The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-03-28
A PANIC AT NASHVILLE.
TWO MORE BANKS FORCED TO
CLOSE THEIR DOORS.

One of Them a Small Concern and the
Other Took the Action Merely as a
Precaution Against a Run - The
Other Banks in the City Believed to
be Able to Meet all Demands.
NASHVILLE. TENN, March 27.-The
Bank Of Commerce failed to-day, while
another bank, the Mechanics Savings Bank
fearing run that it would not be able to
meet, took advantage Of the standing rule
and required depositors to give sixty days.
notice of the withdrawal of depoairs
1t has been squally day in Nashville,
and but for the fact that the banks had time
between Saturday and to-day to prepare
themselves there might have been more
trouble. With the exception of the Bank
of Commerce, however, all the Nashville
banks are perfectly solvent, but, Of course,
do not keep enough money on hand to pay
off all depositors on a sudden demand.
Since Saturday, however, the larger banks
had secured from 100000 to $780,
600 each and to-day when their
doors we're opened great stacks of currency
we're piled up on the tellers' desks and in
plain view inside the vaults.
All banks are near College and Union
streets, and this morning before 9 o'clock
the pavements were crowded-mostly, how
ever, by idlers. There were many people
expecting TO see a general run on all the
banks, but in this they were disappointed.
COLLAPSE OF THE COMMERCIAL.
All the banks opened for business except
the Bank of Commerce. which at 10 o'clock
posted a notice Of assignment. This bank
had about decided to make an assignment
last week. Its statement is as follows;
ASSETS.
Notes discounted d............-........... $4,000
Real estate and cash ............,-..,.... 1900
4OtdL, 'ss''ss." S5'ItU
LIABILITIES.
Capital stock paid in .......... ....... S2- 800
Deposits savings account............. 1900
Deposits special account. ................ 1900
General deposits. ............ .......,.... 1900
IOtal. l..,.''ss'' s....,.,. .-..... S9(,lOO
The fact that it had not opened it's doors
increased the nervous feeling to some ex-
tent, and the directors of the Mechanics
Savings BANK QeclQeQ UnAS the best plan
for them would be for them to require Of
depositors sixty days notice of withdrawal
as provided in their rules. They, therefore,
announced that this would be enforced. It
is thought that the Mechanics National
Bank will resume business as usual In day
or two as soon as the nervous feeling has
abated.
LARGE DEPOsITORs NOT SCARED.
With very few exceptions the people who
drew their money from the other banks
were small depositors. Those having large
accounts were satisfied of their safety and
interviews tonight with all the leading
bankers show that their friends have come
to their rescue and that to-day's deposits are
in excess of what was drawn out.
At the American National Bank notice
was displayed in the window that a dozen
of the wealthiest men in Nashville, whose
names were signed thereto, pledged their
personal estates to secure all depositors. One
OF the siguers TO this was Gen. W. II. Jack
son, the owner of the Belle Meade.
The statement of the Comme rcial Bank,
which failed Saturday, is as follows:
ASSETS.