17298. South Carolina Loan & Trust Company (Charleston, SC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
trust
Start Date
September 20, 1879
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
9d46c5eff7f0bc38

Response Measures

None

Description

Articles (dated Sept 20–Oct 2, 1879) report losses at the firm James Adger & Co. and consequent suspensions that triggered a run on the South Carolina Loan & Trust Company's savings department, forcing it to invoke the sixty days' notice rule. No article mentions a subsequent reopening or permanent closure, so outcome is unclear.

Events (2)
1. September 20, 1879 Run
Cause
Local Banks
Cause Details
Failure of James Adger & Co. and suspensions of J. Adger & Co. and George H. Walter & Co. precipitated withdrawals from the trust company's savings department.
Measures
Invoked the sixty days' notice rule for its savings department (30/60/90-type suspension).
Newspaper Excerpt
the South Carolina Loan and Trust Company is stated to have lost $49,000, and a run on its savings department this morning
Source
newspapers
2. September 20, 1879 Suspension
Cause
Local Banks
Cause Details
Direct consequence of other Charleston failures (James Adger & Co. etc.) causing deposit withdrawals; bank invoked sixty days' notice.
Newspaper Excerpt
a run on its savings department this morning has compelled it to take advantage of the sixty days' notice rule
Source
newspapers

Newspaper Articles (2)
1. September 21, 1879 The New York Herald New York, NY
Article from The New York Herald, September 21, 1879

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Article Text

CHARLESTON'S BUSINESS DISASTERS. [BY TELEGRAPH TO THE HERALD.] CHARLESTON, S. C., Sept. 20, 1879. The failure of James Adger & Co. and the consequent suspension of J. Adger & Co. and George H. Walter & Co. will cause great hardships to many individuals who banked with them, and already a number of small houses havecome to grief. No statements have yet been made by the suspended firms as to their liabilities or assets, but the commercial agencies estimate the liabilities at $2,000,000. The Union Bank, of Charleston, and the Germania Savings Bank have lost nothing, but the South Carolina Loan and Trust Company is stated to have lost $49,000, and a run on its savings department this morning has compelled it to take advantage of the sixty days' notice rule. The following are the losses as stated so far:-People's National Bank, $30,000; First National Bank, about $20,000; W. B. Smith & Co., cotton merchants and bankers. $30,000, and J. Harbeson, retail dry goods dealer, $32,000. Mr. Harbeson had just retired from business and had just left here for Europe. where he proposed to spend the balance of his days with his relatives. He is, it is stated, completely ruined.

2. October 2, 1879 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, October 2, 1879

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Article Text

THE CHARLESTON FAILURES.-A telegram from Charleston to the New York Her. ald says: "The failure of James Adger & Co. and tl:e consequent suspension of J. Adger & Co, and George II. Walter & Co., will cause great hardships to many individuals who banked with them, and already a number of small houses have come to grief. No statements have yet been made by the suspended firms as to their liabilities or assets, but the commercial agencies estimate the liabilities at $2,000,000. The Union Bank of Charleston, and the Germania Savings Bank have lost nothing, but the South Carolina Loan and Trust Company is stated to have lost $49,000, and a run on its savings department this morning has compelled it to take advantage of the sixty days' notice rule. The following are the losses as stated 80 far: Peaple's National Bank, $30,000; First National Bank about $20,000; W. B. Smith & Co., cotton merchants and bankers, $30,000, and J. Harbe son, retail drv goods dealer, $32,000. Mr. Harbeson had just retired from business and had just left for Europe, where he proposed to spend the balance of his days with his relatives. He is, it is stated, completely ruined."