South Carolina Loan & Trust Company

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: trust company
Start Date: September 20, 1879
Location: Charleston, South Carolina (32.777, -79.931)

Metadata

Model: gpt-5-mini
Short Digest: f9961aa2

Response Measures

Partial suspension

Description

Articles (Sept 20-21, 1879) report losses from the failure of James Adger & Co. and related suspensions, which provoked a run on the savings department of the South Carolina Loan & Trust Company and forced the bank to invoke the sixty-days' notice rule (the 30/60/90 withdrawal rule). There is no evidence in these articles of a permanent closure or receivership; the action described is a suspension of immediate payments following a run.

Events (2)

1. September 20, 1879 Run

Cause: Local Banks
Cause Details: Run triggered by failures of James Adger & Co. and consequent suspensions of local houses, which undermined confidence and led depositors to withdraw from the savings department.
Measures: Invoked the sixty days' notice rule for withdrawals (30/60/90 rule).
Newspaper Excerpt: the South Carolina Loan and Trust Company is stated to have lost $49,000, and a run on its savings department this morning
Source: newspapers

2. September 20, 1879 Suspension

Cause: Local Banks
Cause Details: Suspension (partial restriction on payments) taken in response to heavy withdrawals caused by failures and suspensions of other Charleston firms (James Adger & Co., J. Adger & Co., George H. Walter & Co.).
Newspaper Excerpt: a run on its savings department this morning has compelled it to take advantage of the sixty days' notice rule
Source: newspapers

Newspaper Articles (2)

1. September 21, 1879 The New York Herald New York, NY

Article from The New York Herald, September 21, 1879

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Article Text

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.

2. October 2, 1879 Keowee Courier Walhalla, Pickens, SC

Article from Keowee Courier, October 2, 1879

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Article Text

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."