gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4f4b0fd18acfbd03
Response Measures
None
Description
The bank experienced withdrawals due to rumors and suits before suspending and entering receivership.
Events (3)
1.December 1, 1872*Run
Cause
Rumor Or Misinformation
Cause Details
withdrawals driven by suits and rumors affecting the bank's credit
Newspaper Excerpt
considerable of which has been withdrawn in consequence of suits and rumors affecting its credit
Source
newspapers
2.December 26, 1872Suspension
Cause
Macro News
Cause Details
long continued financial stringency
Newspaper Excerpt
This morning the Memphis Bank, J. J. Murphy, President, failed to open its doors for the transaction of business.
Source
newspapers
3.April 16, 1873Receivership
Newspaper Excerpt
By appointment from the Receiver, we shall have the honor of making public sale... of that most desirable property recently occupied by The Memphis Bank
Source
newspapers
Newspaper Articles (12)
1.December 26, 1872Public LedgerMemphis, TN
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Article Text
The Memphis:Bank Suspended. This morning the Memphis Bank, J. J. Murphy, President, failed to open its doors for the transaction of business. The following note was found pasted on the front door. Its brief and businesslike sentences furnish all the explanation necessary. MEMPHIS BANK. } MEMPHIS, December 26, 1872. The long continued financial stringency necessitated the suspension of the Memphis Bank, and its books and assets will be placed in the hands of an assignee who will proceed to settle its affairs as speedily as possible. J.J. MURPHY, President. We have been informed from apparently reliable sources that the liabilities are twenty-four thousand dollars, with assets sufficient to pay dollar for dollar.
2.December 27, 1872Worcester Daily SpyWorcester, MA
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Article Text
Abbreviated Dispatches. The Memphis bank, J. J. Murphy, president, suspended yesterday morning: liabilities $24,000, which fall chiefly on small depositors; assets unknown. The suspension has been expected for some time. The Mississippi steamer Wild Cat was sunk on Wednesday evening, near Cairo, by the ice barge Swallow, which also struck and immediately sunk. Christmas was more generally observed in W ashington than heretofore. Services were held in various churches, the president attending those at the Metropolitan. The weather moderated at noon, when there was a snow storm, covering the ground an inch. The reported burning of the Palisade hotel at Englewood, N. .J., is untrue. Five negro women in Memphis were shot during the Christmas festivities, two fatally, by husbands, and others by colored admirers. The entire through mail from New York for Mobile, Ala., with dates of the 16th and 17th inst., have failed to reach Mobile. Later dates have been received. The delay causes great inconvenience.
SPARKS FROM THE WIRES. -The Memphis Bank has suspended. -The king of the Sandwich Islands is dead. -The Russian Czarowitch has typhus fever. -A vigilance committee, at: Vistria, California, hung Ohas. Allen, a murderer. -The specie shipments from New York on Wednesday were over half a million dollare. -Mayor Hall proposes to give a public reception, at New York. to Judges Campbell and Kennedy, of the New Orleans citizens' committee. -Cheers were given in the Spanish Cortes on the reading of the bill emancipating the slaves of Porto Rico, who are to be liberated within four months, with compensation to the owners.
4.December 27, 1872Nashville Union and AmericanNashville, TN
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Article Text
MEMPHIS. Bank Suspension. MEMPHIS, Dec. 26.-The Memphis bank, J. J. Murphy, President, suspended this morning. Liabilities $40,000; assets unknown as yet. LATER - Liabilities unsecured of the Memphis bank which suspended to-day are $24,000, which fall chiefly on small depositors. The suspension has been looked for for some weeks.
5.December 27, 1872New-York TribuneNew York, NY
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Article Text
TELEGRAPHIC NEWS. The Memphis Bank, J. J. Murphy. President. suspended yesterday. The liabilities are $40,000; assets unknown, Five negro women were shot at Memphis, during the Christmas fastivities; two fatally by their husbands, and the ethere by colored admirers. Miss Martha Baker, who was fatally burned, on Tuesday, at Richmond, Vs., by her elothes taking fire, died Wednesday night. She was about 20 years of age, and was to have been married in a short time. The stockholders of the Faneuil Hall Insarance Company have voted unanimously to pay up assessments, make the capital of the Company $500,000. as required by their charter, and continue business. This is the only company out of the 27 Boston insurance offices enjoined by the Supreme Court, in consequence of losses by the fire, which resumen business under its old chartez.
6.December 27, 1872Daily Kennebec JournalAugusta, ME
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Article Text
Telegraph News in General. Milleville, N. J., 26. The steamer Helen Getty was burned yesterday at the wharf. Baltimore, 26. The severe snow storm continues causing a partial suspension of travel. Chatanooga, Tenn., 26. There was a heavy sleet all day yesterday and last night, the thermometer was standing at 84 degrees. Chicago, 26. It has been snowing all the forenoon and 18 cold. Pittsburg, Pa., 26. Nine inches of snow has fallen here; thermometer 25 degrees. Indianapolls, Ind., 26. There are five inches of snow, and it is still falling; thermometer 21 degrees. Richmond, Va., 26. It snowed all day yesterday, and to-day it is cloudy; thermometer 28 degrees. Providence, R. I., 26. Cunningham's clothing store at Pawtucket was damaged by fire and water to the extent of $5000 Wednesday night; insured. The snow storm which commenced early this forenoon continues at nine o'clock this evening with no prospect of abatement. The railroad trains are all behind, that from Boston only having arrived. The afternoon train for Boston has put up at Mansfield. No d boat for New York leaves this city or Stonington to-night. The street car tracks are kept open by plows, and cars run occasionally. Trenton. N. J., 26. The snow storm here is very heavy. All trains are blockaded on the Jersey side to Philadelphia. The snow is two feet deep. The storm abated at six o'clock this evening. Memphis, 26. The liabilities of the Mem phis Bank, which suspended to-day. amount to $24,000, falling chiefly on small depositors The suspension has been expected for some time.
7.December 27, 1872The Daily DispatchRichmond, VA
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Article Text
Women Shot-Bank Suspension. MEMPHIS, December 20.-Five negro WOmen were shot during Christmas; two of them were fatally hurt. The Memphis Bank, J. J. Murphy president, has suspended. The liabilities of the bank amount to $24,000, which falls chiefly on small depositors. The suspension has been expected for some weeks.
8.December 27, 1872The New York HeraldNew York, NY
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Article Text
SUSPENSION OF THE MEMPHIS BANK. MEMPHIS, Tenn., Dec. 26, 1872. The Memphis Bank suspended operations to-day. Its unsecured liabilities are understood to be $25,000, due mostly to small depositors. The capital stock was $15,000, owned entirely by the Prestdent, J. J. Murphy, who claims assets in real estate, stocks, &c., to the amount of $75,000, which makes a favorable prospect for the unsecured creditors. At one time the bank had $100,000 of deposits, considerable of which has been withdrawn in consequence of suits and rumors affecting its credit. It was in process. of winding up when it came suddenly to a stop for want of funds. It is believed creditors will realize seventy-tive per cent If not the full amount of their claims.
9.December 27, 1872Chicago Daily TribuneChicago, IL
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Article Text
Bank Failure. MEMPHIS, Tenn., Dec. 26.-The Memphis Bank, J. J. Murphy, President, suspended payment this morning, with liabilities amounting to $10,000. Its assets are unknown as vet. The unsecured liabilities are $24,000, which fall chiefly on small depositors. The suspension has been looked for for some weeks.
10.January 4, 1873Dallas HeraldDallas, TX
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Article Text
persons had assembled, gave way under the weight and precipitated the mass of humanity below. Heart rending scenes ensued. Several times the wreck caught fire, but the flames as often were extinguished, and after some time the dead and living were taken from under the ruins. The following were killed John Kichie, Boyd Mehaffey, Mrs. Duncan Campbell and two children, a child of Mrs. C. V. McMinnis, Sadie Maffat, Mary Fisher, Lizzie Baskin, Grace Seaman, Lillie Reeder, a boy named Sherman, a child of John Buff, and Mrs. John Wilkinson. Forty or fifty were wounded. THE FEMALE VOTERS. ROCHESTER, Dec. 27 .--In the case of Susan B. Anthony and fourteen other women, under examination for voting illegally at last general election in this city, the United States Commissioner to-day gave a decision holding each to bail in $500 to appear before the United States District Court on third Tuesday of January. SNOW STORMS. NEW YORK, Dec. 27.-Dispatches from a great many points continue to report heavy snow storms, cold weather, and railroad trains delayed. BANK SUSPENDED. MEMPHIS, Dec. 27.-The liabilities of the Memphis bank, which sus pended to-day, amounted to $24,000, which falls chiefly on small depositors. The suspension, has been expected some weeks.
PUBLIC SALE OF MADISON STREET RESIDENCE We are instructed by the owner to sell to the highest bidder, at unreserved public sale, On Thursday, April 17th, at 11 o'clock, upon the premises, the new two-story Frame Dweiling No. 244 Madison street, just west of the Charleston House, with a lot fronting 233/4 feet on the north side of Madison street, by a depth of 115 feet. The house has 5 rooms, hall and kitchen, good well and eistern; in excellent order, and under rent at $40 per month. Terms-Half cash; balance in one year, secured by trust deed. ⑉ Buyers will bear in mind that the sale is ordered to be made without reserve, to the highest bidder, and will come off promptly at 11 o'clock. TREZEVANT & CO., Anctioneers. RECEIVER'S SALE -OFBANKING HOUSE AND LOT By appointment from the Receiver, we shall have the honor of making public sale, on Thursday, May 8th, at 4 o'clock, upon the premises, of that most desirable property recently occupied by The Memphis Bank, situated on the northwest corner of Main and Madison streets, and the adjoining tenement on Main street, the well-known refectory stand of Mr. Chas. Howard. The preeminent value of this property, in comparison with any other in the city, is so generally known that we deem it only necessary, in order to secure the general attendance of capitalists, to announce, in connection with the time and place, that the sale will be absolute, and without postponement or reserve. Terms given at the sale. By order of the Receiver.
Receiver's sale of the Memphis Bank property, northeast corner of Main and Madison streets, at 4 o'clock THIS DAY.
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.
