20023. Commercial Bank (Columbia, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 6, 1870
Location
Columbia, South Carolina (34.001, -81.035)

Metadata

Model
gpt-5-mini
Short Digest
12b2f0ad

Response Measures

None

Description

Multiple notices from 1870 show the Commercial Bank of Columbia is in the hands of a receiver (court-appointed) and is listed among banks in receivership in the state's comptroller report. No newspaper text describes a depositor run; the bank is under receivership (court action) and appears permanently closed.

Events (2)
1. July 6, 1870 Suspension
Cause
Government Action
Cause Details
Bank is in the hands of a receiver appointed by court under state act; legal proceedings (plaintiff v. receiver and stockholders) indicate suspension by court/receiver action.
Newspaper Excerpt
Harvey Terry, Plaintiff, against the Receiver, and Stockholders of the Commercial Bank of Columbia, South Carolina, Defendants.... CLERK'S OFFICE, COLUMBIA, July 6, 1870.
Source
newspapers
2. November 1, 1870 Receivership
Newspaper Excerpt
Statement No. 14 ... The following named are in the hands of receivers, &c., appointed under the provisions of the above named Act, or orders of the Courts prior to the passage thereof: ... Commercial Bank of Columbia ... (Comptroller General's report dated November 1, 1870).
Source
newspapers

Newspaper Articles (5)
1. August 25, 1870 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, August 25, 1870

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Article Text

South Carolina---Richland County. Harvey Terry, Plaintiff, against the Receiver, and Stockholders of the Commercial Bank of Columbia, South Carolina, Defendants.Summons and Complaint, on Money Demand. N motion of F. W. McMaster, Attorney for the Defendants in above case, it is ordered, that the Defendants have further time to plead, answer. or demur to the above stated action, to wit: until the 1st day of OCTOBER next. It is further ordered, that the Plaintiff do give to the Clerk of this Court security for costs in this case, and that the Clerk publish this order once a week in the Columbia PIKENIX until 1st October next. By order of Court. D. B. MILLER, C. C.C. CLERK'S OFFICE, COLUMBIA, July 6, 1870. July 7 th13

2. September 1, 1870 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 1, 1870

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Article Text

South Carolina---Richland County. Harvey Terry, Plaintiff, against the Receiver, and Stockholders of the Commercial Bank of Columbia, South Carolina, Defendants.Summons and Complaint, on Money Demand. N motion of F. W. McMaster, Attorney for the Defendants in above case, it is ordered, that the Defendants have further time to plead, answer. or demur to the above stated action, to wit: until the 1st day of OCTOBER next. It is further ordered, that the Plaintiff do give to the Clerk of this Court security for costs in this case, and that the Clerk publish this order once a week in the Columbia PRICENIX until 1st October next. By order of Court. D. B. MILLER, C. C. C. CLERK'S OFFICE, COLUMBIA, July 6, 1870. July 7 th13

3. September 28, 1870 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 28, 1870

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Article Text

South Carolina- Richland County. Harvey Terry, Plaintin, against the Receiver, and Stockholders of the Commercial Bank of Columbia, South Carolina, Defendants.Summons and Complaint, on Money Demand. N motion of F. W. McMaster, Attorney for the Defendants in above case, it is ordered, that the Defendante have further time to plead, answer. or demur to the above stated action, to wit: until the 1st day of OCTOBER next. It is further ordered, that the Plaintiff do give to the Clerk of this Court security for costs in this caso, and that the Clerk publish this order once a week in the Columbia Pito: NIX until 1st October next. By order of Court. D. B. MILLER. C. C. C. CLURK :OFFICE, COLUMBIA, July 6, 1870. July : this

4. November 30, 1870 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, November 30, 1870

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Article Text

with the exception of the treasurer's report, were placed before the Legislature to day They have not vet been read. The most important are thos e of the comptroller-general, State auditor chief constable and adjutant and inspector general of militia. The first two we have obtained. The last two will no doubt be interesting if they are not startling THE COMPTROLI ER GENERAL'S REPORT. The following is the text of the report: EXECUTIVE DEP RTMENT. OFFICE OF THE COMPT GENER COLUMBIA. S. C., November 1, 1870 To the Honorable senate and House of Represent tatives GENTLEMEN- have the honor to submit here with statements exhibiting detail the transac tions of this office. accompanied by reports of the various disbursing and otner offices required by law to be rendered to the comptroller -general for the year ending October 31st 1S70 Statement No exhibits the debts and credit of the State this date exclusive of those arising from the transactions connected with the support of the recent civil war. and of the State officer who held office before and during said war Re ference said statement No. will show bal ance against the State of $1,774,003. Statement exhibits the receipts and ex penditures of the State treasurer during the fiscal year just closed. which statement shows a balance on last report o $11.851 07 The receipts during the year amounted to $1,820,162 33. Total $1,832 013 40. The sum total of expenditures during the year $1,830,840 82. Leaving a balance on hand of $170 58-100. Statement No 4 exhibits the several amounts of undrawn appropriations, amountin g in the aggre gate to $98,268 89. Statement No. compris s the assets owned by the State. consistin. of shares in various railroad companies received in lieu of advances made to such companies The assets on the date of my last report, Octo ber 31st, 1869. amounted to $2754.66 of which the following have een sold under the appropria tion of an act entitled An act to provide for a sinking fund, and the management of the same to wit Shares in Greenville and Columbia Rai road Company S438.960: shares in .South Caro lina Railroa Company $24,000; shares in South western Railroad Bank $6000. Total. $463.960 Leaving now on hand as accounted for by said statement No 5. the amount of $2,290,700 Statement No exhibits the public debt on the 31st of October, 1870, amounting to $7,665,903 Included in this amount are the fire loan 5 per cent bonds, pavable in London. and past due in 1868. These bonds are held in Europe, and the assets of the Bank of the State are liable and fully sufficient to meet the payment of the same Statements Nos. and 8 show the amount of stock and bonds converted under an act entitled An act to provide for the conversion of State securities" during the said fiscal year Statement No 9 exhibits an estimate of sup plies needed for the support and government dur ing the fiscal year ending October 31. 1871. Said estimate is necessarily incomplete, owing to want of information which should have been ceived from the various heads of departments with all of whom I have communicated on the subject. In connection with the above statement submit communications from the honorable treasurer, secretary of State superin tendent of education, and superin endent of the penitentiary marked A, 'B, 'C." D" and E respec tively Statements Nos. 10 and 11 exhibit the endorsement of the comptroller general on the bonds of the Greenville and Columbia and the Charleston and Savannah Rail Iroad Companies, under the acts of 1861. 1866 and 1869. Statement No. 12 exhibits the debtors and creditors of the State. remaining such from period antecedent to and during the war showing bal ance against theState of $2,642,103 48. The claims by and against the State being almost worthless beg leave to renew the recommendation made by me in my CWO preceding reports, namely, that the same be sunk at as early a date as possible Statement No 13 shows the stocks and bonds of the State for military defence outstanding on the 1st of October 1806, with interest thereon October 31, 1870, which constitute portion of the claims against the State accounted for by the statement alluded to immediately above. Statement No 14 conprises the returns of the banks of the State filed at their office under an act of March 1863 under the operation of which act the following named banks have resumed business with the amount or capital placed oppo site to their names respectively $850,000 Chester of Bank 250,000 People's Bank of South Carolina 100,000 Planters' and Mechanics Bank The Bank of Newberry and the Southwestern Railroad Bank are redeeming their bills. but have not reanmed business The following banks in the hands of receivers appointed under the above named act or under orders of the courts prior to the passage thereof. to wit Commercial Bank of Columbhi. Exchange Bank of Columbia. Merchants' Bank of Souil Carolina, Cheraw Bank of Camden, Bank of Georgetown, Bank of the State of South Carolina Statement No. 15 exhibits the abstracts of reports of railroad companies in the State. A num ber of railroad companies have failed to forward their reports as required by law Statements Nos. 16,17,18, 19 and 20 comprises the reports of the unerintendent of the Peniten tiary treasurer of the Lunatic Asv lum. treasurer of the South Carolina University, and super.nten dent of education (under act of and B.J O'Connell, agent of the Catawba Indians, respectively pended to this report will be found the follow ing excibit relating to fire and life Insurance compinies: Exhibit IS an abstract from the turns of the fire insurance companies filed 10 this office. Exhibit G shows similar abstract of life insurancereturns. Exhibit a list of dre life insurance agents authorized to siness in this State Exhibit list of fire and life insurance companies which have complied with the requirements of an act entitled 'An act better protect the ho lers or insurance policies in the State," approved December 22. 1869. The continge nt liabilities of the State, arising from the endorsement of railroad bonds. amount to $4.260.780 61. being the same as the date of my last report Of this amount, $2,093,312 40 the bonds of the South Carolina Railroad Com pany are past due in 1868, and $92.00 of the bonds of the Northeastern Railroad Company are inpast due in 1869. Although have not been formed of the redemption of these bonds by said vanies, yet, as no demand has been made com A it is reasonable to presume that he upon they have made or about 10 make satisfactory rangements to meet the liabilities above refer red to. Under ection 33 of an act to deflne the jurisdiction and daties of the county commissioners. approved September 26 186 the ng reports have been received at this office, and are herewith submitted for your consideration Reports of the county commissioners of Beau fort Mariboro' Orangeburg and Richland. I have the honor to be. & J. NEAGLE. Comptroiler General LAND COMMISSION INVESTIG ATION Every one wants to know whether the preposed investigation of the affairs of the land commission is a blind, a bid, a "strike, or an honest measure It is most likely one of the former, and may before it terminates prove to be the latter Whipper seems to be mixed up in it, and his side partner, McIntyre desires an investigation of a novel kind, in which Treasurer Parker must fig are. The former. opposing a large committee looks as If he thought there might be small "al vide It is highly probable that if an investiga ton is had, (and there is plenty to investigate we all know, the State may be in the condit ion those seeking justice in trial justice courts-the costs will overlap everything Let her be investi gated, though: she needs it Wilkes's substitute in the House that the committee consist of one from each Congressional District, and one from the State at large, was a good one BLUE RIDGE INVESTIGATION Whipper's Blue Ridge investigation resolution came into the Senate this morning, and was,

5. January 13, 1871 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, January 13, 1871

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Article Text

Company, amounting to $2,098,312.40, and those of the North-eastern Railroad Company, amounting to $92,000, are past due, the former having matured in 1868, the latter in 1869. None of them have as yet been paid, but no demand has been yet made on the State for payment, and the Comptroller presumes "that the companies by whom they were issued have made, or are about to make, satisfactory arrangements relative thereto." DEBIT AND CREDIT. -Statement No. 12 credits an additional indebtedness of the State of $2,642,103.48, which, when added to the railroad debt of $8,787,608.20, makes the total debt of the State $11,429,711.68. So it will be perceived that from Mr. Neagle's own report the debt of the State is over $11,000,000. The advocates of reform were, therefore, not far from wrong in their estimates of the State debt during the late canvass. BANKS AND CAPITAL. - Statement No. 14 comprises abstracts of the returns of Banks of the State, filed in this office, under the provisions of the enabling Acts of March, 1869. In accordance therewith, the following named Banks have, during the last fiscal year, resumed business, with the amount of capital placed opposite their names, respectively, viz: Bank of Charleston, $850,000; People's Bank of South Carolina, $250,080; Planters' and Mechanics' Bank, $100,000. The Bank of Newberry and the South-western Railroad Bank are redeeming their bills, but have not resumed business. The following named are in the hands of receivers, &c., appointed under the provisions of the above named Act, or orders of the Courts prior to the passage thereof: Bank of Camden; Bank of Chester; Commercial Bank of Columbia; Exchange Bank of Columbia; Bank of Hamburg; Bank of Georgetown; Merchants' Bank of South Carolina, Cheraw; Planters' Bank of Fairfield; State Bank of Charleston, and Bank of South Carolina. RAILROADS. -The abstracts of the various railroad reports contain some very valuable statistical information, from which we make a few brief extracts. The net earnings of the various roads are set down as follows: Spartanburg and Union Railroad, $14,502.03; Greenville and Columbia, none; North-eastern, $96,207.94; South Carolina, $258,728.55. Out of this $58,194 have been paid in dividends, leaving a surplus of $200,534.55. The total number of persons killed on all the roads are reported as nine; injured, nine. THE PENITENTIARY. -The report of the Superintendent and Directors of the Penitentiary ask for an appropriation of $30,000 for the erection of a permanent brick building for work shops. There are now in confinement 317 persons, of whom 310 are males, and 7 females. It would seem that the inmates are kept well employed, as appears from the following exhibit of the work done by them during the past year: In carpenter shop has been manufactured 85 wheel-barrows, 160-cell benches, 180 spittoons, 3 derrick frames, 1,272 hammer handles, 430 axe and pick helves, 13 mess tables, 36 quarry buckets, performed work in erecting machine shop extension, erecting the new sheds for the protection of stone-workers, built aqueduct wood work in mill-race, fitted up store-room and hospital, repaired boats, wagons, fences and buildings, to an aggregate amount of at least $3,000. In blacksmith shop has been made 878 balcony bearers, a vast number of stone-cutters, and other tools used in the various departments, to an aggregate amount of not less than $5,000. The weaving shop has produced 8,208 yards of cloth of various kinds and qualities, to a value of $3,616.60, which has been made up into garments in the tailor shop. During the year 281 persons have been received; of whom 205 have been pardoned, 23 discharged, 24 died, and 6 escaped. LUNATIC ASYLUM. - The expenses of this institution, as appears by the report of the Treasurer, amount to $58,507. Its assets are $43,471, and liabilities $14,978. The South having exhibited of late signs of revival, and a somewhat independent expression and exercise of opinion consequent thereupon, the Radicals deem it necessary to again put on the legislative screws. With this view a special message is being prepared for Gen. Grant by some legal romancer, exhibiting the usual desperate state of affairs, so constantly encountered in the columns of the Washington Chronicle and New York Tribune. This is to be followed by the appointment of a com-