Nashville Savings Bank (Nashville, TN)

Episode Information

Episode UID
4939400091098
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
493940009 hash
Start Date
June 23, 1891
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e1703e36428ed9d7

Response Measures

None

Description

Articles report a suspension with an assignment naming a trustee, indicating likely permanent closure.

Events (2)
1. June 23, 1891 Other
Newspaper Excerpt
Crowds of anxious depositors surround the bank to-day. The closing of the doors created a general sensation on the streets, and the immediate neighborhood was crowded, as the news spread, with depositors and others.
Source
newspapers
2. June 23, 1891 Suspension
Cause
Correspondent
Cause Details
Stringency of the money market and inability to obtain rediscounts in New York (failure to get re-discounts).
Newspaper Excerpt
The Nashville Savings Bank, operated by Sax Brothers, suspended to-day on account of failure to get re-discounts in New York and inability to collect.
Source
newspapers

Newspaper Articles (11)
1. June 23, 1891 The Morning News Savannah, GA
Article from The Morning News, June 23, 1891

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Article Text

BANK DOORS CLOSED. False Reports Cause a Run on the Bank at Florence, BIRMINGHAM, ALA., June 22. - The Florence National Bank of Florence, Ala., closed its doors to-day. The immediate cause is the spread of false reports which caused a run on the bank. Some confusion seems to have resulted by reason of Mr. Flannigan, cashier of the Alabama Banking and Trust Company, having been for a time also president of the Florence National Bank. Its books showed $10,000 deposited in the Traders' National Bank of Boston, Mass., but a draft for $6,000 on that bank went to protest. It developed that the $10,000 had been appropriated to paying certificates of deposit of the Alabama Banking and Trust company on an order of Mr. Flannigan. The bank expects to. resume again in a few days, as soon as things are straightened out. A NASHVILLE BANK SUSPENDS. NASHVILLE, TENN., June 22. -The Nashville Savings Bank, operated by Sax Brothers, suspended to-day on account of failure to get re-discounts in New York and inability to collect. The assets are $664,956, and the liabilities $664,956. The entire personal property of the firm is included in the assets.

2. June 23, 1891 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, June 23, 1891

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Article Text

Two Banks Close. NASHVILLE, Tenn., June 22.-The Nashville Savings bank. conducted by Julius and Max Sax, closed its doors this afternoon. Messrs. Sax claim that the suspension of business is due to the stringency of the money market and their inability to get rediscounts in the East. They believe they will be able to reopen in à month and pay the depositors in full. The assets are $666,000 and the liabilities about the same. BIRMINGHAM, Ala., June 22.-The Florence National bank of Florence. Ala., closed its doors today. The immediate cause is said to be the spread of false reports which caused a run on the bank. Some confusion seem to have resulted by reason of Mr. Flaanigan, cashier of the Alabama Banking and Trust company, having been for a time also president of the Florence National bank.

3. June 23, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, June 23, 1891

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Article Text

CLOSED DOORS. The Failure of a National Bank Attributed to False Reports. BIRMINGHAM (Ala.), June 22.-The - Florence National Bank of Florence, Ala., closed its doors to-day. The immediate cause is said to be the spread of false reports, which caused a run on the bank. Some confusion seems to ha ve resulted by reason of Mr. Flannegan, the Cashier of the Alabama Banking and Trust Company, having been for a time also the President of the Florence National Bank. NASHVILLE (Tenn.), June 22.-The Nashville Savings Bank, conducted by Julius and Max Sax, closed its doors this afternoon. Messrs. Sax claim that the suspension of business is due to the stringency of the money market and their inability to get rediscounts in the East. They believe they will be able to reopen in a month and pay depositors in full. The assets are $665,000 and the liabilities about the same. NEW York, June 22.-Samuel Barth & Co., wholesale liquor-dealers in this city and Baltimore, assigned to-day. without preferences. HOLBROOK (Mass.), June 22. - Whitcomb & Paine, manufacturers of calf boots, closed their factory this week indefinitely. This is caused by the unsettled state of business throughout the country.

4. June 23, 1891 Evening Journal Wilmington, DE
Article from Evening Journal, June 23, 1891

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Article Text

The Bank Closed. NASHVILLE, June 23. - The Nashville Savings bank, an old and heretofore considered a thoroughly reliable banking institution of this city, has closed its doors. Its managers, Messrs. Julins and Max Sax, claim that the suspension is due to the stringency of money and their inability to get discounts in the east. They say they will be able to reopen their bank in a month and pay their depositors in full. The assets are $664,956. The liabilities will be about the same.

5. June 23, 1891 Daily Tobacco Leaf-Chronicle Clarksville, TN
Article from Daily Tobacco Leaf-Chronicle, June 23, 1891

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Article Text

CLOSED ITS DOORS. The Nashville Savings Bank Fails for Over Six Hundred Thousand. The news of the failure of the Nashville Savings Bank was received in this office after press time last evening. The announcement caused some little interest in business circles, but an investigation shows that no Clarksville people have suffered by the failure. The American speaking of the failure says: "For several days the Messrs. Sax had been making an effort to ward off the impending catastrophe, but their efforts to obtain rediscounts in New York and their efforts to collect from their patrons proved unavailing and under the pressure they deemed it advisable to discontinue business and accordingly made an assignment, naming James M. Head trustee. "The closing of the doors created a general sensation on the streets, and the immediate neighborhood was crowded, as the news spread, with depositors and others. The anxiety of the first named was not appease d, however, as access to the offices was denied every one in order that the task of tabulating a schedule of the assets and liabilities could be proceeded with at once and without interruption." The total liabilities amount to $664,843.18, and while the schedule of assets is not given, it is thought they will cover the liabilities. LATER. Special to the Leaf-Chronicle.] NASHVILLE, TENN., June 23.The liabilities of the Nashville Savings Bank, which suspended payment yesterday afternoon, amount to $664,813, with assets estimated at about $650,000. The list of depositors is very large. The State had on deposit $14,000. The instrument shows that the certificates of deposits amount to $108,403.74.

6. June 23, 1891 Evening Star Washington, DC
Article from Evening Star, June 23, 1891

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Article Text

Two Southern Banks Closed. The Florence National Bank of Florence, Ala., closed its' doors yesterday. The immediate cause is attributed to the false reports which caused a run on the bank. The bank expects to resume again in a few days, as soon as things are straightened out. The Nashville Savings Bank closed its doors yesterday afternoon. Liabilities and assets variously estimated atfrom $250,000 to $600,000.

7. June 24, 1891 New-York Tribune New York, NY
Article from New-York Tribune, June 24, 1891

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Article Text

FAILURE OF A SOUTHERN BANK. Nashville, Tenn., June 23.-The Nashville Savings Bank, operated by Sax Brothers, suspended yesterday on account of failure to get rediscounts in New-York and inability to collect. Assets. $664,956; liabilities, $664,956. The entire personal property of the firm is included in the assets. Among the principal creditors are the First National Bank, $65,813; Fourth National Bank, $22,265; American National Bank, $19,000; N. Martin, $18,000; K. L. Landis & Co., $15,300; Commercial National Bank, $11,000; John S. Bransford, $10,000; all of which are secured. The assets, consisting of loans, overdrafts, stocks, bonds, cash and real estate, are fully equal to the liabilities.

8. June 25, 1891 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, June 25, 1891

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Article Text

A Nashville Bank in Trouble. NASHVILLE, Tenn., June 23.-The Nashville savings bank, an old and heretofore reliable banking institution of this city, has closed its doors. Its managers, Julius and Max Sax, claim the suspension of business is due to the stringency of money and their inability to get rediscounts in the cast. They believe they will be able to reopen in a month and pay their depositors in full. The assets are $664,956. The liabilities will be about the same.

9. June 27, 1891 The Superior Times Superior, WI
Article from The Superior Times, June 27, 1891

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Article Text

TENNESSEE BANK FAILS. The Nashville Savings Institution Pulled Down by Saxe Bros. NASHVILLE, Tenn., June 23.-The failure of Saxe & Co. has resulted in the suspension of the Nashville Savings Bank. Crowds of anxious depositors surround the bank to-dav. The Nashville Savings Bank has been in existence something over a quarter of a century, and has been throughout this period one of the most highly esteemed banking houses in Nashville. Among the principal creditors are: The First National Bank, $65,813; Fourth National Bank, $22,260. American National Bank, $19,000, N. Martin, $18,000; A. L. Landis & Co., $15,500; Commercial National Bank,$11,000; John S. Bransford, $10,600, all of which are secured.

10. June 27, 1891 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, June 27, 1891

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Article Text

Nashville Bank Failure. NASHVILLE, June 23.-The Nashville Savings bank, an old and heretofore considered a thoroughly reliable banking institution of this city, closed its doors at 2 o'clock p. m. Its managers, Julius and Max Sax, claim the suspension of business is due to stringency of money and their inability to get rediscounts in the East. Messrs. Sax believe they will be able to reopen their bank in a month and pay their depositors in full. The assets are $664.956. The liabilities will be about the same.

11. June 27, 1891 The Washburn Leader Washburn, ND
Article from The Washburn Leader, June 27, 1891

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Article Text

Nashville Bank Failure. NASHVILLE, June 23.-The Nashville Savings bank, an old and heretofore considered a thoroughly reliable banking institution of this city, closed its doors at 2 o'clock p. m. Its managers, Julius and Max Sax, claim the suspension of business is due to stringency of money and their inability to get rediscounts in the East. Messrs. Sax believe they will be able to reopen their bank in a month and pay their depositors in full. The assets are $664.956. The liabilities will be about the same.