20744. Peoples Bank (Lewisburg, TN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
August 12, 1893
Location
Lewisburg, Tennessee (35.449, -86.789)

Metadata

Model
gpt-5-mini
Short Digest
6dd0938a

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Aug 12–13, 1893) state the People's Bank at Lewisburg 'failed to open its doors' / 'suspended payment' on Aug 12. Articles attribute the suspension to the suspension of the First National and American National Banks of Nashville, a resulting drain of deposits and failure to collect funds. Local reports also state the president and cashier insisted the bank was in 'first-class condition' and expected to resume business in a few days, indicating a temporary suspension with intent to reopen.

Events (1)

1. August 12, 1893 Suspension
Cause
Correspondent
Cause Details
Suspension attributed to the suspension of the First National and American National Banks of Nashville, causing deposit drain and inability to collect funds; local liquidity pressure rather than alleged insolvency.
Newspaper Excerpt
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 failure to collect money.
Source
newspapers

Newspaper Articles (13)

Article from The Columbia Herald, May 19, 1893

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Last Saturday Vice-President ClarksStevenson passed through his way to Stewart County, with ville Tenn., on where be is interested others in Mineral lands. Tennessee farmer, named Overton Josiah Copeland, A of Livingstou, unwent deranged last week He County, peculiar circumstancer. der a lot of stock from Nashville to Vernon, via to Memphis, he shipped When Mempois be got suddeu- Texas. down mind and knocked ly or the lost conductor his freight wondered train the then rau away. He and the swamps several days, about finally in got back to Memphir, Overton but a fo mer President of His where took charge of him. has County went on to Texas, but he son stock been sent back home. He has a in the insane a-yium. In view of the possibility that be a Turney mav not again Nashcandidate Governor for the office, the ville American speaking of probable has candidate say- Rutherford is the Horace Palmer, who young of his fellow-citizens. peer Lillard of Thompson, any of Wilson, Con- of Jos. E. Washington, of Robertson, greesman Judge C. W. Tyler, HAYMontgomery, Frank Boud, of Shelby, Luke Wright, of wood, Bullock, of Madison. Barton, Senator Houston, of Cannon, of Hamilton, Pillow, of Marshall, Park W. Marshall, Ernest of Williamson, and Z. pleasof Gilew, are all names GovernEwing, to the people who make others ing And there are many to" ors. whom it is unnecessary to refer . dispatch of last week eays: exA Harris and Bate both , Senators to leave Washington Monday his peat Senator Harris will go to to 1 ranch and Senator Congressmen . Cox and Couto leave by that night. Texas Dearmov, Nashville. Snodgree time. Richardson Enloe, Bate alaso Mcgressmen expect McMillin and will remaina while longer. Murfreesboro hotels did a land r business last week. Congress- and office Richardson was at home that was office-seekers swarmed to borough. :It is semi-officially and announced 1, Mrs. Cyrus W. McCormick, n that of the millionsire mowing a g. machine widow manufacturer, will build e palatial residence near Maryville, d Blount County, Tenn. 8. m Gov. Turney has filled all the and not a single newspaper all er was appointed. But ir has no right to be all app for d 18 to whoop 'em up iif he is er offices man editor his His man business and elected then intimate icant. some idisgruntied follow might if he that he had subsidized the press y show his gratitude by remem Ob10 d should bering the Stor.-Fayetteville server. g nThe Tennessee Importing Com- 8 gof Nashville, have just won pany, lsw suit |rom the N is & Texas Railway, of $10,000 Kan-as number Missouri growing e, the burning of a to out transit from St. Z. in October, DO of in Tex., 1891. Louis A tried at Paris last 8 the railroad company d. they lost. case jacks Paris, strong though was fight, imported The week, made jack from The and S. burned had only been and were d Spain H short time before, be sold ve their way to Paris to death ir ou of them were burned to The Seven number badly injured. an ty and Importing is Company sued for $15,000 ve L. B. Best, a merchant, of suicide New ou Middleton, Tenu., committed shooting ng Wednesday morning by had ge himself through the heart. He th recurred from Nashville, waer ar ed just failed to make satisfactory 18rangements ne with his creditors. ili ep Owing to the failures of banks a a other places, the People's Bank the Lewieburg became last soundness werk of rumors as to it's victim there was reason to believe orde so and going to be a run on 11. and In an was reassure the depositors th he to public, 8 large number of the stock he holders signed a paper guaranteein it depositore against loss. This seemed to satisly the public. ir, go Louie Sells, 14 years of age, who Mem re im at No. 8 Mulberry street, Sheri sidee was arrested by Deputy H and taken to his father with an as-au!ted phis, Richardson jail. chase ugly looking butcher knife and whe ew him from the premises, and him h se Deputy Richardson arrested tudrew the kn fe on the officer. adotLast Monday Willie Smith W ess driving home a couple of yearling bridg and when crossing the stone at ew and of them jumped the wall one landed on 158 back in the uninuure water


Article from Asheville Daily Citizen, August 12, 1893

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CLOSED DOORS. No Very Important Failures In This List. BROOKLYN, N. Y., Aug. 12.-The Commercial bank of Brooklyn, a State institution, failed to open its doors this morning. GADSDEN, Ala., Aug. 12.-The First National bank suspended payment this morning. Depositors will be paid in full. LANCASTER, Pa., Aug. 12.-The bank of E. K. Smith at Columbia, closed this morning to liquidate. The bank is a small one. NASHVILLE, Tenn., Aug. 12.-The People's bank at Lewisburg, Tenn., suspended payment this morning.


Article from Evening Star, August 12, 1893

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CLOSED THEIR DOORS. Banks That Have Suspended Payments to Their Depositors. LANCASTER, Pa., Aug. 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. No statement of assets and liabilities has yet been made. GADSDEN, Ala., Aug. 12.-The First National Bank suspended payment this morning with a capitol stock of $50,000 and deposits of $80,000. The directors assure depositors that they will be paid in full. NASHVILLE, Tenn., Aug. 12.-The People's Bank at Lewisburg, Tenn., suspended payment this morning.


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.


Article from The Morning News, August 13, 1893

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LEWISBURG'S BANK. The Suspension Said to be Only Temporary. Nashville, Tenn, Aug. 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 of Nashville, a constant drain by depositors, and failure to collect money. THE BANK DECLARED TO BE SOLID. The president and cashier state that the bank is in first class condition, and they are confident that it will be able to resume in a few days or as soon as a meeting of the stockholders and depositors can be held. There is no excitement at Lewisburg on accoont of the suspension.


Article from The Roanoke Times, August 13, 1893

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Lewisburg Bank Closes Its Doors. Nashville. TENN., Aug. 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 failure to collect money. The president and cashier state that the bank is in first class condition and they are confident that it will be able to ro sume in a few days.


Article from The Sun, August 13, 1893

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BANKS IN TROUBLE. The First National Bank or Gadaden, Ala. Suspends. GADSDEN. Aug. 12.-The First National Bank suspended payment this morning. with a capital stock of $50,000: deposits of $80,000. The directors assure depositors that they will be paid in full. MCALLISTER, I. T., Aug. 12-The South MoAllister Bank has gone into liquidation for the purpose of suspending. All depositors will be paid in full. The National Bank of Denison is winding up the affairs of the suspended bank. SAN FRANCISCO. Aug. 12.-Upon application of several creditors. Judge Garber yesterday afternoon made an order citing the Pacific Bank to show cause on Aug. 24 why it should not be adjudged insolvent. and surrender its estate for the benefit of its creditors. TERRE HAUTE. Ind.. Aug. 12.-When the banking hour came this morning the following sign was suspended in front of the Prairie City Bank: Owing to stringency in the money market this bank has gone into liquidation. The statement will soon be ready." The bank is a private concern of which John S. Beach is President. Mr. Beach assigns all his real estate in this city and in Florida to G. v. Marshall. the assignee. M. R. McKeen holds a mortgage of $50,000 on the property to secure a note drawn by Mr. Beach. Mr. Beach is treasurer of the Terre Haute Savings Bank. and his property is also subject to mortgages held by J. G. Williams. a director, to cover the money deposited with the Prairie City by the savings bark. MONTICELLO, III.. Aug. 12-The banking house of W. W. Beatty. known as the Mansfield Bank at Mansfield, III., yesterday made an assignment to A. J. Langley. whose bond was fixed at $25,000. Liabilities. $106,759: assets, $135,000. principally real estate in Platt county and Chicago. NASHVILLE, Aug. 12.-The People's Bank at Lewisburg failed to open its doors this morning. This suspension 18 due to the suspension of the First National and American National Banks of Nashville. a constant drain by de. positors. and failure to collect. The President and cashier state that the bank is in first-class condition. and they are confident that it will be able to resume in a few days or AS soon RS a meeting of the stockholders and depositors can be held. COLUMBIA, Pa.. Aug. 12.-The following notice was posted on the doors of the bank of E. K. Smith this morning: Closed for the present to liquidate." Deposits are estimated at $100,000. and it is believed depositors will be paid in full. E. K. Smith confessed judgment last night in favor of his wife in the sum of $36,167.49.


Article from The Indianapolis Journal, August 13, 1893

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Tennessee Bank Troubles. NASHVILLE, 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. The deposits by substantial business men were quite as large as the amount drawn out by others. 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.


Article from New-York Tribune, August 13, 1893

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MORE BANKS CLOSE THEIR DOORS. INSTITUTIONS IN MANY STATES FORCED TO SUSPEND. Lancaster, Penn., Aug. 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 Hquidate." Mr. Smith refused to say anything about the closing beyond that it was due to the stringency of the money market. Deposits are estimated at $100,000, and it is believed depositors will be paid in full. Business will not be resumed. E. K. Smith confessed judgment last night in favor of his wife in the sum of $36,167 4 Nashville, Tenn., Aug. 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 failure to collect. The president and cashier state that the bank is in first-class condition, and they are confident that it will be able to resume in a few days or as soon as a meeting of the stockholders and depositors can be held. There is no excitement at Lewisburg on account of the suspension. Cadsden, Ala., Aug. 12.-The First National Bank suspended payment this morning, with a capital stock of $50,000, deposits of $80,000. The directors assure depositors that they will be paid in full. Terre Haute, Ind., Aug. 12.-The Prairie City Bank, a private institution of this city, made an assignment this morning to B. V. Marshal. J. S. Beach, its president, is also treasurer of the Terre Haute Savings Bank, but owes that bank nothing. He has assigned all his property for the benefit of his creditors. There is no indication of a run on the other banks. Monticello, III., Aug. 12.-The banking house of W. W. Beatty, known as the Mansfield Bank, at Mansfield, III., made an assignment yesterday to A. J. Langley, whose bond was fixed at $25,000. The liabilities are $106,759, and assets $135,000, principally real estate in Platt County and Chicago. McAllister, 1. T., Aug. 12.-The South McAllister Bank has gone into liquidation for the purpose of suspending. All depositors will be paid in full. The National Bank of Denison is winding up the affairs of the suspended bank. San Francisco, Aug. 12.-On application of several creditors, Judge Garber made an order yesterday afternoon citing the Pacific Bank to show cause or August 24 why it should not be adjudged insolvent, and surrender its estate for the benefit of its credItors.


Article from River Falls Journal, August 17, 1893

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JACK CHAMBERS, Dan Lewis and Jim Taylor, all colored, charged with an assault on Mrs. George Warren at Hoboken, Ga., last spring, were caught and lynched within 3 miles of Way Cross, Ga. A SOLDIER named William Laugherty was murdered by miners at Coal Creek, Tenn., and his death was avenged by lynehing Dick Drummond. IN convention at Cincinnati the Ohio democrats nominated Lawrence T. Neal, of Chillicothe, for governor; W. A. Taylor for lieutenant governor; B. C. Blackburn for treasurer, and J. W. Sater for supreme judge. The platform approves the Chicago platform, especially its reference to tariff and currency legislation; indorses the president's message to congress; protests against abuse of the pension Jaws, and calls upon the democrats in congress to extricate the great commercial interests of this country from their present distressed condition. THE flight was reported of Lee Butler, cashier of C. M. Wright & Co.'s bank at Altamont, III., with $41,000, the entire assets of the bank. IN Milwaukee fire among warehouses and factories caused a loss of $150,000. FREE silver men hanged President Cleveland in effigy at Ogden, Col. THE loss of the sealing schooner Helen Blum, of San Francisco, was reported, with her crew of twenty-five men. HENRY BROWN (colored), who was hanged for the murder of a peddler in East St. Louis, III., in December, 1880, while an accessory has been discovered not to have been the principal, the murderer being J. C. Jackson, another negro, who was acquitted of the charge. IN a battle with citizens of Clark county, Ala., thirteen of the Meachim gang were killed. The affair is the outgrowth of a feud of some years' standing. BEATTY'S bank at Mansfield, III, and the National bank at Waxahachie, Tex., closed their doors. HERNSHEIM'S cigar factory, Maginnis' cotton mills and Fisher's sawmills in New Orleans, employing in the aggregate over 2,000 hands, were closed. Henry HALL was hanged at Pikeville, Ky., for the murder of his brother. AN explosion at the Girard furnace in Youngtown, o., injured SIX employes, five fatally. FLAMES wiped out the business portion of Milford Center, O. AT Pensacola, Fla., A. W. Dunham killed his wife because she refused to live with him and then took his own life. AT the bicycle tournament in Chicago L. S. Meintjes, of South Africa, won the 62-mile international championship, the time being 2 hours and 46 minutes. THE republican state committee of Virginia decided not to nominate a state ticket this year. INCENDIARY fires in Minneapolis destroyed three planing mills, a sash and door storehouse, bottling and malt house, boiler works, box and ladder factory icehouse, carriage factory, 113 dwellings and in addition about 40,000,000 feet of cut lumber, the total loss being $1,500,000. FIRE destroyed the fertilizing works of Nelson Morris & Co. at the stock yards in Chicago, causing a loss of $271,000. THE doors of the Prairie City bank at Terre Haute, Ind., were clossd and Josiah Morris & Co., the leading private banking house in Alabama, made an assignment in Montgomery with liabilities of $1,1000,000 and assets of $2,000,000. Other bank suspensions were: The People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the First national at Gadsden, Ala. FRED ROOME and brother, and Grace McDonald, of Chicago, and Carrie Hammond, of Wauconda, were drowned by the capsizing of a yacht on Bang's lake at McHenry, III. IT was said that Barrett Scott, treasurer of Holt county, Neb., was $60,000 short in his accounts. He had disappeared. MRS. GEORGE RIEF. Mrs. Charles Rief, Miss Wagner and a child named Weber were drowned by the capsizing of a boat at Chattanooga, Tenn. THE expenditures at the world's fair thus far have been $23,101,821 and the receipts $23,680,417.


Article from The Hope Pioneer, August 18, 1893

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FREE silver men hanged President Cleveland in effigy at Ogden, Col. HENRY BROWN (colored), who was changed for the murder of a peddler in East St. Louis, Ill., in December, 1SS0, while an accessory has been discovered not to have been the principal, the murderer being J. C. Jackson, an.other negro, who was acquitted of the charge. IN a battle with citizens of Clark county, Ala., thirteen of the Meachim gang were killed. The affair is the outgrowth of a feud of some years standing. BEATTY'S bank at Mansfield, Ill. and the National bank at Waxahachie, Tex.. closed their doors. THE tobacco crop in five counties in Kentucky was ruined by hail. HERNSHEIM'S cigar factory, Maginnis cotton mills and Fisher's sawmills in New Orleans, employing in the aggregate over 2.000 hands. were closed. HENRY HALL was hanged at Pikeville, Ky, for the murder of his brother. AN explosion at the Girard furnace in Youngtown, O., injured six employes. five fatally. FLAMES wiped out the business portion of Milford Center. O. AT Pensacola, Fla., A. W. Dunham killed his wife because she refused to live with him and then took his own life. AT the bieyele tournament in Chicago L. S. Meintjes, of South Africa, won the 62-mile international championship, the time being 2 hours and 46 minutes. THE republican state committee of Virginia decided not to nominate a state ticket this year. INCENDIARY fires in Minneapolis destroyed three planing mills, a sash and door storehouse, bottling and malt house, boiler works, box and ladder factory icehouse, carriage factory, 112 dwellings and in addition about 40.000,000 feet of cut lumber, the total loss being $1,500,000. FIRE destroyed the fertilizing works of Nelson Morris & Co. at the stock yards in Chicago. causing a loss of $271,000. THE doors of the Prairie City bank at Terre Haute, Ind., were clossd and Josiah Morris & Co., the leading private banking house in Alabama, made an assignment in Montgomery with liabilities of $1,1000,000 and assets of $2.000,000. Other bank suspensions were: The People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the First national at Gadsden, Ala. FRED ROOME and brother. and Grace McDonald, of Chicago, and Carrie Hammond. of Wauconda, were drowned by the capsizing of a yacht on Bang's lake at McHenry, Ill. IT was said that Barrett Scott. treasurer of Holt county, Neb., was $60,000 short in his accounts. He bad disappeared. MRS. GEORGE RIEF. Mrs. Charles Rief. Miss Wagner and a child named Weber were drowned by the capsizing of a boat at Chattanooga, Tenn. THE expenditures at the world's fair thus far have been $23,101,821 and the receipts $23,680,417.


Article from The Irish Standard, August 19, 1893

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OUT OF CASH. Many Banks in Various Localities Forced to Close Their Doors. WASHINGTON, Aug. 12.-Only two banks suspended yesterday, viz.: The National bank at Waxahachie, Tex., and Beatty's bank at Mansfield, Ill. WASHINGTON, Aug. 13.-The bank. failures reported yesterday were: The Prairie City bank at Terre Haute, Ind., and Josiah Morris & Co., the leading private banking house in Alabama, at Montgomery with liabilities of $1,100,000 and assets of $2,000,000, the People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the First national at Gadsden, Ala. WASHINGTON, Aug. 15.-The comptroller received notice yesterday of the following failures: Citizens' national at Attica, Ind., Bank of Springfield at Springfield, Mo., and the People's, Citizens' and Commercial banks at Pulaski, Tenn. WASHINGTON, Aug. 16.-Notice was received yesterday that the Hartford bank of Phoenix, A. T., had assigned, and that Johnson, Buck & Co., bankers at Ebensburg, Pa., with branch banks at Carrolltown and Hastings, had closed their doors.


Article from Grant County Herald, August 24, 1893

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OUT OF CASH. Many Banks in Various Localities Forced to Close Their Doors. WASHINGTON, Aug. 11.-The following bank failures were reported yesterday: The American national at Nashville, Tenn., the Hamilton county state bank at Webster City, la., the Caldwell county exchange bank at Kingston, Mo., the Exchange bank at Polo, Mo., and Johnston, Buck & Co., of Ebensburg, Pa., conducting banks at Ebensburg, Carrollton and Hastings. WASHINGTON, Aug. 12.-Only two banks suspended yesterday, viz.: The National bank at Waxahachie, Tex., and Beatty's bank at Mansfield, III. WASHINGTON, Aug. 13.-The bank failures reported yesterday were: The Prairie City bank at Terre Haute, Ind., and Josiah Morris & Co., the leading private banking. house in Alabama, at Montgomery with liabilities of $1,100,000 and assets of $2.000,000, the People's at Lewisburg, Tenn., the Bank of Plaquemine, La., and the Firstnational at Gadsden, Ala. WASHINGTON, Aug. 15.-The comptroller received notice yesterday of the following failures: Citizens' national at Attica, Ind., Bank of Springfield at Springfield, Mo., and the People's, Citizens' and Commercial banks at Pulaski, Tenn.