18135. Commercial National Bank (Nashville, TN)

View Charter #3228 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3228
Charter Number
3228
Start Date
March 25, 1893
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini
Short Digest
db9d6cd555635237

Response Measures

None

Receivership Details

Depositor recovery rate
71.5%
Date receivership started
1893-04-06
Date receivership terminated
1899-05-27
OCC cause of failure
Fraud
Share of assets assessed as good
44.4%
Share of assets assessed as doubtful
15.4%
Share of assets assessed as worthless
40.3%

Description

Contemporary articles (late March–April 1893) report the Commercial National Bank of Nashville suspended after the failure of cotton brokers Dobbins & Dazey (Mar 25, 1893). Suspension was followed by government action: arrest of the cashier for alleged false statements/embezzlement and appointment of a receiver; shareholders were later assessed. There is no indication the bank resumed normal operations — rather it proceeded to receivership and liquidation — so classify as suspension leading to closure. OCR errors corrected (e.g., cashier name F. Porterfield/Porter Field).

Events (5)
1. July 22, 1884 Chartered
Source
historical_nic
2. March 25, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy loss on loans, foreign exchange and overdrafts to Dobbins & Dazey (cotton brokers); gross misstatements by Dazey about shipments contributed to losses and rumors; bank suspended to avoid a run.
Newspaper Excerpt
The Commercial National bank of this city suspended this afternoon after banking hours. The cause of the suspension was the failure two days ago of Dobbins, Dazey & Co., which firm is largely indebted to the Commercial National bank.
Source
newspapers
3. March 29, 1893 Other
Newspaper Excerpt
F. Porterfield, cashier of the suspended Commercial National bank, was arrested this afternoon upon warrants sworn out by Bank Examiner McKnight. Porterfield gave bond in $10,000. The charges are perjury and making false statements to the department.
Source
newspapers
4. March 30, 1893 Receivership
Newspaper Excerpt
Controller Hepburn said ... he would appoint a receiver for the Commercial National Bank, of Nashville, Tenn. ... Frank Porterfield, the cashier ... has been arrested for embezzlement ... John W. Blackmore (or James W. Blackmore) appointed receiver was later reported in April articles.
Source
newspapers
5. April 6, 1893 Receivership
Source
historical_nic

Newspaper Articles (25)
1. March 26, 1893 The Times Richmond, VA
Article from The Times, March 26, 1893

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FAILURE OF DOBBINS & DAZEY. Mr. Dobbins Makes a Statement Giving the Cause of the Failure. NASHVILLE, TENN., March 25.-Mr. J. P. Dobbins has made the following statement concerning the failure of the firm of Dobbins & Dazey: The firm of Dobbins & Dazey has been in business sixteen years, and has steadily prospered. On March 9th, I had every reason to believe and did believe that our business was worth $500,000. On that day I received a telegram reporting that some drafts of our Nashville office had been protested. This greatly surprised me, as I did not think we owed any money, and had received no information about this from our Nashville office. I came by the next train to Nashville, going direct to Mr. Dazey, who seemed to think that our business was all right. Mr. Dazey was then and is now sick. On investigation at our office I found that we were largely in debt, much of it to New York and in the East. It seems that over $500,000 have been lost in various ways from our business, leaving us unable to meet our obligations, all of which are debts of the Nashville office. To protect our creditors we have made an assignment, surrendering all assets of all kinds belonging to the frm. Also all of my individual property. Nashville is our parent office, and Mr. Dazey, the resident partner. I reside at New Orleans. During sixteen years of most intimate association with Mr. Dazey I never questioned a statement he ever made; he had my fullest confidence. I have believed him to be a man of the highest order of integrity. I cannot explain his statements or his actions, and he has refused to explain them to me. Our legitimate business, conducted according to the purpose of our partnership, has always been profitable. It seems that heavy losses were made by outside speculations, which had nothing to do with our business. Among them is a heavy loss by the Union Mill Company. I mention this that the cause of our troubles may attach where it belongs, and not to any fault of our business. The managers of our branch offices are not liable in any way for our obligations: I will stay in Nashville for the present and look after the interest of the business. I do not think the suspension will have any effect on the cotton market, as we have little or no interest in it now. I do not think it will materially effect our local banks, as our branch offices owe nothing, and their business is in good shape. Our affairs may wind up much better than at present the outlook would seem to indicate. Failure of a Bank Results. NASHVILLE, TENN., March 25.-The Commercial National Bank, of this city, has failed. The cause is due to the failure a few days ago of Dobbins & Dazey. The capital of the bank is $1,000,000.

2. March 26, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, March 26, 1893

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FAILURES. NASHVILLE, Tenn., March 25. - The Commercial National bank of this city suspended this afternoon after banking hours. The cause of the suspension was the failure two days ago of Dobbins, Dazey & Co., which firm is largely indebted to the Commercial National bank. The Commercial National bank has a capital stock of $500,000 and a surplus fund and undivided profits of $95,000. It is believed that all depositors will be paid in full, and that the stockholders, when the affairs of the bank are wound up, will lose little, if anything. COFFEYVILLE, Miss., March 25.-New. burger Bros., the most extensive cotton factors in the state, and large merchandise dealers, failed last night. The estimated liabilities are $100,000. The assets are unknown. The shrinkage in the price of cotton caused the collapse.

3. March 26, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, March 26, 1893

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NASHVILLE BANK FAILS. The Commercial National Closed Its Doors Yesterday Afternoon. Officers Say Depositors Will Be Paid in Full-A Cotton Firm Pulls the Bank Down, NASHVILLE, Tenn., March 25.-The Commercial National of this city suspended this afternoon after banking hours. The cause of the suspension was the failure, two days ago, of Dobbins, Dazey & company with chief offices in this city and which firm was largely indebted to the Commercial National bank. At a bankers' meeting of representatives of other banks of the city, the conclusion was unanimously reached that there was no reason in the present condition of affairs for apprehending any other suspensions among the banks of the city, and that business will go on as usual. The Commercial National has a capital stock of $500,000 and a surplus fund and undivided profits of $96,000. It is believed all depositors will be paid in full and the stockholders, when the affairs of the bank are wound up, will lose little if anything. The bank owes depositors about $500,000. Mr. Spurr, president of the bank, says the failure of Dobbins & Dazey involved the bank in a heavy loss the exact amount of which cannot be ascertained. The stringency of the money market east rendered it difficult to rediscount and as rumors detrimental to the interest of the bank were being circulated on the streets of Nashville, and in order that a run on the bank might be avoided and all creditors be permitted to share alike in its assets, suspension was regarded as the only course left to the bank. Nearly the entire amount of indebtedness of this firm to the bank was brought about by means of gross misstatements as to the shipments of cotton made by Mr. Dazey to the cashier. The bank holds life insurance policies upon the life of Dazey amounting to $175,000 part security for the amounts due from that firm.

4. March 26, 1893 The Sun New York, NY
Article from The Sun, March 26, 1893

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Bank Failure In Nashville. NASHVILLE. Tenn., March 25.-The Commercial National Bank of this city has suspended. The cause is the failure. a few days ago. of Dobbins & Dazey. The capital of the bank is $1,000,000.

5. March 28, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, March 28, 1893

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Two More Banks Close Their Doors and Other Failures Looked For. NASHVILLE, Tenn., March 27. - This city is in a state of panic and the streets are filled with of hundreds of excited citizens. In addition to the failure of the Commercial National Bank on Saturday two more closed their doors this morning. They are the Mechanics Bank with a capital of $500,000, and the Bank of Commerce, with a capital of $250,000. The greatest uneasiness prevails in financial circles as it is expected two other banks will be compelled to shut down. Over $300,000 are involved in the failure of the three banks mentioned and at least a dozen small banks in djacent town are in tem porary financial straits. The Bank of Commerce made an as. signment this morning, naming John T. Lellyett as assignee. This action was precipitated by the general appre. hersion of a run on the bank which the officers believed would be made. Deposits were not large, aggregating only $50,000, $15,000 of which was small deposits, ranging from $5 upward in the savings department. The president of the bank, J. H. Yarbrough, is not in the city. J. N. Brooks, cashier, said the suspension was due mainly to the failure of certain parties who were largely indebted to the bank to mee: their obligations. Brooks declined to state who the parties were.

6. March 30, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, March 30, 1893

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The Cashier Under Arrest. NASHVILLE, March 29.-F. Porterfield, cashier of the suspended Commercial National bank, was arrested this afternoon upon warrants sworn out by Bank Examiner McKnight. Porterfield gave bond in $10,000. The charges are perjury and making false statements to the department.

7. 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.

8. March 30, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, March 30, 1893

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The Nashville Bank Troubles. NASHVILLE, Tenn., March 30.-F. Porter Field, cashier of the suspended Commercial National bank of this city has been arrested on a warrant sworn out by Bank Examiner McKnight. Field gave bond in the sum of $10,000. The charges are perjury and making false statements to the department.

9. March 30, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, March 30, 1893

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Arrest of a Cashier. NASHVILLE, Tenn., March 29.-F. Porterfield, cashier of the suspended Commercial National Bank, was arrested this afternoon upon warrants sworn out by Bank Examiner McKnight. Porterfield gave bond In $11,000. The charges are perjury and making false statements to the department.

10. March 31, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 31, 1893

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FRAUD IN SOUTHERN BANKS. Embezzlements at Nashville and Atlanta -One Cashier Under Arrest. WASHINGTON, March 30.-Controller Hepburn said this afternoon that he would appoint a receiver for the Commercial National Bank, of Nashville, Tenn. The failure that at first seemed small has since grown to larger proportions, and will exceed in all $500,000. It is not felt here that any other national bank in Nashville will be affected. As a result of an examination of the books of the bank Frank Porterfield, the cashier of the bank, at the instance of the government, has been arrested for embezzlement, and it is Intimated that other arrests of higher officials may follow. Henry W. Jackson. the special United States district attorney. of Atlanta, Ga., connected with the prosecutions growing out of the Gate City National Bank failure, the order for the suspension of which was made by Attorney-general Olney, yesterdav, arrived here to-day. Mr. Jackson had an interview with Mr. Olney this afterDOOD, after which Attorney-general Olney and Secretary Carlisle had a conference on the subject. Mr. Olney said the matter was still held up and as Mr. Jackson would be here for several days engaged in cases before the Supreme Court, he would not take any further action until Mr. Jackson returned to Georgia. In the meantime both Secretary Carlisle and Attorney-general Olney will endeaver to obtain all the light possible on the matter, so as to render the final decision.

11. April 1, 1893 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, April 1, 1893

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PANIC DOWN SOUTH. Intense Excitement in Nashville, Tenn.Three Banking Institutions Have Failed with a Total Involved of Over $3,000,000-More Failures Anticipated. NASHVILLE, Tenn., March 28.-Monday there was great excitement on the streets where the banks are located. At 9 o'clock, the hour the banks open, quite a crowd had gathered at the corner of College and Union streets, in the vicinity of the banks, and when the doors were opened a small run was made on the First national, but the depositors got their money so rapidly that they became convinced that their fright was an error and in nearly every instance redeposited. Two of the smaller banks, both doing business under state charters, atan early hour took advantage of the privileges given them by the law and required sixty days' notice of the withdrawal of deposits. Both of these banks had savings departments connected with them and upon these two banks the principal runs were made. One of them, the Bank of Commerce, doing a small business with deposits amounting to about $50,000, suspended payments, though it might have availed itself of the sixty days' notice from depositors. It made a general assignment under the state laws for the benefit of all creditors. This failure is a bad one. The Mechanics' bank, another state institution with a savings department and having many small creditors, opened its doors as usual, but soon it was evident that a run was being made upon it, and the directors met and decided to take advantage of the law requiring sixty days' notice from depositors and suspended payments. This bank will in all probability resume in a few days. The liabilities of the Bank of Commorce are $97,000; capital stock, $27, 000. As a result of the suspension of the Mechanics' bank Lewis T. Baxter, the president, made a special assignment Monday for the benefit of the bank and other creditors. The excitement growing out of the failure of the Commercial national bank in this city Saturday night continues to be intense. There are many rumors afloat and it is expected that there will be some startling developments when the affairs of the bank come to be inquired into by the official examiner. Criminal prosecution may follow. Other institutions of the city are thought to be involved in the collapse of the Commercial bank and that of Dobbins & Dazey, which was the primary cause of the troubles. More failures are apt to follow. Over $3,000,000 is involved in the failure of the three banks mentioned above, and at least a dozen small banks in adjacent towns are in temporary financial straits.

12. April 1, 1893 Passaic City Record Passaic, NJ
Article from Passaic City Record, April 1, 1893

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THREE BANKS FAIL. A Panic in Nashville (Tenn.) Commercial Circles. Three banks in Nashville, Tenn., which had been regarded as substantial failed to open their doors on the morning after the failure of Dobbins & Dazey, the big cotton brokers. In consequence there was a panic in commercial circles and confi dence in the stability of other institutions was shaken. The first announcement was that the Commercial National Bank had failed. This was soon followed by the reports that the Mechenics' Savings Bank and Trust Company and the Bank of Commerce were in difficulties. A run on all the banks was feared, and to avoid this the banks made assignments, thus protecting equally the interests of all the creditors. The Commercial National Bank had enjoyed the utmost confidence of the people of Nashville. The suspension is the direct result of the failure of Dobbins & Dazay, cotton brokers. The amount stated as the indebtedness of that firm to the Commercial was $30,000. It has since been learned that the bank's total loss on Dobbins & Dazey's paper, their foreign exchangeani overdraft amounted to $263.000. The Bank of Commerce made assignment naming John T. Lellyett as assignee. This action was precipitated by the general apprehension of a run on the bank, which the officers believed would be made. The deposits were not large, aggregating only about $50,000. The Mechanics' Bank suspended withdrawals by depositors for sixty days. The three failures will break about thirty small banks in tae country towns and the losses in all will reach one million and a half dollars. Two small State banks failed that day. The failure will stagnate busi. ness and the loss from that source will be equally as great.

13. April 6, 1893 The Farmers' Union Memphis, MO
Article from The Farmers' Union, April 6, 1893

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F. PORTERFIELD, cashier of the suspended Commercial National Bank of Nashville, Tenn., has been arrested on a warrant sworn out by Bank Examiner McKnight. Porterfield gave bail in the sum of $10,000. The charges are perjury and making false statements to the department.

14. 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.

15. April 7, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 7, 1893

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Other Business Troubles, WASHINGTON, April 6.-The report of the examiner in charge of the Commercial National Bank, of Nashville, Tenn.. indicates that it will require an assessment of about 80 per cent, on the stockholders to pay off its indebtedness. The assets are stated at $2,400,000, and estimated losses, 8850,000, leaving the value of the assessments $1,550,000. The amount due depositors is $1.500,000. and the total liabilities, aside from capital stock, $1,900,000. CLEVELAND, April 6.-John Wild has been appointed receiver of the Washington Union Fire Insurance Company, of this city. The company is one of the oldest in the State. having obtained its charter in 1831. For some time, it is alleged, the company has been in a shaky condition. Its liabilities and assets are small. CINCINNATI, April 6.-William Roncheim & Co., clothiers. No. 70 West Pearl street, have assigned to Jacob Schroeder. Assets, $40,000; liabilities, $80,000 to $100,000. The assets are all exhausted by preferences.

16. April 7, 1893 Fisherman & Farmer Elizabeth City, Edenton, NC
Article from Fisherman & Farmer, April 7, 1893

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THREE BANKS FAIL. A Panic in Nashville (Tenn.) Commercial Circles. Three banks in Nashville, Tenn., which had been regarded as substantial failed to open their doors on the morning after the failure of Dobbins & Dazey, the big cotton brokers. In consequence there was a panic in commercial circles and confi lence in the stability of other institutions was shaken. The first announcement was that the Commercial National Bank had failed. This was soon followed by the reports that the Mechenics' Savings Bank and Trust Company and the Bank of Commerce were in difficulties. A run on all the banks was feared, and to avoid this the banks made assignments, thus protecting equally the interests of all the creditors. The Commercial National Bank had enjoyed the utmost confidence of the people of Nashville. The suspension is the direct result of the failure of Dobbins & Dazey, cotton brokers. The amount stated as the indebtedness of that firm to the Commercial was $30,000. It has since been learned that the bank's total loss on Dobbins & Dazey's paper, their foreign exchangeand overdraft amounted to $263,000. The Bank of Commerce made assignment naming John T. Lellyett as assignee. This action was precipitated by the general apprehension of a run on the bank, which the officers believed would be made. The deposits were not large, aggregating only about $50,000. The Mechanics' Bank suspended withdrawals by depositors for sixty days. The three failures will break about thirty small banks in tue country towns and the losses in all will reach one million and a half dollars. Two small State banks failed that day. The failure will stagnate business and the loss from that source will be equally as great.

17. April 12, 1893 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, April 12, 1893

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THREE BANKS FAIL. A Panic in Nashville (Tenn.) Commer. cial Circles. Three banks in Nashville, Tenn., which had been regarded as substantial failed to open their doors on the morning after the failure of Dobbins & Dazey, the big cotton brokers. In consequence there was a panic in commercial circles and confidence in the stability of other institutions was shaken. The first announcement was that the Commercial National Bank had failed. This was soon followed by the reports that the Mechenics' Savings Bank and Trust Company and the Bank of Commerce were in difficulties. A run on all the banks was feared, and to avoid this the banks made assignments, thus protecting equally the interests of all the creditors. The Commercial National Bank had enjoyed the utmost confidence of the people of Nashville. The suspension is the direct result of the failure of Dobbins & Dazay. cotton brokers. The amount stated as the indebtedness of that firm to the Commercial was $30,000. It has since been learned that the bank's total loss on Dobbins & Dazey's paper, their foreign exchangeand overdraft amounted to $263,000. The Bank of Commerce made assignment naming John T. Lellyett as assignee. This action was precipitated by the general apprehension of a run on the bank, which the officers believed would be made. The deposits were not large, aggregating only about $50,000. The Mechanics' Bank suspended withdrawais by depositors for sixty days. The three failures will break about thirty small banks in the country towas and the losses in all will reach one million and a half dollars. Two small State banks failed that day. The failure will stagnate business and the loss from that source will be equally as great.

18. April 12, 1893 New Ulm Review New Ulm, MN
Article from New Ulm Review, April 12, 1893

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Miscellaneous Item. Ex-President Harrison was nominated for commander of the Ohio Loyal Legion. The Omaha. Neb., Rubber company has failed for $50,000; assets possibly $35,000. The Duerst rifle has received its test at the national armory at Springfield, Mass., and passed all the tests. Owing to the fact that none of the candidates in Rhode Island have majorities, the election there resulted in no choice. Comptroller Hepburn has appointed James W. Blackmore of Gallatin, Tenn., receiver of the Commercial National bank of Nashville. William T. Thornton, the newly appointed governor of New Mexico, has resided seventeen years in the territory and practices law at Santa Fe. He operates one of the richest mines in Southern New Mexico. Lieut. Virgil J. Brumbach, the "army hermit," has disappeared again, much to the consternation of the army officials. This is the young officer of the Second infantry who was found leading the life of a hermit in the woods of Idaho and taken back to his station at Fort Sheridan. The Union Typewriter company has purchased the plants, good will, etc., of Wyckoff, Seamans & Benedict, the American Writing Machine company, the Yost Typewriter company, the Smith Premier Typewriter company and the Densmore Typewriter company. It is claimed by the Leader of Cleveland that by the annexation of the suburban towns of West Cleveland and Brooklyn in the election the city of Cleveland will have, as soon as the legal formalities are ended, a population of 322,000. This will make it the largest city in Ohio and the ninth in the United States.

19. April 17, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 17, 1893

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A Tennessee Savings and Trust Company Driven Into Bankruptcy. The Cashier Uses $65,000 of Its Funds in Playing Bucket Shops. Two Men Killed in a Bloody Battle Between Italians and Hungarians. The Latter Become Dismayed and Flee Precipitately From the Field. NASHVILLE, Tenn., April 16.-This afternoon there was given to the public the fact that John Schardt, cashier of the Mechanics' Savings Bank and Trust Company. was short in his accounts from $40,000 to $80,000. Schardt is sick at his home and not allowed to talk. The directors of the bank have been in session all day and are still in session behind closed doors, and will not talk, From one, however, it is learned that it is believed the shortage is $65,000. Immediatsly after 12 o'clock tonight the bank will make a general assignment, which is now being prepared. It is a case of stealing, and affects none of the other banks of the city. Schardt has been cashier about three months. Before that he had been the teller of the bank, and was thoroughly trusted. It is stated that a discovery of a probable shortage occurred yesterday, when a check for $4,000 was presented and the teller could find no credits for Schardt at his home sick, being the amount. the at president the time and directors were notified, an examination entered upon, and it was discovered that there was a shortage. The plan he worked was this: He would take deenter them upon the pass book and them upon the posits, not put books Schardt of the bank. It is also stated that had confessed to having used $40,000 of the bank's money. He is under bond for $20,000. and carries $80,000 insurance,which, it is alsostated, has been transferred to the bank. Until the ashas been filed signment definite and the direct- be talk. nothing more can the obtained. ors During financial failure of flurry the recently, caused by the National bank. bank for one day an suspended Commercial paying this deposit- the ors. rectors Upon became examination satisfied it was diand resumed business. No is trouble sound anticipated tomorrow have with the other banks, as they through the few weeks. passed past safely Schardt lost ordeal the money of the He he in was speculator, took a heavy speculating bucket and lost shops. old heav- and ily. He is about thirty years has It is a family. which understood made the his company, here bond, Guaranty represented arrested by `Theodore tomorCooley, will have him is current a and believed, row. quite generally There sickness. that report, Schardt will recover from said tonight the A director not his that $50,000 if did not go over the bank pay depositors as holds the bond of stealings the bank would the in Guaran- full, for of North on Schardt, unof $26,000. divided tee $20,000 Company profits and there America Schardt's are have a year, to keep for peculations over been but them going he covered was on was never seen This bank was shops. up, clever and enough organized around with bucket under five or six years ago, a stock of $50,000, It was state $15,000 capital laws deposits. and always had about as until a three or four days ago looked on in safe institution, and the stock sold the market from 130 to 150. Schardt succeeded in pulling the wool over the of the officials when they made an examination eyes at the time of the failure of the Commercial National bank. NASHVILLE, Tenn., April 17.-2a.n is reported that Schardt, the cashier, has committed suicide, but the rumor has not yet been confirmed.

20. April 21, 1893 The Bolivar Bulletin Bolivar, TN
Article from The Bolivar Bulletin, April 21, 1893

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TENNESSEE STATE NEWS Money and Mystery NASHVILLE, April 14.-The claim made a few days ago that the defunct Commercial National Bank was indebted to the firm of Dobbins & Dazey in the sum of $250,000 or $300,000 instead of the firm being indebted to the bank, as at first stated, has added new interest to the mystery surrounding the affairs of the bank, F. Potterfield & Company, and the causes which led to the suspension of the cotton firm named above. The heroic efforts of most of the parties concerned to cover up everything bearing upon the mystery is causing a feeling of indignation, especially among business men and financiers. The most persistent efforts on the part of the press to unravel the web which envelops F. Porterfield & Co., and the transactions of that now famous concern, fail to bear fruit. Just who composed the firm outside of Porterfield no one can tell, or will tell with any degree of accuracy. The impression is growing that there was never any corporate firm of that name; that there was, in other words, no written agreement, but that Porterfield and a number of other parties had a sort of verbal understanding for speculative purposes, and that the "company" was made up of these individuals in the background. Many of the most prominent men in town are said to have been in the swim for revenue only. Last summer pretty much the same crowd was engaged in buying and bulling Tennessee 3 per cent. bonds in the hope that when the 6s and 5s were refunded the 3s would go to par, and they would all get rich at one fell swoop. This crowd was hustling around raising all the money it could get for the purpose of cornering as many of the bonds as possible. Several hundred thousand dollars worth of these bonds were bought up, some of them as high as 80 cents. Like the effort to bull Tennessee Coal and Iron a few months previously, however, they did not have enough stuff to prop up the deal, and the bottom fell out. Porterfield is believed to have been caught in this slump along with the others. He never made his appearance around the stock boards, but played his part of the game from behind the curtain. This effort to get rich upon the rise of the bonds is believed to have had as much to do with Porterfield's downfall as anything else.

21. June 8, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 8, 1893

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TO PROTECT DEPOSITORS. Stockholders of National Banks Must Pay Assessments. WARD SHINGTON, June 7.-It is the law that shareholders in national banks are liable to an assessment of the face value of their stock if the bank fails and assets are insufficient to meet the demand. It has been the custom to advise the comptrollers to exhaust the available supply of bursted national banks before assessing the shareholders. The object was to give the shareholders a chance to prepare for the goverment demand that might be made upon them and also to tie up as little local capital as possible in the hands of the bank receiver. Mr. Eckels has changed all that. The stockholders (or shareholders) of the Commercial National Bank of Nashville, which failed some time ago, have been notified to deposit with the receiver their face value assessment. Mr. Eckels declares that depositors of the bank must be protected, and that if given time the shareholders might SO cover up their property that an assessment would be worthless. It is his idea to protect the depositors and to breed into the people the belief that a national bank should be as secure a place to deposit as a safety vault.

22. June 10, 1893 Chicago Eagle Chicago, IL
Article from Chicago Eagle, June 10, 1893

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# FOR THE EAGLE. A Collation of News from All Over the World. A Feast of Political, Commercial and General Intelligence, Thoroughly Sifted for Eagle Readers. Protects Depositors First. It is the law that shareholders in national banks are liable to an assessment of the face value of their stock if the bank fails and its assets are insufficient to meet the demands. It has been the custom of previous Comptrollers to exhaust the available assets of bursted national banks before assessing the shareholders. The object was to give the shareholders a chance to prepare for the Government demand that might be made upon them and also to tie up as little local capital as possible in the hands of the bank receiver. According to a Washington correspondent Mr. Eckels has changed all that. The stockholders (or shareholders) of the Commercial National Bank of Nashville, which failed some time ago, have been notified to deposit with the receiver their face value assessment. The assets of the bank have not been exhausted, and they protest. Their liabilities are $1,500,000. Mr. Eckels declares that the depositors of the bank must be protected, and that if given time the shareholders might so cover up their property that an assessment would be worthless. It is his idea to protect the depositors and to breed into the people the belief that a national bank should be as secure a place of deposit as a safety vault.

23. January 4, 1894 The Farmers' Union Memphis, MO
Article from The Farmers' Union, January 4, 1894

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Not Escaped-Concise Review of Current Events. January. 1. New York has 23 new cases of typhus fever. 2. Gigantic strike of coal miners in Saar distriot, Germany; troops summone 8. Crafts chosen Speaker or Illinois lower house. Fire at Memphis, Tenn., $156,000; Fort Wayne, Ind., electric company's plant: $150,000. Niagara frozen over. Henry Duncan lynched at Knoxville, Tenn. At Bakersville, b C., 12 officers and 36 of a lynching m killed: lynchers successful. and string up Calvin Snypes. 4. Natural gas explosion in Chicago: 32 infured, 3 fatally Suicide at Des Moines of Butter, wife murderer. 6. Fierce blizzards from Northwest to Atlantie coast Leed's failure at Sioux City. 8. Break of Cincinnati Ice gorge: $300,000 damage. 10. Democratic inauguration at Springfield. III Senator Kenna, of West Virginia, dies at $1,Washington Blizzard in Northwest 000,000 fire at Boston New York harbor blocked with ice Twenty four miners killed at Como, Colo. 11. Gen. B. F. Butler dies at Washington. 12. Unprecedented ice blockade at New York harbor. $300,000 fire at Kansas City. 14. Southern States visited by unprecedented cold. 15. Many Ohio and Indiana towns without gas or coal for fuel; terrible suffering at Cincinnati. 17. R. B. Hayes, ex-President, dies at Fremont O. 18. Forty-third anniversary of California discovery. gold 19. Coughlin, of Cronin murder notoriety. granted a new trial. 20. Hugh Dempsey convicted of poisoning mon-union Homestead workmen. 21. Oil train explodes at Alton Junction, Ill.; a killed. 60 injure many fatally. 22. Failure of Capital National Bank, Lincoin, Neb., for $1,000,000. 23. Associate Justice L. Q. C. Lamar, of Mississippi, dies at Macon. Ga. Death of ton. Phillips Brooks, the great clergyman, at Bos24. Three killed in collision at Joliet. III. 25. Judge John Martin, of Topeka, Kan., lists. phosen Senator by the Democrats and Popu26. John L. Mitchell, of Milwankee, chosen Senator by Democrats. ton. 27. Death of James G. Blaine at Washing30. Funeral of Blaine Pottstown, Pa., Iron Company fail for $2,000,000. bill. 31. Senate passes Washburn's anti-option February. 1. Severe storms in Northwest Negro ravisher burned at the stake at Paris, Texas, by a mob numbering thousands Minister Stevens establishes a protectorate by United States over Sandwich Islands. Italy. 8. Death of Algernon Sartoris, at Capri, 4. Death of Mrs. W. C. Whitney Pine Ridge Indian murders. Hawaiian Commissioners reach Washington. Ive lives lost on steamer Pomerania by tidal wave. 6. Blizzard through Northwest, mercury dropping 57 degrees in 10 hours in Montana. Senator. Nebraska Populists choose Judge Allen 8. Congress counts the electoral vote. 9. Perished by fire: 44 lunatics at Dover, N. H.: hotel guests at Centerville. Iowa, and 4 at Cincinnati Panama boodlers sentenced at Par 8. 11. Ten quarrymen killed at Rutland, Vt Chicago. Lincoln memorial services in New Nork and 12. Death of Dr. Norvin Green, famous teleSix mingraph manager. at Louisville, Ky ers killed at Villa Grove, Colo. 13. Death of Justice Scholfield of the Illinois Supreme Court. 14. Fight between Kansas Legislators at Topeka. 15. President Harrison's message favors HaTopeka. watian annexation Militia assembled at 17. Populists concede Republicans' claims at Topeka: troops withdrawn. 18. Senate confirms Judge Jackson's nomination to United States Supreme Court Failare of Manufacturer Walker. of Youngstown, O., involving Gov. McKinley $35,000. Orleans 20. Death of Gen. Beauregard at New Dissolution of the Reading combine. 22. Western Indiana switchmen at Chicago strike Observance in all cities of Washington's birthday American flag raised on the steamer New York. 23. Death of Rufus Hatch. Wall street operator, at New York. 25. Death of Alanson Reed. Chicago 8 pioneer fiano dealer Miss Julie Force. temporarily Insane. kills her two sisters, at Atlanta Ga Kansas Supreme Court declares the Republican legislature the legal one. 27. Falling wall at hicago kills ten people. the Fearful Northwest. storm of wind, snow and rain in 28. Battleship Indiana launched at Philadelphis Northwest snowbound. March. 2. Lauchlin & McManus, Philadelphia broAers. grain. fail for half a million Big advance in Washington. Cleveland inaugurated President at 5. Sandgate. England. is wrecked by the subsidence of the earth. 7. Safety Mutual Insurance Company, of Stoux City closes its doors A money scare in New York causes all markets to decline. 10. Many killed and $1,500,000 in property destroyed by fire at Boston. 11. Disastrous floods East and West. 12. Grand River floods in Michigan. 13. Failure of Kansas Trust and Banking 800. Company, Senator Ingalls President. for $800,14. Michigan rivers break all flood records Nine killed in an Anderson (I. T.) mine Four killed by falling walls at Chicago cagoan. Death of Louis Nettelhorst, prominent Chi16. G. A. R. meeting at Springfield. Ill. St. Pa17. Death of Jules Ferry at Paris trick's Day generally observed. 18. Death of Squire Abingdon, pugilistic patron. at New Orleans Big fight in Minnesota Legislature with the coal combine. Four killed, two injured. in saw-mill explosion at Rome Iowa. 19. Tremont Temple, Boston. burned: loss, $4,000,000. 20. Confirmation of news of loss of freight steamer Naronic. with seventy-two souls 21. Litchfield (III.) mill explosion: loss, $1,600,000 Charles de Lesseps, Baihant, and Blondin convicted of Panama bribery. 22. Frazer. a German miner. near Albia. Iowa, murders his wife and sister-in-law, cuts his baby's leg off and is lynched. 23. Kelly, Tenn. wiped out by a cyclone: many other towns in that State, Mis ouri, and Five Mississippi suffer: several fatalities burned to death at Cleveland. Ohio. 25. Failure of Commercial National Bank at Nashville: run upon all the other local banks. Death of Col. Elliott F. Shepard. editor New York Mail and Express. 26. Escape of Murderer Latimer from Jackson. Mich., prison. after poisoning two guards. 28. Capture of Latimer Death of Gen. E. Kirby Smith at Sewanee. Tenn. 30. Thos. F. Bayard appointed minister to England French cabinet resigns. April. 1. Five lives lost in burning hotel at Bradford. Pa Te) miners killed at Shamokin, Pa cona. Iowa. Four killed by boiler explosion at La4. Carter Harrison elected mayor of Chicago by 20,000 majority. Pu5. Reappearance of cholera in Russia gilist Donovan killed at Syracuse. 6. Dedication of the Mormon Temple at Salt Lake Murderers executed

24. December 8, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 8, 1896

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BROKEN BANK WILL OPEN AGAIN, Union National of New York, La., is Now in " Solvent Condition. WASHINGTON, Dec. 7.-The Union National bank of New York, La., which suspended payment September 9, 1896, complied with all the conditions imposed by the comptroller of the currency precedent to resumption, is now in a solvent condition and has been permitted to reopen its doors for business. The comptroller of the currency has da. clared dividends in favor of insolvent na. tional banks as follows: Ten per cent. the First National bank of Sundance, Wyo., & per cent, the Commercial National bank of Nashville, Tenn.

25. May 23, 1899 The Age-Herald Birmingham, AL
Article from The Age-Herald, May 23, 1899

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U.S. SUPREME COURT HAS ADJOURNED Disposed of 519 Cases and Left 313 on the Docket. CHIEF JUSTICE M. W. FULLER And His Associate, Justice Brewer, Will Sail for Paris to Participate in the Veneztelan Boundary Arbitration Washington, May 22.-The supreme court of the United States adjourned today for the term. During the session the court disposed of 519 cases, Leaving 302 cases on the docket. At the close of the last previous term the docket contained 313 cases. Chief Justice Fuller and Justice Brewer expect to sail for Paris on the 31st instant, whither they go to participate in the Venezuelan boundary arbitration. Justice Harlan goes immediately to Yale college to deliver a course of lectures. The court today rendered the first decision given by its bearing upon the present bankruptcy law. The opinion was announced by Justice White in the case of the George M. West company vs. Lea Bros on certificate from the United States circuit court for the Fourth circuit. The decision was on a question certified, and was as ollows: "As a deed of general assignment for the benefit of creditors is made by the bankruptcy act, alone sufficient to justify an adjudication in voluntary bankruptcy against the debtor making such deed without reference to his solvency at the time of the filing of the petition, the denial for insolvency by way of defense to a petition based upon the making of a deed of general assignment is not warranted by the bankruptcy law. In an opinion handed down by Justice Shiras, the court confirmed the opinion of the circuit court of appeals for the second circuit in the case of K. K. Hayden, receiver of the Capital National bank, of Lincoln, Neb., vs. the Chemical National bank, of New York. The contention of Mr. Hayden was that he had a right to recover on behalf of the Nebraska bank on remittances sent to the New York bank which were en route when the Nebraska concern failed. The decision in this court as in that below was adverse to the claim. Justice Harlan announced the opinion in the case of the San Diego Land and Town company vs. the City of Nationl City, Cal., and others. The case involved the validity of the California state law authorizing county and town and city authorities in that state to fix annually the rates that shall be charged by any person or corporation for water furnished within its limits. The suit grew out of the rates fixed by National City for 1895 for which the land company claimed were SQ low as to be confiscatory. The circuit court refused to accept his view and issued a decree dismissing the bill. Justice Harlan's opinion confirmed this view. In passing upon the merits of the case he entered at considerable length into the question as to whether the case was of a character to justify the interference of the judiciary, concluding that the judiciary should not intervene in such cases except to prevent flagrant abuses. This case was not to the mind of the court of that character. The court ordered a new trial in the case of Marcus A. Spurr, late president of the Commercial National bank, of Nashvile, Tenn., charged with acts which assisted in wrecking that bank. This order is in reversal of the decree of the circuit court of appeals for the Sixth circuit. The court, through Justice Brown, held that planks or boards planed on one side and tongued and grooved should have been admitted free of duty as "dressed lumber" until the tariff act of 1894, and not as "a manufacture of wood." The decision was rendered in the case of the United States vs. Frank Dudley, and originated in Vermont. The decision of the supreme court of the territory of New Mexico in the case of the Rio Grande Dam and Irrigation company, which was favorable to the company, was reversed by an opinion handed down by Justice Brewer. The case originated in a bill by the United States to constrain the company from constructing a dam across the Rio Grande in New Mexico that would interfere with navigation. Justice Brewer's opinion ordered a reversal and the remanding of the case with instructions to set aside the decree of dismissal and to order an inquiry into the question whether the intended acts of the defendants in the construction of a dam and in approaching the waters of the Rio Grande, which substantially diminish the navigability of that stream within the limits of present navigability, and if so, to