Bank of Columbia - Columbia, SC

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: November 29, 1920
Location: Columbia, South Carolina (34.001, -81.035)

Metadata

Model: gpt-5-mini
Short Digest: 0b4368cf

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

Multiple Dec 1920 newspaper accounts describe an unusual run on the Bank of Columbia driven by rumors (mentioned as among negroes and some Greek depositors). The bank remained open, took in more deposits than withdrawals, received support from the clearing house and the State Bank Examiner, and resumed normal operations. No suspension, receivership, or closure is described.

Events (1)

1. November 29, 1920 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumors that certain large (Greek) depositors would withdraw their savings; panic among depositors and rumors spread among local groups.
Measures: Bank stayed open extended hours to meet withdrawals; Columbia Clearing House and other banks publicly supported the Bank of Columbia; State Bank Examiner inspected and issued reassuring statements.
Newspaper Excerpt: Rumors Cause Panicky Feeling Among Depositors and Hundreds Form Line at Paying Teller's Window ... there have been rumors about this bank to the effect that certain Greeks who had heavy deposits were to withdraw their savings.
Source: newspapers

Newspaper Articles (3)

1. December 1, 1920 The Watchman and Southron Sumter, SC

Article from The Watchman and Southron, December 1, 1920

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Article Text

Rumors Cause Panicky Feeling Among Depositors and Hundreds Form Line at Paying Teller's Window IN SPLENDID CONDITION OTHER BANKS SUPPORT IT More Money Was Deposited During the Day Than Was Drawn Out and There is Said To Be No Danger of Failure Columbia, Nov. 29.-A most unusual run on one of Columbia's strongest banking institutions, the Bank of Columbia, today resulted in more money being deposited than was drawn out. The bank is staying open all this atternoor. to meet the situation. There have been rumors about this bank to the effect thot certain Greeks who had heavy deposits were to withdraw their savings. This brought forth a statement from the Columbia Clearing House association at a special meeting Sunday to the effect that all the banks would stand by the Bank of Columbia, having made investiga. tion and learned that the alfairs of the bank are in splendid condition. Following the publication of this statement today a long line of people formed at the bank and the line lasted a large part of the day. When the closing banking hour addived it was stated by the officers of the bank that more money had been deposited today than had been drawn out an. that the bank would remain open all the afternoon. Heavy deposits have been made during the afternoon. State Bank Examiner Craig is on the scene and is pleased With the condition of things.

2. December 4, 1920 The Watchman and Southron Sumter, SC

Article from The Watchman and Southron, December 4, 1920

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Article Text

Bank of Columbia Withstands "Run" State Examiner Craig Says De posits Are Safe Columbia, Nov. 29-For the first time in more than two score years there was a run on a bank in Colum bia yesterday--not a very heavy run nor a run that was marked by hys teria or panic, but a run nevertheless It was directed against the Bank of Columbia, one of the old established financial istitutions of this city, hav ing been organized in 1892, and ! withstood the strain in a manner that wash a source of gratification to its friends. "The money of the depositors is absolutely safe," said James H. Craig state bank examiner, yesterday evening while standing in the office of the bank. "I am here in Columbia and am keeping closely in touch with the situation, and you may quote me as saying that the bank will not DE closed and that the money of the de positors is safe," said Mr. Craig. The run, which really began in a small way last week, was in evidence early yesterday morning. Through out practically the entire day, customers, some withdrawing accounts and some making deposits, were 11 line, waiting patienatly their. turn a

3. December 4, 1920 The Watchman and Southron Sumter, SC

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Article Text

Run on Bank Over Bank of Columbia Now Doing Business on a Normal Basis Deposits Increased During Run Columbia, Dec. 1.-Conditions are again normal at the Bank of Columbia, on which the unusual "run" was made Monday. Since the run 'started the bank has taken in more money than it paid out on checks. The "run" "petered out" after the first day. Bank Examiner J. H. Craig issued a statement yesterday afternoon, in which he stated that the condition of the bank is excellent; there is absolutely no cause for uneasiness, he said; and he praised the people and other banks of Columbia for rallying around the instittuion about which rumors started, among negroes and some Greek depositors. "I have never seen anything SO splendid before," said Mr. Craig, in reference to the support given the bank here.