City Bank (Nashville, TN)

Episode Information

Episode Type
Suspension → Reopening
Start Date
November 27, 1860
Location
Nashville, Tennessee (36.166, -86.784)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
471652484
Model
gpt-5-mini
Short Digest

Notes

Articles report a forced suspension but describe sufficient assets and expectation of eventual redemption; no explicit reopening date is provided.

Events (1)
1. November 27, 1860 Suspension
Cause
Macro News
Cause Details
General money-market distress and widespread bank suspensions in the region (tight money, cotton market stagnation) prompted the bank to suspend specie payments.
Newspaper Excerpt
The forced suspension of the City Bank Tuesday caused considerable nnxiety amongst note holders
Source
newspapers

Newspaper Articles (2)
1. November 29, 1860 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, November 29, 1860

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Article Text

Commercial. DAILY PATRIOT OFFICE, Nashville, November 29, 1860. The week which closed yesterday, was, in a business point of view, one of the most unpleasant experienced here for many years. All branches of trade suffered—in none was anything of consequence done. Speculation came to a dead halt, and no one purchased anything unless urged thereto by overruling necessity. The state of the money market was very embarrassing, and a suspension of our leading banks was urged as a relief measure. As yet that important step has been of no practical benefit to the community, although it may so soon as affairs become a little more settled. The forced suspension of the City Bank Tuesday caused considerable anxiety amongst note holders, some of whom submitted to a shave. However, very few have lost confidence in the institution, and many feel sure that it will survive the disaster, riding out the storm triumphantly. We heard of no sales of its notes yesterday; and we would advise no one to sacrifice them, as they will all be ultimately redeemed. The bonds deposited with the Comptroller are more than sufficient to take them up. COTTON.—The cotton market is flat.—There is no desire to purchase on speculation. The best article would bring 8@8 1/2c per lb., though shrewd business men declare they would fear to touch it at even these rates for the present. CHEESE—Western Reserve 11@11 1/2c per pound. FLOUR—We quote: Superfine in barrels $5 00 Extra, " " 6 50@6 75 " in sacks, 3 25@3 50 WHEAT—This article is scarce, and will sell readily at $1 25@1 30 per bushel. BACON—Shoulders 10 1/2, clear sides 13@14; hams 13 1/2@14c per lb. CORN.—White 80 per bushel; mixed 75c. OATS.—45@50c per bushel. LARD—Supply limited. Sales at 13 1/2 to 15c per lb. according to package. MEAL—Is selling at 80c. per bushel. FEATHERS—We quote at 41@43c. per lb. GINSENG—40@45c. per lb. GROCERIES.—We quote; Fair sugar 9 1/2@10 per lb.; prime to choice 10@10 3/4c.; in barrels 1/4@1c. advance on these figures. New York Coffee Sugars 10 1/2@11 3/4c. per lb., crushed and powdered 11 1/2@12c.; Loaf 11@12c. per lb. MOLASSES AND SYRUP.—Molasses in barrels 40@45c per gal.; half barrels 45@48c; Sugar House 43@45c. Golden Syrup in barrels 75c.; half barrels 80c.; and kegs (ten gals.) 85c. COFFEE.—Rio 16@16 1/2c.; Laguyra none in market; Java 19@20c. per lb. Stock light. TEA.—Imperial 50c@$1; Gunpowder 50@75c.; Young Hyson 40@60; Black 60@1 50. SALT.—We quote Coarse Sack at $1 50; and Fine at $1 60@$1 75; and Barrel at 40c. per bushel. COTTON YARNS.—The following are the agents' quotations for Cotton Yarns: 700 and 800, 9c. per doz.; 600, 10c.; 500, 11c., and 400, 12c. WHISKY.—Rectified is held at 21@24c per gallon, and country at 50@75c. per gallon according to quality. CANDLES.—Star 18c per lb. for light weight; 20c for full weight. Tallow, summer pressed 13c; Sperm 45a50e per lb. Raisins—Layer $3a3 25 per box; W. R $2 50a2 75. SOAP—Turpentine $2 25a2 75 per box. BRAN—$1.10 per cwt. HAY—$26@27 per ton. RYE—$1 00@1 15 per bushel. BARLEY—$1 25 per bushel. Weekly Review of the Cincinnati Markets. CINCINNATI, Nov. 26, 1860. BROOMS—The market is very dull and prices nominal: We quote: Common $1 50@$1 75 Fancy 2 00@2 75 Extra @3 00 Shaker 3 25@3 50 CRANBERRIES—The receipts are in excess of the demand. The very best quality cannot be sold above $8 50, in large lots, containing 3 1/2 bushels. We quote small to large brls at $6 50@8 50. CANDLES AND SOAP—The market remains without any change in prices. Candles are in fair demand. Soap is quiet. We continue our quotations: Star Candles, full weight 20c " " 14 oz 18 Opal " full weight 17 Paraffine Candles 30c Tallow " double pressed 13 " " common 12 Soap No. 1 and palm 5 1/2 German 6 1/2@7 " extra 7 1/2 FEATHERS—The market is very dull and prices have declined to 40c for live geese on arrival. FRUITS AND NUTS—The demand for Apples is almost exclusively local, and the market is dull at $1@2 per brl., according to quality. M. R. Raisins sell to a moderate extent at $2 65@2 75 per box; layers at $2 70@2 80. Oranges are in fair request at $11@12 per brl. No change in other articles. HIDES—The market is dull and prices nominal. We continue our quotations: Dry Flint 13@14c Dry-salted 12@13c Wet salted 7@7 1/2c Green-salted 6 1/2@7c Sheep Pelts, each 37@80c HAY—There is no change in the market. Prime Timothy in bales on arrival is in good demand, and the market firm at $15 50@16. A very choice lot could be sold at $16 50. IRON—We have no change to note in the market, and continue to quote Ohio Hot-blast Pig, per ton, at $25@26, and Bare at 2 1/2@3 1/2c. LEATHER—A dull market and prices nominal at the following quotations: Sole, city tanned, per lb 27@28c. Hemlock, do do 24@26c. Harness Leather, do 27@30c. Skirting, do 29@33c. Calf Skins, per doz $25@36 Kip do do 40@72 Upper Leather, per doz 33@40 Bridle do do 36@45 Rough, per lb 22@23c OILS—The demand for Linseed continues fair, and the market quite firm at 57c. Lard sells to a fair extent at 93@95c, and Coal at 65@74c. CHEESE—The demand is limited, and the market

2. December 4, 1860 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 4, 1860

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Article Text

Monetary and Financial. MONDAY EVENING, Dec. 3, 1860. We hear of no change in Money matters to-day. Although the old Banks have been discounting quite liberally since their suspension, there is still a heavy demand for Money, and these who go upon the streets for accommodation have to pay 1@2 per cent. per month, and in some cases higher even than the outside figure. Exchange is growing more scaree, but the old Banks still continue to furnish their regular customers at % per cent, but it is only those who have claims upon the Banks that can get accommodation to any extent. The other Banks and Bankers charge 2@5 per cent, and we are informed, are able to furnish only a limited amount. A Banker informed us to day that upon learning the other day that Exchange on New York had de lined in New Orleans to 1@1% per cent discount, he telegraphed to his correspondent at Memphis to ascertain whether he could purchase Exchange there at what rate, received for an answer tha but a small amount could bepurchased at I per cent premium. So fluctuating is the market for Exchange thatwe omit all quotations for Eastern. We print elsewhere a statement from the President of the City Bank, showing the condition of that institution on the 1st inst, from which it will be seen that the note-holders have no cause for alarm-that the assets are ample to meet all the liabilities of the Bank, and that it was only a question of time and notinability to pay, that caused its suspension. A largenumber ofour merchants and busines men continue to take the issues of the City Bank at par in ordinary transactions, and this should satisfy the noteholders out of Nashville that the strongest confidence is felt here that the Bank is fully able to pay its liabilities. The only change in uncurrent Money we have to report is a re duction in the discount on Louisiana, Kentucky, Ohio,,and,Indi ana. Louisiana is now quoted at 1 per cent discount, Kentucky 1, Ohio 2, and Indiana 3@5. In New York on the 30th ult., at the first board, $9,000 Tennessee 6 per cent Bonds sold at 76½c and $2,000 at 76c. The New York Bvening Post of the 30th says: Stagnation has taken complete possession of the Stock Exchange. The business to day was even smailer than on W ednes. day, and many of the leading stocks, when called, elicited scaree ly a bid or offering. The usual hour for closing the official transactions of the board is o'clock, but such was the inactivity this morning that business was concluded at 11.45, & feature of the market not noticed at any previous time of the current year. The State stocks are rather steady to day. Tennessees are an exception, dropping to 76. Missouris close at 68%@69; Virginias 79K@79K North Carolinas are 80% bid. Louisianas are offered at 93; Californias at 88. Government bonds are weak. The Fives of 1874 sold at-96% The Fives of 1865 are quoted at92%@95. For the new loan 93 is asked; for the Sixes of 1868, 103. In railroad bonds there were few changes. The tendency is downward, and most descriptions are held above the views of buyers Money is becoming sluggish on temporary loan, and within a few days past the offerings at 7 per cent among the stock houses have been in excess of the demand. The note brokers are not in favor at present, and to this may be attributed much of the pres. sure of paper in the open market. There is little or no disposition among capitalists to invest in mercantile paper, and "gilt edge" names, including some of our leading exchange drawers, have been done at 12 per cent with'more offering at the same rate The old buyers of paper stand aloof, and we notice, if anything, a hardening tendency in rates. The foreign exchange market is dull at the advanced rates. Bankers' sterling ranges from 103 principally at 104½ no @104%. Francs are quoted at545@535. The telegraph reports sales of Tennessee Bonds in New York en at the second board on the 1st inst. at 76c, Virginias at 80½c, to Missouris at 700, North Carolinas at 82c, and California 7's at 89c: I The act authorising a suspension by the Georgia Banks was vetoed by Gov. BROWN, and has since been passed by a large majority in both houses. The restriction having thus been removed, I the Georgia Banks will most probably suspend immediately, and I will likely be followed by the Alabama Banks. The Union Bank of South Carolina, at Charleston, publishes a statement of its condition on the 29th ult from which we learn h that it is due depositors and nete holders $378,485.42, to meet which it has the following assets: e Local Notes $141.360.11 3 Bonds 46,726.84 19,430.35 Sterling Exchange 8 362,342.13 Northern Exchange I 233.963.96 Southern Exchange Coin 181,774.25 c 42,512.70 Balance Due by City Banks tl $1,328,119 3 The Fayetteville (N.O.) Observer reports the sale by auction E in that place of eight shares of the stock of the Bank of Cape in Fear at $118 share This fact indicates that the Bank is in a u very solvent and prosperous condition. The Columbus (Ga) Sun reports the sale by auction in that u place on the 30th ult, of ten shares of the Bank of Columbus at m par, and adds: "This sale indicates well for this institution and fil its management, especially when in the midst of a financial pres sureso hard as our people are now passing through." q We mentioned the other day the suspension of the Manufactua1 rers' Bank, at Macon Ga., and the probability that it would T be wound up The Macon Journal and Messenger of the 28th 81 ult. says: m This Bank closed business on Monday morning, by suspension of settlements with other Banks, and specie payments, except to bill holders of small amounts. They continue to redeem their bills in those of other current banks, gold, or silver, as the hold ers may wish, with laborers and all people of small means. From A the most reliable information we can obtain, the Bank has ample means to meet all its liabilities within a reasonable time given to 2, make its collections. From the pecultar pressure of the times, ev which we all feel and understand, the want of sales of Cotton, W and consequently the Bank not receiving its usual payments, has th compelled it to a suspension. Our mercantile community cerat tainly do not class it as "broken Bank," (and who should be better judges?) as all, or nearly all, receive it in sales for all to goods, and some for old debts. do The Manufacturers' Bank, if we mistake not, has never been hi regarded with favor even in Georgia, outside of the influence of en Macon,having been looked upon as a "wild cat." git According to our telegraphic dispatches, it is probable the bil Banksof Augusta, suspended specie payment this morning. an Theother Georgia Baoks will, of course, follow suit. m W Exchange on New York was quoted as follows at our latest tio dates: New Orleans ½ per cent discount, Louisville 1@21/20 precr mium, Cincinna 11. St Louis3@5 and Chicago 7. for We notice in the Louisville paper of this morning that petitions sa are in circulation in that city for signatures, praying a suspension th of specie payment by the Banks W: A comparison of the footings of the last wekly statement of Do the Boston Banks with those of the previous week exhibits a deby crease of $1,431,056 in the item of loans and discounts, a decrease elo of $359,781 in circulation: $628,267 in specie, and $1,419,687 in deposits и e annex the principal footings of the two weeks with Pr the corresponding week last year re Date Joans & Dis. Specie. Deposits Circula'n St: November 19 $64 150,613 $4,518,341 19,384,381 7,705,674 November 26 62,719,557 17,964,675 3,898,074 7,345,893 Same time lastyear. November 14 $19,220,885 4,855 433 18,821,933 1,802.704 pa