The times. [volume] (Richmond, Va.) 1890-1903, 1893-03-28
A PANIC IN NASHVILLE.
TWO MORE BANKS FAIL AND TWO
MORE EXPECTED TO SMUT DOWS.
Resides the Commercial, the Mechanics
Savings Bank and the Bank ofComnercc
suspend-Ths Cause Assigned.

NASHVILLE. TENN. March T.-The
Bank of Commerce failed to-day. while
a lothcr bank, the Mechanics Savings
Bank, fearing a run that 1t would not
be able to meet, took advantage OF a
standing rule. and required depositors to
give sixty days notice of the withdrawal
Of deposits.
1t has been a squally day in Nashville,
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. With the
exception of the Bank of Commerce, now
ever. all the Nashville banks are perfect
~ siIyent, but, OF course, do not Keep
money on hand to pay off all depositors
on sudden demand. Since Saturday. how
ever. the larger banks had secured from
one hundred thousand TO half million
dollars each. To-day when the doors
were opened great stacks OF currency
were piled up on the teller'r desk and In q
plain view inside the vaults.
All the Nashville banks are located
near College and Union streets, and TINS
morning before Q o'clock the paVements
we're crowded mostly however. by idlers.
There were many people itching to see
a general run, but they were dlsappoint-
ed. 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
st9 900: profit and loss $1,000; total. $1,000.
as follows; ;Assets-Notes discounted.<o,OVO
Liabilities: Capital stock paid in, Sz'9W;
deposits. savings account. $4,000; deposits,
special account. s15 00O general deposits
real estate and cash, S2l 700; total, %',oo
The fact that It did not open its doors
Increased the nervous feeling 10 some
extent and the Mechanics Saving bahh
directors decided that the best plan for
them would be 90 require depositors to
give sixty days notice of withdrawal as
provided I'm their rules. They therefore
announced this would be enforced
II is thought the Mechanics Bank VIII
resume business as usual in day or tWo'
as soon as the nervous feeling mas Deen
entirely abated. With very few excepuohs
the people who drew their money from
the other were small depositors. Those
having large accounts were satisfied OF
their safety. and interviews tonight with
all the leading bankers show their friends
have come 10 the rescue, and that TO-
DAYS deposits are in excess or wnat was
drawn out.
At the American National Bank notice
was displayed i'm the window tnat
dozen of the weaIthiest men In Nash
vile. whose names were signed thereto
pledged their personal estates to secure
all depositors. One of the signers to TINS
was General w. III. Jackson, owner Oh
Belle Mead.
The statement Of the Commercial Bank,
which failed Saturday, is as follows:
Assets-Loans and discounts, N.60,OD
Cash and cash items, $4,000. Due from
reserve agents. s2.000,O00. Due from other
banks. S225 900. Stocks. bonds and other
securities, s125OOO. Total. s.. .29i,O 600. Liabili-
ties. individual deposits. s6S0,ooo. Certi-
ncates of deposits. $4,000. Bank deposits.
$3.50. .0O0 Rediscounts, $4,000; bills pay
able, $1,000 Total. $l.67S,0OO. Capital
stock. $780, 900; surplus. 100000; undivided
profits sos. 90; total, $685. 600.