18132. City Savings Bank (Nashville, TN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
savings bank
Start Date
March 28, 1893
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini
Short Digest
aadbec64834778b8

Response Measures

None

Description

March 28, 1893: a panic/run threatened Nashville banks after the failure of Commercial National, and directors invoked the state law (60-day notice). August 9, 1893: City Savings Bank directors decided to suspend payment for sixty days (bank described as solvent). Around Aug 22, 1893 the bank resumed with a plan to pay 25% in certificates, 25% cash, remainder in 60/90 days. Classification: a run occurred in March, suspension in August, and the bank reopened later in August.

Events (3)
1. March 28, 1893 Run
Cause
Local Banks
Cause Details
Panic triggered by the failure of the Commercial National Bank and resulting talk of raids on local banks' deposits.
Measures
Directors resolved to take advantage of the state banking law allowing a 60-day notice before withdrawals (invoked the 60-day rule).
Newspaper Excerpt
The failure of the Commercial National bank ... it was known to half the town that a raid would be made on the money piles of the various institutions ... and the City Savings bank ... opened up their doors. The officers soon saw that a run which they could not stand was imminent.
Source
newspapers
2. August 9, 1893 Suspension
Cause
Local Banks
Cause Details
Suspension followed stringency of the money market and multiple local bank failures/suspensions (including First National), prompting directors to suspend for 60 days.
Newspaper Excerpt
The directors of the City Savings bank held a meeting tonight and decided to suspend payment for sixty days. The bank is considered solvent.
Source
newspapers
3. August 22, 1893 Reopening
Newspaper Excerpt
The City Savings bank, which suspended two weeks ago, will resume tomorrow upon a basis of 25 per cent of the deposits in certificates bearing interest, 25 per cent in cash and the balance in sixty or ninety days.
Source
newspapers

Newspaper Articles (19)
1. March 30, 1893 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, March 30, 1893

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NASHVILLE'S PANIC. Thousands of Excited Citizens Almost Mob the Bank. NASHVILLE, March 28.-The streets in the vicinity of the banking houses of this city echoed all day the vociferations of a panic stricken throng. Never before were such scenes witnessed here. The failure of the Commercial National bank on Saturday afternoon did not become generally known until after dusk. Nothing else was talked about, and it was known to half the town that a raid would be made on the money piles of the various institutions that would make some of them tremble if not topple over into financial ruin. The First, Fourth, American National, Merchants, Mechanics Savings Bank and Trust company and the Union Bank and Trust company, all of College City. and the City Savings bank, the Capital City bank and the Nashville Safe Deposit Trust and Banking company, just around the corner of Cherry, on Union street, opened up their doors. It was rumored later that the Mechanic's had been caught in the commercial collapse. The officers soon saw that a run which they could not stand was imminent. The directors resolved to take advantage of the state banking law, which gives banks organized under it the privilege to demand a 60-day notice from itors before they can withdraw their deposits.

2. March 30, 1893 Freeland Tribune Freeland, PA
Article from Freeland Tribune, March 30, 1893

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NASHVILLE'S PANIC. Thousands of Excited Citizens Almost Mob the Bank. NASHVILLE, March 28.-The streets in the vicinity of the banking houses of this city echoed all day the vociferations of a panic stricken throng. Never before were such scenes witnessed here. The failure of the Commercial National bank on Saturday afternoon did not become generally known until after dusk. Nothing else was talked about, and it was known to half the town that a raid would be made on the money piles of the various institutions that would make some of them tremble if not topple over into financial ruin. The First, Fourth, American National, Merchants, Mechanics 'Savings Bank and Trust company and the Union Bank and Trust company, all of College City. and the City Savings bank, the Capital City bank and the Nashville Safe Deposit Trust and Banking company, just around the corner of Cherry, on Union street, opened up their doors. It was rumored later that the Mechanic's had been caught in the commercial collapse. The officers soon saw that a run which they could not stand was imminent. The directors resolved to take advantage of the state banking law, which gives banks organized under it the privilege to demand a 60-day notice from depositors before they can withdraw their dc. posits.

3. April 6, 1893 The Monmouth Inquirer Freehold, NJ
Article from The Monmouth Inquirer, April 6, 1893

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NASHVILLE'S PANIC. Thousands of Excited Citizens Almost Mob *the Bank. NASHVILLE, March 28. - -The streets in the vicinity of the banking houses of this city echoed all day the vociferations of a panic stricken throng. Never before were such scenes witnessed here. The failure of the Commercial National bank on Saturday afternoon did not become generally known until after dusk. Nothing else was talked about, and it was known to half the town that a raid would be made on the money piles of the various institutions that would make some of them tremble if not topple over into financial ruin. The First, Fourth, American National, Merchants, Mechanics Savings "Bank and Trust company and the Union Bank and Trust company, all of College City. and the City Savings bank, the Capital City bank and the Nashville Safe Deposit Trust and Banking company, just around the corner of Cherry, on Union street, opened up their doors. It was rumored later that the Mechanic's had been caught in the commercial collapse. The officers soon saw that a run which they could not stand was imminent. The directors resolved to take advantage of the state banking law, which gives banks organized under it the privilege to demand a 60-day notice from depositors before they can withdraw their de posits.

4. August 10, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, August 10, 1893

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BANKS GOING IN TENNESSEE. Nashville ,Tenn., Aug. 9.-The First National Bank of this city, the oldest national institution south of the Ohio river, closed its doors this afternoon. The capital is $1,000,000, and the surplus fund of undivided profits, $100,000. The directors of the Fourth National Bank and other capitalists representing several millions of property have signed a guarantee pledging themselves and their individual estates to the payment of all deposits. The directors of the City Savings Bank held a meeting tonight and decided to suspend payment. for sixty days. The bank is considered solvent. An uneasy feeling prevails.

5. August 10, 1893 The Herald Los Angeles, CA
Article from The Herald, August 10, 1893

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AN UNEASY FEELING PREVAILS, One of the Oldest Banks in the South Suspends. It Is the First National of Nashville, Tennessee. Other Banks Liable to Follow Sait-A Big New York Commission House Falls-Other Financial Disasters. By the Associated Press. NASHVILLE, Tenn., Aug. 9.-The First National bank of this city, the oldest national bank in the section south of the Ohio, closed its doors this afternoon. Capital, $1,000,000; deposits, $1,000,000; surplus fund and undivied profits, $100,000. The directors of the Fourth National bank and other capitalists representing several million dollars' worth of property have signed a guarantee pledging themselves and individual estates to the payment of the debt. Bank Examiner Plumle is in charge. It is believed the bank will resume in 60 days. The directors of the City Savings bank held a meeting tonight and decided to euspend payment for 60 days. The bank is considered solvent. Its deposits are $40,707; assets, $151,499. An uneasy feeling prevaile.

6. August 10, 1893 The Times Richmond, VA
Article from The Times, August 10, 1893

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nim Summit TO selling the ore and makes monthly settlements with the holders of the stock. There are many furnaces which use this ore, and these are also divided among the heirs, Robert H. Coleman has the three Colebrook furnaces. two anthracite furnaces and the Coleman furnaces. Robert H. Coleman is also a joint owner of the North Lebanon furnaces and an important member of the firm of Coleman & Brock, manufacturers of pig iron. Other Business Troubles. MINNEAPOLIS, MINN.. August 9.The Commercial Bank of this city closed its doors this morning. NASHVILLE, TENN., August 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given out. After the suspension of the First National Bank this afternoon the directors of the Fourth National had a meeting, those present représenting several millions of property, and signed a guaranty pledging themselves and their individual estates to the payment of all deposits. They further state that the bank is able to meet all of its obligations. The directors of the City Savings Bank held a meeting to night and unanimously decided to suspend payment for sixty days. The suspension is caused by the stringency of the money market. The bank is considered solvent. and will pay depositors and stockholders in full. Deposits, $40,707.90; assets, $151,499.92; ninety per cent. of which is good. The directors of the bank have personally pledged themselves and their estates to the payment of all deposits in full. Edgar Jones, president of the Union Bank and Trust Company, says in an interview with a reporter that his bank will open as usual to-morrow. John M. Sperry, president of the Merchants' National. in an interview says his bank will also open to-morrow as usual. PITTSBURG. PA., August 9.-The Linden Steel Company. one of the largest manufacturing concerns in Pittsburg has suspended operations on account of the stringency of the times and the difficulty in procpring discounts and inability to make collections. All employees, about eighty, have been discharged. ROCHESTER, MINN., August 9.-The Union National Bank closed temporarily this morning. There is no statement. The bank is solvent, and will resume without the appointment of a receiver. The other banks are all considered solid COLFAX. WASH., August 9.-The Bank of Colfax has closed. Capital $100,000; assets exceed liabilities two to one. MINNEAPOLIS, MINN., August 9.The Commercial Bank closed its doors this morning. The bank is a small local institution, doing business in this city. Capital, $200,000: deposits, $400,000. and its time deposits $222,000. The loans and discounts at the last statement amounted to $642,000. It is stated by the officers that depositors will be paid in full. NEW YORK, August 9.-Fuller Brothers, commission merchants at 139 Greenwich street, assigned to-day. They are said to be the largest wholesale dealers in nalls in this city, and the oldest concern in that line here. They have always been regarded as conservative and reliable. Members of the firm said that the assignment was the result of the terribly hard times. As commission merchants they had dealings with many nail mills, had made advances to them, and now were unable to collect from them. The firm had been absolutely unable to raise money to meet their obligations coming 01 su ou DATE pinoo show "anp their condition, but the totals will be large. A Run Avoided. NEW YORK, August 9.-A crowd of small depositors gathered before the doors of the closed Madison Squars Bank this morning and anxiously inquired as to the safety of their money. Large depositors, It was stated, had full confidence in the bank and were not on hand. About 11 o'clock Harry Goldstein, a son of Isaac Goldstein, a millionaire dealer of Sixty-second and Hudson streets, stated to depositors that his father had authorized him to say he would bond himself in $300,000 to pay all depositors. He did this because he was a friend of President Blant and was confident the affairs of the bank were all right. Ten minutes later the janitor appeared and stated that one of the directors was on hand with $40,000, prepared to settle with the depositors on the spot at ninety cents on the dollar. If they were willing however. to wait, every cent would be paid. No one took up the offer and the crowd dwindled away. Depositors Become Quiet. NEW ORLEANS, LA., August 9.-A run was started yesterday on the Germania Savings Bank, and all who came were promptly paid. When the doors of the Germania were opened this morning there was a motly group of people waiting on the outside with their deposit books grasped tightly in their hands. They had not heard of the new order of things. Last night the Savings Bank managers decided to enforce the sixty-day clause. This action has apparently had the effect of allaying the fears of depositors and the run has ceased.

7. August 10, 1893 Evening Star Washington, DC
Article from Evening Star, August 10, 1893

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IN WALL STREET TODAY. Prices Advanced Sharply After Early Depression. Special Dispatch to The Evening Star. NEW YORK, Aug. 10. London prices came from 1-4 to 1 per cent lower this morning owing to the raising of the rate of discount by the Bank of England a full cent from 3 to 4 per cent, and the few orders from that center were to sell stocks. Our market sympathized with London, opening lower all around, but the depression was of short duration, as the condition of the loan market, every active stock on the list commanding a premium, ranging from 164 on Western Union to 1-8 on Lackawanna, and New York Central, led to the suspicion that London had been "rigged" for effect here, and the bears began to cover their contracts, the whole list advancing quite sharply. Then came the usual lull and traders reaction, incidental to the narrow speculation, and a stagnant market prevailed until shortly before the noon hour, when rumors that five million dollars in gold had been engaged abroad for shipment to this side: that favorable news from Washington had been received by the more prominent financial people in the "street," and that the Clearing House Association had cancelled between three and four millions of the putstanding loan certificates, started the bears to running again, the scenes on the floor resembling those of the bear panic of last Friday and Saturday. Nashville and Chattanooga stock was a notable exception to the rest of the list, for instead of sharing in the general advance, it broke rapidly ten points under last night's bid price, on the receipt of dispatches from Nashville reporting great excitement in that city and the failure of three banks in addition to the First National, which was announced late yesterday afternoon. These were the American National Bank, capital, one million; the Safe Deposit Trust and Banking Company, capital, one hundred thousand dollars, and the City Savings Bank, capital, one hundred thousand. The currency famine continues unabated, the premium paid being from 3 to 5 per cent with the bulk of the business at 4. There was another abvance in sterling early this morning, and later in the day, still another, almost sensational in its character, was made, cables selling as high as 490 1-2, and that price is bid for more. Under ordinary circumstances this would mean exports of gold, were it not for the premium that obtains on this side, as it is about two millions were engaged abroad for shipment to America. Silver bullion displayed surprising strength. The first bid this morning was 76 for 100,000 ounces, against 75 1-4 for 1,000 last night. This bid was gradually increased a half a cent at a time, until 78 1-2 was reached, at which price the amount noted changed hands. Money on call opened at five; highest loan six, and the last four per cent. Time money very difficult to find, loaners showing no disposition to part with their hoardings for stated periods. Clearing house statement: Exchanges, $76,761,014; balances, $3,778,005; . United $136,595. States assistant treasury, debit balance, On the bulge in prices business fell away to almost nothing, but only a slight reaction ensued, and at 2:30 market, though very dull, presents a firm front and looked as though it might close higher.

8. August 11, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 11, 1893

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PANIC AT NASHVILLE. The American National and Two State Banks Temporarily Close Their Doors. NASHVILLE, Tenn., Aug. 10.-Yesterday at the close of banking hours there were six banks doing business in this city. Last night the City Savings Bank directors decided not to open this morning. having fol. lowed the suspension during the afternoon of the First National by this resolve. This morning at 7:30 the directors of the Safe Deposit Trust and Banking Company held a meeting and, being a State institution, decided to take advantage of the sixtydays' clause and posted a notice to that effect and temporarily suspended. No state. ment is ready for publication. but the secretary. W. H. Mitchell, says they hope to resume in a short time and have only suspended to prevent a sacrifice of the assets. This is essentially d trust concern. but also does a banking business. At 9 o'clook the American National Bank, one of the oldest and soundest banking institutions in the city, opened its doors in the presence of a large and expectant crowd. The room was soon filled and it was evident a run had begun. In threequarters of an hour large checks amounting to 895,000 had been presented and paid,

9. August 11, 1893 The Camden Chronicle Camden, TN
Article from The Camden Chronicle, August 11, 1893

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NASHVILLE is again in the throes of the financial cyclone, and two banks are involved. The First National, which is the oldest national bank south of the Ohio River, and the City Savings Bank closed their doors Wednesday. It is stated that the suspension is due to the stringency of the money market and the demands of the State and railroads for funds to meet the July interests.

10. August 11, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, August 11, 1893

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ABBREVIATED TELEGRAMS. Herman Brendel, son of a prominent Galena, III., merchant, has disappeared. It is feared that he was either drowned or murdered. The First National bank of Nashville, Tenn., has closed its doors. Its individual deposits amount to $1,005,507. The City Savings bank, of the same city, has decided to suspend payment for sixty days. The assets are $151,499 and deposits $40,707. Fire started by a cigarette at Sidell, Ill., destroyed the greater part of the business portion of the town, involving a loss of $100,000; insurance, $25,000. Obituary-At Lincoln, Neb., Bennett Goldsmith, member of the state legislature. At Highwood, Mont., Colonel M. J, Leaming, aged 67, who was private secretary to President Johnson and a member of a Chicago regiment during the war. At Washington, Rear Admiral Thornton A. Jenkins, aged 81. At Boston, William Bowers, a well-known newspaper man: William T. W. Ball. the dramatic critic. aged 63. George W. Porth, of Milwaukee, has been appointed reading clerk of the United States senate. Two persons have died of yellow fever at Pensacola, Fla., and everybody who can do so is leaving the city. The international Socialist congress at Zurich has approved the establishment of an eight-hour working day. John W. Mackay has been successfully operated upon at New York for the removal of the vermiform appendix. Ex-Attorney General Garland is paying his annual visit to his summer home at Hominy Hill, near Little Rock. General Fitz John Porter, has been appointed cashier of the general postoffice in New York. The salary attaching to the place is $2,600 a year. Eighteen banks of New Orleans are united in an agreement to suspend payments until further notice, because to force their collaterals upon the depressed market or to call in loans at this time would mean general disaster. Fire at Allegan, Mich., burned the mill of Stanley & Ambler, and other manufacturing property. Loss $30,000, partly insured. One hundred armed men will build a town in the Cherokee strip and make it a county seat in spite of government orders, perhaps. For years a county seat war has raged in Worth county, Ga., and now for a third time the court house has been fired and burned, and at last all the records of the county have been destroyed. Orders for new currency upon a deposit of bonds by national banks have already reached $16,901,250 since Aug. 1.

11. August 16, 1893 The Star Reynoldsville, PA
Article from The Star, August 16, 1893

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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va, closed its doors. The assets are $300, 000, with liabilities said to be not over hal that amount. The First national bank of Nashville, Tenn., suspended. It claims assets 0 $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapolis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawals. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank, Web ster City, la., one of the oldest and best banks in Iowa closed its doors on account o: inability to realize on assets.

12. August 17, 1893 The Comet Johnson City, TN
Article from The Comet, August 17, 1893

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Surgeon Carter of the Marine Hospital Service, has confirmed the verdict of the local medical authorities that one of the suspected yellow fever cases at Pensacola was not yellow fever. He could not determine the character of the other case. The First National Bank of Nashville, of which Mr. Herman Justi, formerly of Louisville, is President, has suspended. The bank is said to be perfectly solvent, but could not realize at present on its assets. The City Savings Bank, also of Nashville, suspended for sixty days. At a meeting called by the committed it charge of the bill for the unconditional repeal of the puechasing clause of the Sherman act, held Tuesday night in the Arling Hotel. Representative Rayner, of Maryland, presided. About forty members were present, representing every section of the country. They compared notes and the meeting felt satified that there was a majority in the House of not less than thirty in favor of the Wilson bill.

13. August 19, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, August 19, 1893

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that the pay-roll is $800,000 H. Meister, a Bavarian who in this country from German -five years ago, killed his mself at their home in Brooklyn ter was a baker and had mad ine of $100,000. am Stewart struck Charle tt with a brick at Lima, him. Crockett had refused tewart some money. This cause sault. Stewart was arrested. esses at Providence, R. I., in arneby murder case, have agree end the second trial of 3, to be held at Denver in asked man boarded a motor aha and covered the motorman tor and two passengers with volver. He secured severa of nickels from the conducto caped. A. Hoffman killed himself irg, Pa., by jumping from f a house. He was a victim is melancholia and had been insane asylum but tweney-fou Johnson, a negro, arrested worth, Kas., August 1, on of vagrancy, has been identifie man who robbed the Adam si company's safe at Nebrask - $800. Altgeld, of Ilinois, has to ten years the sentence Robinson, who was convicted rson county in 1887 of murde entenced to the penitentiary Tears. u Vanderberg was arrested worth, Kas., for using the mail udulent purposes. He was boun n $500 to await the action and jury. He advertised a d had many victims. B Sujinp "III a stroke of lightning struck ing machine killing one man, named Benson, and two horses hreshing machine caught he lightning and was destroyed First National bank of Nashville has closed its doors. Its indi deposits amount to $1,005,507 ity Savings bank, of the as decided to suspend paymen ty days. The assets are $151, d deposits $40,707.

14. August 22, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, August 22, 1893

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WILL RESUME. I NASHVILLE, Tenn., Aug. 21.-The City Savings bank, which suspended two weeks ngo, will resume tomorrow upon a basis of 25 per cent of the deposits in certificates bearing interest, 25 per cent in cash and the balance in sixty or ninety days.

15. August 22, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 22, 1893

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TELEGRAPHIC TICKS. Dr. George H. Walling died today in his seventy-fourth year of disease of the heart. at Louisville, Ky. Delegate Marcus A. Smith, of Arizona, is seriously ill at the Hotel Cochrane, in Washington, of typhoid fever. The City Savings Bank of Nashville, one of the banks of this city which suspended payment two weeks ago, will resume tomorrow. An Ohio & Mississippi passenger train, from St. Louis and Chicago, was wrecked by a defective switch at Thirty-first and Montgomery streets, Louisville, Ky. A day coach, a Pullman and a Wagner sleeper were thrown in the gutter. The first general conference of negro Democrats was held in Washington yesterday. The object of the conference was to take steps toward extending the Negro National Democratic National League by organizing state league subordinate to the central body. Maj. John C. Lulleman, prominent in business as a real estate dealer, director of the German-American Savings bank and member of the Mullanphy board, controlling a half-miltion dollars charity bequest, committed suicide in St. Louis by shooting himself through the head. At the reception of the cardinals yesterday the pope was in the best of spirits and had his former birthday congratulations from Cardinal Manning repeated from the phonograph. The pope afterwards spoke a prayer to San Joachim, his patron saint, into the phonograph. At Muddy Valley, III., a coal mining town fifteen miles northeast of Murpheysboro, Kid Howard, alias Obe Howord, killed Blatchel Bethare, colored. Howard, a young colored man, had been struck the night before and came back on Sunday threatening vengeance. He asked who had struck him. Some one pointed out Blatchel. and Howard fired several shots, killing Blatchel, and then escaped. and has not yet been caught. Blatchel was not the man he wanted to kill.

16. August 23, 1893 The Providence News Providence, RI
Article from The Providence News, August 23, 1893

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NASHVILLE, Aug. 23.-The City savings bank, which suspended two weeks ago, has resumed upon the basis of giving 25 per cent. of deposits in certificates bearing interest, 25 per cent. in cash, and the balance payable in sixty or ninety days.

17. August 23, 1893 The Sun New York, NY
Article from The Sun, August 23, 1893

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Bank Doors Reopening. SIOUX CITY, la., Aug. 22-State Bank Examiner Miller has reported the two suspended State banks at Lemars solvent. Demand certificates are being renewed on time certificates. and the banks will resume in a day or BC. ,The same course will be pursued by the two national banks. which are also solvent. AURORA. 111.. Aug. 22.-Henning's Bank at Plano. III., which suspended several weeks ago. resumed business yesterday. A relative of Mr Henning came forward and relieved the financial stringency. NASHVILLE, Aug. 22.-The City Savings Bank. which suspended two weeks ago, resumed today upon the basis of giving 25 per cent. of deposits in certificates bearing interest, 25 per cent. in cash, and the balance payable in sixty or ninety days.

18. September 2, 1893 The Washburn Leader Washburn, ND
Article from The Washburn Leader, September 2, 1893

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WILL REOPEN. Nashville, Tenn., Aug. 22.-The City Savings bank, one of the banks of this city which susperded two weeks ago, will resume to-morrow upon the basis of 25 per cent of deposit in certificates bearing interest, 25 per cent cash and the balance in sixty or ninety days. :

19. September 23, 1893 The Washburn Leader Washburn, ND
Article from The Washburn Leader, September 23, 1893

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WILL REOPEN. Nashville, Tenn., Aug. 22.-The City Savings bank, one of the banks of this city which susperded two weeks ago, will resume to-morrow upon the basis of 25 per cent of deposit in certificates bearing interest, 25 per cent cash and the balance in sixty or ninety days.