Commercial National Bank (Nashville, TN)

View Charter #3228 on SPMC View balance sheet

Episode Information

Episode UID
322801119
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
32280 national
Charter Number
3228
Start Date
March 25, 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
c88290bf06eb50ee

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

Receiver appointed and cashier arrested for false statements/embezzlement after suspension.

Events (5)
1. July 22, 1884 Chartered
Source
historical_nic
2. March 25, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy loss caused by failure of Dobbins & Dazey, which was largely indebted to the bank; rumors on the streets led officers to suspend to avoid a run.
Newspaper Excerpt
The Commercial National Bank of this city suspended this afternoon after banking hours.
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.
Source
newspapers
4. March 30, 1893 Receivership
Newspaper Excerpt
Comptroller Hepburn said this afternoon that he would appoint a receiver for the Commercial National Bank of Nashville, Tenn.
Source
newspapers
5. April 6, 1893 Receivership
Source
historical_nic

Newspaper Articles (25)
1. March 26, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, March 26, 1893

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CARRIED THE BANK DOWN. Disastrous Result of the Failure of a Cotton Firm. 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., with its chief offices in this city, and which firm was largely indebted to the National Commercial Bank. At a bankers' meeting of the repressntatives 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 would go on as usual. The Commercial National Bank has a capital stock of $500,000 and a surplus fund and undivided profits of $96,000. 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. The bank owes depositors about $500,000. Mr. Spurr, the president of the bank, says the failure of Dobbins and Dazey involved the bank in a Heavy loss, the exact amount of which cannot yet be ascertained, and the stringency of the money market in the East rendered it difficult to rediscount. 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. Nearly the entire amount of indebtedness of this firm to the bank was brought about by means of gross misstatements as to shipments of cotton, made by Mr. Dazey to the cashier. The bank holds life insurance policies upon the life of Dazey amount ing to $175,000. as a part of the security for the amounts due from that firm.

2. March 26, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, March 26, 1893

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SHUTABANK'S DOORS The Commercial National M Bank of Louisville Suspends ITS PAYMENTS_TEMPORARILY Owing to the Failure of Dobbias s Desey, But All Depositors will Be Paid in Full. NASHVILLE, Tean. March 25 - Di. rectly after the Commercial National bank closed its doore today its affairs were placed in the hands of one of the directors, E. R Richardson, pending the arrival of a bank examiner. It seems that the bank has been involved by the recent failure of Dobbins & Dazey. This firm during the past sixteen years has deposited millions of dollars of foreign exchange with various Nashville banks and none of them have ever lost a cent, but it seems that during the past few days there has been deposited exchange on Cohn, Monroe & Co., New York bankers, for a large amount, which went to protest, and with overdrafts and notes makes Dobbins & Dazey's indebtedness amount to $263,000, in some of which the bank is secured. The capital stock of the bank is $500,000, surplus and undivided profits $190.000, and it is stated that even if the loss was twice as great there would be no loss to the depositors. It is stated that Mr. Dazey, who was engaged in speculating with the firm's money, is a mental and physical wreck. M. A. Spurr is president of the bank, and Frank Porter is cashier. The capital stock of the bank is not impaired except by the Dobbins & Dazey indebtedness. The President's Statement. The bank owes depositors about a half million of dollars. M. A. Spurr. president of the bank, made the following of statement tonight: "The failure Dobbins & Dazey involved the bank in a heavy loss, the exact amount of which cannot yet be ascertained. The stringency of the money market rendered it difficult to redis count, and as rumors detrimental to the interests 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, a suspension was regarded as the only course left. Nearly the entire amount of the indebtedness of this firm to the bank was brought about by gross misstatements as to shipments of cotton made by Mr. Dazey to the cashier. From a careful estimate of the assets of the bank there can be no reasonable doubt but that all the creditors will be paid in full. The surplus and undivided profits amount to about $190,000." The bank holds life insurance policies upon the life of Dazey. of the firm of Dobbins & Dazey, for $275,000, part security for the amounts due from that firm.

3. March 27, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, March 27, 1893

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ABBREVIATED TELEGRAMS. Governor Northen, of Georgia, is said to contemplate dropping politics and becoming a Christian missionary, Ridgeway Griffith, the well-known turfman of New York, has succeeded to an estate in England and is now the Marquis of Drogheda. Rev. Iam Small vigorously denies that he is parading a Georgia village with a pocket full of "guns." He says he hasn't gone around since he was born. The supreme court of Missouri has handed down a decision making it illegal for miners, lumbermen, and other employers of labor to compel their men to take their pay through the medium of "truck stores." Julia Force, of Atlanta, who murdered her two sisters some time ago, is dying in jail in spite of every attention given her by her brothers, whom she refuses to see. The Commercial National bank of Nashville, has suspended. The cause of the suspension was the failure two days ago of Dobbins & Dazey. It is believed the depositors will lose nothing. The navy department is thinking of having the "white squadron" painted black, as white is too much trouble to keep looking well for war ships. Somebody in the Minnesota legislature has introduced a bill to compel Chinese to wear their "shirts" inside their "pants." William Peterson, a miller of Chicago, while on a visit to a Louisville relative went to the cemetery there and kneeling by the graves of four of his children shot himself dead. Insane probably. The Chicago base ball club has left for the south to begin the preliminary work of the season. I Ex-Representative R. W. Dunham, of Chicago, has filed a bill for divorce, alleging scriptural grounds. The registration of women in Kansas for the elections April 4 is very large-in some places more have registered than men. It IS said at washington that Judge Allen B. Morse, of Michigan, will be appointed consul to Glasgow-an exceedingly fat plum. When Peter Kiolbassa, of Chicago, called on the president as the representative of the Poles of the Windy City, to ask that the Russian extradition treaty be sent into innocuous desuetude Cleveland told him that the "people can safely trust us." Judge Julius J. Dubose has been impeached by the Tennessee house. He is charged with trying to extort favors from women whose husbands were in jail, and generally corrupt practices. Jule Gunter, one of the largest and wealthiest ranchmen in Texas, will send to the World's fair a Poland China hog which he claims is the largest in the world. It is 4 years old and weighs 1,520 pounds. W. D. Porter, a grandson of Admiral Porter, has asked the president for an office of any kind. which he pledges himself not to hold longer than two hours. He wants the honor, not the emoluments. The manager of the Marquette European hotel at Chicago insisted on the ejection of a woman and her baby only twelve days old, endangering the lives of both, because he had trouble with the husband, who has now sued the hotel man for $50,000 damages.

4. March 27, 1893 Evening Star Washington, DC
Article from Evening Star, March 27, 1893

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A NASHVILLE BANK SUSPENDS. Its Embarrassment Caused by the Failure of Dobbins & Dazey. The Commercial National Bank of Nashville has suspended. The cause of the suspension was the failure of the firm of Dobbins & Dazey, with chief offices at Nashville, and which firm is largely indebted to the Commercial National Bank. At a meeting of representatives of other banks in 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 would gd on as usual. The Commercial National Bank has a capital stock of $500,000, and surplus 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. The bank owes depositors about a half million of dollars. Mr. Spurr, the president of the bank. makes the following statement: "The failure of the firm of Dobbins & Dazey involved the bank in a heavy loss, the exact amount of which cannot be ascertained. The stringency of the money market rendered it difficult to discount. 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, a suspension was regarded as the only course left to the bank. Nearly the entire amount of the indebtedness of this firm to the bank was brought about by means of gross misstatements as to shipments of cotton made by Mr. Dazey to the cashier. From s careful estimate of the assets of the bank there can be no reasonable doubt but that all the creditors will be paid in full just as soon as the assets of the bank can be realized on. Should the entire amount involved in the Dobbins & Dazey failure be a total loss, and all other doubtful claims be charged off, after exhausting the surplus and undivided profits, the impairment of the capital stock cannot be very great. The surplus and undivided profits amount to about $190,000." The Commercial National Bank holds life insurance policies upon the life of Dazey of the firm of Dobbins & Dazey amounting to $175,000, part security for the amounts due from that firm.

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 Record-Union Sacramento, CA
Article from The Record-Union, March 30, 1893

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A Bank Wrecker Arrested. 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 a bond in $11,000. The charges are perjury and making false statements to the department.

7. 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.

8. March 30, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 30, 1893

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Chashier of Nashville Bank Arrested. NASHVILLE, March 29.-F. Porterfield, cashier of the suspended Commercial National bank, was arrested this afternoon upon a warrant sworn out by Bank Examiner McKnight. Porterfield gave bonds in $10,000. The charges are perjury and making false statements in reports to the department.

9. 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.

10. March 30, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, March 30, 1893

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Cashier Porterfield Arrested. 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 bonds of $10,000. The charges are perjury and making false statements to the department.

11. March 31, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 31, 1893

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THE INDIAN TROUBLE. The only official information received at the Indian bureau in regard to the recent troubles between the rival fac. tions in the Choctow Indian reservations this morning from Agent Bennett, from the Union agency, I. T., who telegraphed as follows: "Reliable dispatches from Antlers re. port that both factions of the Choctows has disbanded. The fight yesterday resulted in several being wounded but none killed." THE NASHVILLE BANK TROUBLE Comptroller Hepburn said this After noon that he would appoint a receiver for the Commercial National Bank of Nashville, Tonnessee. The failure that at first seemed small has since grown to larger proportions and will exceed in amount $500,000. It is not felt here that any other national bank in Nashville will be effected. As n 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. THE RISLEY BUSINESS. Senator Voorhees to-day sent a dis. patch to his law partner in regard to

12. March 31, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, March 31, 1893

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TELEGRAPHIC FLASHES. HARRISBURG, Pa, March 30.-The State Republican convention will be held in this city August 30. HARRISBURG, Pa., March 30.-The board of pardons has recommended pardons for Abe Buzzard, the notorious Welsh mountain outlaw and James S. Dungan, wrecker of the Bank of America, Philadelphia. NASHVILLE, Tenn, March 30.-F. Porterfield, cashier of the suspended Commercial National Bank of this city, was arrested yesterday afternoon on charges of perjury and making false statements to the treasury department. NEW YORK, March 30.-The Philadelphia, Admiral Gherardi's flagship; Baltimore, Yorktown, Vesuvius and the torpedo boat Cushing sailed this morning for the naval rende zvous at Hampton Roads. SACRAMENTO, Cal., March 30.-Mike Chambers, in jail here, has confessed that he is the man who murdered Fred Fetterman some months ago at Huntsville, Tenn. The sheriff of Scott county, Tenn., is here today to take him back. LIVERPOOL, March 30.-Offeers of the White Star Steamship Company regard as a hoax the message found in a bottle on the beach at Ocean View, Va., purporting to have an account of the destruction at sea of the White Star steamship Naronic, which sailed from Liverpool February 11 for New York. WASHINGTON, March 30.-Comptroller 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 amount$500,000. PARIS, March 30.-The greater part of the arsenal in Lillo was burned today. All the apparatus used in charging cartridges and melinite shells was destroyed. Loss, one million francs. LONDON, March 30.-In the house of commons this evening Gladstone moved that after Easter the government business has precedence. The motion was opposed by the liberals and several amendments were offered, but voted down. The discussion was carried to such length that the government moved and carried closure. The vote on Gladstone's motion was 163 to 75. PROVINCETOWN, Mass., March 30.The fishing schooner Ada K. Damon lost six men Tuesday. They were setting trawls from dories when a snowstorm shut them from view and they were not seen again. CLEVELAND, Ohio, March 30.-Fire started in the Forest City Varnish Company's works at the Quincy street crossing of the Cleveland and Pittsburg railroad tracks shortly after noon today. Inflammable materials in the building burned with such rapidity that the escape of employes was attended with in much difficulty. Two men perished the flames, and perhaps more. NEW YORK, March 30.--The canal boat Edward Hayes, lying at the foot of East 37th street, was crushed and sunk at two o'clock this morning. David Williams and the thres-months-oid child of Captain Carman were drowned. CHATTANOOGA, Tenn., March 30.-The Chattanooga team to-day again defeated the Chicago club, the score being 4 to 2, in a hotly contested game. Chattanooga scored two each in the second and ninth innings. Chicago scored one each in the fifth and seventh. MOBILE, March 30.-Mobile, 4; Pitts. burg, 8: batteries, Daniels and Trost, Ehret and Stenzel. THOMSON, Ga., March 30.-Thos." E Watson has abandoned his contest for the seat of Major J. C. C. Black in the next Congress. ATLANTA, Ga., March 30.-Cleveland, 9. Atlanta, 8. Batteries: Cuppy and Conner; Keenan and Dixon. CHARLESTON, March 30.-Charleston, S. Augusta, 3. Batteries: Killen and Sudgen; German, Frank and Wilson. ATLANTA, March 30.-Dr. H. C. Hornaday, the well-known Baptist preacher of this city, died at Montezuma to day. THE WEATHER. End

13. March 31, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, March 31, 1893

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NEWSLETS interesting Pieces of Telegraphle News in Small Space. A receiver will be appointed for the Commercial National Bank of Nashville, Tenn. The failure amounts to over $500,000. The cashier has been arrested for embezzlement. The Universiti es of Yale and Pennsylvania met on the base ball field yesterday, and "Pensy" beat the blues by a score of eleven to six. It is learned that Captain C. E. Henry went to Brazil to arrest H. A. Bottsford, who embezzled $20,000 from the WoodsJenks Company, and if he has arrested David R. Paige, nobody has heard anything about it. Impeachment proceedings have been begun against J. G. Allen, Secretary of State: A. R. Humphrey, Commissioner of Public Lands and Buildings: C. U. Hastings, Attorney General, and J. T. Hill, exTreasurer of the State of Nebraska The testimony shows a systematic and continuous plundering of the State. There were no new developments in the clothing cutters' strike in New York yesterday. Powderly and Gompers will confer with regard to the trouble to-day. Charles Daubleman was burned to death in a varnish factory fire at Cleveland, O., yesterday. Col. Robtert G. Ingersoll returned home yesterday from an out-of-town trip, suffering from a cold. On inquiry last night at his residence it was said the Colonel was indisposed, but his illness was not of grave import. The greater part of the arsenal in Lyme, was burned France, yesterday. cartridges All and the apparatus used in charging melinite shells was destroyed. The powder and melinite magazines, however, were saved. Loss 1,000,000 francs. Mrs. E. S. Starr, the general race agent of American pigeon fanciers says that the several pigeons reported captured in various sections of the country having leg bands marked "N" were from Philadelphia lofts, and not from the missing steamer Naronic, the letter "N" being the society to which the owners of the birds belonged. Gov. Pattison. of Pennsylvania, has signed the pardons of Abe Buzzard, the Lancaster outlaw, and James S. Duncan, the cashier of the Bank of America, of Philadelphia, and one of the wreckers of that institution. General William Clendennin, of the Illinois National Guard, has refused to resign at the request of Governor Altgeldt, and the Governor has dismissed him from the service. General Clendennin, in reply to the Governor's letter, charges him with using the National Guard for political purposes, and demanding his resignation that the vacancy may be filled by a partisan of the Governor's political following. A foreigner named Kaltenbach, living in Paris, has cleared over a million dollars on "long" coffee in the past nine months. He is the secret moving spirit in gigantic operations in New York which American dealers have, heretofore, been unable to explain. The Chattanooga base ball team yesterday defeated the Chicago club, the score being 4 to 2 in a hotly contested game. Chattanooga scored 2 in each of the second and ninth innings. Chicago scored one each in the fifth and seventh innings. At the inquest held in Jackson, Mich., prison yesterday, to discover the cause of the death of Guard Hait, who was poisoned by Prisoner Latimer, a very loose state of affairs was discovered. Guards and prisoners hob-nobbed together. drinking and feasting at night, and drugs and poisons were admitted without being examined. The steamer Chester, just in at New York, reports passing a ship's boat upside down, about 650 miles west of where the Coventry on March 4, passed the Naronic's boats, The trouble between the Choctaw factions at Antlers, I. T., threatens to break out again, and U.S. Commissioner Gibbons has telegraphed, giving the condition of affairs to the Indian agents in the vicinnd to Secretary Hoke Smith.

14. March 31, 1893 The State Chronicle Raleigh, NC
Article from The State Chronicle, March 31, 1893

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Arrests of Higher Officials Will Follow. WASHINGTON March 30 -Comptrol ler 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 larger in propor tions and will exceed in amount of $500 000 It is not felt here that any other national bank in Nashville will be affected. As the result of an examina tion of books of the bank, Frank Porter field, cashier of the bank at instance government, has been arrested for embezzelment and it is intimated that other arrests, of higher officials, may follow.

15. 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.

16. 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.

17. 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.

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 19, 1893 The Dawson News Dawson, GA
Article from The Dawson News, April 19, 1893

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"SOCIETY" has ripened another nice specimen of its peculiar product. This time it is young Cashier Porterfield, of the Commercial National Bank. Nashville. The bank is in the hands of a receiver and Porterfield is in the hands of the sheriff. Where the money is the dispatches do not state. Redwine, Ralph Davis, Whyte, Hand and Porterfield, all within six weeks time. "Society" is doing well!

21. 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.

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