19962. Planters & Mechanics Bank (Charleston, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 26, 1873
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
1361739e

Response Measures

None

Description

Contemporary newspaper dispatches (Sept. 26, 1873) report the Planters & Mechanics' Bank in Charleston suspended payment on Sept. 26, 1873 along with two other state banks. No article here reports a reopening; given absence of reopening information and the broader 1873 panic context, I classify this as a suspension that led to closure. If later sources show resumption, episode_type should be revised.

Events (1)

1. September 26, 1873 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the wider financial crisis (Panic of 1873) when multiple banks in Charleston and other cities suspended payment; reported as part of broader suspensions rather than isolated bank-specific failure or a rumor-driven run.
Newspaper Excerpt
The Loan and Trust Company, the People's Bank of South Carolina and the Planters and Mechanics' Bank suspended payment to-day.
Source
newspapers

Newspaper Articles (3)

Article from The New York Herald, September 27, 1873

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Article Text

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


Article from The New North-West, October 4, 1873

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Article Text

Provincial Banks Failing. Chicago. September 2.-It is just an. nounced that the Union National, 21 National. and Manufacturers' National banks have suspended. The Cooke County, City National, and National Bank of Commerce have fo!Moed the example of the Union National and closed their doors. Chicago, September 25.-Dispatches from all the principal cities in Illinois, outside of Chicago and all the cities of Iowa. concur in stating that there is no financial panic among the banks or people, and that the ac tion of the Chicago banks in stopping the payment of large balances in currency 19 almost universally endorsed. Washington Sept. 26.-Fant, Washington & Co. have suspended. Charleston, September 26.-The People's Bank of South Carolina and the Loan and Trust Company have suspended currency payments. The national banks and other State banks pay as usual. Toledo, September 26.-1 he failure of the banking house of Krause & Smith is an nounced this morning, an assignment having been made after bank hours yesterday. Baitimore, September 26.-Wm. Fisher & Sons, who are among the leading stock and gold brokers of this city, have closed Their doors. The St. Louis bankers met on Friday evening and adopted protection rules to prevent a run and panic deciding to only pay small checks. Boston. September 27.-The bank presidents of this city have decided to make only small currency payments and to issue ten millions of loan certificates. Charleston, September 6.-The Loan & Trust Company, the People's Bank of South Carolina and the Planters & Mechanics Bank, suspended payment to day. Chicago, Sept. 27 -The Third National Bank closed its doors this morning. St. Louis, September 27-Quietness has reigned among the banks this morning. All are paying in checks under the rule, and everybody seems to cheerfully acquiesce in the arrangement. Philadelphia, September 27.--Samuel Joseph, applicant for proceedings in the bankruptcy against Jay Cooke & Co., has withdrawn his suit in consequence of the statement made of the assests and liabilities of the firm. The city banks have generally paid out currency when needed to pay wages, and are discounting freely, giving easier feeling in banking circles. Washington. September 26.-The Wash. ington City Bank was closed to day by order of Judge Humpbrey. on petition of G. C. Crandall. An arrangement has been made by which the banking houses of Jay Cooke, McCulloch & Co. will honor all the Government drafts on the London house of Clews, Habicht & Co. Beyond this there has been no change in the agency. The Receiver of the First National Bank of Wushington reports its liabilities at $2,700,000, and the assests at 1,900,000. The deficiency was a loan to Jay Cooke & Co. Secretary Richardson fays the statement of Jay Cooke & Co. is much better than was expected, and that the advices received at the Treasury show a decided improved condition of affairs throughout the country.


Article from Washington Standard, October 4, 1873

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Article Text

11 TELEGY R A HIC. LATER FROM THE ATLANTIC STATES. y of Henry Claws & Eo. and Resumption Howes s Macey. . YORK, Sept. 26. The Clews resump & e New arrangements of Henry endorsement tion has received general have s Co. number of their customers raccounts e and a in transferring their books. acquiesced special accounts on also been Numerous to new new accounts have ' k opened. Howes & Macey make almost to Messrs. report, all of which goes firms b a similar that the lately suspended customers show the confidence of their men and retain the sympathy of business generally. e Suspensions. r BALTIMORE, Sept. 56. Wim. Fisher stock & who are among the leading closed h Sons, brokers of this city, have been and gold doors. They say they of customers their by delinquencies can colforced suspend business until They they expect to t lect to what every is obligation due them. in full, and only pay ask short indulgence. C a Sept. 26. -The the People's Loan CHARLESTON. South Carolina and e Bank Trust of Co. have suspended banks currency and e and The National usual. e payments. State banks pay as Trust other 27 The Loan & Carolina, Co. 1 Sept. Peoples' Bank of South Rank the the Planters' and Mechanics' These are and suspended payment to-day. less than a State banks, representing of Charlese quarter of the bank capital banks and the S ton. bank pay all Three National demands in full and st Ky., claim Union to be stronger Sept. than yesterday. 27 Consid here to-day. LOUISVILLE, excitement prevailed at an early n erable by the suspension the caused the German Security. Savhour, of Insurance, the Masonic the Central g German Western Bank, Louisville le ings, the German) Bank, the suspended their liabilities. banks Savings Banking have Company. abundant resources The to meet 1Jubilee in Philodelphia. e Masonic Sept. 26. At the to-day ded is PHILADELPHIA, of the Masonic Temple hia turned in ication fifty-nine Lodges of about Philadeli nine thousand al out, numbering The procession was nearly point W members. hours in passing a given e and three was viewed by 200,000 of the persons. Author of e Unveilling Home, of a Statue sweet Home. 11 Sept. 17 _The collossal BrooktNEW YORK, in Prospect Park, author of d bronze statue John Howard Paine, uncovered >f Tyn, Home, of Sweet Home, of was 6,000 persons. to-day in the presence made, children of the is Addresses were " Home, Sweet e public schools and .. America," sang and John G. eSaxe Home" read an original poem. e Railway Collision. n By a collision on the engines Mid, Sept. Railroad 27 yesterday, the the ears s land torn to pieces and the passen1were wrecked, while accident was badly nearly injury. carelessness few The of of a occasioned gers escaped by the who was running 1freight eight minutes conductor. into the time of a pasy senger train. Midland Railroad Disaster. 26. This y is The N. J., Sept. train on the the left e Midland morning PATERSON, railroad, passenger which train near here New at e ran into a freight and firemen f5:54, Both engineers the firemen Durham. hurt, one of were d e fatally; were badly Four or five passengers of n einjured. Fever Abating Only for Lack Yellow Vietims. Within of SHREVEPORT, La., Sept. 29. of the most days several citizens of r'. last four respectable to the and victims I'Shreveport population and the prominent The have fällen has been epidemic. thinned out by sickness fun11 fearfully We have no longer single or two death. followed by one the d e. street erals; carriages, like a hearse, dashes section quickly of A artillery few more through in bodies battle into seeking a position. into coffins, shoved is driven li are drummed and the collection even the hearse cemetery. This is citizens. the case The to the the most prominent have opened an n with Howard Association feeding about e Orphan Asylum the and resident are population. cases d two-thirds fewer of deaths and new 1on h. There because are there are fewer Commissioners people. to Finding* British of the and Mixed American 27.-A Boston Claims. spech. of PITTSBURG, Journal Sept. from New British York says and in the Mixed have madefinal day g ial American to the Claims Commission its business on one awards treaty and concluded fixed by the that al of ahead In brief, of the the result time Government of the inquiry paid is to e the United States by our late war to 2 $1,- per t 1, English of sufferers their claims, amounting American claims 920,819, cent. while the are all disallowed. is g toagainst Financial England Outlook in the advices East. or home rNEW The touching YORK, Sept. the financial 29. All situation reassur- at The day and abroad are of reopening a very of the event et looked upon Stock ing character. Exchange with to-morrow much less is apprehen- an