18145. Fourth National Bank (Nashville, TN)

View Charter #1669 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1669
Charter Number
1669
Start Date
August 10, 1893
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini
Short Digest
1191f8acdc3070e1

Response Measures

Accommodated withdrawals, Public signal of financial health, Partial suspension, Books examined

Description

Multiple contemporary articles (Aug 10–12, 1893) report runs on the Fourth National Bank of Nashville triggered by the failure/suspension of the First National. The Fourth continued to pay depositors (later restricting payments to $100 and issuing certified checks for larger amounts) and did not suspend or fail in these accounts. Directors also signed guarantees pledging personal estates. Classified as run_only.

Events (3)
1. March 29, 1867 Chartered
Source
historical_nic
2. August 10, 1893 Run
Cause
Local Banks
Cause Details
Run followed the failure/suspension of the First National Bank in Nashville and related runs/suspensions at other local banks, which prompted depositors to withdraw from the Fourth National.
Measures
Continued to pay checks; later limited payments to $100 in currency and provided certified checks for balances above that amount; directors signed guarantees pledging personal estates to cover deposits.
Newspaper Excerpt
The run on the Fourth National bank continued to-day but the bank officers decided to pay checks only for $100.
Source
newspapers
3. October 10, 1932 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (14)
1. 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.

2. August 10, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 10, 1893

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FAILURE AT NASHVILLE, The First National Bank Coses Its DoorsPayment of Deposits Guaranteed. NASHVILLE, Tenn., Aug. 9. - The First National Bank to-night posted a notice that it was closed. The bank has lost deposits steadily for some weeks, and this finally nearly exbausted the currency. The bank is solvent and will easily pay out when given time to realize on the paper and securities held by it. The capital stock is $2,000,000, and on publication of the last statement there were $1,005,000 deposite. After the enspension of the First National Bank the directors of the Fourth National Bank held a meeting, those present representing several millions of property. They signed a giaranty, pledging themsolves and their individual estates to the payment of all deposits. They further state that the bank is able to meet all of its obligations. Edgar Jonee. president of the Union Bank and Trust Company, and John M. Sperry, president of the Merehants' National Bank, say in interviews their banks will open as usual to-morrow. The directors of the City Savings Bank held a meeting to-night, and unanimously decided to suspend payment for sixty days. The suspension is cansed 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, $151,499.42. 90 per cent. of which is good. The directors of the bank have personally pledged themselves and their estates to the payment of all depositors in full.

3. August 10, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, August 10, 1893

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The Flurry In Nashville. NASHVILLE. Aug. 10.-After the suspension of the First National bank of this city the directors of the Fourth National bank held a meeting, those present representing several millions of property, and signed a guarantee pledging themselves, their individual estates, to the payment of all deposits. The directors of the City Savings bank held a meeting and unanimously decided to suspend payment for 60 days. The suspension is caused by the stringency of the money market. The bank is considered solvent.

4. August 11, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, August 11, 1893

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BUSINESS DIFFICULTIES. The Banks of Nashville Experience Hard Times. NASHVILLE, Tenn., Aug. 10. - -The First National bank of this city, the oldest national institution south of the Ohio river, closed its doors this afternoon. Capital $1,000,000, deposits $1,000,000, surplus fund and 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. Bank Examiner Plumle is in charge. It is believed the bank will resume in sixty days. The directors of the City Savings bank held a meeting to-night and decided to suspend payment for sixty days. The bank is considered solvent. Deposits $40,707, assets $151,499. An uneasy feeling povails. The American National, one of the strongest in the city, capital $1,000,000, surplus $116,000, suspended AS a result of a run caused by the suspension of the First National, in spite of a published card by the officers ea ing the bank was perfectly solvent, and pledging their personal estates to depositors. A run also set in on the Fourth National, but it is considered perfectly solvent. The Safe Deposit Trust and Banking company, posted a notice that depositors are safe for every dollar. EBENSBURG, Pa., Aug. 10. .-Johnston, Buck & Co., with banks here and at Carrollton and Hastings, suspended. They claim Assets in excess of liabilities. LAFAYETTE. Ind., Aug. 10.-The - O'Brien Wagon works failed; liabilities $100,000. LEROY, N. Y., Aug.-Lathrop's bank failed. It is claimed it will pay in full.

5. August 11, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, August 11, 1893

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PLENTY OF MONEY. Carlisle Can Relieve the Stringency. HOARDED SILVER DOLLARS Can Be Put Into Circulation by the Million. ONLY ONE MORE LAW NULLIFIED. The Sherman Act Itself Provides for the Relief of the Currency Famine. Special to THE MORNING CALL NEW YORK. Aug 10.-General Benjamin F. Tracy, ex-Secretary of the Navy, tc-day said: talked of the currency famine. He to "The administration has ample power relleve the currency famine in forty-eight with hours by exercising the authority be it is clothed by statute. It may either of two ways. done which in silver de There more than 300.000,000 standard lars in the Treasury Department at Wash- deington, and the Secretary has power to posit such portion of this $300,000,000 which as he choose in the national banks have may been designated as national depositories, and being there deposited they The would at once enter into circulation. third section of the act known as the Sherman act provides that he shall coin of the silver bullion purchased under the pro- be visions of this act as much as may necessary to provide for the redemption for, of the treasury notes therein provided and any gain or seignorage arising for from said coinage shall be accounted and paid into the treasury. There are in of the treasury about 140,000,000 ounces notes silver bullion, for which treasury silver have been issued, and no standard dollars have been coined with which to redeem them. The Secretary of the Treas- that is therefore at liberty to direct into these ury 140,000,000 ounces be coined standard silver dollars. The profits from the seigniorage which would accrue to United States would at once be available for use by the treasury. and that would of give the treasury a profit of upward $50,000,000." The scarcity of currency was very great again to-day and the money brokers' sellofficers were thronged with customers ing bonds at a big premium. It is a matter of surprise to many that scarcity abate- in curdoes not show some signs of ment reney in view of the great amount of gold on the way to this country, but, for according now to reports, the premium paid kind of currency and for gold is higher any now than at any time since the currency premium set in. Money-brokers were getting 41/2 per cent to currency. and they were contracting deliver for gold at 2 1/2 per cent, and foreign in exchange was proportionately strong consequence. The time for delivering national bank notes after the receipt applications for them has been reduced from twenty to fourteen days. and orders a in at the rate of $10,000,000 day. are coming Francisco in The sub-treasury at San gold has been ordered to send $8,000,000 to the sub-treasury at New York. An instance of how country banks are trying to get currency when they don't the really need it was noticed to-day by Seaboard National Bank. That bank received a letter from a country bank asking it receive some currency they did their not to and sell it at the market rate on need account. The vice-president of the bank looked up the New York correspondent the of habank in question and found that bank. which wanted to sell some "spare" curhad actually drawn that currency. rency on a loan out of its New York correspondent. No Clearing-house loan certificates were issued to-day. O'Brien has appointed Miles M. O'Brien, Judge of the H. R. Claflin Company, Peter F. Meyer. a real estate Gealer, and receivers of the Madison-square Bank. The bond is $200,000. Aug. 10. silver offered to-day treasounces WASHINGTON, of .7515. Of the 357,000 bought 322,000 ounces at ury WEBSTER CITY, Iowa, Aug. 10.-The Hamilton County State Bank, one of the oldest and best banks in this section. closed its doors to-day. The liabilities are $132,000 and the assets $250,000. PROVIDENCE, R. I., Aug. 10.-The B. B. Knight mills, which have idie week, will start up the and past R. Pontiac, Monday. been Natick, The operates mills in River firm Point, Arctic, Fisherville. Arkwright, White Rock and this city in Man- this and Hebronville, Dodgville, State, chaug and Readville, Mass., employing between 7000 and 9000 hands. EBENSBURG, Pa., Aug. 10.-Johnston. Car& with banks here and at and Hastings, have rollton Buck Co., suspended. of They claim the assets are in excess the liabilities. LEROY, N. Y., Aug. -Lathrop's bank full. has failed. It is claimed it will pay in KINGSTON, Mo.. Aug. 10.-The Caldwell ExBank in this place and the change County Bank of Polo have failed. The latter was the county depository, and all the county revenue is tied up. The LAFAYETTE, Ind., Aug. 10. O'Brien Wagon Works have failed; liabilities, NASHVILLE, $100,000. Tenn., Aug. 10.-The run the Fourth National Bank ceased at 5:30 o'clock. on The bank officials say that the the deposits for the day almost equal withdrawals.

6. August 11, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 11, 1893

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A FLURRY AT NASHVILLE. A Run Closses a Solvent Bank-Another One Hard Pushed. NASHVILLE, Tenn., August 10.-The American national bank suspended payment to-day. The bank has a capital stock of one million dollars and a surplus fund of one hundred and sixteen thousand dollars. When the bank opened for business at the usual hour there were many depositors about its doors and soon a run was made. Meanwhile a run began on the Fourth National bank which has a capital stock of one million dollars and a surplus fund of $200,000. The directors of both the American and Fourth National banks published cards this morning to the effect that their banks were perfectly solvent and also pledging their personal estates to the payment of depositors. The run on the American National bank was stopped at 9:30 o'clock by the announcement of the board that they had decided to suspend payment. The Fourth National bank contin ued to pay depositors as fast as checks were presented and at this hour (10 o'clock) is still doing so. The directors of the Safe Deposit, Trust and Banking company met at an early hour and decided in view of the excitement prevailing to suspend temporarily.

7. August 11, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 11, 1893

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NASHVILLE BANKS. The American National Bank of That City Forced to Close, NASHVILLE, Tenn., Aug. 10-The American National bank has suspended. The Safe Deposit, Trust and Banking Company has taken advantage of the sixty day notice. The American National was one of the strongest in the city, capital $1,000,000; surplus $116,000. The suspension was the result of a run caused by the suspension of the First National last evening, in spite of the published card by the officers saying the bank was perfectly solvent and pledging their personal estate to depositors. A run is also in progress on the Fourth National. It has a capital of $1,000,000; surplus $200,000. It is considered perfectly solvent. The Safe Deposit Trust and Banking Company has posted a notice that depositors are safe for every dollar. The run on the Fourth National bank ceased at 5:30. Bank officials say the deposits of the day were almost equal to the withdrawals.

8. August 12, 1893 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, August 12, 1893

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Paying in Certified Checks. NASHVILLE, Aug. 11.-The run on the Fourth National bank continued to-day but the bank officers decided to pay checks only for $100. Any check over that amount was paid in certified checks. There is no excitement to-day. but a general feeling of distrust pervades the community.

9. August 12, 1893 The Herald Los Angeles, CA
Article from The Herald, August 12, 1893

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The Nashville Panic. NASHVILLE, Tenn., Aug. 11.-The run on the Fourth National bank continued today, but the bank officers decided to pay checks only for $100. There was no excitement today, but a general feeling of distruet pervades the community.

10. August 12, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 12, 1893

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Nashville Situation Better. [By telegraph to the Dispatch.) NASHVILLE, TENN.. August 11.-Matters are quiet in banking circles to-day. The run on the Fourth National Bank was resumed, but the line of depositors was small. The bank continued to pay all checks presented up to 11:30 o'clock, when it was decided to pay all checks up to $100 and give certified checks for balances above this amount.

11. August 13, 1893 The Times Richmond, VA
Article from The Times, August 13, 1893

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Concerted Action by Numerous Banking Institutions. NASHVILLE, TENN., August 12.-The People's Bank, at Lewisburg, failed to open its doors this morning. The suspension is due to the suspension of the First National and American National Banks, of Nashville, a constant drain by depositors and the failure to collect The president and cashier state bank is in are confident It will be to money. and that they the first-class condition, able a resume in a few days, or as soon as meeting of the stockholders and depositors can be held. There is no excite+ ment at Lewisburg on account of the suspension. BROOKLYN, N. Y., August 12.--The Commercial Bank, of Brooklyn, a State institution, failed to open its doors this morning. The following notice was posted on the door: This bank is compelled to close temporarily. (Signed) J.J. Vall, cashier. GADSDEN, ALA. August 12.-The First National Bank suspended payment this morning with a capital stock di- of $50,000 and deposits of $80,000. The rectors assure the depositors that they will be paid in full. LANCASTER, Pa., August 12.-The following notice was posted on the doors of the bank of E. K. Smith, at Columbia, this morning: "Closed for the present to liquidate." The bank is a small one. NASHVILLE, TENN., August 2.-The Fourth National Bank was rewhen that its doors, but by noon sumed opened run on this the morning, institution it than was practically over, as there were less dozen men standing at paying teller's desk. a The deposits by substantial busimen were quite as large as the ness amount drawn out by others. There is uneasiness now, and the crisis is evino dently over. The People's Bank and the Bank of Lebanon, two State institutions Lebanon, have adopted a rule to pay at only 5 per cent. of deposits, and give certitled checks for balances. NEW YORK, August 12.-The weekly statement of the associated banke shows the following changes: $2,327,575 Reserve, decrease 3,017,200 Loans, increase 2,306,000 Specie, decrease 408,000 Legal tenders, decrease 741,700 Deposits, decrease 733,100 Circulation, The banks increase. are now $16,545,375 below the requirements of the 25 per cent. rule. STAUNTON, VA., August -Special The following resolutions were adopted by the National Valley Bank to-day and the concurred in by the other banks of city, and is fully indorsed by our entire community: Whereas the banks of the principal of the country and this State, de- in cities order to protect themselves against a pletion of currency, have declined to furnish currency against balances due by them: and Whereas it is deemed advisable for the of this city, in their endeavor to not only their own of their depositors and the banks protect those adopt interests, similar whole but community, to of and thus to be of service to their to business banks means precaution, enable customers action the the public, being similar and and taken by the banks of this city State that in 1873, by which no depositor was inconvenienced; therefore, be it Resolved, That during the present checks mondepression this bank pay to etary against existing balances drawn amount not exceeding fifty ($50) of an dollars in currency, in the discretion the bank. but that ON good, of checks we certify the same as payable through the daily exchange and made be between the banks of this city, it further Resolved, That checks against deposits be by currency after this date of this made in currency at the counter between bank, paid or through the exchange banks at the option of the depositor. resolution will take effect from This this date. Our banks are solvent and and on conservative, and the action taken is to protect our community and business cities. on the same lines as in other There will be no trouble here. GREENVILLE, MISS., August 12. to-day The banks here at 10 A. M. three notices on their doors that checks no posted would be paid out on issued money that certified checks would be at instead. but At a meeting of cilzens held the Cotton Exchange this afternoon reso- aclutions were adopted approving the tion of the banks. MONTGOMERY, ALA., August 12.Josiah Morris & Co., the leading private an banking house of the State, made is due assignment late this evening. It continued withdrawal of deposits to during the the last sixty days and large drafts being made to-day. This act has ofcaused a meeting of the other bank to-night, and they resolved, clear- commencing ficers Monday morning, upon the not yet ing house system. what percentage They have they will announced This will be made known Monday pay. In their card in the Adverthe bankers of Morris & Co. tiser morning. assets to-morrow will state liabilities. easily that the largely more than the who This realize is the general belief of those are acquainted with the situation.

12. August 13, 1893 The Morning News Savannah, GA
Article from The Morning News, August 13, 1893

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THE FOURTH NATIONAL. The Rush Resumed, But Soon Peters Out. Nashville, Tenn., Aug. 12.-The run on the Fourth NatIonal Bank was resumed this morning when that institution opened its doors, but by noon it was practically over, as there were less than a dozen men standing at the paying teller's desk. DEPOSITS AS NUMEROUS AS PAYMENTS. The deposits by substantial business men were as large as the amount drawn out by others. There is no uneasiness now, and the crisis is evidently over. The People's Bank and the Bank of Lebanon, two state institutions at Lebanon, have adopted a rule to pay only five per cent. of deposits and give certified checks for the balance.

13. August 13, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 13, 1893

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THE FLURRY AT NASHVILLE. Runs on the Banks Continue-An Iron Firm Assigns. NASHVILLE, Aug. I2.-The financial flurry still continues. The Fourth National bank is paying off only with checks when the amount required is over $100. The financial stringency and general distrust is beginning to tell upon the corporations and firms employing operatives. The Southern Iron company, as anticipated, made a special assignment this afternoon. The property conveyed is valued at $324,000, to secure debts of $145,000. Two other small failures occurred here today.

14. July 12, 1899 The Providence News Providence, RI
Article from The Providence News, July 12, 1899

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foremost rank of the financial institutions of the South, and bears the enviable distinction of having larger surplus and profits than all other banks in Nashville combined. Its capital stock is $600,000, and surplus and profits, as shown by its last published statement, is $318,648.13, and the stock is in demand at $1.75. During the memorable panic of 1893 the Fourth National was the only national bank in Nashville that did not close its doors. Its record during these terrible days of August, 1893, has earned for it a reputation that has spread over the entire Southern country. The bank does an enormous commercial business and has a very extended line of correspondents. Great care is taken to handle all classes of business promptly and satisfactorily, and clients entrusting their interests to the care of the Fourth National Bank are certain to be served in a business-like manner. Its board of directors are composed of prominent business men representing varied interests, and the personnel of the directory is very high. The "Old Fourth," as it is affectionately termed, is a landmark in Nashville, and a synonym for strength, integrity and conservative business methods. Railroads as a Waterways. Nashville is happily situated as regards its transportation facilities. Its position on the Cumberland river gives it eight to ten months of navigation and two trunk lines of railroad contribute to furnish competitive rates to merchants and manufacturers. Six lines of railroads conect Nashville with the country tributary and the great cities of the country beyond. These six lines of railroad are controlled by the trunk lines mentioned. The Nashville, Chattanooga & St. Louis railroad runs its main line to Atlanta via Chattanooga; the Northwestern branch of the same system runs to Hickman, Ky., and to Memphis, Tenn., and Paducah, Ky., by intersecting lines. The Lebanon division of the Nashville, Chattanooga & St. Louis reaches out to Lebanon, Tenn. The Louisville & Nashville gives the city direct connection with Louisville, St. Louis and the great northwest, as well as Florida and Louisiana. The main line of this railroad runs direct to Louisville, and the Decatur division to Decatur, Ala., and on to Birmingham, Montgomery and Flomaton, Ala., where the road divides and reaches into Florida on one line and Mobile and New Orleans on the other. The St. Louis & Southeastern division, which unites with the main line at a point nine and one-half miles from Nashvilla, and gives the outlet direct to St. Louis and the northwest. In the Cumberland river Nashville has 518 miles of navigable water. Boats of 400 tons burden can reach a point 325 miles above Nashville for at least eight months of the year. From Nashville to the junetion of the Cumberland river with the Obio is 193 miles. Through this stream connection is made with the Mississippi