19952. Peoples Bank (Charleston, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 20, 1879
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
78258ba9

Response Measures

None

Description

Multiple contemporary newspaper items (Sept 1879) report the People's (Peoples) Bank of Charleston made an assignment, suspended operations and will wind up after losses connected to the failure of James Adger & Co. Articles state it is a state institution distinct from People's National Bank and indicate it will be wound up (permanent closure), with doubt about resumption.

Events (1)

1. September 20, 1879 Suspension
Cause
Local Banks
Cause Details
Losses as a creditor/loser on the suspension/failure of James Adger & Co. (large liabilities reported) and related local commercial failures (Walter & Co.). The bank 'made an assignment' and suspended to wind up affairs.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (7)

Article from The Daily Dispatch, September 22, 1879

Click image to open full size in new tab

Article Text

Commercial Troubles. FAILURES IN CHICAGO. CHICAGO, September 20.-The rapid advance in the price of provisions during the last three days resulted yesterday in the suspension of Joseph Jones & Sons, one of the oldest tirms on 'Change, and of Campbell & Johnson, who were chiefly interested in lard and short ribs. THE CHARLESTON (S. c.) FAILURES. CHARLESTON, 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.


Article from The News and Herald, September 23, 1879

Click image to open full size in new tab

Article Text

SOUTH CAROLINA NEWS. -Dr. J. P. Hillhouse, a prominent citizen of Greenville, died on Thursday. -Lieut. Allen Jordan, of Chester, has gone to join his command in Nebraska. -A daily train will run henceforth on the Cheraw and Chester Railroad from Chester to Fort Lawn. -Mr. Bascomb Richbourg, of Clarendon, was instantly killed by the accidental of his gun on Saturday before last. -Dr. J. F. Eusor, late superintendent of the South Carolina Lunatic Asylum, has received an appointment as surgeon in the United States army. -C. C. Bowen, sheriff of Charleston, was married to a daughter of ex-Gov. Moses, at Sumter, last Wednesday night, and has gone North on a bridal tour. -The aggregate weight of five men who weighed in Greenville Wednesday was 1,317 lbs. The heaviest was Houston Rucker, the well-known drummer. -Messrs. John Berdell and Allen McCaskill, county commissioners of Kershaw, have announced their intention of declining to serve for the full term of their election and will resign after the tenth of October. -The Rev. Dr. W. S. Plumer has been authorized by the board of directors of the Theological Seminary to make a tour through the State and visit all the churches in the interest of that institution. He will in a short time start upon his mission. -The News says the stock and straw houses of Dr. W. R. Jones' paper mill, near Greenville, caught fire on Thursday night. It was thought when the messenger left that the mill would be saved. The loss on the property above mentioned is three thousand dollars. -Miss Lucy Walters, daughter of Mr. A. T. Walters, of Lancaster, was thrown by a fractious horse last Wednesday and had her arm broken in two places. Mrs. Rebecca Taylor, who was riding the same horse with her, was thrown off and severely bruised. -Constable Wiley Team, of Camden, pursuing a negro man named Levy Thompson, alias Belton Kennedy, alias Belton Stucky, who had robbed the store of Baum & Bros., at Camden, was turned upon by the fugitive, who fired a shot which passed through the constable's car. The officer then fired upon the negro and killed him. -There is no authentic statement yet of the liabilities of James Adger & Co., of Charleston. They are currently reported to be nearly two million dollars short. The People's Bank, which is one of the losers, made an assignment on Saturday and will wind up. This is a State bank, distinct from the People's National Bank, which is not affected. -A serious and perhaps fatal accident occurred last week at McNeil's Station, about eighteen miles below Branson on the Port Royal and Augusta Railroad. Mrs. Rebecca Tater, a young lady about eighteen years of age, while attending to her domestic affairs, was seriously wounded by the discharge of a gun that accidentally fell from its rack, the entire contents striking her in the leg just above the ankle. Her condition is critical. -Messrs. J. J. Dargan and Joseph Earle, of Sumter, went to Augusta last week to fight a duel. Mr. Dargan was arrested and gave bond. Mr. Earle escaped. It is believed the parties have gone to North Carolina to fight. Both are lawyers and members of the Legislature. The difficulty originated in a newspaper article published last winter, at which one of the parties to the present affair was offended, but it was supposed at the time the matter had been satisfactorily settled. It was, however, recently unfortunately revived. Both gentlemen have families. -A Charleston letter to the Abbeville Medium contains the following: "Chamberlain has been employed by George W. Williams to conduct his defence in the cases against him for his New York cotton speculations. Hie


Article from Yorkville Enquirer, September 25, 1879

Click image to open full size in new tab

Article Text

SOUTH CAROLINA NEWS. - Robert W. Shand, Esq., of Union, has been appointed reporter of the Supreme Court for two years. - In the event that Governor Simpson does not desire re-election, the Newberry Herald nominates Hon. John H. Evins, of Spartanburg, for the position. - The Court of General Sessions for Richland county will begin on the fourth Monday in October. His Honor T. J. Mackey will preside. - Dr. J. F. Ensor, late Superintendent of the South Carolina Lunatic Asylum, has received an appointment as Surgeon in the United States Army. - Napoleon B. Taylor, the party who shot and instantly killed a man by the name of Sewell, in Monroe county, N. C., on the 26th of February last, and for whom a reward of $700 was offered, was recently arrested while attending preaching at Cheraw in this State. - The Register has been informed, on what it supposes to be good authority, that the Winnsboro case on appeal to the Circuit Court, involving the right of the Charlotte, Columbia and Augusta Railroad to charge on cotton by measurement, has been decided in favor of the railroad. -Speights, of the Greenville City Item, says: "The Democrats of South Carolina can make up their minds now to dance square up to the music, and give the prominent working Democrats seats in front of the aristocracy, or suffer ignominious defeat at the next election." - The two Cobbs, Dunlap and Long, four of the parties charged with the murder of Bryce, in Oconee, were brought before Judge Pressley, at Anderson, on Monday of last week, on a writ of habeas corpus, and bailed in the sum of $300. There was no evidence against any of them. The elder Moore, the father of the men at present in custody, has escaped from the State. Some time since, Christopher G. Betchler, a son of Christopher Betchler who became famous by the manufacture of the Betchler gold coin, specially recognized by the government, and who died within the past year in Charlotte, N. C., was arrested in or near Spartanburg on a charge of manufacturing counterfeit coins. At the late term of the United States Court at Greenville, his case was called up for trial, and the jury failing to agree, a mistrial was ordered. The family of Betchlers have always stood well, and their friends and acquaintances will regret to hear that one of the number has dishonored the name. - One of the editors of the Abbeville Me dium has recently visited Charleston, and furnishes his paper with the following in regard to the notorious D. T. Corbin "Chief Justice Corbin, of Utah, has opened an office in this city for the practice of law and established himself as a permanent citizen. He is the same sleek sinner he used to be when he manipulated the phosphate money and pulled the party wires at Columbia. He has a pretty strong hold on the radical and fusion element, is a favorite with the general government, a shrewd and managing lawyer, and will get enough to live on in the ordinary way of his profession until he can make an opening, or the demands of the political situation will give employment to his special gifts. He has already been prominently named in connection with the next radical nomination for Governor." - The suspension of the banking house of James Adger & Co., of Charleston, was announced in that city on Friday last. J. E. Adger & Co., wholesale hardware dealers, also suspended in consequence of being involved as the endorsers of James Adger & Co. As a result of these suspensions, the Peoples' Bank has suspended operations and its affairs will be wound up as early as possible. The liabilities of the Adgers are not definitely known, yet it is generally understood that they are large, and have been stated at about two millions of dollars. Their ability to resume is considered as doubtful. The Peoples' Bank is a state institution and had but little capital. The outlook is that but little will be realized from its assets. - Ugly rumors are afloat in regard to the cruel treatment of penitentiary convicts, by some of the lessees, and an investigation seems to be in order. The monthly meeting of the board of directors of the penitentiary was held in Columbia on Thursday last, in regard to which the Columbia correspondent of the News and Courier, says: "I called, as usual, and sent in my card as the representative of the News and Courier, and it was returned to me with the endorsement that the meeting was of a privare nature, and no representative of the press was to be admitted. Enough is known of their proceedings, however, to justify me in saying that the principal subject of discussion was the terrible death rate and the alleged bad treatment of the leased convicts, and especially those hired by the Greenwood and Augusta Railroad Company. About one hundred out of two hundred and twenty-five, are stated to have died within the last year." It is stated that charges of cruel treatment of convicts will be brought against some of the lessees, if not at this at some-fure meeting, and that at least


Article from The Camden Journal, September 25, 1879

Click image to open full size in new tab

Article Text

Brevities. What is it comes on silent wings, And o'er our slumbering body sings, And plants its busy little stings, That brings the trifling, pesky things? Mosquitoes. Go to Arthur's for boots and shoes. Messrs. S. A. Arnstein & Co. are making a fine display of their new and elegant fall stock. Arthur has the largest, best and only regular stock of boots and shoes in Gamden. Capt. Witherspoon has leased the public scales from Council, and has had them put in thorough repair. Mr. H. Ellis is opening up a huge stock of groceries at his store down town. and he is selling them very cheap. As soon as Dr. Zemp announced in the JOURNAL that he bad opened a 5 cents counter, the rush began, and it has continued ever since. What is the best and safest preparation to turn gray hair to its natural color, but not dve it ? Hall's Vegetable Sicilian Hair Renewer. Gouncil is having Main street laid with sawdust, to neutralize the clay dust, and keep the clerks from breaking one of the commandments. The Gamden train brings in and carries out a long line of freight cars at every trip, and the overworked employees are having a hard time. A young farmer in our county wa gers that he has a small patch of corn on his place, containing three and a half acres that will yield 325 bushels this season. Arnstein & Co. have erected two lamps in front of their store, which light up the street at night, and give a pretty net off to their attractive establishment. Jesse Champion drove up street the other day, with a huge rattlesnake suspended around his neck. It was dead, and he had killed it on the road a few miles from town. We have received a large picture of Victoria C. Woodhull, who announces herself a candidate for the Presidency of the United States. Anything to beat Grant. The ladies of the Methodist Ghurch have concluded to have no ice cream this week, in anticipation of the aguin nox, but the suspension is not yet to be regarded &8 the People's Bank, of Charleston, has suspended. As is usual in such cases, the officers assure depositors that they will get every dollar of their money-some of these days. George says the reason why he has never mastered any musical instrume nt is because his ear is so delicately strung that he shrinks from the horrible prospect of hearing himself practice. Our farmers are making preparations to put in a large crop of wheat and oats this fall. It is the best evidence that our people are beginning to rise to an appreciation of the philosophy of farming. We learn that a movement to put "Pinafore" on the Camden stage has assumed a tangible shape, and WE: may soon expect to see it rendered here in fine style. The proceeds will go to the orphans of Gen. Hood. Several of the mill ponds out at Oakland have nearly gone dry. and our friends there find a difficulty in getting their cotton ginned. Major Adams is 80 crowded that he has to work fourteen days in the week. A young man had a had fall over the bricks in front of Meroney's new building Saturday night, while coming from the postoffice. One tooth was knocked out, and he received several bruises about the face. The Columbia Yoeman is authority for saying that Gen. Mart Gary is engaged to a dazzling brunette of Augusta. When the "bald eagle" gets to be Governor, we will in the executive mansion. Little Zimmerman Brannon, out on Lynches Greek, is & wonderful cotton picker He is but nine years old, and last. week he averaged one hundred and thirty five pounds of cotton daily. One day be picked one hundred and fortyeight pounds. Just as VanOrsdell, the photographer, had adjusted his camera and drawn a bead on a flock of Camden geese the other day. they folded their wings and silently marched away. And thus was lost the golden opportunity to perpetuate our national birds on enduring pasteboard. A man out at Stokes' Bridge went to take his family on a visit the other day, when his chickens flew into the cart


Article from The Camden Journal, September 25, 1879

Click image to open full size in new tab

Article Text

the People's Bank, of Charleston, has suspended. As is usual in such cases, the officers assure depositors that they will get every dollar of their money-some of these days.


Article from The Weekly Union Times, September 26, 1879

Click image to open full size in new tab

Article Text

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


Article from The Weekly Union Times, September 26, 1879

Click image to open full size in new tab

Article Text

HEAVY FAILURESIN CHARLESTON.-Charleston, Sept. 19.-The commercial circles were much 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 reported 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 prtcipitated 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 MtLLIOx.-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 geld 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 necessary, 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 a 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 a 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 nt Memphis says : "The amount required to provision those living in camps who cannot return to their homes until the epidemic ceases, will not be less than $100,000. The amount required to continue