17357. Southern States Trust Company (Columbia, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
March 13, 1909
Location
Columbia, South Carolina (34.001, -81.035)

Metadata

Model
gpt-5-mini
Short Digest
9ce9ba326b528cf5

Response Measures

None

Description

No articles describe a depositor run. Coverage shows repeated legal actions seeking receivership (1909 refusal; 1910 show-cause) and culminates in Insurance Commissioner McMaster suspending the company's authority to operate on 1910-04-19. There is mention the company 'would probably liquidate' and be taken over, so sequence is a government suspension leading toward permanent closure/liquidation; no reopening reported.

Events (3)
1. March 13, 1909 Other
Newspaper Excerpt
Judge D. E. Hydrick ... refused to appoint receivers for the Southern States Trust Company ... the concern can keep on doing business.
Source
newspapers
2. March 31, 1910 Receivership
Newspaper Excerpt
The ... Southern States Trust Company ... must show cause on March 31 ... why receivers should not be appointed to take in hand the affairs of this company. Insurance Commissioner McMaster's report ... that the company would probably liquidate on April 1.
Source
newspapers
3. April 19, 1910 Suspension
Cause
Government Action
Cause Details
Insurance Commissioner McMaster suspended the company's authority to operate in the state after a hearing and following a critical report; suspension appears to precede liquidation.
Newspaper Excerpt
The Southern States Trust Company ... had its right to operate in this State suspended this afternoon by Insurance Commissioner McMaster, following a hearing before him today.
Source
newspapers

Newspaper Articles (4)
1. March 17, 1909 The Watchman and Southron Sumter, SC
Article from The Watchman and Southron, March 17, 1909

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Article Text

SOUTHERN STATES TRUST CO. Judge D. E. Hydrick Has Dismissed Receivership Proceedings. Columbia, March 13.-Judge Hydrick in the circuit court yesterday afternoon erfused to appoint receivers for the Southern States Trust Company, a receivership having been asked by W G. Jackson of Chester, one of the holders of bonds in this company. The order of Judge Hydrick was practically upon the ground that the complaint did not allege a sufficient cause of action and that the contract into which the holders of bonds entered was a legal one and must be upheld. In this connection Judge Hydrick remarked that contracts should be upheld by the courts and not dissolved; that if people signed contracts with their eyes shut they should nevertheless be made to abide ky their action. As to the contract with the Southern States Trust Company, entered into by Mr. Jackson and others, there was nothing which rendered the contract illegal and the contract itself appeared to be one which could be carried out all right.

2. March 18, 1909 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, March 18, 1909

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Article Text

IN THE PALMETTO STATE SOME OCCURRENCES OF VARIOUS KINDS IN SOUTH CAROLINA. State News Boiled Down for Quick Rcading-Paragraphs About Men and Happenings. Will Campbell, a negro train hand employed in the Seaboard yards at Greenwood, had his legs cut off while at work in the yards early Wednesday morning, and died several hours later from the effects of his injuries. Young Wade Cothran Pinson, who was convicted of manslaughter in Laurens for the killing of his friend Boyce, was sentenced to serve two years in the penitentiary. His attorneys have appealed to the State Supreme Court. A hearing was had before Judge D. E. Hydrick, in Columbia, last week in the matter of application for a receiver for the Southern States Trust Co., and the judge refused the application. This means that the concern can keep on doing business. There is a movement on foot in Charleston to erect an eight-story office building, to be known as the Peoples National Bank building, this institution occupying the first floor. Mayor Rhett, president of the bank, is pushing the matter. This will no doubt be the tallest building in Charleston. W. P. Meetze, a young white man of Lexington county, was arrested last week on the charge of obtaining money under false pretenses, the charge being brought by a Lexington bank. He was released upon paying the amount of the transaction, and in this it seems that the bank was compounding a felony. At the recent session of the legislature $7,500 was appropriated for a monument to the women of the Confederacy, this amount to be available when a like amount had been contributed by the citizens of the State, thus making the monument cost $15,000. The State newspaper has begun the raising of this $7,500, itself heading the list with $100.

3. March 24, 1910 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, March 24, 1910

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Article Text

MOTION FOR RECEIVERSHIP. Southern States Trust Company Re. quired to Show Cause. Columbia. March 21.-The illfated Southern States Trust Company, of this city, must show cause on March 31, before Judge Prince, why receivers should not be appointed to take in hand the affairs of this company. An order to this effect was obtained to-day by Attorney Alva M. Lumpkin, of Columbia, from Judge Prince, who is now presiding over the spring term of Court here. Only a few days ago this company, following an investigation by the insurance commissioner, was the subject of a special report by Insurance Commissioner McMaster. It was along the lines of the facts pointed out by the commissioner in regard to the company's atfairs that the motion for receivers was made this afternoon. It was stated in Mr. McMaster's report that the company would probably liquidate on April 1, and that the present concern would be taken over by the Barrett Invesment Company, of Atlanta. Mr. Chariton Barrett, prestdent of the Southern States Trust Company, has within the past year moved to Atlanta and organized the new company, which it is understood. has holdings now in the Southern States Company. The effect of Insurance Commissioner McMaster's report was to stop the company from doing business, and it is to show cause within thirty days why this should not be made permanent. The new order received to-day will bring up the question of receiver ship. This is the second effort in the Richland Courts to have receivers appointed for this company. When the matter came up before the prosiding judge stated that inasmuch as people wanted to make contracts with their eyes open as to the proposition, unless some very good reason were shown, he would not stop the company from doing business. Up in Spartanburg also the Southern States Trust Company was in the Courts. It was pointed out in the insurance commissioner's report that few loans were had, and that Mr. Barrett himself had borrowed about $4,000 from the company.

4. April 23, 1910 The Watchman and Southron Sumter, SC
Article from The Watchman and Southron, April 23, 1910

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Article Text

McMASTER SUSPENDS AUTHOR. ITY. Columbia, April 19.-The Southern States Trust Company, once a corporation of this city, engaged in the investment business, had its right to operate in this State suspended this afternoon by Insurance Commissioner McMaster, following a hearing before him today.