17230. American Savings Bank (Charleston, SC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 5, 1898
Location: Charleston, South Carolina (32.777, -79.931)

Metadata

Model: gpt-5-mini
Short Digest: 613aece06e8b9074

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Dec 5–6, 1898) state the American Savings Bank of Charleston was placed in the hands of a receiver at the instance of the Hanover National Bank and that the bank closed. Articles cite 'hard times' and low cotton/collections as causes. No article describes a depositor run prior to closure; the event is a creditor-forced receivership/closure.

Events (1)

1. December 5, 1898 Receivership

Newspaper Excerpt: The American Savings Bank of this city was placed in the hands of a receiver today by Judge C. H. Simonton at the instance of the Hanover National Bank. W. M. Connor, late President of the American Bank, was made receiver by the court.
Source: newspapers

Newspaper Articles (11)

1. December 6, 1898 The News & Observer Raleigh, NC

Article from The News & Observer, December 6, 1898

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A CHARLESTON BANK FAILS. American Savings Bank in Hands of a Receiver. Charleston, S. C., Dec. 5.-The American Savings Bank of this city was placed in the hands of a receiver today by Judge C. H. Simonton at the instance of the Hanover National Bank. The latter bank hold notes of the former to the amount of $22,000. W. M. Connor, late President of the American Bank, was made receiver by the court. He said today that he was unable to say at this time what would be the amount either of the assets or the liabilities and he assigned the hard times as the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

2. December 6, 1898 The Times Richmond, VA

Article from The Times, December 6, 1898

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A BANK FAILURE. Hard Times Drives a Soath Carolina Bank Into Liquidation. CHARLESTON, S. C., Dec. 5.-The American Savings Bank of this city was placed in the hands of a receiver to-day by Judge C. H. Simonton at the instance of the Hanover National Bank of New York. The latter bank holds notes of the former to the amount of $22,000. W. M. Connor, late president of the American Bank was made receiver by the court. He said to-day that he was unable to say at this time what would be the amount either of the assets or the liabilities and he assigned the hard times as the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

3. December 6, 1898 The Times Washington, DC

Article from The Times, December 6, 1898

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A SAVINGS BANK FAILS. A Receiver for the American Institution of Charleston. Charleston, S. C., Dec. 5.-On a bill of complaint brought by the Hanover National Bank of New York Judge Simonton signed an order today appointing W. M. Connor receiver of the American Savings Bank of Charleston. Connor was president of the bank. The New York bank holds notes against the Charleston house amounting to $22,000, and it is claimed that payment could not be had. The bank was not opened for business this morning. President Connor says he is unable to tell how much the bank is in debt. The low price of cotton and the inability to collect outstanding notes is said to be responsible for the failure. The American Bank has a' capital stock of only $15,000, but its deposits amount to fully $113,000.

4. December 6, 1898 The Houston Daily Post Houston, TX

Article from The Houston Daily Post, December 6, 1898

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DOMESTIC. American Savings bank of Charleston, S. C., fails. The Columbia, S. C., Daily Register has suspended. Three men sentenced for floating $97.000 of fraudulent Creek watrants. Dr. Andrew, superintendent of Chicago's public schools. resigns.

5. December 6, 1898 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, December 6, 1898

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BANK FAILURE IN CHARLESTON. The American Savings Institution in Hands of Receiver. CHARLESTON, S. C., December 5 -The American Savings Bank, of this city, was placed in the hands of a receiver today by Judge C. H. Simonton, at the instance of the Hanover National Bank, of New York. The latter bank holds notes of the former to the amount of $22,000. W. M. Connor, late president of the American Bank, was made receiver by the court. He said to-day that he was unable to say at this time what would be the amount of either the assets or the liabilities, and he asserted that the hard times were the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

6. December 6, 1898 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, December 6, 1898

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A Savings Bank Closes. Charleston, S. C., Dec. 6.-The American Savings bank of this city closed its doors today, a receivership being forced by the Hanover National bank of New York, which holds claims of $22,000. The capital stock of the bank is $150,000 and its deposits amount to $100,000.

7. December 10, 1898 The Diamond Drill Crystal Falls, MI

Article from The Diamond Drill, December 10, 1898

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diann, Ohio, Pennsylvania, New York, Massachusetts and Maryland did great damage to property. In Baltimore 800 houses were ulroofed and telegraph poles and trees were leveled. Town Marshal C. C. Runyon and A1fred Allen killed each other in a fight at Jackson, Ky. Anold quarrel was the cause. Nearly the whole business portion of Eufaula, I.T., was destroyed by fire. William Kent murdered his brother, Noble Kent. at Girard, Ill. Both were prominent, and a quarrel over property was the cause. Link Thayer, convicted of train robbery at Fergus Falls, Minn., was sentenced to 20 years in prison. The annual report of Charles G. Dawes, comptroller of the currency, for the year ended October 31, 1898, shows that there were 3,598 national banks in the country with authorized capital of $624,552,195. and 5,145 state banks with a capital of $370,073,788. For the first time in our history the United States in 1898 exported manufactured articles of greater value than were imported. flour trust has been formed in New York to control nearly all the product in this country and also the supply of three-fourths of the world. The visible supply of grain in the United States on the 5th was: Wheat, 24,098,000 bushels: corn, 29,369,000 bushels; oats, 5,546,000 bushels; rye, 1,022.000 bushels; barley. 2,838,000 bushels. During a windstorm the breaker of the Enterprise colliery was blown down at Shamokin, Pa., causing $100,000 damage. Most of the business portion of Frankton. Ind., a town of 3,000 population. was destroyed by fire. The nitroglycerin house of the Hudson Powder company blew upat Pinole, Cal., killing Superintendent Charles Kennedy and four workmen. At Charleston, S. C., the American savings bank was placed in the hands of a receiver with liabilities of $100,000. Willis P. Bissell, a teacher in Canten, N. Y., committed suicide by jumping from the new suspension bridge at Niagara Falls. A snowstorm which swept over Detroit, Mich., and vicinity was the worst experienced in 12 years. and caused an inmense amount of damage. Simonson, Whiteson & Co., owners et the largest department store in Louis ville, Ky., failed for $150,000. The secretary of the treasury trausmitted to congress the estimates of appropriations required for the service of the fiscal year ending June 30, 1900. They aggregate $593,048,378. Three coal barges from Bay City Mich., were lost in a gale off Portland, Me., and 19 men and two women were drowned. Frank Waller, of Boston. broke the world's bicycle record in New York for continuous ricing. going 314 miles and 8 laps in 16 hours and 10 minutes without dismounting. Frank Brush murdered his wife a Fort Madison, Ia., and then committed suicide. They had lived unhappily for several years. A storm at Hamilton, Ont., damaged to the extent Farmers' beproperty The National of $500,000. congress Fort gan its annual session at Worth, Tex., with several hundred delegates present. were killed at Fort Indein Boston expendence, Four men mine. harbor, by the plosion of a report discusses Treasury In his annual Gage Secretary the need of the of banking reform and the necessity of meeting new conditions. The Michigan supreme court has declared the state oleomargarine anticoloring law null and void. The village of Weyauwega, Waupaca county. Wis., was destroyed by fire. Powell Clayton, minister to Mexico, raised to the ambassador President has been by McKinley. boot rank and of V. K. and A. H. Jones, shoe manufacturers at Boston and Lynn, Mass., failed for $130,000. Hearn and Richardson, arrest at Benton, the of Vance, were by murder under Two negroes, Larry La., tried for citizens, found guilty and hanged. Gen. Nelson A. Miles in his report to Secretary Alger says that a standing army of 100,000 men is a public necessity. ninth convention of the NonWomen's partisan The National in Christian CleveTemperance union began land. O. The report of the Hawaiian commisthe the of the islands into a erection sion to president provides be styled territory for the of the United States to of Hawaii and for the government territory visions contains of the terri- pro- and tory, giving it executive, legislative judicial officers. PERSONAL AND POLITICAL. for a Barnes Compton, three Maryland, terms member of congress from died at Laurel, aged 68 years. late elec-

8. December 10, 1898 Morris Tribune Morris, MN

Article from Morris Tribune, December 10, 1898

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FINANCE AND TRADE. The flour trust is said to have been actually formed. Rockefeller is credited with an attempt to gain control of the entire copper mining industry of the country. Isaac D. Smead, prominent ventilating and heating apparatus man, is bankrupt. Liabilities, $900,000; no assets. Negotiations for a general consolidation of all the street railroads in St. Louis are in progress in that city and New York. Arbuckle Brothers have reduced refined sugars 1-16c. It is generally understood that the other refineries will follow with a similar reduction. The American Savings bank of Charleston, S. C., has been placed in the hands of a receiver by Judge Simonton at the instance of the Hanover Na= tional bank of New York. Representatives of five of the plate glass insurance companies held a meeting at New York recently and agreed to restore rates and not to pay brokers more than 331/3 per cent commission. Denver mint receipts for November show a total of $1,925,718, as against $1,237,199 for the same month of 1897. The total for the first 10 months of 1898 are $18,269,271, as against $10,920,844 for the same period of 1897, a gain of $7,348,427.

9. January 9, 1899 The Morning News Savannah, GA

Article from The Morning News, January 9, 1899

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SOUTH CAROLINA. Hampton Guardian: Judge Brawley has appointed Messrs. James F. Redding and E. C. Hesse permanent receivers of the American Savings Bank in Charleston. The bank is in a hopeless condition, and the depositors will lose heavily. South Carolina should have a bank inspector. The membership of the state legislature was slightly reduced Friday, when the opinion of the Supreme Court was filed in the Lee county case declaring the act creating the county null and void. The decision leaves a senator without an office, and all county officials elected have to do without their offices. Spartanburg Evening Star: When Traxler was dispensary commissioner he got into a tangle with a gentleman living near Landrum about some corn whisky. The matter stood open for several years, but yesterday Inspector Hill went up to that town and settled the business by accepting 200 bushels of bulk corn. The state must now either sell that corn or start up a moonshine still on some branch and boil it into liquor. Much excitement was aroused among white people around Enoree, near Spartanburg, by the finding of Jim Massey, a negro, in a white woman's room. The negro made his escape, but was pursued. Isam Massey, the father of Jim, owns a Winchester, and openly threatened to shot any man who molested his son. This threat coming to the ears of the two Gideon boys, young farmers, they waited on Isam, and demanded that he surrender his gun. He turned his Winchester over to them, and did not threaten to use it. Isam Massey then went before a magistrate and swore out a warrant against the Gideon boys, charging them with highway robbery. A number of neighbors at once waited on the old negro and gave him till 10 o'clock Friday morning to withdraw that warrant or they would deal with him. The warrant was withdrawn, but the excitement has not abated, and much trouble is anticipated. Phyllis Harris of Moffattsville, as administratrix of the estate of Elbert Harris, deceased, has entered suit against the county of Anderson for damages in the sum of $10,000, this amount being alleged to be due as exemplary damages for which the county is liable to the plaintiff as the legal representative of the person lynched. Elbert Harris was her son, and was lynched, it is said, largely on suspicion. This suit is apparently based upon Section 6 of Article 6 of the constitution, which provides for such cases as follows: "In all cases of lynching, when death ensues, the county where such lynching takes place shall, without regard to the conduct of the officers, be liable in exemplary damages of not less than $2,000 to the legal representative of the person so lynched. Provided, further, That any county against which a judgment has been obtained for damages in case of lynching shall have the right to recover the amount of said judgment from the parties engaged in said lynching in any court of competent jurisdiction."

10. January 11, 1899 The Anderson Intelligencer Anderson, SC

Article from The Anderson Intelligencer, January 11, 1899

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STATE The State profitentiary has been directed to may <10 000 into the treasout the 16.5 of James The Chester Reporter statesthat !: E 1' Hatson. of the Smith Car wit presently robbed 15200 The Christian Aivo his time Sambia and will the published by the State Printing Company The will elect it ..! the State Peniten mary on the 17.10 instant. There number of candidates for the posi: 100. List Sunday night the store of Hagonad & (i. at Ensley, was entered by a burglar. who proved to be Wm. :roves a negro. who was soon arrest land committed (1) juit. The bank of Marion. S. C., has round up. It is solvent. with a con siderable amount of undivided profits hand. The stockholders have con cluded to go out of business Chesterfield Court House is probthe only county seat in the State that ably has not a single lawyer living in Hon E J Kennedy was the only one 11. and he died on Christmas day. Adjutant General Floyd announ that John 1. Frost, Jr., of Coees lumbia, will be appointed assistant Adjutant General. Mr. Frost was adjutant and major of the 1st Carolina. The contract has been let for the erection of a new Alammi Hall on the Campus of Farman University at a cost of $15,000. Work is to begin March 1st. It will be a large and commodious two-story building. The Supreme Court in the Lee county case has decided that the commissioners of election had their duties defined and so did the General Assembly. and it was not one of the duties of the General Assembly to declare an election. Governor Ellerbe has received letters - from the clerk of court of Suin- is ter county saying that smallpox prevalent in the Maysville and Lynchburg sections of the county. The die case is confined to the negro farm hands so far. John L. Westmoreland, one of the oldest, most widely known and of most highly respected citizens Greenville county. died Friday night had his home near Locust. If he lived until February 1st he would have been 91 years old. - Capt. O. Barber, the father of Attorney General Barber, died at his home at Richburg on the morning of December 24th, in the 69th year of his age, from the effects of a paralytic stroke which came on him while on his farm the day before. - Judge Brawley has appointed Messrs. James F. Redding and E. Hesse permanent receivers of the American Savings Bank in Charleston. The bank is in a hopeless condition and the depositors will lose heavily. South Carolina should have a bank inspector. - Corones Rivers, of Charleston county, held eight inquests last year. Most of the cases were plain killings, although quite a number of the deaths investigated were the results of accidents. And there was no one sentenced to death in that county last year The worst criminals escaped arrest by flight and concealment. - - C. Q. Feruggs, of Spartanburg, demanded the return of $1,000 worth of liquor seized from him as an original package dealer. He was indicted, but the grand jury found no bill. Mr. Miles recommended the payment of the bill, as the whiskey had been used. The board agreed to pay the original cost of the liquor, about $900. -- The patriotic people of the Cowbattle ground section of this county pens are clearing off the old ground preparatory to celebrating the 119th anniversary of the battle of Cowpers on Tuesday, January 17. They are aiming on that day to take such steps will secure the proper observation of as the day in the future. Col. H.P. Griffith has been requested to address a10 the people on that occasion. All invited, descendants of the Revolution especially.--Caffery Ledger. Col. John l'. Thomas, in his IC- as State historian shows that he port

11. January 12, 1899 The Beaver Herald Beaver, OK

Article from The Beaver Herald, January 12, 1899

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BANK FAILURES. Jan. 17-State, Elmwood, Ill. $60,000. 21-National, Paola, Kan., suspended. 31 - -First national, Larimore, N. D., $71,754. Feb. 24 Bank of Southern Baltimore, $170, 000. Mar. 16-Home savings, Sioux City, Ia. $60.000 Benson savings, Waterford, Pa., $10,000. 24 Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25 Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29 - -Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. :20-Commercialstate, Marshalltown, Ia. 21-German savings, Doon, la., $59,474 Northern, Lexington, Ky. (suspended) 23 Tawas savings, Tawas City, Mich. (suspended). Aug. 11-Bank of Waverly, Ill $150,000. 27-Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Aia. bank, $65,000. 26 3-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 10 -First national of Neligh, Neb., liabilities $108,000 German national of Pitts burgh, Pa., liabiliteis, $2,000,000. 21 - -First national, of Lisbon. O., capital $50,000- closed: resumed on Nov. 15. 29 Second national, of Springfield, O., goes into liquidation. Nov. 5 -First national, of Flushing., O., sus pends. -First national, of Emporia, Kan. closed. 28 Bank of Hornersville, N. Y., closes doora with liabilities of $75,000. 30 Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.