Article Text
Bank Failure In Nashville. NASHVILLE. Tenn., March 25.-The Commercial National Bank of this city has suspended. The cause is the failure. a few days ago. of Dobbins & Dazey. The capital of the bank is $1,000,000.
Commercial National Bank (Nashville, TN)
Episode Information
- Episode UID
322801119- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
32280national - 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
55421cc00537403b
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
Cashier Porterfield was arrested on charges of false statements; receivership appointed early April 1893.
Events (4)
1.
July 22, 1884
Chartered
- Source
- historical_nic
2.
March 25, 1893
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension caused by failure of major debtor/cotton brokers Dobbins & Dazey, which left the bank insolvent.
- Newspaper Excerpt
- The Commercial National Bank of this city has suspended. The cause is the failure, a few days ago, of Dobbins & Dazey.
- Source
- newspapers
3.
April 6, 1893
Receivership
- Source
- historical_nic
4.
April 6, 1893
Receivership
- Newspaper Excerpt
- Controller Hepburn appointed James W. Blackmore of Gallatin, Tenn., receiver of the Commercial National Bank of Nashville.
- Source
- newspapers
Newspaper Articles (23)
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NUGGETS OF NEWS. William Peterson, a retired merchant of Chicago, shot himself on the grave of his children in Louisville, It is altogether likely that the next superintendent of the United States Naval academy will be Admiral Gherardi. It is said that Governor Northen, of Georgia, will quit politics and devote the rest of his life to preaching the gospel. D. Quackenboss, professor of rhetoric at Columbia college, New York, has resigned. He will probably devote himself to literature. The question of sheathing our naval vessels is one to which Secretary Herbert, it is said, proposes to give some earnest consideration. John F. Corbett, champion ex-amateur arsman of Chicago, will row Ed Clayton, of Wheeling, W. Va., at Pullman, Ills., on May 27, for $500 a side. Mayor Boody, of Brooklyn, has signed a position to Governor Flower, praying for executive clemency in the case of the convicted wife poisoner, Carlyle Harris. Mayor Somers, of Milwaukee, offers a reward of $3,500 for the conviction of the person or persons responsible for the many fires in that city during the past thirty days. The Commercial National bank, of Nashville, has failed, due to the suspension a few days ago of Dobbins & Dasey, the cotton brokers. The capital of the bank is $1,000,000. Inspector Leggett, of police headquarters, left Boston yesterday afternoon for Omaha with requisition papers for the arrest of Frank Adams, the newspaper advertising solicitor, who is wanted for alleged grand larceny. Colonel John B. Weberspent his last day asimmigration commissioner at Ellis Island Saturday and yesterday handed over the papers and funds in his possession to General O'Beirne, assistant commissioner, who will temporarily assume charge at the landing bureau..
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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.
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The Cashier Under Arrest. NASHVILLE, 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 bond in $10,000. The charges are perjury and making false statements to the department.
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Arrest of a Cashier. 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 bond In $11,000. The charges are perjury and making false statements to the department.
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The Commercial National Bank of Nashville suspended business last Saturday, caused by the failure of the Dobbins & Dazy cotton firm. Some of the citizens of Savannah had money in the unfortunate bank, but it is given out that the depositors will not lose anything.
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THE NASHVILLE BANK FAILURE. Washington, March 30.-Controller Hepburn said this afternoon that he would appoint a receiver for the Commerical National Bank of Nashville. The failure that at first seemed small has since grown to larger It is not proportions, and will exceed $500,000 thought here that any other National bank in Nashville
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Arrested the Cashier. NASHVILLE, Tenn., 31.-F. Porte: field. cashier of the suspended Comme: cial National bank of this city, has be arrested on a warrant sworn out Bank Examiner McKnight. Porterfie gave bond in the sum of $10,000. In charges are perjury and making fal statements to the department.
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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.
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Nashville's Broken Bank. WASHINGTON, April 5.-Controller Hep. burn to-day appointed James W. Blackmore of Gallatin, Tenn., receiver of the Commercial National Bank of Nashville. Blackmore is president of the First National Bank of Gallatin.
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Receiver of Tennessee's Broken Bank. WASHINGTON, April 6. - Comptroller Hepburn yesterday appointed James W. Blackmore, of Gallatin, Tenn., receiver of the Commercial bank, of Nashville, Tenn. Mr. Blackmore is president of the First National bank, of Gallatin.
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F. PORTERFIELD, cashier of the suspended Commercial National Bank of Nashville, Tenn., has been arrested on a warrant sworn out by Bank Examiner McKnight. Porterfield gave bail in the sum of $10,000. The charges are perjury and making false statements to the department.
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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.
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Appointed a Receiver. WASHINGTON, April 5.-Comptroller Hepburn today appointed James W. Blackmore, of Gallatin, Tenu., receiver of the Commercial National bank of Nashville. Mr. Blackmore is president of the First National bank of Gallatin.
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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.
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Cashier Porterfield Arrested. NASHVILLE, Tenn., March 30.-F. Porterfield, cashier of the suspended commercial national bank, was arrested Wednesday afternoon. Porterfield gave bond In the sum of $10,000. The charges are perjury and making false statements to the department.
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The Wrecked Nashville Bank. WASHINGTON, D. C.-Comptroller Hepburn appointed Janies W. Blackmore, of Gallatin, Tenn., receiver of the Commercial National Bank of Nashville, Tenn. Blackmore is president of the First National Bank of Gallatin.
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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.
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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!
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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.
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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
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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.
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When the assets of the defunct Commercial National Bank Twere sold at Nashville last week $423,641.99 only brought $1, 125. Among the assets were worthless notes of a man named Dazey for $261,282.37. This is not the only bank that has been made a "hot-house" of by such flowers. The receivers of our three defunct banks, for instance, will tell you that they have somedaisy notes in their collection.