17273. Freedman's Savings & Trust Company (charleston Branch) (Charleston, SC)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Unsure
Bank Type
federal
Start Date
September 25, 1873
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
f6848e6ff1482df3

Response Measures

None

Description

Articles show the Charleston branch first imposing a 60-day notice in Sept 1873 amid money stringency, and then experiencing a heavy run on April 28, 1874 when it paid only 20% in cash and required sixty days' notice for the remainder. There is no article here reporting a final closure or later reopening, so outcome is uncertain.

Events (2)

1. September 25, 1873 Suspension
Cause
Macro News
Cause Details
Money stringency due to unavailability of New York exchange led branch to exact sixty days' notice from depositors.
Newspaper Excerpt
The Charlesten branch of the National Freedmen's Savings bank is exacting sixty days' notice from depositors, but all the local banks are paying checks as usual.
Source
newspapers
2. April 28, 1874 Run
Cause
Macro News
Cause Details
Heavy withdrawals (a run) during ongoing money stringency; bank resorted to paying 20% in cash and requiring sixty days' notice for the remainder.
Measures
Initially paid depositors in full; as run continued paid 20% in cash and required 60 days' notice for remainder.
Newspaper Excerpt
There was a heavy run on the Freedman's Savings bank here to-day. At first the depositors were paid in full, but as the run continued the bank paid only 20 per cent of their deposits and required sixty days notice for the balance.
Source
newspapers

Newspaper Articles (4)

Article from Elizabeth Daily Monitor, September 26, 1873

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Article Text

NEWS ITEMS. The national banks of Nashville have suspended. The Dollar savings bank of Atlanta suspended yesterday. Secretary Richardson says that beyond the purchases of bonds which have been made to aid the banks he has nothing to recommend. There is a run on the savings banks of Detroit, and they all insist upon thirty days' notice of intention to withdraw deposits. The report that Secretary Richardson had advised a temporary suspension of all of the banks is denied. The steamer Scandinavian left Liverpool for Quebec yesterday with five hundred thousand dollars in bullion. There was great excitement in Indianapolis yesterday and several private bankers suspended operations. There are large quantities of cotton in Augusta, but no money to move it. The run on the banks of Augusta has been heavy, and they have nearly all suspended. The banks of New Orleans have resolved that they will not pay any checks for more than one hundred dollars. The Charleston branch of the National Freedmen's Savings bank exacts sixty days' notice of desire to withdraw deposits. There was a run on the banks in St. Louis yesterday, and shipments of flour have been stopped. The Mutuals beat the Philadelphias in Philadelphia yesterday, 8 to 4. The Newark Democrats have nominated Nehemiah Perry for Mayor, Adolph Schalk for Water Commissioner, Wm. A. Schmidt for Tax Commissioner, and George Peters for Trustee of the Reform School. A. J. Hine, cashier of the National Bank of Ansonia, ten miles from New Haven, Conn., has been using the funds of the bank for speculation. The surplus of forty thousand dollars is all gone. Hine also loses his private fortune. The full extent of the losses is not as yet ascertained. The bank is supposed to be solvent. The Dean of Canterbury has been visiting the public schools of Albany, much his was at large of particularly to surprise astonished and pleasure. the in He all success the proportion schools, and feminine the perfect their teachers masculine with as which they governed well as feminine pupils. The session of the American board of missions at has curious reforeign a significance Minneapolis, when it Minn., is collected that this association organized while Minnesota was yet a howling wilThe board of foreign missions was more agoderness. formed it holds convention than sixty in years what now its was by means a western its over a of which a was journey no westward large part far is untraveled city territory yet when the association was born. Mrs. Henry L. Irwin returned from a week's visit to Red Bank to her home in Lincoln street, near Summit avenue, Jersey City, on Wednesday afternoon. Her husband had promised to meet her Saturday and go home with her, but he and she went afteron did without not, She threw four days ward him. open the house and found her husband in bed. thinking that he was sleeping she did not disturb him, but went quietly down stairs and supper. a seized premonition prepared her, found and she that Then called Mr. the neighbors. They Irwin was dead. The body was decomposed. The county physician's exam. ination showed that the Wednesday, hedied New Jersey of apoplexy. Midland are to resume of between the On road railroad Jersey City control and the state line at Unionville. Possession is claimed on account of the failure of the and Oswego Midland railroad to of their which a company New York lease, comply called with dollars for the payment terms of about two thousand per day for three months, or until the floating about two hundred thousand do:should be paid. have been kept promight debt, lars, instant, but This for when the contract the ceedings of the 18th New York Midland was thrown into and Abrah S. Hewitt was This out of the bankruptcy, control appointed assignee. company's virtually hands. took The New York company retain the Montclair division, which gives them an into New York ; but to form connection to over that a cars through ingress must pass portion Oswego of the the New Jersey Midland lying between the state line and Bloomingdale.


Article from The New York Herald, September 26, 1873

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Article Text

Charleston Quiet. CHARLESTON. S. C., Sept. 25, 1873. The money stringency in consequence of the unavailability of New York exchange is increasing. There has been no run upon the banks here. The Charlesten branch of the National Freedmen's Savings bank is exacting sixty days' notice from depositors, but all the local banks are paying checks as usual.


Article from Nashville Union and American, April 29, 1874

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Article Text

A Heavy Run at Charleston. CHARLESTON, April 28.-There was a heavy run on the Freedman's Savings bank here to-day. At first the depositors were paid in full, but as the run continued the bank paid only 20 per cent of their deposits and required sixty days notice for the balance. The deposits in the bank on April 1, were $256,000.


Article from The Daily Dispatch, April 29, 1874

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Article Text

Bun on the Freedman's Bank at Charleston, S. C. CHARLESTON, April 28.--There was a heavy run on the Freedman's Savings Bank here to-day. At first depositors were paid in full, but as the run continued the bank paid twenty per cent. and required sixty days' notice for the balance, The deposits in the bank April 1st were $256,000. Five thousand dollars were paid depositors today,