19861. Beaufort Bank (Beaufort, SC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 12, 1926
Location: Beaufort, South Carolina (32.432, -80.670)

Metadata

Model: gpt-5-mini
Short Digest: e8fd4e41

Response Measures

None

Description

Articles report the Beaufort Bank suspended operations on July 12, 1926 after loans were called by New York capitalists; receivers were appointed and the bank was liquidated. There is no clear contemporaneous description of a depositor run, so this is classified as a suspension leading to permanent closure/receivership. Bank type not explicitly stated in the articles.

Events (4)

1. July 12, 1926 Suspension

Cause: Correspondent
Cause Details: Loans were called by New York capitalists (withdrawal/call of correspondent credit)
Newspaper Excerpt: The Beaufort Bank and the Bank of Yemassee... failed to open their doors this morning, following a decision of officials last night to suspend business. The cause of the institution's failure is said to have been the calling of loans by New York capitalists.
Source: newspapers

2. August 14, 1926 Receivership

Newspaper Excerpt: RECEIVERS NAMED FOR FOUR BANKS. Beaufort Bank and Affiliated Institutions to Be Liquidated. ... For some weeks Mr Bradley, examiner, has been auditing the affairs of the Beaufort bank ... associated constitute ... for the immediate ... has ... (receivers appointed).
Source: newspapers

3. November 7, 1927 Receivership

Newspaper Excerpt: Under and by virtue of an order ... will sell at public auction at the Beaufort Bank ... THOMAS, Receiver of Beaufort Bank.
Source: newspapers

4. November 7, 1929 Other

Newspaper Excerpt: Thomas Files His Petition Showing His Third Year Work as Receiver ... W. J. Thomas, as Receiver of the Beaufort Bank ... filed with the clerk of court his petition setting forth his third year's work ... reports show in detail all of the money that has come into the receiver's hands since his appointment.
Source: newspapers

Newspaper Articles (9)

1. July 12, 1926 Evening Star Washington, DC

Article from Evening Star, July 12, 1926

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Article Text

TWO BANKS CLOSE. Beaufort, S. C., Institutions Forced to Suspend by Loan Calls. BEAUFORT, S. C., July 12 (A).The Beaufort Bank and the Bank of Yemassee, the latter a branch of the former, failed to open their doors this morning. following a decision of officials last night to suspend business. The cause of the institution's failure is said to have been the calling. of loans by New York capitalists. The banking concern was capitalized at $200,000 and its last statement showed assets at over $2,000,000.

2. August 14, 1926 The State Columbia, SC

Article from The State, August 14, 1926

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Article Text

RECEIVERS NAMED FOR FOUR BANKS Beaufort Bank and Affiliated Institutions to Be Liquidated. The Beaufort closed the hands the W. Brad bank the upon of the state bank Hanna Bank of Bank of Hampton, Fred W Light For some weeks." Mr Bradley examiner's has been tion the affairs Beaufort bank All the the which the and associated constitute : auditing the that he has of for the immediate the has

3. October 13, 1927 The Beaufort Gazette Beaufort, SC

Article from The Beaufort Gazette, October 13, 1927

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Article Text

In Court of Common Pleas. Ex Parte: W. Thomas, as Receiver of Beaufort Bank, Petitioner, In W. Bradley, as State Bank Examiner, Plaintiff, Beaufort Bank, Defendant. Under and by virtue of an order of His Honor M. P. Howell, Special Judge presiding in the Fourteenth Judicial Circuit of South Carolina, will sell at public auction at the Beaufort Bank, Beaufort, South Carolina, during the legal hours of sale on Monday, November 7th, 1927, all of the furniture and movable equipment now in the said Beaufort Bank Building, including the safe, lock boxes, to the highest bona fide bidder for cash. hereby reserve the right to reject any and all* bids at said sale. THOMAS, Receiver of Beaufort Bank.

4. November 29, 1927 The Herald Rock Hill, SC

Article from The Herald, November 29, 1927

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Of Venue Change Granted Bankers Beaufort, Nov. sessions opened here yesgeneral with Judge DeVore terday number of presiding. large and witattorneys On motion nesses were present. Col. Edgar Brown of counsel the defendants in the various for cases the state Richardson, Jay, and H. Macklin Horne, for change of venue and the testimony pro and hearing reading of affidavits, Judge DeVore removed the trial of the cases from Beaufort Jasper county. The entire day consumed discussion the These cases the failure the Beaufort bank. The highest wind speed corded during typhoon Hong Kong. The speed hour.

5. January 10, 1928 The Columbia Record Columbia, SC

Article from The Columbia Record, January 10, 1928

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ARNOLD RELATES LOSS $1,000,000 BY CREDIT BANK President of Institution on Stand in Beaufort Bank Case DIDN'T KNOW PAPER BAD Total of $1,179,000 Charged to Protect Bank Declaring that he did not know the failure the Beaufort bank that the Federal Intermediate Credit bank Columbia had in possession approximately paper of the Beaufort bank the olina company Arnold, of the Columbia of the sysrecited the morning of federal court here today the in connection with the failure of the Beaufort inas outlined him W. president of the defunct Beaufort The timony introduced by the ernment connection the action brought the United for the trict South Carolina result alleged the officers of the the and Credit Credit Bank Coamount total of was old. but there portion this and the final loss may not exceed After the failure of the Beau. fort bank, said he asked bank, what become the bank went was the reply given by Richradson. "Then bank Arnold asked Richardson. hasn't that question testified Arnold. Arnold testified that the loss of the Federal Intermediate Credit bank occasioned by the fact that upon reports furnished by tions for loans the bank. which curred the failure the Beaufort that Beaufort bank in danger June 20 When heard met the Francis rion hotel in Charleston and asked him about some matters. Another conference was held at Yemassee June 23. Bell. the Credit to Beaufort Richardson Other ficials of Credit to away avoid the there the asked the money He told me had received the operative Marketing association should approximately which had been for vanced growing harvesting the crops and that the he told would be available when the produce sold asked him the Beaufort bank for bank. me that bank couldn't honor could securities for the amount would be sent direct to the Inter"Richardson Bell went Beaufort get on to Columbia The lowing day humbia with Bell. and told me account drafts being turned down in New York. 'ticklish (Continued on Page Three)

6. February 4, 1928 The Watchman and Southron Sumter, SC

Article from The Watchman and Southron, February 4, 1928

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BEAUFORT CONTINUES Richardson of funct Bank Testifies That Credit Bank Officers Knew Conditions the effect that president, H. Daniel, manager the Federal Intermediate Credit Bank revealed the and which loans farmers Beau fort county the condition the Beaufort bank because of the fact that the institution could longer suffer losses crop conditions inability farm repay latter institution loans advanced in previous years. submitted by Richard former president of the Beau fort bank and officer of the South Agricultural company, took witness stand today in the conspiracy case Richardson one or defendants Richardson branded ab falsehood, the portion of previously by Arnold stated Richardson had told him that he had gotten his knees and prayed to show him to raise which the farmers of the county be abled to on erations, and that God had ed to that could be procured the Federal Inter mediate Credit that good would do the community than offset the harm that would result. added the only guidance he had was the advice of Arnold and H Dan the credit bank Richardson also denied mony previously offered by Thomas, former president of the Beaufort bank and receiver for South Carolina Agricultur Credit company The portion Thomas by Richardson regarding his fusal, while audit of the bank by Thomas while Thomas president, resignation president, Thomas claimon Richtoward the audit, and Thomas denial that he had elected chairman of board directors after his resignation president Richardson traced the growth of South Carolina Agricultural Credit company from its tion until failure the Beaubank, and told arrangements made with Arnold and Danof the Federal Intermediate Credit bank by which, after disastrous when funds the Beaufort bank had been absorbed by losses paid the bank accounts of farmers unsuccessful farming Arnold agreed and quired past loans be paid from filed credit for rediscount before the loans obtained to tically all the the credit by bank Losses the bank from season He claimed that credit bank had knowledge of this In the losses of the Benufort bank mounted to approximately notes not paid and the credit company could pay loans made the credit Richardson testified that when he informed Arnold that the Beaubank had absorbed the losses said Arriold told that he surmised much August and the credit company defendant the Columbia conference the discussing that was same the added that nold told them the bank would be and the notes would have the only thing could do would file tions for loans made payment agreed went Beaufort left original applica court and filed the credit bank which were amount or loans certain past 550 was cited Arnold attention The passed the approval board and notes transactions Arnold plans would He

7. February 14, 1928 The State Columbia, SC

Article from The State, February 14, 1928

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CHARGING JURY BEAUFORT CASE Cochran to Continue Instructions Today. LONGEST OF TRIALS New Record for Length Set Up for This Court. Judge Ernest F. Cochran yesterday charged the jury for two hours and half and will conclude this morning trial in federal court of W. Richardson, Horne, Macklin, Miss Beulah Harvey, Bryan, R. and H. Bowers charges of to violate the federal farm loan connecwith the failure the Beaufort bank and the South Carolina Agri-

8. March 12, 1929 The Columbia Record Columbia, SC

Article from The Columbia Record, March 12, 1929

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MEETING OPENS TONIGHT Greenwood Entertains State Former Head of Land Bank in to Last Columbia Testifies in Through Thursday Beaufort Case GREENWOOD S. March arriving here today for the thirty-third annual conference of the South Carolina Society of the Daughters of the American Revolution, which convenes tonight. This afternoon, committees and the Tamassee board will meet. Conference sessions, beginning tomorrow, will be held three times daily through Thursday, with Oscar K. Mauldin, of Greenville, state gent. presiding. Wednesday, the delegates will visit Old Star Fort, near NinetySix, will guests UnitDaughters of the Confederacy at a Delegates and regents from the three local chapters are leaving Tuesday wheer they will attend the state conference held Tuesday, Wednesday Thursday this week. Among the Columbia R. ing Tuesday afternoon for the conference the Ann Pamela Cuningham chapMrs. Wilmot regent; Mrs. Wyatt Taylor and Mrs. Robb, delegates. William Capers chapter: Mrs. Clarendon regent: Mrs James Mrs. James Ravenel and Mrs. Edwin Muller, Columbia chapter: Mrs. John Lillard, regent; Mrs. Riser, Mrs. Madden and Miss Mary Evans of Edgefield, delegates Others going from Columbia are Mrs. B. Sylvan, state publicity chairman: Mrs. Parman, John ter, secretary Mrs. B. Burney, vice president general. Incidents which led the closing the Beaufort bank and othallied institutions the morning session of federal court Columbia Tuesday by H. Arnold, former president Federal Intermediate Credit Bank of Columbia in the trial of W. Richardson, Horne, and Miss Beulah B. Harvey, who are leged to have obtained funds from means of false financial statements. June, 1926, prior to the failure the same year, Mr. Arnold testified that Richardson his office in Columbia and told him that could placed in the Beaufort bank, institution would have be closed. Arnold testified that he told Richardson that the federal bank could not furnish the funds unless federal land bank bonds collateral Unable produce the collateral. Richardson to New York and returned with B. Macklin, commission merchant, who later returned to New York for the purof raising the Mackpose lin failed produce, and when Arnold saw that the could not raised, he told Richardson, testified, that the Beaufort bank would close. this time to the At witness, amount of approximately lent to farmers through the South Carolina Agricultural Credit company, $200,000 had been paid back. and Richardtold him that he had on posit the Beaufort bank for the Beaufort Cooperative the amount of $192,000. and transit Besides this amount other being pressed against the bank Arnold testified that he didn't the statements submitted the bank for discount were false Court recessed 11:30 o'clock in order to allow Edgar counsel for Richardson and Harvey, to attend session the state senate which convened noon. Mr. Brown represents Barnwell county the upper body of the assembly similar will be pursued daily adjournment of the general assembly. Direct examination of Mr. Arnold expected to during the afternoon session. which venes o'clock and continues until

9. November 7, 1929 The Beaufort Gazette Beaufort, SC

Article from The Beaufort Gazette, November 7, 1929

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BANK RECEIVER FILES HIS REPORT Thomas Files His Petition Showing His Third Year Work as Receiver NOW PUBLIC PROPERTY Shows All the Money Taken In by the Receiver and All That Has Been Paid Out Some weeks ago, W. J. Thomas, as Receiver of the Beaufort Bank, and also as Receiver of the Stockholders' Liability Fund of the Beaufort Bank, filed with the clerk of court his petition setting forth his third year's work in each receivership, covering the period from August 12th, 1928, to April 30th, 1929, having previously filed reports showing his actings and doings from the time of his appointment up to August 12th, 1928. With his petition in each receivership is filed an order of the court confirming the doings of Mr. Thomas in each case. Wtih his petition as Receiver of Beaufort Bank, as an exhibit, is filed copy of the report made to him by the auditors who, under order of court, examined the books and affairs of the Beaufort Bank at the time they were turned over to Mr. Thomas as Receiver, which audit shows every account made with the bank, whether loans made, deposits or other accounts. Another exhibit to said petition as Receiver of Beaufort Bank is filed statement showing the details of of the things set forth in the petition in a general way. There is also filed, as an exhibit to the petition, as Receiver of Beaufort Bank, a lengthy statement, containing more than one hundred pages of legal cap paper, showing the amount of each claim against the bank, with the amount of the dividend paid opposite, so that any person can see just what their claim was and the dividend paid on same. These reports show in detail all of the money that has come into the receiver's hands since his appointment, and how every dollar of it has been expended. With the petition of Mr. Thomas as Receiver of the Stockholders' Liability Fund of the Beaufort Bank will be found, as an exhibit, a statement showing the liability of every stockholder in the bank: the amount paid by each stockholder on such liability, and the amount still unpaid by each stockholder. These reports and statement, having been filed in the office of clerk of court, are now public records and to by one who open inspection any really wants to know the truth and details of of the actings and doall ings of Mr. Thomas as Receiver of Beaufort Bank and as Receiver of the Stockholders' Liability Fund of said bank.