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South Carolina. TWO SUSPENSIONS IN CHARLESTON. NEW YORK, Sept. 26. The Peoples' Bank and the South Carolina Loan and Trust Company, in Charleston, have suspended.
19951. Peoples Bank (Charleston, SC)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- September 26, 1873
- Location
- Charleston, South Carolina (32.777, -79.931)
Metadata
- Model
- gpt-5-mini
- Short Digest
a9d60943
Response Measures
None
Description
Multiple contemporary newspapers (dated Sept 26–27, 1873) report the People's/Peoples Bank of South Carolina in Charleston suspended currency payments during the Panic of 1873. Several dispatches describe these suspensions as precautionary or part of widespread partial 30-day suspensions, implying an intent to resume; no article here states a permanent closing or receivership. Classified as suspension_reopening as the most likely outcome given contemporaneous language about temporary/30-day suspensions.
Events (1)
1.
September 26, 1873
Suspension
- Cause
- Macro News
- Cause Details
- Suspension occurred as part of the nationwide financial panic of September 1873 (credit/currency shortage); contemporaneous reports describe partial/30-day precautionary suspensions across many cities.
- Newspaper Excerpt
- CHARLESTON. CHARLESTON, September 26.-The Peoples bank of South Carolina, the Peoples savings bank, and the South Carolina loan and trust company have suspended currency payments.
- Source
- newspapers
Newspaper Articles (10)
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THE FINANCIAL CRISIS, NEW YORK. NEW YORK, September 26.-Twentyfour hours' notice is to be given before the stock exchange opens. The Sun says that Adams express company has carried daily to the interior $1,500,000, and the United States express company has been carrying out about $500,000 daily. NEW ORLEANS. NEW ORLEANS, September 25.-The banking houses have joined in an address giving the reasons for partial suspension of currency payment for thirty days, by which time they think the movement of cotton and sugar will place them in a position to fully resume. Sterling exchange, the usual source of currency, at this moment, is not available except at ruinous rates. Heavy drafts have been made upon them for the usual balances from the west and east, and there is no prospect of their drafts for currency being honored. The banks will pay drafts under one hundred dollars. CHARLESTON. CHARLESTON, September 26.-The Peoples bank of South Carolina, the Peoples savings bank, and the South Carolina loan and trust company have suspended currency payments. The national banks and other state banks pay as usual. NASHVILLE. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over $200. The board of trade approves the action. ATLANTA. ATLANTA, September 26.-A meeting of business men has resolved to assist the banks by free deposits and light drafts. SAVANNAH. SAVANAH, September 26.-In accordance with the resolutions of the chamber of commerce, the banks are certifying checks but withholding currency. CHICAGO. CHICAGO, September 26.-Five national banks have suspended. WASHINGTON. WASHINGTON, September 26.-The following suspensions are announced this morning : Wooten, Webb & Co., Indianapolis ; Krans & Smith, Toledo; Bank of Ansonia, New Hampshire Fant, Washington & Co., of Washington. ENGLAND. LONDON, September 26.-American securities are excited. Large business doing with wide fluctuations and much uneasiness. LATER.-American securities flat and declined heavily. The Daily Telegraph, in an article on the American crisis, savs it cannot be too strongly enforced that there is nothing radically unsound here or in the United States. The great mass of capitalists are not affected by the trouble. The Daily News remarks that in the absence of a system of long credits, the materials for a panic among American trading houses do not exist. It believes that the worst in over. It is said that bullion to the amount of £500,000 sterling will be withdrawn from the bank to be sent to America by next Saturday's steamer.
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NEW ORLEANS. NEW ORLEANS, September 25.-The banking houses have joined in an address giving the reasons for partial suspension of currency payment for thirty days, by which time they think the movement of cotton and sugar will place them in a position to fully resume. Sterling exchange, the usual source of currency, at this moment, is not available except at ruinous rates. Heavy drafts have been made upon them for the usual balances from the west and east, and there is no prospect of their drafts for currency being honored. The banks will pay drafts under one hundred dollars. CHARLESTON. CHARLESTON, September 26.-The Peoples bank of South Carolina, the Peoples savings bank, and the South Carolina loan and trust company have suspended currency payments. The national banks and other state banks pay as usual.
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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.) FINANCIAL AFFAIRS NEW YORK, Sept. 26.-The city is being drawed of money at a pretty lively rate. Since Saturday last out-going monies through Adams express have been about $1,500,000 daily, while that coming in, exclusive of what went to the The Treasury, amounted to about $600,000. United States Company have been sending out from $700,000 to $800.000 a day for several days past, while the receipts through that medium are very small. The National Express Company is carrying away an amount about three times as large as usual at this season of the year, and American Express Company is doing nearly likewise. Hows & Macy, in their circularsent their corthe day they say respondents suspended, into "We shall proceed to convert our assets cash as fast as possible and apply the same to the liquidation of our debts. Iu the meantime we have to ask forbearatice of those to whom we are indebted. All mobies received on and after this date will be held subject to the order of the owners thereof. NEW YORK, Sept. --The Steek Exchange remains closed. NEW YORK, Sept. 26.--Twenty-for hours notice is to be given before the Stock Exchange opens. NEW YORK, Sept. 26.--The committee of seven appointed by the governing committee for the purpose of preparing a plan for clear acing stocks submitted a report to-day. No tion was taken in connection with the report. NEW YORK, Sept. 26.-A special dispatch from Chicago, says the Second and Manufac turers' National banks have closed. LONDON, Sept. 26.-Four hundred and twenty-eight thousand pounds sovereigns and 51,000 gold bars were drawn from the Bank of England to-day for shipment to America. LONDON, Sept. 26-41 p. ---The amount of bullion withdrawn from the Bank of England on balance to-day is £473,000, CHARLESTON, S. C. Sept. 6.-The Peoples' bank of South Carolina, the Peoples' Savings bank and the South Carolina Loan and Trust Company have suspended currency payments. The National banks and other State banks pay as usual. LONDON, Sept. 26. -4:30 P. m.-American securities excited with a large business doing at large fluctuations. There is much uncasiness in the market. LONDON, Sept. 26. -4:45 p. m.-The market for all American securities is flat and prices have declined heavily, NEW YORK, Sept. 26.-A Chicago special says the Cooke County National bank has closed. CHICAGO, Sept. 26. It is just announced that the Union National, Manufacturers National and Second National banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment on aca lack of until it is able to has been lost failcount realize. of Nothing currency from made the safe. ures and the depositors will be LONDON, Sept. 26.--4:30 p. m.--It is begold to lieved that the heavy shipments of America already reported are not made in consepuence of the low nominal rate of exchange, but to settle liabilities the bankers here incurred before the financial troubles in New York began. INDIANAPOLIS Sept. 26. The financial excitement continues, but in a much milder form than heretofore. The Indianapolis clearing house, at a meeting this morning resolved to adopt for two days substantially the same plan adopted in New York, Chicago and Cincinnati. It is hoped that by that time confidence will be fully restored. The run still continues 00 Ritizinger's bank. The depositors are mostly Germans and their claims are being paid in full as fast as presented. No doubt exist as to the ability of the bank to promptly meet all demands. NEW YORK. Sept. 26.-Several parties are short of gold and refuse to pay 1 per cent. for borrowing. Consequently there is a hitch in the clearance of gold at the Gold Exchange Bank. CHICAGO, Sept. 26.--Dispatches from the best informed sources received at the office of the Associated Press, in this city, from most of the principal cities in Lilicois and Iowa, in reference to the present financial troubles in the East, concur in saying that the action of the Chicago banks in following the course of the New York banks in suspending payment of large sums of currency is almost universally sustained and commend ed by the bankers and business men as wise and timely and calculated to arrest the panic and pave a way to relief from the present difficulties.
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FINANCIAL AND COMMERCIAL. PUBLIC LEDGER OFFICE, } MEMPHIS. TENN.. September 26, 1873. MONEY. NEW YORK, September 26.-The stock exchange remains closed. Twenty-four hours' notice will be given before reopening. The People's Bank and South Carolina Trust Company, of Charleston, have suspended. The Second Manufacturers' National Bank, of Chicago, has closed. The Chicago City National Bank of Commerce and the Cook County National Bank have closed. LONDON, September 26.-£428,000 in sovereigns and £51,000 in gold bars were withdrawn from the Bank of England to-day for shipment to America.
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BY TELEGRAPH THE CRASH. Financial Situation Throughout the Country. List of Additional Fallures and Suspensions. Five Hundred Men Discharged from Employment. WASHINGTON, September 26.-The following suspensions are reported today: Wooten, Webb & Co., Indianapolis; Danville (Va.) banks; Planters' bank, Farmville, Va.; Lancaster & Co., Richmond; Koutz & Smith, Toledo; bank of Ansonin, N. H.; J. J. Cohn, Augusta, Ga.; F. Washington & Co., Washington. RICHMOND, Va., September 26.-The Tredegar iron works discharged about six hundred men engaged in car building. NEW YORK, September 26.-The Sun says Adams' Express Company has carried daily to the interior $1,500,000. The United States Express Company has been carrying out about $500,000 daily. Twenty-four hours' notice is to be given before the Stock Exchange opens. The situation on Wall street this morning presented no new features. Business generally continues in a state of suspense. Foreign exchange has been reduced by bankers to 54@64 for long and short sterling. Gold has been strong, with more activity, and sales were made at 112g. Money 1@1 commission. Several parties are short of gold, and refuse to pay of per cent. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over two hundred dollars. The Board of Trade approves this action. ATLANTA, Ga., September 26.-At a meeting of the business men it was resolved to assist the banks by free deposits and light drafts. SAVANNAH, Ga., September 26.-In accordance with a resolution of the Chamber of Commerce, the banks are certifying checks, but withholding currency. CHARLESTON, S. C., September 26.The Peoples' bank of South Carolina, Peoples' Saving bank and South Carolina Loan and Building bank have suspended currency payments The National banks and other State bankspay as usual. CHICAGO, September 26.--Five National banks have suspended. LONDON, 4 P. M., September 26.--American securities. There was a large business, with wide fluctuations and much uneasiness, WASHINGTON, September 26.-The Star says that President Grant has appointed Jay Cooke, McCullough & Co., of London, financial agents for the Postoffice and State departments vice Clewes, Haviek & Co. NEW ORLEANS, September 27.-The banks have suspended for thirty days, for precautionary measures.
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PANIC PARAGRAPHS. The New York stock exchange remained closed yesterday. I IThe Vicksburg banks have suspended for thirty days as a precautionary measure. A Washington telegram yesterday announced the suspension of the banking firm of Faut, Washington & Co. Cincinnati financial matters have resolved into a state of delightful quietude beautiful to contemplate. The governing committee of the New York stock exchange have resolved to give twenty-four hours notice of its opening. Fort Wayne, Indiana, boasts that quiet reigns in financial circles, and that banks are and will continue business as usual. The Peoples' bank of South Carolina, the Peoples' savings bank, and the South Carolina loan and trust company, at Charleston, have suspended. Currency payments at the National bank and other State banks pay as usual. At Little Rock, yesterday, the excitement continued over the city money. The reported suspension of banks in St. Louis and other places continues. Everything is at a standstill. Very few parties take city money, and no greenbacks are in circulation. At Baltimore yesterday, William Fisher & Sons, who are among the leading stock and gold brokers of that city, closed their doors, and say they have been forced by the delinquencies of their customers to suspend business until they can collect what is due them. They expect to pay every obligation in full, and only ask a short indulgence. In New York, yesterday, Senator Morton, being asked to give his opinion as to the present financial panic, said that his conviction was that the worst was over. "I do not expect the affair to subside all at once," he added, "but my feeling is entirely hopeful." Referring to the suggestion that the government ought to come to the reseue, he said the government will do all It can, but it must not evade the law. In New York yesterday the police were called upon to disperse all groups which threatened to interfere with sidewalk traffic. The brokers were by this means driven into the road, but they fared no better there. The police ordered trucks to be driven through the crowd, and so compelled the brokers to scatter in all directions. Driven from the road, some of the most inveterate speculators and curb-stone brokers adjourned to the gold exchange court, and held high carnival there for about rifteen minutes when the sergeant of the police, with half a dozen men, drove them helter-skelter from their refuge. A Chicago telegram yesterday announced that the Union national, Second national and Manufacturers' national banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment on account of the lack of currency until able to realize. Nothing has been lost from the failures, and depositors will be made safe. The Cook county City national and National Bank of Commerce have followed the example of the Union national and closed their doors. There was a run for an hour on the Corn Exchange bank, but as everything was paid the run was soon stopped. Some who drew have redeposited. The bank is considered very strong. Other national banks are paying regularly. There is considerable excitement among business men, and the grain trade shows some effect. Coolbaugh, president of the Union national, is severely censured by other bankers and the whole community, As his extreme course was wholly unnecessary, it is suggested that there must be something rotten in his bank, though it has been regarded very strong.
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these deposits only in payment of your respective checks against the new accounts. NEW YORK, Sept. 26.-The banks cleared to-day in good shape. Their relative condition is unchanged. PHILADELPHIA, Sept. 26.-A statement of the assets and liabilities of the firm of Jay Cooke & Co., of Philadelphia, New York and Washington, has been prepared by them, which is to be submitted to their creditors. The following is the summary: Liabilities, $7,939,409; assets, bills receiv able, bank insurance, and their stock. bonds and real estate, $7,867,640 loans to Northern Pacific Railroad Company are $3,750,000; stock of Oregon Steam Navigation Company, $1,500,000; loans to Northern Pacific R. R. Co., on bonds of company, $4,068,215; second mortgage railroad bonds, stocks, &c., $2,530,356 total, $15,966,211. The above exhibit of liabilities isinclusive of $7,101,140 loans of the firm, which are fully secured by good collaterals. The excess of collaterals upon these loans have been estimated and included in the assets. The firm expects soon to submit a proposition for settlement with its creditors, which, it believes, will be acceptable to the latter, although it will, of course, require time in the conversion of its assets. The handsomeshowing made leaves no doubt of its ability to pay every dollar of its indebtedness with interest and still have a surplus of several millions of dollars. PHILADELPHIA, Sept. 26.-During the existing dearth of currency, banks will in the future pay out no currency, except what is actually needed for the payment of wages. WASHINGTON, Sept. 26. -Fant, Wash e ington & Co. posted a notice on the closed door of their banking house to day, saying We are compelled to suspend payment for the present. The Governing Committee has decided to give twenty four hours notice of the reopening of the stock exchange. Mr. Fant, of the firm of Fant, Washihgton &Co., expresses the belief that they will be able to resume business when the panic is over. e VICKSBURG, Miss., Sept. 26. -The Banks in this city have suspended for the period of thirty days as a precautionary measure. ATLANTA, Ga., Sept. 26.-John H James, banker, who suspended, will re a sume in a few days. CHARLESTON, S. C., Sept. 26.-The be People's Bank of Charleston, and the nSouth Carolina Loan and Trust Company have suspended. WASHINGTON, Sept. 26. -There was no regular meeting of the Cabinet to-day only three members being in town, Secre taries Delano and Richardson, and Attor ney General Williams, re n. PITTSBURG, Pa. Sept. 26.-The Pitts of burg t-office was taken possession o a this afternoon by Major Pethbridge, Chie isof the Special Service Bureau of the Post e. office Department. and Colonel John H ds Stewart. post-master, was arrested as a de faulter to the amount of $33,000. He gay ry of bail in the sum of $60.000. to CHICAGO, Sept. 26.-S. P. Beldine, lat in book-keeper of H. E. Malloy & Co., at th Union Stock Yards, is a defaulter to th ex amout of $4,000. the NEW ORLEANS, Sept. 26. -There is no the a single case of yellow fever under treat nd ment here. not OMAHA, Neb., Sept. 26.-The woo 1 a work of one entire span of the Union Pa oncific railroad bridge was destroyed by fir rothis afternoon. It will be fixed by t dimorrow.
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Suspensions in Charleston, S. C. CHARLESTON. S. C., Sept. 26, 1873. The Loan and Trust Company, the People's Bank of South Carolina and the Planters and Mechanics' Bank suspended payment to-day. These are State banks and represent less than a quarter of the banking capital of Charleston. The three National Banks and the Union Bank pay all demands in suil
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Suspension of Banks in Charleston, s.c. CHARLESTON, S. C., Sept. 26, 1873. The People's Bank of South Carolina, the People's Savings Bank and the South Carolina Loan and Trust Company have suspended currency payments. The national banks and the other State banks pay as usual.