The Irish standard., 1905-12-30
IhftE BANKS fAlL;
0VER-L0ANS Cause
ALLIED INSTITUTIONS OF MEM
Pits, TENN, GO TO THE
WALL.
RECEIVER APPOINTED
FOR TRUST COMPANY
Merchants Trust Company, American
Savings Bank and Trust Company
and Mechanics Savings Bank Are
the Fallen Institutions.

Memphis, Ienn., Dec. ZS.-Inree
financial institutions failed to open
their doors for business Wednesday.
The Merchants Trust company, with a
capital stock OF 100000, the American
Savings Bank and Trust company and
the Mechanics Savings bank, smaller
institutions and allied with the first
named concern, have gone into liquida-
ton. The following notice was posted
Oh the doors OF the Merchants Trust
company: This bank is closed by
order of the board of directors and will
go into liquidation. Signed, Felix 7.
Pope, president" Another notice read
as follows: This bank has gone into
liquidation. John P. Edmondson has
been appointed receiver"
Over-Loans the Cause.
The cause of the suspensions of the
Merchants Trust company is said to
have been over-loans on discounts.
One of the directors said that the three
institutions had ample assets and
would pay dollar for dollar.
When the officers of the Merchants
Trust company decided to suspend
business Chancellor Heisl1ell was asked
TO appoint a receiver for the insHtu.
ton, and named Hon. John P. Edmond.
son, Memphis lawyer.
The Merchants Trust company re.
Gently absorbed the Memphis National
bank, and, it is stated, owns the con-
trolling stock of the American Savings
bank and Trust company. The latter
institution has practically absorbed
the Mechanics Savings bank.
Financiers Not Excited.
The suspension of the three inslitu-
lions caused little excitement in finan.
cial circles. 1t was learned that the
American Savings Bank and Trust
company had actually absorbed the a1e-
chanics' Savings bank several days
ago.
1t was stated Wednesday that the
suspension of this institution is only
temporary and that it's affairs are in
good shape. Officers say that the sus-
pension was decided upon because they
feared a run when the doors were
opened Wednesday morning, the public
generally being aware of the banks
relation to the Merchants Trust com.
pany.
At the latter institution it was an.
nounced that thorough reorganiza.
ton would be made and hope was ex.
pressed that the company would again
open it's doors for business in a short
4 time.
| - Statement Of Condition, -.,
| A condensed statement of the condi.
ton of the Merchants Trust company
at the close of business December ~
was given out as follows: Total as.
sets, $3,G65,055. Indebtedness of every
character to depositors, $2.132,319,
All other obligations exclusive of capt.
tai stock, ssS9,05S. Cash actually on
hand, $30,000 The American Savings
Bank and Trust company gave out the
following statement of it's condition
which includes the business of the Me.
chanics' Savings bank: Assets: Loans,
S5S5,O92; bonds, $4,000; furniture and
fixtures, $4.345; cash on hand and due
from other banks, s1G6,0G6; total, $685..
7O3. Liabilities: Capital stock, $50.
600; due Merchants Trust company
for capital stock of Mechanics Savings
bank, $4,000; surplus, s2616; deposits,
! s609.560; rediscounts, $4,000; due banks
and bankers, $20,266; interest account
(profit), $1S,9S6; dividend check, 1872;
certified checks, $2,162; cashiers
checks, $751;; total, S758,7O3.