Mechanics Bank (Memphis, TN)

Episode Information

Episode UID
3869462290667
Episode Type
Suspension โ†’ Reopening
Bank Type
savings
Bank ID
386946229 hash
Start Date
July 11, 1855
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ba11f44cb2ac367c

Response Measures

None

Description

Only contemporary reports of a suspension (July 1855) are present; no clear evidence of permanent closure or reopening in these articles.

Events (1)

1. July 11, 1855 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Persistent suspicion about the bank's solvency and limited acceptance of its notes by large dealers and brokers.
Newspaper Excerpt
MECHANICS' BANK SUSPENDED.--There was considerable excitement upon the street yesterday, relative to the suspension of the Mechanics' Bank of this city.
Source
newspapers

Newspaper Articles (5)

Article from Fayetteville Observer, November 9, 1854

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Article Text

Save ThisFor the convenience of our mercantile and other readers, says the Nashville True Whig, we have obtained from a reliable source the following list of Bank Notes of doubtful and bad repute. The list only comprehends such as are likely to come in circulation here. It is of the Obinterest to every reader of server-save it: GEORGIA. The following are all "Wild Cat" Banks, and are generally refused by Brokers here. Some take them, however, at 10 to 13 per cent. discount: Merchants' Bank of Macon. " " Manufacturers' Planters and Mechanics' Bank. Atlanta Bank. KENTUCKY. The two following Banks are suspended, and there is nomarket for their notes here: Kentucky Trust Company. Newport Safety Fund Bank. TENNESSEE. The first named Bank below is broke, and the notes of the second are no sale: Farmers and Mechanics' Bank of Memphis. Mechanics' Bank of Memphis. VIRGINIA. The following Banksare no sale: Bank of Kanawha. Trans-Alleghany Bank. INDIANA. All the Free Banks of Indiana are no sale. COUNTERFEIT QUARTER EAGLES. -Two counterfeit. quarter eagles have recently been taken at the New York Post office. Ther are thus described by the Journal of Commerce. "It is made from a genuine New Orleans mint die, stole some years since, and bears the "O" under the talons of the eagle, Prof. John Torry, assayer here, has analy zed the coin, and finds that it is made of a casing of pure gold, filled with silver, and probably with platina, to increase the weight. The = eight is 60 5-10 grains. It is therefore worth $1 17 in gold, and 8 cents in silver, or $1 25 in raw material, besides the labor of making. The maker and vender could not, therefore, realize more than $1 each, which would seem too small a profit, except that the counterfeit is SO well done that there is but little risk of detection."


Article from The Daily Nashville True Whig, July 14, 1855

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Article Text

MECHANICS' BANK OF MEMPHIS SUSPENDED. -The Memphis Whig of the 11th inst., contains the following:


Article from The Daily Nashville True Whig, July 14, 1855

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Article Text

MECHANIOS' BANK OF MEMPHIS SUSPENDED. -The Memphis Whig of the 11th inst., contains the following: MECHANICS' BANK SUSPENDED.-There was considerable excitement upon the street yesterday, relative to the suspension of the Mechanics' Bank of this city. The report is generally credited, yet we cannot say to what extent the suspension may affect the community, but it is generally thought that the amount of the bills in circulation hereabouts cannot be very large-probably a few thousand dollars. We went to the banking house for the purpose of obtaining more satisfactory information, but saw no one that could inform us as to the condition of its affairs or circulation. The greater portion of the bills we have seen in circulation are one two's, three's and five's, and the greater portion of that which is out is probably in the hands of mechanics and small dealers-a class of the community on whom the loss will fall the heaviest. For some time past there has been considerable suspicion about its solvency, and very few, if any, of the large dealers and brokers would keep any of the bills on hand, hence they have escaped pretty generally. We trust that this suspension will not create any suspicions or doubts as regards the other banking institutions of the city. EDWD. EVRETT.-The Boston Advertiser has published in an extra the great oration of the American Cicero-Edwd. Everett-delivered on the Fourth, in his native place, Dorchester, Mass. The following is the concluding paragraph; the whole address occupies nearly nine columns of the Advertiser: "Thus, my friends, in the neighborhood of the spot where in my early childhood, I acquired the first elements of learning, at one of those public schools which are the glory and strength of New England, I have spoken to you imperfectly of the appropriate topics of the day. Retired from public lite, without the expectation or the wish to return to it, but the contrary-grateful for the numerous marks of public confidence which I have received, and which I feel to be beyond my merits -respecting the convictions of those from whom I have at any time differed, and asking the same justice for my own-I own, fellow-citizens, that few things would better please me than to find a quiet retreat in my native town, where I might pass the rest of my humble career in the serious studies and tranquil pursuits which befit the de cline of life, till the same old bell should announce that the chequered scene is over and the weary is at rest."


Article from Fayetteville Observer, July 19, 1855

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Article Text

MECHANICS' BANK OF MEMPHIS SusPENDED.-The Memphis Whig of the 11th inst., contains the followingMechanics' Bank Suspended.--There was considerable excitement upon the street yosterday, relative to the suspension of the Mechanics' Bank of this city. The report is generally credited, yet we cannot say to what extent the suspension may affect the community, but it is generally thought that the amount of bills in circulation here-abouts cannot be very Inige--probably a few thousand dollars. We went to the bank house for the purpose of obtaining more satisfactory information, but saw no one that could inform us AS to the condition of its affairs or circulation. The greater portion of the bills we have seen in circulation are one's, two's,three's,and five's, and thegreater portion of that which is out is probably in the bands of mechanics and small dealers-a class of the community on whom the loss will fall the heaviest. For some time past there has been considerable suspicion about its solvency, and very few, if any, of the large dealers and brokers would keep any of the bills on hand, hence they have escaped pratty generally. We trust that this suspension will not create any suspicions or doubts AS regards the other banking institutions of the city.


Article from Memphis Daily Appeal, November 29, 1869

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Article Text

LOCAL PARAGRAPHS. yesterday. in each were five dark and rainy Sunday was district arrests yesterday, There another up o six needings page o'clock. we of reproduce the meeting he this the Monumental on in Greenlaw speeches of and morning at regard the On to with the the Opera House corrected Church. Col.Ste Satus day night, and Judge will Brown, well repay the law- perusal. complete. phens They curious that touching It was a little resolt lutions, etc., full of unfurnished Judge Hunter, s unely generous, vers death of They are with most the mixed praise. was at times dealt not take one or Judge H. ungenerously. wreath We would which they have dileaf from about his memory. keeps the saloon twined Mr. Quinn, the who editorial street) rooms has of the at rectly under (No. 14 Jefferson some of the finest by APPEAL behind his bar was drunk bepresent whysky that ever Mr. Quinn wine, has, Irish anybody Crow some anywhere. elegant and Madeira general assort sides, and Scotch fine whisky, liquors (me judice). morning about ment of of fire clock, yesterday was caused the by The alarm half past of five flames issuing the from corner of Jefferson the discovery of the building Front on Row, over The second story street and timely discovery before of the City Bank. resulted in its suppression _though five min- destrucdelay much the fire damage would was have done caused the utes of the building. was mainly tion weather, production vesterday of toadstools. balmy. The to the rather than cheerless, devoted was clammy, and river brighten The sky The air was muddy, of sunshine to current in without ray ver-moving to the sea. streets its dull, heavy, onward course and people sat its tireless were deserted, with little disposi- who by to eloquent mistified gloomily ministered tion The to listen to firesides, leaden-eyed preachers, Day, and, audiences. To-morrow is St. Andrew's will be duly of to ancient customered and our honored according by the sons settled in Society Andrew's preparamidst. auld this The Scotia city St. have of to-morrow made ow even- usual of tions for a jolly assemble time first at their the officers ing. They of meeting during and instal the ensuing to French year: elected place to serve they adjourn a bowl of "dis- "hot which after John's which to a supper no and doubt will be Scotch, to the bottom. in his paper, says: the cussed Col. Gus. tinel, Signaigo, of Saturday that our Grenada are Sentin truly glad to fellow-citizen, learn secured Dr. friend We and enterprising of Graysp Moore, has of MemL. C. Lee, Robertson and for the Grenada, which is Messrs. phis, as civil engineers Eastern Railroad, With Houston to and be put men under as contract. Dr. Lee in at the the shortly such enterprisis road will be completed Messrs. Robert son and shortest helm, the Moore time stand possible. at the head of their store "The profession. Tipton Record Brodnax says: & Saturday Son, at The dollars of fifMason's the of M easrs. over Depot forty-five R. was T. robbed hundred last some Capt. night A part of the belonged to it teen in eash. hundre dollars, who had deposited The is C. Howard, for safe keeping. and it George the firm iron safe, have enwith wasin a the large thief must and conmoney supposer store that during the the day clerks had tered the until after when he succealed himself out to supper, the safe and rid- the all gone in going through No clue to yet & ceeded ding thief has, it of as its far contents. as we can learn, been L house of A. G. The wholesale Friday discovered. Robinson large pay payment Louisville on tobacco was their dealers, Capt. tray suspended Trezeyar of through this city him many Mem- who eling Jim. agent, had and dealings with them, with rethe men phis will houses receive firm this is announcer composed and of fair young business a gret energy as and enterp They have been season doing but, of qualifications. during the past of the money large business the stringency failure to make collec- were owing to and their involved and market they became suspend. Their liabilities e availaassets compelled tions, about to $175,000, amount and the to more amount to will probably It is thought that that ble than the above is sum. only temporary their ered- and the suspe dispension able to fully satisfy A fuH state- be they will be business. assets will to itors ment and of their the resultabilities public as and soon as it can be of prepared. given a large amount sewer Some days ago hid away in a following money was found The Herals will has be the of interest New York. to it. which "One of the keenthe its in to Memphis regard officers readers of the was United shown States one fa- of est cret of Service he Division at once recognized they are the the bills, and He states (Tenn.) that Mechanics altered. miliar face. tens of the Memphis This bank Judge was owned King, of Bank, bills circulated jon by with the late of Dr. the the Memphis, in conjunet the management Bank of that Folks, who had Merchants' banks failed, Farmers' and these Memphis on the market city. After the bills per thousand. were put Unserupu- a specuin 1854, dollars seeing a chance for them at lous sharpers, ten them up and altered Bank of lation, bought of the Mechanics' every bank of A in name a got to the_tens New Haven, and nearly the United States hold of the same by the name of notes Bliss and run them Me man amount of these agent of the large the redemption which resulted in upon of Memphis, carrying down with city chanics'. its collapse, known and the gentleinan is of that this these altered failing named it of a well Judd. His in theory 1862 to the Mechan- to get notes Bank were of circulation Louisville, or but, in danger them of bur- deics' them into W ho altered ied them tection, the where parties they were found.