19943. James Adger & Co. (Charleston, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 19, 1879
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
31c9d444

Response Measures

None

Description

Multiple contemporary dispatches (Sept 19–20, 1879) announce the suspension/failure of the banking and exchange house James Adger & Co.; reports describe large liabilities, a creditors' meeting, and an assignment of the firm to act for creditors (Nov. reports). No article describes a depositor run on James Adger & Co.; causes are losses on advances and failures of correspondent/local firms and cotton factors. Classified as suspension leading to permanent closure/assignment.

Events (4)
1. September 19, 1879 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses from advances to cotton factors and prior failures (e.g., James T. Dill, Reeder & Davis, W. A. Boyle, J. R. Pringle & Co.) and the failure of George H. Walter & Co. precipitated the suspension; liabilities reported large (about $1.6M–$2M).
Newspaper Excerpt
Commercial circles here are much agitated to-day by the announcement of the suspension of the banking and exchange house of James Adger & Co.
Source
newspapers
2. September 20, 1879 Other
Newspaper Excerpt
The failure of James Adger & Co. and the consequent suspension of J. Adger & Co. and George H. Walter & Co. will cause great hardships... commercial agencies estimate the liabilities at $2,000,000.
Source
newspapers
3. November 11, 1879 Other
Newspaper Excerpt
An assigment was necessary ... the bank accordingly assigned to Ellison A. Smythe ... a statement to the creditors; liabilities of the banking house are $1,640,735.20 (report by investigator).
Source
newspapers
4. November 11, 1879 Receivership
Newspaper Excerpt
An assignment was necessary ... the bank accordingly assigned to Ellison A. Smythe ... and the report to the creditors shows liabilities and assets; indicates winding up under creditors' agent.
Source
newspapers

Newspaper Articles (16)
1. September 20, 1879 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 20, 1879

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MINOR TELEGRAMS. The Revere Hotel and several other buildings at Workdale, Ont,, are burned. The post office department will issue three new stamps of denominations 10, 30 and 50 cents. The National Hotel at Kingston, Ont., was burnt yesterday. Loss, $10,000. Incendiary. Two attempts were made to destroy it the past two weeks. The city of Brooklyn, N. Y., has over $11,000,000 of unpaid taxes and assessments. Her tax rate is increasing, and several thousands of pieces of property are virtually confiscated through the inability of the owners to meet the demands upon them. Assistant Postmaster Beattie of Richmond, Va., was seriously burned about the face Thursday by the explosion of percussion caps in a package which he was stamping. The matter will be investigated. Brig Woodcock arrived at Halifax, N. S., yesterday from Porto Rico, and reports that three seamen died from yellow fever. Evan Morris, the oarsman, left Halifax, N. S., Thursday night for home. Previous to his departure he was presented with a purse of $250 by friends there. The establishment of an endowment benefit organization was authorized by the Grand Lodge, I. O. O.F., yesterday, under certain restrictions. The New Hampshire state fair at Dover closed yesterday. The attendance was not large. Nearly all the exhibits were removed and the only attraction was the races. Thirty-five firemen recently discharged by the new Democratic fire commissioners of Brooklyn, N. Y., have filed suits against each commissioner for removing them without preferring and proving charges as required by law. Wm. Miller challenges McLaughlin, McMahon, Dufur, James Owens and Wm. Moldoon to a wrestling match for $500 against their $300. The hull and machinery of the steamer State of Virginia, wrecked on Sable Island has been sold at auction. It realized $405. Jacob Irwin and James Hazel of Fort Smith, Ka., suspected of extensive larcenies, were waylaid and killed by unknown parties. yesterday. The assay office in New York yesterday paid $410,300 in gold coin to bankers. One hundred thousand tons of Scranton coal will be sold next Wednesday. Much agitation has been caused in the commercial circles of Charleston, S. C., by the suspension of the banking house of James Adger & Co.

2. September 20, 1879 Daily Globe Saint Paul, MN
Article from Daily Globe, September 20, 1879

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Failures at Charleston, S. C. CHARLESTON, Sept. 19.-Commercial circles here are much agitated to-day by the announcement of the suspension of the banking and exchange house of James Adger & Co. No statement is yet made of the liabilities, which are reported to be large. J. E. Adger & Co., wholesale hardware dealers, also suspended payment to-day. They are involved as endorsers on the paper of James Adger & Co.: It is doubtful whether either house will resume. Gothwalter & Co., cotton factors, suspended yesterday, and their failure precipitated that of Jas. Adger & Co.

3. September 20, 1879 Evening Star Washington, DC
Article from Evening Star, September 20, 1879

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THE FEVER-Twelve cases of yellow fever in all were reported at Memphis yesterday, ten white and two colored. There were seven deatbs, three colored. Four new cases and one death are reported at Concordia, Miss. The attorney general of Tennessee has given his opinion sustaining the action of the state board of health in enacting a rule that "no lint or seed cotton will be allowed to enter Memphis during the epidemic." The mercury in Memphis yesterday ranged between 63 and 77. FAILURES IN CHARLESTON.-Commercial circles in Charleston, S. C., were agitated yesterday by the suspension of the banking and exchange house of James Adger & Co. The liabilities are reported to be large. J. E. Adger & Co., wholesale hardware dealers, also suspended. They are involved as endorser. on the paper of James Adger & Co. It is doubtful whether either house will resume. George H. Walter & Co., cotton factors, Charleston, suspended Thursday, and their failure precipitated that of James Adger & Co.

4. September 20, 1879 Wheeling Register Wheeling, WV
Article from Wheeling Register, September 20, 1879

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At Charleston. S. C. CHARLESTON, S. C., September 19.Commercial circles here are much agitated to-day by the announcement of the suspension of the bankingexchange house of James Adger & Co. No statement has yet been made of the liabilities, which are reported to be large. J. E. Adger & Co., wholesale hardware dealers, also suspended payment to. day. They are involved as endorsers It on the psper of James Adger & Co. is doubtful whether either house will resume. Geo. H. Walter & Co., cotton dealers, suspended yesterday, and their failure precipitated that of James Adger & Co.

5. September 20, 1879 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1879

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FAILURES IN THE CITY OF CHARLESTON. CHARLESTON, S. C., Sept. 19.-Commercial circles here are much agitated to-day by the announcement of the suspension of the banking and exchange house of James Adger & Co. J.E. Adger & Co., wholesale hardware dealers, also suspended payment to-day. They are involved as indorsers. It is doubtful whether either house will resume. George H. Walter & Co., cotton factors, suspended yesterday, and their failure precipitated that of James Adger & Co.

6. September 20, 1879 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 20, 1879

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Heavy Failures in Charleston, S.C. CHARLESTON, S. c., September 19.-Commercial circles here were much agitated today by the annonncement of the suspension of the banking exchange house of James Adger & Co. No statement has vet been made of the liabilities, which are reported to be large. J. E. Adger & Co., wholesale bardware dealers, also suspended payment to-day. They are involved as endorsers on the paper of James Adger & Co. It is doubtful whether either house will resume. George H. Walter & Co., cotton factors, suspended yesterday, and their failure yesterday precipitated that of James Adger & Co,

7. September 20, 1879 The New York Herald New York, NY
Article from The New York Herald, September 20, 1879

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WILL THEY RESUME? THREE LARGE BUSINESS HOUSES SUSPEND IN CHARLESTON, S. C.-THEIR SITUATION UNKNOWN. [BY TELEGRAPH TO THE HERALD. ] CHARLESTON, Sept. 19, 1879. The large banking and exchange house of James Adger & Co. suspended payment yesterday and it is feared they will not be able to resume. There is no statement out yet of either their assets or liabilities, and it is impossible to gain any correct idea of their exact situation. They are acting under the advice of their counsel, who are busily engaged in making up a statement, which will be submitted to a meeting of their creditors as early as possible. J. E. Adger & Co., wholesale and retail hardware dealers, also suspended payment to-day, and their resumption is uncertain. Their suspension was caused by that of James Adger & Co., for whom they were accommodation indorsers to a large extent, The amount of their liabilities or assets cannot as yet be correctly ascertained. George H. Waiter & Co., a large cotton house, also suspended payment to-day. They had been for a long time, it is stated, backed entirely by James Adger & Co., and it was their paper which the latter firm allowed to go to protest yesterday. Walter & Co. state that they will in all probability be able to resume, but others think differently. CAUSES OF THE TROUBLE. The causes which led to the failure of James Adger & Co. are numerous and complicated, but it is generally believed that the main cause has been heavy losses sustained by them by the failure of James T. Dill, Reeder & Davis, W. A. Boyle and J. R. Pringle & Co., a year or two back, and which they have been struggling under ever since. The crash came very unexpectedly and, it is feared, will seriously affect several smaller houses, and possibly a couple of national banks of this city.

8. September 21, 1879 The New York Herald New York, NY
Article from The New York Herald, September 21, 1879

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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.

9. September 25, 1879 The Anderson Intelligencer Anderson, SC
Article from The Anderson Intelligencer, September 25, 1879

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During the past week severe financial reverses have befallen prominent capitalists in Charleston. The banking house of James Adger & Co., has failed with liabilities reaching two million dollars, and by its failure has involved the firm of J. E. Adger & Co., dealers in hardware, &c., to such an extent as to necessitate a suspension of their business, besides one or two smaller business houses. These disasters have produced a shock to the business of Charleston not equalled by anything there since the panic of 1873. The bouses involved in these troubles are all composed of excellent gentlemen, whose reverses will be everywhere regretted, not only on account of the injury to business which will result from it, but also on account of the losses which the individual members of the several firms have sustained.

10. September 25, 1879 The Anderson Intelligencer Anderson, SC
Article from The Anderson Intelligencer, September 25, 1879

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During the past week severe financial reverses have befallen prominent capitalists in Charleston. The banking house of James Adger & Co., has failed with liabilities reaching two million dollars, and by its failure has involved the firm of J. E. Adger & Co., dealers in hardware, &c., to such an extent as to necessitate a suspension of their business, besides one or two smaller business houses. These disasters have produced a shock to the business of Charleston not equalled by anything there since the panic of 1873. The houses involved in these troubles are all composed of excellent gentlemen, whose reverses will be everywhere regretted, not only on account of the injury to business which will result from it, but also on account of the losses which the individual members of the several firms have sustained.

11. September 25, 1879 River Falls Journal River Falls, WI
Article from River Falls Journal, September 25, 1879

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MISCELLANEOUS. Three thousand persons are now utterly destitute in Middlesboro, England A Paris dispatch says the crop of France is bad in quality and deficient in quantity. The strike of colliers in Staffordshire has been ended by the masters yielding to heir demands. .Of the bullion withdrawn from the bank of England the 22d inst., £100,000 was for shipment to New York. Advices from South Africa state that King Cetewayo has been captured by an Eng lish squadroon of dragoons. The suspension of the banking house of James Adger & Co, of Charleston, 8. C,, is announced. Liabilities large. Five hundred dollars have been sent to

12. September 25, 1879 Stevens County Tribune Morris, MN
Article from Stevens County Tribune, September 25, 1879

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MISCELLANEOUS. Three thousand persons are now utterly destitute in Middlesboro, England The Fair in Peoria, Ill., will be opened September 22d by President Hayes. Advices from South Africa state that King Cetewayo has been captured by an English squadroon of dragoons. The suspension of the banking house of James Adger & Co, of Charleston, S. C., is announced. Liabilities large. Five hundred dollars have been sent to the yellow fever suffers in Memphis by the grand body of Odd Fellows of Illinois. Sir Garnet Wolseley telegraphs from South Africa that all important Zulu chiefs have now submitted to the British authorities. It is now believed by many well informed persons on the ground, that the Ameer's complicity with the massacre at Cabul is unquestionable. The bullion fund at the New York assay office has been further increased by the transfer to the office of another million dollars in gold to facilitate exchange. On account of the large accumulation of gold coin in the treasury, arrangements will soon be made to exchange gold and silver coin for United States notes at the several sub-treasuries where convenient. 1 Between the 1st and the 18th of the present month of September, 1,354,890 standard silver dollars were paid out by the treasurer of the United States. During that time 977,824 silver dollars were returned to the treasury, leaving the balance of 377,066 put in circulation. As there is an average of over 2,000,000 silver dollars coined each month, it will be seen that coins are accumulating much more rapidly than they can be gotten rid of. At Detroit, Mich., September 17th, the Catholic Total Abstinence Union of America opened its ninth annual convention at the Young Men's Catholic institute. About flfty delegates were presentrepresenting over 500 societies and a membership of 100,000. The delegates attended high mass at St. Aloysius' cathedral. The address of welcome was delivered by Rev. Father Walsh. A letter from Pope Leo XIII. was read granting great spir itual privileges to the members. Also, letters of encouragement from various ecclesiastical celebrities throughout the country. Reports of officers were read which showed a favorable condition of the union. The Londod Times says the extraordinary controversy now alarming Europe on the supposed misunderstanding between Gorschakoff and Bismarck shows what dangerous stuff is all around us. A ring of interested speculators in collusion seems to have half persuaded the illustrious statesmen, the greatness of one mighty empire is incompatible with the greatness of the other. For the Russian and German nations at present the difficulty appears to be to manufacture reasons for flying at each other's throat. Their interests are in no respect opposed. Neither OWN t erritory coveted by the other. We believe much of this flourishing of swords will be found to be merely the exercise of fencing schools, but it is time the masters came forward ard reassure mistrustful Europe. Indian officials telegraph further details of the attack on the British residency at Cabul. It IS related by a trooper who escaped that when the mutinous troops were making an outery for their pay a soldier shouted, "Let us kill the envoy and then the ameer." The mutineers then rushed upon the embassy and stoned some of the servants. The troops composing the escort of the embassy fired upon the mutineers without orders from the British officers. The mutineers then went for their weapons. They were absent about a quarter of an hour, during which time the British officers might have escaped. The residency was defended from the windows and from a trench made on the outside with a mud roof. The letter sent by the escaped trooper was from Lieut. Hamilton, promising the mutineers six months' pay. It was sent at 3 in the afternoon, when the mutineers were already on the roof of the residency which was being set on fire. The bearer of the letter was thrown from the roof and made insensible. When he recovered, he was brought before Gen. Kherim Khan, commander of the mutineer's brigade, who said he was powerless against the mutineers, and ordered the trooper to be imprisoned. On revisiting the residency the escaped trooper saw the bodies of Lieut. Hamilton and Jenkins stripped and cut pieces to

13. September 26, 1879 The Weekly Union Times Union, SC
Article from The Weekly Union Times, September 26, 1879

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agitated to-day by the announcement of the suspension of the banking and exchange house of James Adger & Co. No statement has yet been made of the liabilities, which are repórted to be large. J. E. Adger & Co., wholesale hardware dealers, also suspended payment to-day.-They are involved as indorsers on the paper of James Adger & Co. It is doubtful whether either house will resume. Walter & Co., cotton factors, suspended yesterday, and their failure precipitated that of James Adger & Co. The People's Bank Drawn into the Vortex.Charleston, S. C., September 20.-There is no authentic statement yet of the liabilities of James Adger & Co. They are currently reported to be nearly $2,000,000. The People's Bank, which is one of the losers, made an assignment to-day and will wind up. This is a State bank, distinct from the People's National Bank, which is not affected. The books of the bank show that its assets are $40,000 above all its liabilities, and upon their showing Mr. Lengnick, the President, states very positively that the assets of the bank are ample to pay every dollar of its liability, and that depositors need feel no uneasiness. The savings department, which is specially secured. will, he thinks, be able to pay every dollar of its liability by the first of Janury next. GOLD FOR THE MILLIOx.-Washington, September 19.-The Secretary of the treasury issued to -day a circular authorizing the treasurer of the United States and the assistant treasurers at Boston, New York, Philadelphia, Baltimore, Cincinnatti, Chicago, St. Louis, New Orleans and San Francisco, to pay out gold coin, as well as silver coin and notes, upon current obligations of the Government, and upon advances to disbursing officers as may be convenient and practicable. Transfers of coin for this purpose will be made to any assistant treasurer, when neces. sary, by the treasurer of the United States. Upon application to the treasurer of the United States in this city, and upon receipt by him of n certificate of deposit issued by United States assistant treasurer in New York, stating that there has been deposited with him legal tender notes in the sum of D. hundred dollars, or multiples thereof, he will also cause to be shipped from the mint at Philadelphia to the depositor at his risk and expense the like amount of coin. The exchange of gold coin for United States notes at other sub-treasury offices than New York, appears to be provided by Section 3,651 Revised Statutes, but it is believed that payments of coin, as above authorized, will enable persons to secure all that may be desired. THE NEEDS OF MEMPHIS.-New York. September 19.-Mr. Langstaff in his appeal for funds for the work of the Howards at Memphis says "The amount required to provision those living in camps who cannot return to their homes 1111til the epidemic ceases, will not be less than $100,000. The amount required to continue the work of the association cannot be definitely estimated. We believe that about 60,000 will be needed. GEORGIA'S COMPTROLLER FOUND GUILTY.Atlanta, Ga., September 18.-The court of impeachment has declared the Comptroller guilty and refused to remove the clause disqualifying him from hereafter holding office. Sentence will be pronounced to-morrow. ACCIDENTAL FIRE.-The house of Mrs. Mary Kibler, near Pomaria, together with the kitcken and furniture, was destroyed by fire on Tuesday night. Nothing saved. Loss $8,000. Accidental. EGYPTIAN COTTON TURNING OUT WHLL.-London, September 20.-The Times says the news concerning the Egyptian cotton crop continues very good. and a large vield is expected. The

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

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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."

15. November 11, 1879 New-York Tribune New York, NY
Article from New-York Tribune, November 11, 1879

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BUSINESS INTERESTS. FAILING WITH HEAVY DEBTS-EMBARRASSMENTS OF TWO LARGE FIRMS IN CHARLESTON AND CHICAGO. The failure of J. E. Adger & Co., hardware merchants, and James Adger & Co., bankers, of Charleston, S. C., has occasioned considerable agitation in hardware and commercial circles here. James H. Goldey, actuary of the New-York Hardware Board of Trade, was sent to Charleston to investigate the condition of the suspended firms, and he returned yesterday. His report to the creditors shows that the two firms were closely connected, J. E. Adger being a partner in both houses. The failure of the banking house was the result of losses to the amount of $1,000,000 sustained by making advances to cotton factors. The firm had two large piers, on which offices were built, which were rented to the cotton factors. The failure of the bank caused the failure of the hardware house, which was established in 1802 by the father of the present owners of both houses. The liabilities of the bank are $1,640,735 20. The liabilities of the hardware firm amount to $380,000. of which $240,000 are indorse. ments of James Adger & Co.; $70,000 borrowed capital belonging to children of the Adger's, and $27.000 special deposits. The assets are nominally $209,2181 13, of waleh $135,118 32 are considered good. The special deposits are preferred to be paid in full, and the merchandise and capital stock creditors will be paid #2 for every $1 paid on the indorsement liabilities. An ass gitment was necessary 10 order to indicate the interest of J. E. Adger: the bank accordingly assigned to Ellison A. Smythe and the hard were firm to J. E. Adger, the senior partner. The New-York creditors showed their confidence in the firm by voting for E. D. Robinson of the hardware house as age nt of the creditors. The affairs of Stettauer Brothers & Co., the suspended dry goods merchants of Chicago, will be discussed at a general meeting of New-York creditors to be held to-day. Messrs. Dunn, or H. B. Claffin Co., Low, of Low, Harriman & Co., Bliss. of Wright, Blise & Fabyan, Traley, of William Shapson's Son & Co., Dumbar, of James L. Little & Co., and Lincom, of E. R. Mudge, Sawyer & Co., creditors of the firm, have returned from Chicago, and the resnit of the investigations of U. C. Burnap. the expert accountant. will be reported to the meeting with a statement by the firm of its condition, From the this ures shown at the Merchants' Club yesterday the statement will show total habitities $1,760,000, of which there are secured $240,000, and unsecured $1,520,000. The assets are about $1,230,000, of which there are outstanding notes and accounts about $425,000; stock, about $700,000; cash, $30,000. and real estate, $75,000. At the meeting a committee will be appointed to consider the reports and statements, and report a basis of settlement.

16. November 11, 1879 The New York Herald New York, NY
Article from The New York Herald, November 11, 1879

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# BUSINESS TROUBLES. Mr. James H. Goldey, actuary of the New York Hardware Board of Trade, has returned from Charleston, S. C., where he went to investigate the failure of J. E. Adger & Co., hardware merchants, and has made a report to the creditors, in which he says:-"There were two firms, J. E. Adger & Co, hardware, and James Adger & Co., bankers, J. E. Adger being a partner in both houses. Mr. Goldey says the liabilities of the banking house are $1,640,735 20 and those of the hardware house $380,000, of which there are special deposits, $27,000; merchandise debts, $43,000; capital borrowed, $70,000; indorsements of James Adger & Co., $240,000. The assets are nominally $209,218 13, of which there are considered good, $135,118 32. Messrs. Bliss (of Wright, Bliss & Fabyan), Dunbar (of James L. Little & Co.), Dunn (of H. B. Claflin & Co.), Praley (of William Simpson's Sons & Co.), Lincoln (of E. R. Mudge, Sawyer & Co), and Low (of Low, Harriman & Co.), creditors of Stettauer Brothers & Co., the suspended dry goods merchants of Chicago, have returned from Chicago, and a general meeting of all the New York creditors will be held here to-day. Johanna Stern, dealer in cigars, made an assignment yesterday to Adolph Levine, with preferences to the amount of $641.