20072. Bank of the Carolinas (Florence, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1893*
Location
Florence, South Carolina (34.195, -79.763)

Metadata

Model
gpt-5-mini
Short Digest
90b7a923

Response Measures

None

Description

Contemporary dispatches report the Bank of the Carolinas (Florence, S.C.) closed its doors with a notice of temporary suspension on May 16, 1893 owing to stringency of the money market and inability to realize on securities. Later accounts (Dec 1893) state the bank after the panic last summer ... afterwards resumed business but then has made an assignment (to Henry Buist), indicating ultimate failure/assignment. No specific depositor run on this bank is described in the articles; cause of the suspension is broadly the money-market stringency (macro-level).

Events (3)

1. January 1, 1893* Reopening
Newspaper Excerpt
This is the bank which suspended during the panic last summer and afterwards resumed business.
Source
newspapers
2. May 16, 1893 Suspension
Cause
Macro News
Cause Details
Stringency of the money market and consequent inability to realize on securities held by the bank; reported as cause of the temporary suspension.
Newspaper Excerpt
The doors of the Bank of the Carolinas, with home office at Florence, this State, closed to-day with a notice of temporary suspension until a meeting of the directors.
Source
newspapers
3. December 26, 1893 Other
Newspaper Excerpt
The Bank of the Carolinas at Florence ... has made an assignment to Henry Buist, of Charleston.
Source
newspapers

Newspaper Articles (10)

Article from The Indianapolis Journal, May 17, 1893

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Article Text

Other Business Troubles. CHARLESTON, S. C., May 16.-The doors of the Bank of the Carolinas. with home office at Florence, this State, closed to-day. with a notice of temporary suspension ontil a meeting of the directors. The capital stock of the bank is nearly $60,000. It has branches at Kingstree, Conway. Williston and Varuville, in this State, and several towns in North Carolina. It is believed that the bank has assets to cover all indebtedness. MINNEAPOLIS, May 16.-After a heavy run of two days the Farmers' and Mechanics' Bank will commence to-morrow morning with more cash in its vaults than it had when the run started. In the past two days the bank paid out $200,000. and in addition to heavy deposits it has converted $100,000 of bonds into cash and has plenty of other available : funds.


Article from The Times, May 17, 1893

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Article Text

TEMPORARY BANK SUSPENSION. The Doors of the Bank of the Carolinas at Florence, S. C., Closed CHARLESTON, S. C., May 16.-The doors of the Bank of the Carolinas, with home office at Florence, this State, closed to-day with a notice of temporary suspension until a meeting of the directors. The capital stock of this bank is nearly sixty thousand dollars. It has branches at Kingstree, Conway, Williston and Varnville, in this State, and several towns in North Carolina. It is believed that the bank has assets to cover all Indebtedness. Stringency of the money market and consequent inability to realize on securities held by the bank is the cause of the failure. The bank was started by J. P. Coffin over two years ago, and has done a good business, and successfully withstood considerable pressure at different times. Little if any doubt is entertained of the bank's paying dollar for dollar, and Coffin has executed a deed of trust for all his town lots and personal property in Florence to secure any possible deficiency.


Article from Richmond Dispatch, May 17, 1893

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Article Text

Carolina Bank Saspends. (By telegraph to the Dispatch.] CHARLESTON, S. C., May 16.-The doors of the Bank of the Carolinas, with home office at Flo. rence, this State, were closed to-day with a notice of temporary suspension until a meeting of the directors. The capital stock of this bank is nearly sixty thousand dollars. It has branches at Kingstree, Conway, Williston, and Varnville, in this State, and several towns North Carolina. It is believed that the bank has assets to cover all indebtedness. The stringency of the money market and consequent inability to realize on securities held by the bank are the cause of the failure.


Article from The Wilmington Daily Republican, May 17, 1893

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Article Text

Bank Suspension In South Carolina. CHARLESTON, S. C., May 17.-The doors of the Bank of the Carolinas, with home office at Florence, this state, closed with a notice of temporary suspension until a meeting of the directors. The capital stock of the bank is nearly $60,000. It has branches at Kingstree, Conway, Williston and Varnville in this state, and several towns in North Carolina. It is believed that the bank has assets to cover all indebtedness.


Article from The World, May 18, 1893

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Article Text

Bank of the Carolinas. CHARLESTON, S. C., May 17.-The doors of the Bank of the Carolinas, with home office at Florence, this state, closed Tuesday, with a notice of tem porary suspension until a meeting o: the directors. The capital stock of the bank IS nearly $600,000. It has brancher at Kingstree, Conway, Williston and Varnville, in this state, and severa towns in North Carolina.


Article from The Roanoke Times, May 18, 1893

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Article Text

A South Carolina Bank Suspends. CHARLESTON, S. C., May 17.-The doors of the Bank of the Carolinas, with home office at Florence, this state, closed with a notice of temporary suspension until a meeting of the directors. The capital stock of this bank is nearly $60,000. It has branches at Kingstree, Conway, Williston and Varnville in this state, and several towns in North Carolina. It is believed that the bank has assets to cover all indebtedness. Little, if any, doubt is entertained of the bank's paying dollar for dollar.


Article from Asheville Daily Citizen, May 19, 1893

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Article Text

HOPE FOR:COFFIN'S BANK. The Nor:h Carolina Banks Not Involved. FLORENCE, May 17.-The statement that the co-operative bank of North Carolina was involved in the suspension of the bank of the Carolinas here was a mistake. The North Carolina banks are entirely independent. President Coffin thinks he can arrange to open the bank again in a day or two if the directors agree to a proposition which he will make at a meeting tomorrow, which will place the bank on as solid a foundation as could be desired.-Charleston News and Courier. WIMINGTON, N. C., May 19.-The small bank at Lumberton, belonging to the same system as the Bank of the Carolinas at Florence, S. C., has suspended payment.


Article from The Irish Standard, May 20, 1893

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Article Text

MORE BANKS FAIL. Several Financial Institutions in Various Places Close Their Doors. BLOOMINGTON, Ill., May 17.-As heretofore predicted, Schureman's private bank at Normal closed its doors Tuesday morning, being unable to withstand a run made upon it. A careful estimate of the condition of the bank, made by a banker of this city, places the liabilities at $85,000 or $90,000 and the assets at $72,000. CHARLESTON, S. C., May 17.-The doors of the Bank of the Carolinas, with home office at Florence, this state, closed Tuesday with a notice of temporary suspension until a meeting of the directors. The capital stock of the bank is nearly $60,000. It has branches at Kingstree, Conway, Williston and Varnville, in this state, and several towns in North Carolina. It is believed that the bank has assets to cover all indebtedness. Stringency of the money market and consequent inability to realize on securities held by the bank is the cause OF the failure. CEDAR FALLS, Ia., May 17.-The First national bank of Cedar Falls failed to open its doors yesterday morning and soon afterwards the announcement of its failure was made public. Its capital stock and surplus amounted to $75,000, and a large majority of the stock was owned by the Field Bros.


Article from Tombstone Epitaph, May 21, 1893

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Article Text

BY WIRE. : SAN FRANCISCO - The Chronicle prints an article to the effect that , bloody highbinders' war is about to 8 break out in Chinatown. Placards were posted throughout the Chinese quarter, offering a reward of $300 for the life of Gam Lee, president, and t Sam Yup, two of the most influential members ot the Chinese Six Com. t panies. Gam Lee immediately notified the a police and placed himself under their b protection, and beside caused counter placards to be put up offering $500 for D information leading to the discovery, arrest and conviction of his pursuere. The grievances of highbinders against GAM Lee are numerous, but his particular offense consisted in advice to all Chinamen not to register under the Geary act. Now that deportation is to be the consequence of their failure to comply with the law, and that highbinders and the criminal element to be expelled from the country, they propose to hold Gam Lee accountable for their misfortunes. SAN FRANCISCO-Gen. W. H. Dimond expressed great surprise when informed of the dispatch from Washington last night announcing that President Cleveland had reappointed him superintendent of the mint here. He said he had heard nothing about the matter at all, and was inclined to believe the report was incorrect, though, in view of the fact that he had sent in his resignation two months ago, he thought it possible the president had appointed him temporarily until his permanent successor could be named SAN FRANCISCO-The Chronicle says a compromise has been effected over the disputed physicians' bills preferred by Drs. Keeney and Morse against John W. Mackay for extracting Rippey's bullet and attending him during his resultant illness. Keeney's charge was $7,500 and Morse's $5,000. The former ag.ees to accept $5,000 and the latter $3,000. Keeney made 45 visits, Morse 26. It is said the settlement was reached through the offices of Richard Dey, private secretary to Mr. Mackay. The milli naire at first declared in most emphatic terms that he would not pay the bills nor anything like them. NEW YORK-A morning paper has received authoritive information that the Six Componies had and still have agents at work throughout the country collecting $5 from every Chinaman on American soil. This collection is independent from one recently made openly, whose ostensible purpose was raising funds to defray the expenses of counsel in fighting the Geary act in the courts. BLOOMINGTON-The Exchange bank of Normal, a suburb of this city, has closed its doors. It was a private bank conducted by W. F. Sclueraman The cause of the failure was, doing a large business without any capital, It has been expected for some days. The deposits averaged $90,000. The capital stock was supposed to be $25,000. CHARGESTON, S. C.-The doors of the Bank of the Carolinas, with the home office at Florence, this state, are closed, with the notice of a temporary suspension until the meeting of the directors. The capital stock of the bank is $60,000. MINNEAPOLIS-The Citizens' Bank suspended payment this morning. A notice on the door says that depositors will be paid in full. Officials declare the bank is perfectly solvent and the suspension is simply due to in.


Article from The Laurens Advertiser, December 26, 1893

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STATE NEWS IN BRIEF. ces. Interesting Notes from Various Sour..The United States Senate has confirmed the appointment of Charles H. Simonton as United States Ciruit Judge for the Fourth Judicial Circuit. --A new dispensary has been established at Wagener's, in Aiken County. ere are now fifty-four dispensaries W twelve. he State. The new law was begun 'he main building of Bendict Instiff Columbia, was destroyed by firetun the night of Dec. 20. The origin of the fire was incendiary. Loss $4,000. partially covered by insurance. ---Judge James F. Izlar will be the candidate of the Conservatives to suc- He ceed Judge Brawley in Congress. will be opposed by J. William Stokes, Alliance candidate, who was dethe feated by Brawley in the primary last year. --The President has nominated Gen. Joseph B. Kershaw to be postmaster have at Camden. S. C. He could not made a better choice, not one that will give greater satisfaction to the patrons the State. of the office and to the people of -The Bank of the Carolinas at Florence, with several branches in this State and North Carolina, has made an assignment to Henry Buist. of CharlesThis is the bank which suspended ton. during the panic last summer and afterwards resumed business. -The position of Assistant Attorney General has been filled by the appointment of Mr. Will A. Barber, of Chester, one of the youngest members of the Chester bar. Mr. Barber has accepted the appointment and will enter with. upon the discharge of his duties forth---When Governor Tillman was told about the appointment of Congressman Brawley as the successor of Judge Simonton. and was asked for an have expression of opinion, he said : "I nothing against Brawley. I can only say that I hope he will not emulate Stinonton's example." -A man named Brewerton. living four miles north of Clinton, was dangerously shot in the back while milking his cow, by John Huckerby. Huckerby was purseed into Spartan- He burg county and captured there. It lodged in the jail at Laurens. is was said that Huckerby had been too intimate with Brewerton's wife. ---Annit Cantini, an Italian, has sued in the United States Court for damages alleged to have been inflicted by the dispensary constables in their raid upon his premises in Charleston on the 3rd of October. He asks the court to give him $10,000, and Judge Simonton has ordered the arrest of four constables, Gaillard, Swan, Pepper, and McDonald, who must give bail in $6,000 each, or go to jail pending their trial. --Wm. Carpenter, who with Frank Murrell killed Preston Yonce four ago in Edgefield, and who after years being sentenced to be hanged sucin making his escape, has been and lodged in jail at Carpenter's escape cooded field. re-arrested Since Edge- he has been wandering around Georgia under assumed names until six weeks when he killed a negro and was on ago, man. Ga., arrested at the East- dis- the charge of murder. This led to covery of his identity, and the authori- Reties of Edgefield were notified. quisition papers were gotten out, and to this State. Carpenter was brought back last week