Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-03-28
NASHVILLE EXCITED.
ANOTHER BANK FAIL URs MAKES A
GENERAL RUN IMMINENT.
Timely Precautions, However, Prevent
Disaster-A Savings Bank Enforccs the
sixty-Day Ruie-statsments.
fBy telegraph to tho Dispatch.l

NASHVILLE. Tenn. March T.-The Bank
of Commerce failed to-day. while another
bank-the Mechanics Savings Bank-fear-
ing q run that it would not be able to
meet, took advantage of standing rule
and required depostors to give sixty
days notice of withdrawal of deposits.
1t has been squally day in Nash
Vile, and but for the fact that the banks
had time between Saturday night and
this morning TO prepare themselves
there might have been more trouble. Win
the exception OF tho Bank or Commerce.
however. all the Nashville banks are per-
fectly solvent, though of course they do
not keep enough money on hand to pay on
all depositors on sudden demand. Since
Saturday, however. the larger banks had
secured from 500, 900 10 $500. 600 each, and
to-day, when the doors were opened. great
stacks of currency were piled up on the
tellers' desks and IN PLAIN view inside tho
vaults.
EXCITEMENT AMONG THE PEOPLE.
All the Nashville banks are located near
College and Union streets, aud this morn
ing before . O'Clock the pavements were
crowded-mostly. however. by idlers.
There were many people expecting 10 SOC
general run on all the banks, but IN this
they were disappointed. All the banks
opened for business except the Bank
OF Commerce. which at 10 O'Clock posted
notice of assignment. This bank had
about decided to make an assignment last
week. Its statement Is as follows: A.
sets-Notes discounted, $4,000; real
estate and cash. S2l. 100; total. S9I.I0O.
iabiliues-Capital stock paid in. S27. 500; A.;
deposits. savings account, Sll,oOo; ue,
posts. special account, $4,000; general
deposits, $4,000; profit and loss, S22,2OJ;
total, Sg7 200.
THE MECHANICS BANK.
The fact that it had not opened its doors
increased the nervous feeling to some ex-
tent. and the Mechanics Saylngs-Bank
directors decided that the best plan for
them would be TO require depositors TO
give sixty DAYS notice of withdrawal, as
provided in their rules. They therefore
announced that this would be done. II Is
thought that the Mechanics Bank Will re-
sumo business as usual in day or TWO. "A
soon as the nervous feeling has been en-
tirely abated.
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. aud interviews tonight with
all the leading bankers show that their
friends have come TO their rescue and
that to-days deposits are III excess
of what was drawn out. At the Amerl-
can National Bank notice -ds DIS
played IN the window that dozen OF tho
wealthest men in Nashville. whose names
were signed thereto, pledged their per-
sonal estates TO secure all depostors. ono
of the slgners to this was General W. III.
Jackson, owner OF Belle Meade.
COMMERCIAL BANK STATEMENT.
Tho statement of the Commercial Bank.
which failed Saturday, is as follows: As
sets, loans. and discounts. 1900, 600; cash
aud cash items. clii,00O; due from re-
serve agents, S200,0O0; due from other
banks. %225. 600; stocks. bonds, and other
securities, Sl2j. .OO0-total, S2,29i,0OO La
bili,ies-I individual deposits, S6S5,0OO; ;
certificates Of deposit, S93,O00; bank de-
posts. $500. 900: re-discounts, Si5O.OOO;
bills PAYABLE. 1900. .000-total, Sl.67s.0OO.
Capital stock, $500 600 surplus. Sl0O,0OO };
undivided profits, 59j,0O0-totd. S695,OOO.