19895. American Savings Bank (Charleston, SC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 5, 1898
Location: Charleston, South Carolina (32.777, -79.931)

Metadata

Model: gpt-5-mini
Short Digest: 7eea9d4e

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Dec 5, 1898) state the American Savings Bank of Charleston was placed in the hands of a receiver (W. M. Connor) at the instance of the Hanover National Bank. No run is described in the articles; the bank was taken into receivership and did not reopen in the coverage. Classified as suspension_closure (suspension by receivership leading to closure).

Events (1)

1. December 5, 1898 Receivership

Newspaper Excerpt: The American Savings Bank of this city was placed in the hands of a receiver today by Judge C. H. Simonton at the instance of the Hanover National Bank. W. M. Connor, late President of the American Bank, was made receiver by the court.
Source: newspapers

Newspaper Articles (11)

1. December 6, 1898 The News & Observer Raleigh, NC

Article from The News & Observer, December 6, 1898

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A CHARLESTON BANK FAILS. American Savings Bank in Hands of a Receiver. Charleston, S. C., Dec. 5.-The American Savings Bank of this city was placed in the hands of a receiver today by Judge C. H. Simonton at the instance of the Hanover National Bank. The latter bank hold notes of the former to the amount of $22,000. W. M. Connor, late President of the American Bank, was made receiver by the court. He said today that he was unable to say at this time what would be the amount either of the assets or the liabilities and he assigned the hard times as the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

2. December 6, 1898 The Times Washington, DC

Article from The Times, December 6, 1898

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A SAVINGS BANK FAILS. A Receiver for the American Institution of Charleston. Charleston, S. C., Dec. 5.-On a bill of complaint brought by the Hanover National Bank of New York Judge Simonton signed an order today appointing W. M. Connor receiver of the American Savings Bank of Charleston. Connor was president of the bank. The New York bank holds notes against the Charleston house amounting to $22,000, and it is claimed that payment could not be had. The bank was not opened for business this morning. President Connor says he is unable to tell how much the bank is in debt. The low price of cotton and the inability to collect outstanding notes is said to be responsible for the failure. The American Bank has a' capital stock of only $15,000, but its deposits amount to fully $113,000.

3. December 6, 1898 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 6, 1898

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TELEGRAPHIC BRIEFS. Isaac B. Potter, president of the League of American Wheelmen, announced that he would not be a candidate for re-election. The transport Minnewaska, with the Two Hundred and Second New York on board, sailed from Savannah for Pinar del Rio. The Merritt Wrecking company in a few days will send to Santiago an expedition to raise the sunken Spanish cruiser Reina Mercedes. At Frankton, Ind., the Commercial block, containing six business houses, and the opera house were destroyed by fire. Newton Wallace was killed and Dan Bradley fatally injured. Loss, $100,000. The American Savings bank of Charleston, S. C., closed its doors, a receivership being forced by the Hanover bank of New York, which holds claims of $22,000. The capital stock of the bank is DWV,000 and its deposits amount to $100,000. Articles of incorporation of the American Linseed company, with an authorized capital stock of $33,500,000, were filed with the secretary of state at Trenton, N. J. One-half of the capital stock is preferred, to bear a dividend of 7 per cent.

4. December 6, 1898 The Houston Daily Post Houston, TX

Article from The Houston Daily Post, December 6, 1898

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DOMESTIC. American Savings bank of Charleston, S. C., fails. The Columbia, S. C., Daily Register has suspended. Three men sentenced for floating $97.000 of fraudulent Creek watrants. Dr. Andrew, superintendent of Chicago's public schools. resigns.

5. December 6, 1898 The Houston Daily Post Houston, TX

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loaded with steel rails, in tow of the Iron Age suck Saturday night in a gale. Loss is $150,000. ST. LOUIS.-Negotiations for a general consolidation of all the street railroads in St. Louis are in progress in this city and New York. Indications of the successful consummation of the deal are strong. LOUISVILLE.-Slmonton. Wilson & Co., doing business under the name of the New Mammoth company, have assigned. Assets and liabilities will approximate $100,000 each. CHICAGO.-As the result of friction between the Chicago board of education and Dr. E. Benjamin Andrew, superintendent of the Chicago public schools. Dr. adrews has tendered his resignation. WASHINGTON.-Senor Don Mateas Romero, Mexican minister to Washington, has informed the state department that his government had determined to advance the Mexican mission here to the rank of of embassy. CHARLESTON. S. C.-The American Savings bank of this city was placed in the hands of a receiver by Judge J. H. Simonton at the instance of the Hanover National bank of New York. The latter holds notes of the former 40 the amount of $22,000. MUSKEGEE I. T.-Judge Springer passed sentence upon three persons convieted of complicity in the floating of over $97,000 of fraudulent warrants of the Cheek Nation

6. December 6, 1898 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, December 6, 1898

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BANK FAILURE IN CHARLESTON. The American Savings Institution in Hands of Receiver. CHARLESTON, S. C., December 5 -The American Savings Bank, of this city, was placed in the hands of a receiver today by Judge C. H. Simonton, at the instance of the Hanover National Bank, of New York. The latter bank holds notes of the former to the amount of $22,000. W. M. Connor, late president of the American Bank, was made receiver by the court. He said to-day that he was unable to say at this time what would be the amount of either the assets or the liabilities, and he asserted that the hard times were the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

7. December 8, 1898 Keowee Courier Walhalla, Pickens, SC

Article from Keowee Courier, December 8, 1898

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NOTES. Interesting Items Shortened Down for the Renders of the Courier. Operatives from Augusta are coming into this State to work in the cotton mills. Dr. II. P. Goodwin, a prominent citizen of Greenville, died Saturday. The Grand Lodge of Maryland has followed Kentucky in refusing to recognize negro Masons. The American Savings Bank of Charleston has gone into the hands of a receiver. New York has had a $1,000,000 Are in her 16-story buildings. It was to high for water to reach. The railroad commission soon expect to reduce the rates on fertilizers and baled cotton. Waller, of Boston. has ridden 314 miles, in 16 hours and ten minutes, without getting off his bicycle. Baltimoro has had a wind and rain storm which is said to have unro fed 800 houses and done other damage in proportion. The northwest has now had its dose of blizzard. Gales have swept over lake Eric, and the country has been generally locked up. The Macoupin county, Illinois, grand jury has indicted Governor Tanner for noglect of duty in connection with tho Virden coal mino riots. Admiral Sampson, in his official report of Santiago operations, sharply rebukes General Shafter for ignoring the navy in the terms of surrender. The flagship New York sailed for Havana last Saturday. The understanding is that Admiral Sampson will go aboard and resume command of the North Atlantic squadron. Senator Hale of Maine, announces that he is opposed to the ratification of that portion of the Spanish-American treaty that provides for the acquisition of tho Philippines by this country. The 10th regiment of United States infantry, now in camp at Huntsville, Ala., has been ordered to proceed to Havana, and will embark by one of the Ward Line steamers at the port of Charleston on next Saturday. The steamship will have to make two trips to carry the regiment with its equipment and supplies. The Greenvillo Court was no farce. The young white men, Greer and Fisher, who had killed a colored man, were sentenced to the penitentiary for soven years. Chaffin, the contractor, who killed Grubo, the architect, was sontonced for life. In the caso of Williams, convicted of murder, sentence was sus. pended, pending a motion for new trial. The Tuskagee Normal and Industrial Instituto, Tuskagee, Alabama, has received four young men from Cuba who have been sent there to take advantage of the offer made by Principal Brooker T. Washington to train a number of young mon and womon of Cuba and Porto Rico for educational service among their people. One student from Porto Rico was recoived some time ago. According to the report of the treasuror of the United States, just out, counterfeiting is largely on the increase, especially in the case of copper and nickle coins. During the year, no less than 69,265 pieces of this character have been detected, chiefly in Boston, Now York and PhiladelThe counterfeiting of smaller coins is phia. attended with considerable profit, and not nearly so much risk as in the case of the larger coins.

8. January 5, 1899 Mexico Weekly Ledger Mexico, MO

Article from Mexico Weekly Ledger, January 5, 1899

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HAPPENINGS OF 1090. A Chronological Array of the Most Prominent Events. STORY OF SPANISH-AMERICAN WAR. Brief Mention of Financial Failures, Startling Catastrophes and Crimes-Necrology of Year - Polities and Sport. BANK FAILURES. Jan. 17-State, Eimwood, III., $60,000. N-National, Paola, Kan., suspended, 31-First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170,000. Mar. 6-Home savings, Sioux City, Is, $60, 000 Benson savings, Waterford, Pa. $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25-Guarantore Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y. $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Vul.20-Coramercial state, Marshalltown, Ia. 21-German savings, Doon. Ia., $59,476. Northern, Lexington, Ky. (suspended). 23-Tawas savings, Tawas City, Mich. (suepended). r Aug. 11-Bank of Waverly, III., $150,000. 27-Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. e 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., lia. bilities, $50,000. o Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tiogs national, of Oswego, N.Y. closed. e 19-First national of Neligh, Neb., liabilities $108,000 German national of Pitts. D burgh, Pa. liabilities, $7,000,000. 21-First national, of Lisbon, 0., capital $50,000-closed; resumed on Nov. 15. 29-Second national, of Springfield, O., goes into liquidation. d Nov. 5-First national, of Flushing, O, suepends. 16-First national, of Emporia, Kan, closed. President suicides an hour later. 28-Bank of Hornersville, N.Y., closes doors with liabilities of $75,000. 30-Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.

9. January 5, 1899 Iron County Register Ironton, MO

Article from Iron County Register, January 5, 1899

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BANK FAILURES. Jan. 17-State, Elmwood, III., $60,000. 24-National, Paola, Kan., suspended. 31-First national, Larimore, N. D., $71,754. Feb. 24-Bank of Southern Baltimore, $170,000. Mar. -Home savings, Sioux City, Ia., $60,000 Benson savings, Waterford, Pa., $40,000. 24-Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25 Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29-Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. 20-Commercial state, Marshalltown, Ia. 21-German savings, Doon, la $59,474 Northern, Lexington, Ky. (suspended). 23-Tawas savings, Tawas City, Mich. (suspended). Aug. 11-Bank of Waverly, III $150,000. 27-Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Ala., bank, $65,000. 26-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. -Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 19-First national of Neligh, Neb., liabiliGerman national of Pitts ties $108,000 burgh, Pa., liabiliteis, $2,000,000. 21-First national, of Lisbon, O., capital $50,000-closed; resumed on Nov. 15. 29 Second national, of Springfield, O., goes into liquidation. Nov. -First national, of Flushing., O., suspends. 16-First national, of Emporia, Kan., closed. 28-Bank of Hornersville, N. Y., closes doors with liabilities of $75,000. 30 Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.

10. January 11, 1899 The Anderson Intelligencer Anderson, SC

Article from The Anderson Intelligencer, January 11, 1899

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STATE The State profitentiary has been directed to may <10 000 into the treasout the 16.5 of James The Chester Reporter statesthat !: E 1' Hatson. of the Smith Car wit presently robbed 15200 The Christian Aivo his time Sambia and will the published by the State Printing Company The will elect it ..! the State Peniten mary on the 17.10 instant. There number of candidates for the posi: 100. List Sunday night the store of Hagonad & (i. at Ensley, was entered by a burglar. who proved to be Wm. :roves a negro. who was soon arrest land committed (1) juit. The bank of Marion. S. C., has round up. It is solvent. with a con siderable amount of undivided profits hand. The stockholders have con cluded to go out of business Chesterfield Court House is probthe only county seat in the State that ably has not a single lawyer living in Hon E J Kennedy was the only one 11. and he died on Christmas day. Adjutant General Floyd announ that John 1. Frost, Jr., of Coees lumbia, will be appointed assistant Adjutant General. Mr. Frost was adjutant and major of the 1st Carolina. The contract has been let for the erection of a new Alammi Hall on the Campus of Farman University at a cost of $15,000. Work is to begin March 1st. It will be a large and commodious two-story building. The Supreme Court in the Lee county case has decided that the commissioners of election had their duties defined and so did the General Assembly. and it was not one of the duties of the General Assembly to declare an election. Governor Ellerbe has received letters - from the clerk of court of Suin- is ter county saying that smallpox prevalent in the Maysville and Lynchburg sections of the county. The die case is confined to the negro farm hands so far. John L. Westmoreland, one of the oldest, most widely known and of most highly respected citizens Greenville county. died Friday night had his home near Locust. If he lived until February 1st he would have been 91 years old. - Capt. O. Barber, the father of Attorney General Barber, died at his home at Richburg on the morning of December 24th, in the 69th year of his age, from the effects of a paralytic stroke which came on him while on his farm the day before. - Judge Brawley has appointed Messrs. James F. Redding and E. Hesse permanent receivers of the American Savings Bank in Charleston. The bank is in a hopeless condition and the depositors will lose heavily. South Carolina should have a bank inspector. - Corones Rivers, of Charleston county, held eight inquests last year. Most of the cases were plain killings, although quite a number of the deaths investigated were the results of accidents. And there was no one sentenced to death in that county last year The worst criminals escaped arrest by flight and concealment. - - C. Q. Feruggs, of Spartanburg, demanded the return of $1,000 worth of liquor seized from him as an original package dealer. He was indicted, but the grand jury found no bill. Mr. Miles recommended the payment of the bill, as the whiskey had been used. The board agreed to pay the original cost of the liquor, about $900. -- The patriotic people of the Cowbattle ground section of this county pens are clearing off the old ground preparatory to celebrating the 119th anniversary of the battle of Cowpers on Tuesday, January 17. They are aiming on that day to take such steps will secure the proper observation of as the day in the future. Col. H.P. Griffith has been requested to address a10 the people on that occasion. All invited, descendants of the Revolution especially.--Caffery Ledger. Col. John l'. Thomas, in his IC- as State historian shows that he port

11. January 12, 1899 The Beaver Herald Beaver, OK

Article from The Beaver Herald, January 12, 1899

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BANK FAILURES. Jan. 17-State, Elmwood, Ill. $60,000. 21-National, Paola, Kan., suspended. 31 - -First national, Larimore, N. D., $71,754. Feb. 24 Bank of Southern Baltimore, $170, 000. Mar. 16-Home savings, Sioux City, Ia. $60.000 Benson savings, Waterford, Pa., $10,000. 24 Bank of Merriam Park, St. Paul, Minn. People's state, Philadelphia, nearly $1,000,000. 25 Guarantors' Finance Co., Philadelphia, $1,047,500. Jun. 7-Delaware national, Delhi, N. Y., $25,000. 29 - -Thomas J. Kirby, private, Abilene, Kan., $283,000. Jul. :20-Commercialstate, Marshalltown, Ia. 21-German savings, Doon, la., $59,474 Northern, Lexington, Ky. (suspended) 23 Tawas savings, Tawas City, Mich. (suspended). Aug. 11-Bank of Waverly, Ill $150,000. 27-Fillmore county, Preston, Minn., $150,000. Sep. 14-D. F. Parsons, private, Burr Oak, Mich., $100,000. 15-Jasper, Aia. bank, $65,000. 26 3-Allegheny, at Clifton Forge, Va., liabilities, $50,000. Oct. 4-Tradesman's national, at New York, $2,000,000 due depositors. Liabilities placed at $3,800,000. 13-Tioga national, of Oswego, N. Y., closed. 10 -First national of Neligh, Neb., liabilities $108,000 German national of Pitts burgh, Pa., liabiliteis, $2,000,000. 21 - -First national, of Lisbon. O., capital $50,000- closed: resumed on Nov. 15. 29 Second national, of Springfield, O., goes into liquidation. Nov. 5 -First national, of Flushing., O., sus pends. -First national, of Emporia, Kan. closed. 28 Bank of Hornersville, N. Y., closes doora with liabilities of $75,000. 30 Second national, of Toledo, O., goes into voluntary liquidation. Dec. 5-American savings, at Charleston, S. C., placed in hands of receiver. Liabilities, $100,000.