Article Text
South Carolina. TWO SUSPENSIONS IN CHARLESTON. NEW YORK, Sept. 26. The Peoples' Bank and the South Carolina Loan and Trust Company, in Charleston, have suspended.
17281. Peoples Bank (Charleston, SC)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- September 26, 1873
- Location
- Charleston, South Carolina (32.777, -79.931)
Metadata
- Model
- gpt-5-mini
- Short Digest
4d435cb03b5dc001
Response Measures
None
Description
Multiple contemporaneous newspaper dispatches (dated Sept 26, 1873) report the People's/Peoples' Bank of Charleston suspended payment amid the broader financial panic of 1873 (Jay Cooke collapse and related runs/suspensions). The articles only report the suspension; they do not describe a depositor run or a subsequent reopening. I classify the episode as suspension_closure because no reopening is reported in these dispatches, but the ultimate permanent resolution is not confirmed in the provided texts.
Events (1)
1.
September 26, 1873
Suspension
- Cause
- Macro News
- Cause Details
- Suspended amid the nationwide financial panic of September 1873 (reports mention multiple banks suspending/closing and the Jay Cooke failure).
- Newspaper Excerpt
- The Peoples' Bank and the South Carolina Loan and Trust Company, in Charleston, have suspended.
- Source
- newspapers
Newspaper Articles (4)
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Article Text
FINANCIAL AND COMMERCIAL. PUBLIC LEDGER OFFICE, } MEMPHIS. TENN.. September 26, 1873. MONEY. NEW YORK, September 26.-The stock exchange remains closed. Twenty-four hours' notice will be given before reopening. The People's Bank and South Carolina Trust Company, of Charleston, have suspended. The Second Manufacturers' National Bank, of Chicago, has closed. The Chicago City National Bank of Commerce and the Cook County National Bank have closed. LONDON, September 26.-£428,000 in sovereigns and £51,000 in gold bars were withdrawn from the Bank of England to-day for shipment to America.
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these deposits only in payment of your respective checks against the new accounts. NEW YORK, Sept. 26.-The banks cleared to-day in good shape. Their relative condition is unchanged. PHILADELPHIA, Sept. 26.-A statement of the assets and liabilities of the firm of Jay Cooke & Co., of Philadelphia, New York and Washington, has been prepared by them, which is to be submitted to their creditors. The following is the summary: Liabilities, $7,939,409; assets, bills receiv able, bank insurance, and their stock. bonds and real estate, $7,867,640 loans to Northern Pacific Railroad Company are $3,750,000; stock of Oregon Steam Navigation Company, $1,500,000; loans to Northern Pacific R. R. Co., on bonds of company, $4,068,215; second mortgage railroad bonds, stocks, &c., $2,530,356 total, $15,966,211. The above exhibit of liabilities isinclusive of $7,101,140 loans of the firm, which are fully secured by good collaterals. The excess of collaterals upon these loans have been estimated and included in the assets. The firm expects soon to submit a proposition for settlement with its creditors, which, it believes, will be acceptable to the latter, although it will, of course, require time in the conversion of its assets. The handsomeshowing made leaves no doubt of its ability to pay every dollar of its indebtedness with interest and still have a surplus of several millions of dollars. PHILADELPHIA, Sept. 26.-During the existing dearth of currency, banks will in the future pay out no currency, except what is actually needed for the payment of wages. WASHINGTON, Sept. 26. -Fant, Wash e ington & Co. posted a notice on the closed door of their banking house to day, saying We are compelled to suspend payment for the present. The Governing Committee has decided to give twenty four hours notice of the reopening of the stock exchange. Mr. Fant, of the firm of Fant, Washihgton &Co., expresses the belief that they will be able to resume business when the panic is over. e VICKSBURG, Miss., Sept. 26. -The Banks in this city have suspended for the period of thirty days as a precautionary measure. ATLANTA, Ga., Sept. 26.-John H James, banker, who suspended, will re a sume in a few days. CHARLESTON, S. C., Sept. 26.-The be People's Bank of Charleston, and the nSouth Carolina Loan and Trust Company have suspended. WASHINGTON, Sept. 26. -There was no regular meeting of the Cabinet to-day only three members being in town, Secre taries Delano and Richardson, and Attor ney General Williams, re n. PITTSBURG, Pa. Sept. 26.-The Pitts of burg t-office was taken possession o a this afternoon by Major Pethbridge, Chie isof the Special Service Bureau of the Post e. office Department. and Colonel John H ds Stewart. post-master, was arrested as a de faulter to the amount of $33,000. He gay ry of bail in the sum of $60.000. to CHICAGO, Sept. 26.-S. P. Beldine, lat in book-keeper of H. E. Malloy & Co., at th Union Stock Yards, is a defaulter to th ex amout of $4,000. the NEW ORLEANS, Sept. 26. -There is no the a single case of yellow fever under treat nd ment here. not OMAHA, Neb., Sept. 26.-The woo 1 a work of one entire span of the Union Pa oncific railroad bridge was destroyed by fir rothis afternoon. It will be fixed by t dimorrow.
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NEW YORK, Sept. 26. SETTLING DOWN. Affairs are quiet. Twenty-four hours' notice is to be given when the stock exchange opens. Gold 1111. DISCOUNTS The banks yesterday discounted notes for the first time since the excitement. A JUST DETERMINATION A number of stockholders of the State bank of New Brunswick, the suspension of which was occasioned by the defalcation of the cachier, have pledged themselves to pay depositors in full. Almost up to the last moment, depositors implicitly trusted the bank, and its trouble has thrown the town into a ferment. STOCK OPERATIONS Noon. --The committee of seven appointedby the governing committee for the purpose of preparing a plan for clearing stocks, submitted a report to-day to the governing committee. No action was taken in connection with the report. BANK SUSPENSIONS A special dispatch from Chicago says the Second and Manufacturers' National bank is closed. A Charleston special says the People's bank and the South Carolina Loan and Trust company are repo ed sus. pended. THE FINANCIAL SITUATION. Every movement thus far for relief by the clearing house association, stock board of government, decreases business, and the consequence has been there is no fuel for the flame to feed upon. The uneasiness has now extended to commercial circles, especially the shippers of grain and other produce, who are compelled to accept bills of exchange: these they cannot exchange into greenbacks. and hence there is danger that the immense volume of breadstuffs pouring into this city from the west and south will be detained here for want of an available market, and good prices await them. This phase of the financial revolntion is just beginning to be felt. Unless relief is soon obtained, orders for consignments from the west and south will soon cease altogether. The clearing houseassociation held no meeting yesterday. Thus far $17,000,000 of loan certificates have been issued. In reply to a question concerning a rumor of the return by government of bonds purchased during the panic for the price paid for them. General Hillhouse said yesterday he had heard nothing of the kind. Mr. Grain. of the firm of Duncan. Sherman & Co., said the stoppage of the purchase of bonds had resulted in no pressure upon the money market yet, and might not. He believed the stoppage was unwise. but thought purchases would be resumed when the president was advised of the necessity for continued purchases. The heavy shipments of bullion from abroad excite the very general opinion that they cannot af feet affairs here at all. One first received $132,000 on Wednesday from Hamburg. shipped ten days before, and have more on the way, but the shipments generally were useless as a speculation. Officers of express companies report they are carrying from the city more money than they bring in. A great many bills are sent for collection against banks and firms, which give them much trouble. as in many instances it was impossible to collect them. The officers say, however, the drain from the city is always greater at this season of the year than at other times, but much greater now than at any previous time. AT THE FIFTH AVENUE HOTEL The crowd at the Fifth Avenue hotel last night was very small, and loungers in the corridors were quiet and listless. Few heavy operators were preesnt. THE PANIC TO HASTEN RESUMPTION or SPE CIE PAYMENTS. A Washington dispatch says Dr. Linderman. the director of the bureau of the mint, predicts that the effect of this stock panic will be to hasten the resumption of specie payments. He says he is getting ready and has issued orders to all mints for largely increasing the coinage, and that more bullion will be coined during the next three months than at any previous time in the same period. No export of crude bullion will be made for several months. Large orders have been telegraphed to London from New York for the importation of sovereigns, which, at the present condition of sterling exchange. will give a large profit. PLEA OF THE NEW YORK TIMES FOR FURTHER ACTION BY THE GOVERNMENT. In a double-leaded editorial the Times says: We are no alarmists but it is impossible to be blind to what is now going on. We venture to suggest to the secretary of the treasury the propriety of once more considering two of the least objectionable measures which have been pressed upon his attention, the payment of the 1874 bonds due next January, which will release about $8,000,000 of greenbacks, and the purchase of sterling bills of exchange to the amount of at least $5,000,000. The latter device would reseue the export trade from its present deadlock and set exports free They are both urged by the and our and merchants most regain. experienced bankers. conservative of THE WORK OF THE CLEARING HOUSE. of the clearing an of legal the Mr. equalization Camp tenders housesays at that clearing house took place yesterday for the