measures
None
Description
Receiver appointed and offers to transfer assets discussed; no clear evidence in these articles that the bank resumed normal independent operations.
Events (3)
1.December 27, 1905Receivership
Newspaper Excerpt
A receiver has been appointed. A. Y. Allen was appointed receiver of the American Savings Bank and Trust company.
Source
newspapers
2.December 27, 1905Suspension
Cause
Local Banks
Cause Details
Suspended because of the failure/closure of the affiliated Merchants' Trust Company and anticipation of a run; overloans at Merchants' Trust precipitated the action.
Newspaper Excerpt
The American Savings bank and Trust company ... failed to open their doors for business today.
Source
newspapers
3.January 6, 1906Other
Newspaper Excerpt
The Commercial Trust and Savings bank has offered to take over the affairs of the American Savings Bank and Trust company; matter placed in hands of Chancellor Heiskell for approval.
Source
newspapers
Newspaper Articles (20)
1.December 26, 1905The Daily SentinelGrand Junction, CO
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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, 1905Evening Times-RepublicanMarshalltown, IA
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THREE BANKS FAN AT MEMPHIS TODAY The Merchants' Trust Company Closes Its Doors and Receiver Is Appointed OTHERS CARRIED WITH American Savings Bank and Trust Company and the Mechanics' Savings Bank, Institutions Connected I With the Failed Bank, Forced to Suspend -Will Pay Depositors.
3.December 27, 1905The Spokane PressSpokane, WA
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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 28, 1905Alexandria GazetteAlexandria, VA
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THE FACT that call loans were quoted at 90 per cent. in New York yesterday has naturally caused apprehension in conservative business circles throughout the country. The failure of the Ryan banks in Chicago a few weeks ago and the disaster to the Merchants' Trust Company and the American Savings Bank and Trust Company in Memphis yesterday have added to the anxiety. A financial panic is imminent in Europe, and should Russia fail to suppress the revolt against the autocracy and thereby drain her treasury, the payment of interest on her bonds would necessarily cease. Millions of the securities are held in France and Prussia, and the crash, now dreaded, would surely come as an avalanche. Call loans were quoted in New York at 125 per cent., which has added to the apprehension and caused many to fear that financial troubles in this country are drawing near.
Two More. Memphis, Dec. 27.-The American Savings Bank and Trust Company and the Mechanics' Savings Bank have suspended business. These are small institutions allied with the Merchants' Trust Company.
6.December 29, 1905The Black Hills Union and Western Stock ReviewRapid City, SD
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Article Text
FAIL FOR A BIG SUM. Three Financial Institutions of Mem* phis, Tenn., Forced to Close Doors. Memphis, Tenn., Dec. 27.-The Merchants' Trust company has closed its. doors. A receiver has been appointed. It has a capital of $200,000. : The American Savings Bank and Trust company and Mechanic Savings bank have suspended. These are small institutions allied with the Merchants' Trust company.
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-
8.December 30, 1905The News & ObserverRaleigh, NC
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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.
9.December 30, 1905The Free LanceFredericksburg, VA
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Article Text
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.
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-
11.December 31, 1905The Montgomery AdvertiserMontgomery, AL
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Article Text
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 Birmingham Age-HeraldBirmingham, AL
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EDMUNDSON IS NAMED PERMANENT RECEIVER Steps Are Taken in Memphis for the Rehabilitation of the Suspended Merchants' Trust Company. Memphis, December 30.-At a conference of stockholders of the suspended Merchants Trust company held late today, steps were taken looking to a rehabilitation of that institution. A committee of disinterested parties were employed to investigate the affairs of the company, to secure an audit of the books and report at a meeting to be held next week. when it is probably definite action will be taken. John P. Edmunson, named as temporary receiver, was endorsed as permanent receiver. Mr. Edmunson stated that within a few days, he believes 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 Merchants Trust company, owned by the latter institution. The whole amount practically was subscribed before adjournment of the meeting. This proposed acHeistion will be referred to Chan Institution kill. It is announced that tb " Pundrans will resume business on A. Y. Allen was en orsed receiver of the A. can and Trust com
13.January 2, 1906The Farmer and MechanicRaleigh, NC
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Article Text
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.
14.January 2, 1906Twice-A-Week Plain DealerCresco, IA
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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.
15.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.
16.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.
17.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.
18.January 11, 1906The Kemper HeraldScooba, 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 Hoiskell for approval.
19.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.
20.January 12, 1906Greene County HeraldLeakesville, 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.
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.
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American Savings Bank & Trust Company · UID 26005771272
