Nashville Savings Company (Nashville, TN)

Episode Information

Episode UID
2581292291122
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
258129229 hash
Start Date
June 13, 1893
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ae8a4cf73695561c

Response Measures

None

Description

Multiple articles report an assignment/insolvency; amounts vary slightly across reports.

Events (1)
1. June 13, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Filed general assignment/insolvency due to assets insufficient to cover liabilities, including large loss on deposit with suspended New York bankers (Arthur Ketcham & Co.).
Newspaper Excerpt
The Nashville Savings Company ... filed articles of assignment tonight. Liabilities are placed at $222,876 and assets about $125,000.
Source
newspapers

Newspaper Articles (11)
1. June 14, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, June 14, 1893

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HAS A MILLION DOLLARS on a New York City Saving Bank. NEW YORK, June 14.-Arun started on Irving's bank this morning almost as soon as the doors of the place, No. 96 Warren street, were opened. The line kept constantly increasing and in a very short time the little room in which the savings bank does its business was completely filled with depositors whose faces showed their great anxiety over their savings. In twenty minutes the paying teller had paid out $7,500. Treasurer G. B. Latimer said the bank had in hand a million dollars and could get that much more if necessary at a moment's notice. PAINESVILLE, O. June 14.-This morning the Lake county bank of Aaron Wilcox & Co., posted a notice on its doors as follows: "This bank has suspended temporarily, being unable to meet the run on it at present, owing to the stringency in the money market. All depositors will be paid in full." NASHVILLE, June 14.-The Nashville Savings company filed an assignment last night. Liabilities $282,876; assets about $125,000. DETROIT, Mich., Juue 14.-The 1 State bank, of Crystal Falls, Mich., has suspended. A run was started this morning upon the People's Savings bank, one of the strongest in Detroit, but a sixty-day notice checked it.

2. June 14, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 14, 1893

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night, decided to give it no help. and the decision of the Comptroller to close it followed. The statement May 4 showed: Capital stock, $200,000; loans and discounts, $531,699; surplus, $16,000; undivided profits, $3161; due depositors, $577,530. The American Savings Bank and the Dime Savings Bank took advantage of the clause allowing sixty days' grace on deposits. President McCague of the American National said this afternoon that his bank had closed with almost $100,000 in cash and exchange in the bank and that the mail brought a remittance of $20,000 from New York. He said that while adverse circumstances had overtaken the bank he was positive that depositors would be paid in full. KANSAS CITY, June 13.-As a result of the suspension yesterday of the People's Savings Bank a run was started on the Kansas City Safe Deposit and Savings Bank this morning. The bank took advantage of the thirty-day clause and at ncon the run was practically over. None of the other banks experienced a run. LANSING, Mich, Jnne 3.-The Commissioner of Banking has received notice that the State Bank at Crystal Falls has made an assignment. The capital stock is $25,000 and deposits $60,000. The bank is involved in the failure of the Plankington Bank at Milwaukee. SPRINGFIELD, III., June 13.-This evening the Atlantic Trust Company of New York filed a bill in the Circuit Court to foreclose a mortgage of $1,250,000 on the St. Louis, Chicago and St. Paul road. The mortgage was given by the new organization which is the successors to the St. Louis, Alton and Springfield road. Judge Creighten appointed Charles E. Kimball of New York as coreceiver with Joseph Diekson, and ordered the property restored to their hands. NASHVILLE, Tenn., July 13.-The Nashville Savings Company, Thomas S. Marr. president, the oldest financial institution in Nashville, filed articles of assignment to-night. Liabilities are placed at $220,000 and its assets, according to the president's estimate, will pay not more than 25 or 30 per cent. SNOHOMISH, Wash., June 13. - The bank of Everett posted a notice on its doors this morning announcing that it had made an assignment for the benefit of creditors. The institution was doing busil ness under the State law, with a nominacapital of $50,000, of which $30,000 was paid up. The liabilities are said to be $65,000 and the assets $87,000. A committee of the Clearing-House has authorized the statement that in their judgment, if the securities are handled properly, every depositor will be paid in full. CLEVELAND, June 13.-A receiver has been appointed for the Williams Publishing Company. The firm does a large business, which will be continued. The assets and liabilities are noknown.

3. June 14, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 14, 1893

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BUSINESS TROUBLES. Runs on Several Banks in Omaha and Detroit-A Nachville Bana Faile. NASHVILLE, June 13.-The Nashville Savings Company, of which Thomas S. Marr is president, the oldest financial institution in Nashville, filed articles of assignment tonight. The liabilities are placed at $220,000 and the assets, accord. ing to the president's estimate, will pay not more than 25 or 30 per cent. KANSAS CITY, Mo. June 13.-As a result of the suspension yesterday of the Peopie's Savings bank a run was started on the Kansas City Safe Deposit and Savings bank this morning, but the bank took advantage of the thirty-day clause and at noon the run was practically over. None of the other banks experienced any run. MOBERLY. Mo., June 13.-The Exchange bank. of Moberly. made an assignment today for the benefit of its creditors. No statement is yet obtainable, but it is believed that payments will be made in full. -OMAHA, June 13-The American National bank was closed this morning by order of the comptroller of the currency. and runs are now in progress on the Globe Loan and Trust Company, the Dime Savings bank and the Nebraska Savings bank No statement of the American bank has been made but the clearing house refused to assist it. It is understood that its affairs are entangled with those of Mc. Cague's Savings bank. which closed yesterday afternoon. A run of extensive proportions began on the Omaha Savings bank at opening this morning, and all morning the bank was besieged by depositors. Senator Manderson and Vice President Kimbali, of the Union Pacific, who are directors of the bank. made speeches to the crowd, guaranteeing them their money, but the run continued. A bank examiner is in charge of the American National. The clearing house. at its meeting'la night, decided to give it no help. and the decision of the comptroller to close it followed. The statement made on May 4 showed: Capital stock $200,000 Lease and discounts 571,699 Surplus 16.000 Undivided profits 5,161 Due depositors 577,326 President McCague, of the bank said this afternoon that his bank closed with almost $100,000 in cash and exchange in the bank and the mail brought remittances of $20,000 from New York. He said that while adverse circumstances had overtaken the bank he was positive the depositors would to be paid in full, The Dime Savings bank, American Sav. ings bank and Globe Loan and Trust Company took advantage of the sixty-day rule, but the other savings banks paid depositors in full on demand. NEW YORK, June 1&-The correspondent here of the American National bank. of Omaha, is the First National bank. which reports a substantial balance to its credit. LANSING, Mich June 13.-The commis sioner of banking has received notice that the state bank at Crystal Falls has made an assignment. The capital stock is $250.000 and deposits $60,000. The bank is involved in the failure of the Plankinton bank at Milwaukee. DETROIT, June 13-Fourteen savings banks in this city, in view of the ten-

4. June 14, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 14, 1893

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MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.

5. June 16, 1893 The Midland Journal Rising Sun, MD
Article from The Midland Journal, June 16, 1893

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A Savings Company Suspends. NASHVILLE, TENN., June 13.-The Nashville Sayings Company, of which Thomas S. Marrs is owner and proprietor. filed an assignment to night. The liabilities are $282,876, and assets valued at about $125,000. The deposits amount to $109,010.22, and certificates of deposit, $72,911.21. Among the assets is $60,000 on deposit with Arthur Ketcham & Co., suspended bankers of New York.

6. June 16, 1893 The Columbia Herald Columbia, TN
Article from The Columbia Herald, June 16, 1893

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ANOTHER NASHVILLE BANK. Mr. Thomas S. Marr, of the Nashville Savings Company, Has Assigned. Nashville's bad streak of financial luck does not seem to be ended yet. Like a ciap of thunder out of a clear sky, came the announcement last Wednesday morning that Marr's as Thos. bank had S. Marr failed. has been For regarded forty years the safest and most conservative man in the banking business in Nashville. and he is the man of all others who, in the supcertainty of financial affairs of late, would have b-en picked out as the one who would stand like a rock when all the rest went down. Nevertheless, on last Tuesday night at 9:15 the Nashville Savings Company tiled articles of assignment with the County Register, naming J.A. Cartwright, of Nashville, aesignee. The document states that the bank is indebted to various parties in V8rious amounts in the aggregate sum of about $221,876.98, distributed as follows: $108,010 22 Deposits subject to check 72,911 21 Certificates of deposit 39,800 00 Bills payable Herzfelt & Co 1,155 55 The largest single item amoug the assets is the sum $60,918.98 due from Arthur & Ketchum, suspended bankers of New York. There are about $13,000 on deposir with other bauke, something over $3,000 cash on hand, and $27,478 of loans to Nashville partier. The other assets are probably not very valuable. Mr. Marr assigned all his private property, including his residence at Spruce and McGavock streets. The old man was very much depressed by the failure and said he feared the assets would realize very little. His son, however, believed that the creditors would probably receive 75 cents on the dollar. The failure is attributed by Mr. Marr. to the loss of $60,000 by the New York bankers five or six years ago, on which nothing has ever been paid. He thinks he would have been able to overcome that in time, if it had not been for the other local fali. ures.

7. June 17, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, June 17, 1893

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Nashville Savings Bank Suspends. NASHVILLE, Tenn., June 14. - The Nashville Savings company, operated by Thomas Marr, made a general assignment Tuesday night. The liabilities are $222,876.98, and assets about $125,000.

8. June 21, 1893 The Advocate and Topeka Tribune Topeka, KS
Article from The Advocate and Topeka Tribune, June 21, 1893

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and morning, statement is unobtainable. The cause is supposed to be the failure of the Fairchild woolen mills. ARKANSAS CITY, June 15.-The First National bank of this city, one of the oldest, and until recently considered one of the strongest financial institutions in the southwest, failed to open its doors this morning. WESTON, O., June 14.-The Exchange t Banking Company, with 8 capital srock of $50,000, has been compelled to suspend because of the heavy runs the past few days. It is thought the depositors will be paid in full. NEW YORK, June 14.-Ernest E. Kipling, importer of precious stones, with branches at Providence, R. I. and Paris, has suspended and a receiver appointed. The stringency in the money market and the heavy losses by recent jewelry failures is given as the cause. The liabilities are about $150,000, the assets will exceed that amount. ROCKFORD, ILL., June 14.-The Rockford Folding Bed Company assigned. The liabilities, $50,000; assets, $25,000. DENVER, June 14.-The Pioneer Lithographing Company has made an assignment. Liabilities, $35,000; assets, $55,000. CHAMBERLAIN, S. D., June 14.-The Brule county bank closed its doors owing to the failure of the Union Stock Yards bank at Sioux City. PARSONS, KAS., June 13.-The City bank of Angell, Matthewson & Co. of this city made an assignment this morning. The failure is due to an overstock of real estate. The liabilities are between $120,000 and $125,000. The firm has turned over $350,000 in real estate to satisfy creditors. The assignment in no wise affects the other banks of the city, or any other business enterprise. LANSING, MICH., June 13.-The state bank of Crystal Falls made an assignment to-day. The capital stock amounts to but $25,000 and deposits at $60,000. The bank was involved in the failure of the Plankinton bank in Milwaukee. CLEVELAND, O., June 13.-The Williams Publishing company, one of the largest printing houses in the state, passed into the hands of 8 receiver today to avoid a threatening onslaught of creditors. They expect to clear themselves. MOBERLY, Mo., June 13.-At10o'clock this morning the following notice was placed upon the front door of the Exchange bank of this city, of which Adam Given is president and O. E. Hannah cashier: This bank is closed and now in possession of the undersigned assignee under deed of assignment for benefit of creditors. W.A. WRIGHT, Assignee. NASHVILLE, TENN., June 13.-The Nashville Savings Co., Thomas S. Marr, president, the oldest financial institution in Nashville, founded in 1853, nled articles of assignment to-night at 9 o'clock. The liabilities are placed at $222,000, and the assets, accordiug to the president's estimate, will pay not more than 25 or 30 per cent. Among the stated assets is $60,000 due from Arthur &

9. June 22, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, June 22, 1893

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ers. Troops are required for the serv ice and several riots have occurred. CASUALTY. Charles Thorson died from sunstroke at Ishpeming, Mich Thomas Cummins, 50 years old killed himself at Columbus, Ind. with a rifle G. Stewart of Braidwood, III., was drowned in the Kankakee river while bathing. N. B. Wheeler, a Hazleton, Ind., photographer, was killed by leaping from a train. The Joseph Burns Chemical Works at Williamsburg, N. Y., burned with a loss of $100,000 Philip Walsh, a farmer diving near Maywood, Mo., was run over by a harrow and fatally injured. A fatal accident occurred at the Andway Plaisance, world's fair, a coasting train jumping the track A cloudburst at East Peoria, III, caused a number of families to be driven from their homes. The Mexican town of Pauchmetta was destroyed by a wind storm. Some thirty persons were injured. Frank Drilling, the son of a wealthy farmer living near West Union, Ia., accidentally shot himself and died. The plant of the Meriam & Morgan Parraffine Company at cleveland, O., was destroyed. The loss is $250,000. The village of Alba, in Antrim county, Mich., was nearly destroyed by fire. Every business house except the Exchange hotel was burned. Peter Blume, 18 years of age, who came from Holland three months ago, was killed by lightning while working in a field near Kalamazoo, Mich W. P. Willson was struck by a train on the Des Moines, Northern & Western while driving over the track at Boone, Iowa, and instantly killed. William Hammer, of Madison, S. D. and Miss Gay Pyle, of Bryant, were drowned in Lake Madison, at Madison, S.D. They were out rowing in a boat after dark and the boat capsized. Harry Boyd and Fred M. O'Donnell were drowned in the Allegheny river at Pittsburg. The two men with another companion were out in a boat which upset. Their bodies were recovered. The latest allocution of the pope is a discussion on the situation in Italy and the general policy of the Vatican The stories that it was on the school question in America is denied, there being no reference to America in the letter. The Nashville Savings company, the oldest financial institution in Nashville Tenn., founded in 1853, assigned. The liabilities are placed at $222,000 and the assets, according to the president' estmate, will pay not more than 25 or 30 per cent. The chemical works of Joseph Burns, in Williamsburg, N. Y., were destroyed by fire. The works are one story frame buildings at White and McKibbin streets and cover an area of two blocks. The fire destroyed the entire plant, with the exception of one building The concern carried a stock of at least $200,000, and the loss will run over $100,000. 1 GENERAL The body of Herman Schaffner, the Chicago banker, was found in Lake Michigan. Hobbs & Tucker, private bankers at Albany, Ga., have assigned. Deposits aggregate $80,000. The supreme lodge of the Knights of Honor has created the office of supreme medical examiner. The name of the Right Worthy Grand Lodge of Good Templars is changed to International Supreme Lodge. Two trunks from Toronto were seized at Buffalo and were found to contain 200 pounds of smuggled opium. Six colored workmen were attacked at Lamont, Ill., by 600 strikers. The men were finally rescued by officers. "Railroad Jack," the dog whose travels by rail throughout the United States have made him famous, died at Albany, N. Y. Five thousand of the iron workers and coal and iron miners at Klando, fifteen miles from Prague, are out on strike. Cardinal Gibbons says that the position of the Catholic churches is that the world's fair should be open Sunday afternoons. Chancellor Creighton, of the Nebraska Wesleyan university, announced at chapel his intention of handing in his resignation. The bill providing for a board of arbitration to settle disputes between employes and employers was passed by the Illinois house. German Pythians from all parts of the country met at Indianapolis to protest against the law requiring the use of English rituals. The Burnham cafe at Indianapolis, Ind. recently fitted up at an expense of $10,000 on interior decorations and fixtures, went into the hands of a receiver. Kuhn, Dorflinger & Co., of New York, importers of diamonds and precious stones, have made an assignment. The etimates of liabilities range from $150,000 to $250,000. The property of the Verde Antique Marble Company at Ishpeming, Mich., seized and will be sold to The company openthree years ed satisfy has a been quarry executions ago. Another severe affiction has fallen

10. June 23, 1893 The Columbian Bloomsburg, PA
Article from The Columbian, June 23, 1893

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THE NEWS FROM ALL AROUND. Events. Condensed Accounts of all the Important Ong Moy Toy, the last of New York's Chinese leper colony, has died. serSupreme Court Justice Blatchford is iously III at his Newport cottage. A trial trip of the cruiser Montgomery within A built at Baltimore, will be made fortnight. While walking in her sleep at Lebanon and Mrs. George H. Uhler fell down stairs was badly hurt. million feet of timber have boom been rafted Sixty out of Williamsport's main this summer. Baiogi Zulu, a native African, children is to teach Gay a summer school of colored at Columbia. Ross, the Homestead strike mother's lender, has Hugh gone to Scotland to claim his large inheritance. many people are poisoned by article cheese in So Pittsburg that stores find that drug on the market. Ex-Governor Powell Clayton, of Arkan- Judge sas, has been visiting his brother, Clayton, at Media Two judgments of $27,800 have been Com obtained against the Mutual Brewing pany, of New York. Owing $282,876 and having $125,000 Com- assets, the Nashville, Tenn., Savings pany has assigned. Nehemiah Boynton, of the Union deCongregational Rev. church, of Boston, has clined a call to St. Louis. Found a defaulter for $840 and perhaps Clark more, ex-Treasurer U. S. Smith, of county, Ind., is missing Plying between College Point and New run York, the big ferryboat, F. P. James on the rocks and sunk. Bloodhounds are after wreckers who Ala., derailed a fast fruit train near Carbon, and killed Engineer Simmons. unknown cause led Louis Montreal, Prevost, An of Hon. Wilfred Prevost, of to son shoot himself through the head. The Long Island Sound steamboat sub- City Richmond, is aground and N.Y. partly merged of off Port Washington, Workmen James Garrow, Antonio seriously Mugel T. E. Owens were buried and injured and by a falling wall in Pittsburg. The Citizens' bank, of Fairmount, $130, Ind., suspended. It has liabilities of 000 has to $150,000 and assets of $191,000. L. B. Deaton, a Tucçoa (Ga.) farmer, hand peppered with shot a farm wife. fatally named Johnson for asaulting his James Marrisan and William Henson, and term convicts, scaled the walls Mich short escaped from the prison at Jackson, Emma E. Camp, of Wyalnsing took first among the class of twenty-four Belle graduated honor from the State College at fonte. J.F. McLaughlin, an extensive commis- as merchant of Toronto, Ont., his has liasigned. sion His assets largely exceed bilities. It has been decided that the headquart the National League of Republican ensuing clubs ers of shall be at Chicago for the year After R prolonged struggle the Lakeside the Railway Company received Shenandoah privilege Electric of laying tracks from to Lakeside. The Crouse will decision at Syracuise not settle the contest, but relegates of to does the surrogate the question who is next kin and heir. criminal proceedings will be instiNo against Moody Merrill the missing posituted Boston business man, as there is no tive evidence. For swindling Kansas and Montana min- exinvestors out of $66,000, missing State ing Senator L. B. Olds, of Helena, Mont., is much wanted. The James H. Walker Company, of deal- Chiwholesale and retail dry goods about ers, cago, have obtained an extension on we $500,000 indebtedness. Harry Johnson, colored, started out Mar- with at Millen, Ga., to kill Deputy "got shall a gun E. N. Parnell, but the latter the drop" on Johnson Senator Stanford, of California, will that re unless the party leaders decide imsign his presence is necessary. He is slowly proving in health. E. Porter, William Davis, Ed. three L. George and John Alexander, the at last Jackson named colored, escaped from jail Huntington, W. Va Convicted of throwing Henry Quell, Mc 15 old, down an air shaft, George to years Kenzie, aged 18, of New York, will go prison for a long term. Miss Elsie May Critchfield has been sent anyher Somerset home to an insane she lum from because she believes every man meets wants to raarry her. Bequeathed only $50 of his father's Miller's $40, J. E. McDonald, of Falls, 000 estate, Mass., will fight the will, alleging step-mother's influence. Pistols have been drawn in the factional board of the Butler township school context in Schuylkill county, and now the fight to be taken into court. of The missing grain man, A. Bailey, Duluth, Minn., owed his Minneapolis He prob- partners many thousands of dollars. ably committed suicide executive committee of the session National at The of republican clubs is in Chicago League to elect a secretary and fix upon permanent headquarters. ballistic test nickel steel plate seven A inches thick and weighing .thirty-five from tons, teen for the Indiana, was shipped Bethlehem to Indian Head. Congressman Hines, of Luzerne, an- P. in a card that he is supporting as nounces Conniff, and not R Bruce Ricketts, M. choice for internal revenue collector. his 29th anniversary of the sinking of (The cruiser Alabama by the Kear the rebel celebrated by the Kearsarge H. Naval sarge was Association, of Portsmouth, N. Crossing the railroad track, in a wagon, Hipes, Crawfordsville, Ind. William train, near wealthy farmer, was killed by a fatally a and his wife and daughter were hurt. and twoing

11. June 24, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, June 24, 1893

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The Iron Company bank. of Crystal Falls, Mlch., has resumed business. The Nashville (Tenn. ) Savings Com pany, with liabilities of $222,876. has assigned. The duke of Veragua is no longer guest of the nation. He will starel Incognito: