Citizens Savings Bank (Columbia, SC)

Episode Information

Episode UID
101143590887
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
10114359 hash
Start Date
November 1, 1873*
Location
Columbia, South Carolina (34.001, -81.035)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4ee9a415a56dc94b

Response Measures

None

Description

Bank entered voluntary bankruptcy (Dec 1, 1873) to avoid a receivership after a threatened run and injunction.

Events (3)
1. November 1, 1873* Run
Cause
Bank Specific Adverse Info
Cause Details
A demand and lawsuit by J. L. Watson and related legal action precipitated agitation and a threatened run.
Measures
Bank and counsel advised voluntary bankruptcy and published notices urging depositors to await statement.
Newspaper Excerpt
it was learned that a certain party in Columbia, had been arming for a run on the bank.
Source
newspapers
2. December 1, 1873 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank, on counsel's advice and to protect depositors amid injunction and threatened run, placed itself into voluntary bankruptcy and suspended operations.
Newspaper Excerpt
THE CITIZENS' SAVINGS BANK OF SOUTH CAROLINA has to-day gone into voluntary bankruptcy, under our advice.
Source
newspapers
3. January 26, 1874 Receivership
Newspaper Excerpt
by an indenture date the 26th January ... the Citizens' Savings Bank, of South Carolina, bankrupt, has conveyed and assigned all its estate and effects ... to me as Trustee, upon trust, for the benefit of all the creditors of said bankrupt, J. FISHER, Trustee.
Source
newspapers

Newspaper Articles (21)
1. September 28, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 28, 1873

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Article Text

FINANCIAL-Money matters were easier, yesterday. The agreement eptered into by the banks works satisfactorily Those who were 30 Authorized as to control funds were either depositing or checking. The Carolina National received a liberal amount of deposits; while the Central bad bothing to complain of. The officers of the Bank and Trust Company were kent huar during the day, and found at the close of business but slight difference between their check and deposit accounts. Messrs. Edwin J. Scott & Son did their usual amount of business, The Citizens' Savings Bank had a fair amount of deposite. Altogether, we may safely say, that any disposition towards A panicky feeling, if such existed, has passed. The Columbia banks are sound. PHORNIXIANA.-A new prayer for Wall street-Remember those that are in bonds. A flower for Wall street brokers to cultivate-Glad-I-owe-less. All interest in the Modoce will be suspended with their leaders October 3. The only good rbyme for speculation -Peculation. We should estimate the character of others from our own knowledge, not from what we hear of them. E. E. Davies & Co., on Plain street, have just received another lot of those fine North Carolina cream cheese; also, a fine lot of Northern fruit. Fully aware of the wants of the public, they are now making extensive arrangements to furnish them during the fall and winter months with every variety of fish, oysters and game. MAIL ARRANGEMENTS.-The Northern mail opens 6.30 and 10..30 A. MR closes 8 A. M. and 6.33 P. M. Charleston opens 7 A. M. and 2.30 P. M.; closes 6.15 and 3 30 P. M. Western opens 6.30 and 9.30 A. M.; closes 9 and 6.30 P. ar. Wilmington opens 4.30 P. M.: closes 6 A. M. Greenville opens 6.45 P. M. closes 6 A. M. On Sunday the office is open from 91/2 to 101/2 A. M. RELIGIOUS SERVICES THIS DAY.-St. Peter's (Catholic) Church-Rev. J. L. Fallerton, First Mass 7 A. M.; Second Mass 101/6 A. M.; Vespers 41/2 P. M. Trinity Church-Rev. P. J. Shand, 101/2 A. M. and 5P.M. Lutheran Church-Rev. W. B. Yates, 101/2 A. M. Baptiat Church-Rev. J. K. Mendenhall, pastor, 11 A. M. and 8 P. M. Sunday School at 9 A.M. Marion Street Church-Rev. W. D. Kirkland, 101/4 A. M., and 8 P. M. Sunday School, 9 A. M. Washington Street Church-Rev o. A. Darby, 101/2 . M. and 5 P. M. Presbyterian Church-Rev. G. R. Brackett, 11 A. M. Rev. E. M. Green, 71/2 P. M,

2. November 26, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, November 26, 1873

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M. Western opens 0 A. 11. 12.30 P. ., closes 6, 1.30 P. M. Greenville opens 6.45 P.M.; closes A. M. Wilmington opens4 P. M.; closes 10.30 A. M. On Sunday open from 2 30 to 3.30 P. M. THE BANK CASE.-The following is Judge Carpenter's official order relative to this matter: STATE OF SOUTH CAROLINA. RICHLAND COUNTY-IN THE COMMON PLEAS.-John L. Watson, plaintiff, rs. the Citizens' Savings Bank of South Carolina, defendant. On the sworn complaint in this action, let the defendant show cause before me, at my chambers, in Columbia, on the third day of December, 1873, at 10 o'clock A M., or as soon thereafter as counsel can be heard, why an injunction should not be granted restraining its officers from paying out or in any way transferring or delivering to any person any of the moneys, property or effects of such corporation until the further order of this court; and at the same time, that the defendant do show cause before me why a receiver should not be appointed of the funds, property and effects of the defendant, with the usual directions, and why the plaintiff should not have such other relief as may be just. Ordered, further, that in the meantime, the defendant, its officers and agents, be restrained from paying out the funds or otherwise disposing of the property and effects of the said corporation. Let copies of this order and complaint be served upon the President, Vice-President or Casbier of said corporation. R. B. CARPENTER. (Signed) NOVEMBER 22, 1873. UNITED STATES CIRCUIT COURTCOLUMBIA, November 25, 1873.-The Court convened in the State Capitol, at 11 o'clock, How. Geo. S. Bryan presiding. The following grand jurors were sworn in: W. H. Jackson, foreman; B. F. Bates, Wilson Butler, L. N. Brown, Alfred Butler, Junius Chapman, Dover Davis, Allen Green, Reese Joyner, Alexander Riley, James Kennedy, Wm. Porter, J. D. Smart, A. W. St. Amand, Julius Trouche, James Nesbit, J. W. Watts, Jeremiah Yates, Richard Young. His Honor delivered an elaborate charge to the jury; when they retired, and, after a short absence, returned a true bill against Solomon Sewel, for retailing tobacco without the usual license. On motion of W. E. Earle, Esq., Messrs. Nathaniel Barnweil and Chas. H. Janney were admitted to practice in the United States Courts. The following petit jurors were sworn in: Jury No. 1.-R. L. Bryan, foreman; James Bampfield, Holman Caldwell, James H. Cook, C. E. Davis, T. D. Davie, H. J. T. W. Coleman, Spencer Daring, W. J. Duffle, Phillip Dozier, Geo. A. Darling, Christopher Haynesworth. Jury No. 2.-Wm. Perry, foreman; W. H. Kidd, Junius Littlejohn, Wm. Mooney, C. P. Pelham, Jr., J. B. Pollock, D. C. Peixotto, J. C. Roath, John J. Shiver. David Schwares, John L. Thornwell, J. B. Tolleson. Supernumeraries.-Henry Smith, J. W. Vinson, Simeon Young, Thomas H. Blackwell, James Simpson, William S. Hannahan, The Court then adjourned until today, at 10 o'clock A. M. LIST OF NEW ADVERTISEMENTS. E. J. Scott, Son & Co.-Notice. A Child's Nurse Wanted. Extra Meeting Palmetto Lodge. H. &S. Beard-Auction Sale. C.J Iredell-Notice. AN ENTERPRISING FAMILY.-A lady

3. December 3, 1873 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, December 3, 1873

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Card. THE CITIZENS' SAVINGS BANK OF SOUTH CAROLINA has to-day gone into voluntary bankruptey; under our advice. This advice has been given as the most effectual means of protecting the interests of its depositors and other creditors-who can thus, and thus only, have the management and control of its assets-instead of their being placed in the hands of a receiver, in whose selection they have no choice The Officers of the Bank will, at an early day, publish a statement, giving full information of its affairs. We would warn depositors and creditors not to Larter their claims to speculators and other interested parties, as we are informed there exists a most dangerous combination, whose object it is to obtain a controlling interest, to the destruction of the Bank, and the detriment of depositors. We would further advise the depositors and creditors to retain their claims until the publication above referred to has been made, which in our opinion, will justify the wisdom and policy of the course adopted in their interest, and will suggest a plan, which, it heartily co-operated in by depositors and creditors will save them from loss. (Signed,) McMASTER & LECONTE, Attorneys for Petitioner. POPE & HASKELL, BACHMAN & YOUMANS, Of Counsel. COLUMBIA. S. C., Dec. 1, 1873. Dec. 3, 1873, 34-3t

4. December 3, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, December 3, 1873

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A Oard. THE CITIZENS' SAVINGS BANK OF SOUTH CAROLINA has to-day gone into voluntary bankruptcy, under our advice. This advice has been given as the most effectual means of protecting the interests of its depositors and other creditors-who can thus, and thus only, have the management and control of its assets-instead of their being placed in the hands of a receiver, in whose selection they have no voice. The Officers of the Bank will, at an early day, publish a statement, giving full information of its affairs. We would warn depositors and creditors not to barter their claims to speculators and other interested parties, as we are informed there exists a most dangerous combination, whose object is to obtain a controlling interest, to the destruction of the Bank and the detriment of depositors. We would further advise the depositors and creditore to retain their claims until the publication above referred to has been made, which, in our opinion, will justify the wis. dom and policy of the course adopted in their interest, and will suggest a plan. which, if heartily co-operated in by depositors and creditors, will save them from loss. (Signed,) McMASTER & LECONTE, Attorneys for Petitioner. POPE & HASKELL, BACHMAN & YOUMANS, Of Counsel. COLUMBIA, S. C., December 1, 1873. Dec 1 3

5. December 4, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, December 4, 1873

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Article Text

A Gard. THE CITIZENS' SAVINGS BANK OF SOUTH CAROLINA has to-day gone into voluntary bankruptcy, under our advice. This advice has been given as the most effectual means of protecting the interests of its depositors and other creditors-who can thus, and thus only, have the management and control of its assets-instead of their being placed in the hands of a receiver, in whose selection they have no voice. The Officers of the Bank will, at an early day, publish a statement, giving full information of its affairs. We would warn depositors and creditors not to barter their claims to speculators and other interested parties, as we are informed there exists a most dangerous combination, whose object is to obtain a controlling interest, to the destruction of the Bank and the detriment of depositors. We would further advise the depositors and creditors to retain their claims until the publication above referred to has been made, which, in our. opinion, will justify the wis. dom and policy of the course adopted in their interest, and will suggest a plan, which, if heartily co-operated in by depositors and creditors, will save them from loss. (Signed,) McMASTER & LECONTE, Attorneys for Petitioner. POPE & HASKELL, BACHMAN & YOUMANS, Of Counsel. COLUMBIA, S. C., December 1, 1873. Dec 1 8

6. December 4, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, December 4, 1873

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A Card. THE CITIZENS' SAVINGS BANK OF SOUTH CAROLINA has to-day gone into voluntary bankruptcy, under our advice. This advice has been given as the most effectual means of protecting the interests of its depositors and other creditors-who can thus, and thus only, have the management and control of its assets-instead of their being placed in the hands of a receiver, in whose selection they have no voice. The Officers of the Bank will, at an early day, publish a statement, giving full information of its affairs. We would warn depositors and creditors not to barter their claims to speculators and other interested parties, as we are informed there exists a most dangerous combination, whose object is to obtain a controlling interest, to the destruction of the Bank and the detriment of depositors. We would further advise the depositors and creditors to retain their claims until the publication above referred to has been made, which, in our opinion, will justify the wis. dom and policy of the course adopted in their interest, and will suggest a plan. which, if heartily co-operated in by depositors and creditors, will save them from loss. (Signed,) McMASTER & LECONTE, Attorneys for Petitioner. POPE & HASKELL, BACHMAN & YOUMANS, Of Counsel. COLUMBIA, S. C., December 1, 1873. Dec. 8

7. December 4, 1873 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, December 4, 1873

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A CARD. to-day gone into voluntary bankruptcy, THE Citizens' Savings Bank of South Carolina under our advice. This advice has been given as the most effectual means of protecting the interests of its depositors and other creditors, who can thus, and thus only, have the management and control of its assets, instead of their being placed in the hands of a receiver in whose selection they have no voice. The officers of the bank will, at an early day, publish a statement, giving full information of its affairs. We would warn depositors and creditors not to barter their claims to speculators and other interested parties, as we are informed there exists a most dangerous combination, whose object is to obtain a controlling interest, to the destruction of the bank and the detriment of its depositors. We would further advise the depositors and creditors to retain their claims until the publication above referred to has been made, which, in our opinion, will justify the wisdom and policy of the course adopted in their interest, and will suggest a plan which, if heartily co-operated in by depositors and creditors, will save them from loss. McMASTER & LeCONTE, (Signed) Attorneys for Petitioner. POPE & HASKELL, BACHMAN & YOUMANS, Of Counsel. 3t 49 Columbia, S. C., December 1, 1873.

8. December 10, 1873 The Newberry Herald Newberry, SC
Article from The Newberry Herald, December 10, 1873

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A CARD. THE CITIZENS' SAVINGS BANK OF SOUTH CAROLINA has to-day gone into voluntary bankruptcy, under our advice. This advice has been given as the most effectual means of protecting the interests of its depositors and other creditors-who can thus, and thus only, have the management and control of its assets-instead of their being placed in the hands of a receiver, in whose selection they have no voice. The Officers of the Bank will, at an early day, publish a statement, giving full information of its affairs. We would warn depositors and creditors not to barter their claims to speculators and other interested parties, as we are informed there exists a most dangerons combination, whose object is to obtain a controlling interest, to the destruction of the Bank and then detriment of depositors. We would further advise the depositors and creditors to retain their claims until the publication above referred to has been made, which, in our opinion, will justify the wisdom and policy of the course adopted in their interest, and will snggest a plan, which, if heartily co-operated in by depositors and creditors, will suve them from loss. (Signed,) McMASTER & LECONTE, Attorneys for Petitioner. POPE & HASKELL, BACHMAN & YOUMANS, Of Counsel. COLUMBIA, S. C., December 1, 1873. Dec. 3, 48-3t.

9. December 11, 1873 Orangeburg Times Orangeburg, SC
Article from Orangeburg Times, December 11, 1873

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THE CITIZENS' SAVINGS BANK. It is to be regretted that this highly usefull, and respectable institution has been compelled to suspend its business operations. As an accomodation, and a facility in commercial affairs it has been appreciated, and met a large patronage. The branch at this point was most judieiously and courteously managed by its Cashier Jas. H. Fowles Esq., and we are expressing the voice of the people when we regret its suspension. As previously stated a demand was made at the counter of the main bank in Columbia, for a payment of a deposit made in the Yorkville branch by the county Treasurer of York. The demand was properly refused, until it could be ascertained that the, deposit had been made. Instant proceedings were made against the bank, and an injunction was granted by Judge Carpenter preventing further transactions, until the claim was paid. Meantime it was learned that a certain party in Columbia, had been arming for a run on the bank. To defeat this and protect the contingency of involuntary bankruptoy-the bank under the advice of its counsel proposed voluntary bankruptcy. This was taken by Judge Carpenter as a violation of his order of injunction. And a pretty war of argument ensued. The affairs of the bank under a rigid inspection of business men, were deemed solvent, and another course than even voluntary bankrup tey might have been found, had not counsel deemed the situation such as to demand it.

10. December 11, 1873 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, December 11, 1873

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A CARD. to-day gone into voluntary bankruptcy, THE Citizens' Savings Bank of South Carolina under our advice. This advice has been given as the most effectual means of protecting the interests of its depositors and other creditors, who can thus, and thus only, have the management and control of its assets, instead of their being placed in the hands of a receiver in whose selection they have no voice. The officers of the bank will, at an early day, publish a statement, giving full information of its affairs. We would warn depositors and creditors not to barter their claims to speculators and other interested parties, as we are informed there exists a most dangerous combination, whose object is to obtain a controlling interest, to the destruction of the bank and the detriment of its depositors. We would further advise the depositors and creditors to retain their claims until the publication above referred to has been made, which, in our opinion, will justify the wisdom and policy of the course adopted in their interest, and will suggest a plan which, if heartily co-operated in by depositors and creditors, will save them-from loss. McMASTER & (Signed) Attorneys for POPE & HASKELL, BACHMAN & YOUMANS, Of Counsel. 3t 49 Columbia, S. C., December 1, 1873.

11. December 18, 1873 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, December 18, 1873

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THE ADVERTISER. Edgefield, S. c., Dec. 18, 1873. A Bank in a Narrow Stralt and a Judge In a Furious Rage. And, we might add, Attorneys on the brink of ruin. The matter attracts a great deal of public attention. It is, succinetly, this, One Watson calls upon the Citizens' Saving Bank of Columbia for some $900 deposited therein, or in some way due said Watson by said Bank. The Bank declines to pay the money. Hereupon, a Radical Ring, seeing, SO it is said, a chance to make a good thing, brings the Bank up before Judge Carpenter and seeks to throw its assets into the hands of a receiver. Judge Carpenter decides that his Court has jurisdiction of the case; and with him rests the appointment of the receiver. In the meantime the Attorney of the Bank, Col. McMaster, and Messrs. Le Conte, Pope, Haskell, Bachman and Youmans, his assistants, throw the Bank into voluntary Bankruptey, and publish a card in the Phoenix, explaining their motives and exhorting the creditors and: deposit Jrs of the Bank to be patient and trusting. A certain passage in this card enrages Judge Carpenter. He says it reflects upon his honor and honesty., He stamps like the big beast in Revelation, and, although the Attorneys explain, will not be appeased. The officers and directors of the Bank are cited-all in legal manner-to appear before him on Friday next to show cause why they should not be attached for contempt of Court, and the Attorneys, to show cause why their names should not be stricken off the role of attorneys in Judge Carpenter's circuit. As matters look now, the Attorneys will probably have trouble, but the Ring will probably notget the Bank's money.

12. December 18, 1873 Orangeburg Times Orangeburg, SC
Article from Orangeburg Times, December 18, 1873

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A. CARD. The Citizens' Savings Bank of South Carolina has to-day gone into voluntary bankruptcy, under our advice. This advice has been given as the most effectual means of protecting the interest of its depositors and other creditors, who can thus, and thus only, have the management and control of its assets, instead of their being placed in the hands of a receiver, in whose selection they have no voice. The officers of the Bank will, at an early day, publish a statement, giving full information of its affairs. Weswould warn depositors and creditors not to barter their claims to speculators and other interested parties, as we are informed there exists a most dangerous combination, whose object is to obtain controlling interest, to the destruction of the bank and the detriment of its depositors. We would further advise the deposiform and credito there claims until the publication above referred to Kus been made, which, in our opinion, will justify the wisdom and policy of the course adop ed in their interest, and will suggest. a plan which, if heartily co-operated in by depositors and creditors, will save them from loss. (Signed) McMASTER & LECONTE, Attorneys for Petitioner. Pope & Haskell, Bachman & Youmans, Of Counsel. Columbia, S, C., Dec. 1, 1873-42-3t

13. April 12, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, April 12, 1874

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Advertisement of Trustee. In the Matter of the Citizens' Savings Bank, of South Carolina, Bankrupt-In Bankruptcy. Thrato give notice that, by an indenture date the 26th January, one thousand eight hundred and seventy-four, the Citizens' Savings Bank, of South Carolina, bankrupt, has conveyed and assigned all its estate and . ffects whatsoever to me as Trustee, upon trust, for the benefit of all the creditors of said bankrupt, and that said conveyance was duly executed according to the provisions of the 43d Section of an Act of Congress entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved March 2d, 1867. Dated at Columbia this fourth day of April, A. D. 1874. J. FISHER, Trustee. April 12 m6

14. April 16, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, April 16, 1874

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Advertisement of Trustee. In the Matter of the Citizens' Savings Bank, of South Carolina, Bankrupt-In Bank. ruptcy. give notice that, by an indenture T bearing date the 26th January, one thousand eight hundred and seventy-four, the Citizens' Savings Bank, of South Carolina, bankrupt, has conveyed and assigned all its estate and effects whatsoever to me as Trustee, upon trust, for the benefit of all the creditors of said bankrupt, and that said conveyance was duly executed according to the provisions of the 43d Section of an Act of Congress entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved March 2d, 1867. Dated at Columbia this fourth day of April, A.D. 1874. J. FISHER, Trustee,

15. April 26, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, April 26, 1874

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Advertisement of Trustee. In the Matter of the Citizens' Savings Bank. of South Carolina, Bankrupt In Bank ruptey. Tusisto give notice that, by an indenture date the 26th January, one thouand eight hundred and seventy-four, the Citizens' Savings Bauk, of South Carolina, bankrupt, has conveyed and assigned all its estate and ( ffects whatsoever to me as Trustee, upon trust, for the benefit of all the creditors of said bankrupt, and that said conveyance was duly executed according to the provisions of the 43J Section of an Act of Congress entitled "An Act to establish a uniform system of bankruptey throughout the United States," approved March 2d, 1867. Dated at Columbia this fourth day of April, A. D. 1874. J. FISHER, Trustee. April 12 n.6

16. May 3, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, May 3, 1874

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Advertisement of Trustee. In the Matter of the Citizens' Savings Bank, of South Carolina, Bankrupt-In Bank. ruptey. date the 26th January, one thouTHISIN to give notice that, by an indenture sand eight hundred and seventy-four, the Citizens' Savings Bank, of South, Carolina, bankrupt, has conveyed and assigned all its estate and , fects whatsoever to me as Trustee. upon trust, for the benefit of all the creditors of said bankrupt, and that said conveyance was duly executed according to the provisions of the 43d Section of an Act of Congress entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved March 2d, 1867. Dated at Columbia this fourth day of April, A.D. 1874. J. FISHER, Trustee. April 12 m6

17. May 10, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, May 10, 1874

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Advertisement of Trustee. In the Matter of the Citizens' Savings Bank, of South Carolina, Bankrupt-In Bank. ruptcy. Tboaring give noticethat, by an indenture date the 26th January, oue thousand eight hundred and seventy-four, the Citizens' Savings Bank, of South Carolina, bankrupt, has conveyed and assigned all its estate and effects whateoever to me as Trustee. upon trust, for the benefit of all the creditors of said bankrupt, and that said conveyance was duly executed according to the provisions of the 43d Section of an Act of Congress entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved March 2d, 1867. Dated at Columbia this fourth day of April, A. D. 1874. J. FISHER, Trustee. April 12 m6

18. May 13, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, May 13, 1874

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Advertisement of Trustee. In the Matter of the Citizens' Savings Bank of South Carolina, Bankrupt in Bank: ruptey. THIS in to give noticethal, byan indenture bearing date the 26th January, one thousand eight hundred and seventy-four, the Citizens' Savings Bank, of South Carolina, bankrupt. has conveyed and assigned all its estate and effects whatsoever to 1110 AR Trustee. upon trust, for the benefit of all the creditors of said bankrupt, and that paid conveyance was duty executed according to the provisions of the 13d Section of a 11 Act of Congrees entitled "An Act to establish a uniform system of bankruptcy throughout the United States." approved March 2d, 1867 Dated at Columbia this fourth day of April A D. 1874. J.PISHER. Trustee. April12 to 6

19. May 16, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, May 16, 1874

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Advertisement of Trustee. In the Matter of the Citizens' Savings Bank of South Carolina, Bankrupt-In Bank. rupicy. give notice that, by an indenture date the 26th January, one thousand eight hundred and seventy-four, the Citizens' Savings Bank, of South Carolina, bankrupt, has conveyed and assigned all its estate and € ffects whatsoever to me as Trustee, upon trust, for the benefit of all the creditors of said bankrupt, and that said conveyance was duly executed according to the provisions of the 43d Section of an Act of Congress entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved March 2d, 1867. Datedat Columbia this fourth day of April, A. D. 1874. J. FISHER, Trustee. April 12 m6

20. August 8, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, August 8, 1874

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Malapropos, The resemblance which the UnionHerald would like to trace between the Freedman's Bank, at Washington, and the Citizens' Savings Bank, at Columbia, does not exist in fact. What either will pay the depositors remains yet to be seen. The possibility of paying anything on the part of the former is due, if we are not mistaken, to the action of disinterested parties, who have protected the freedmen against those who, par excellence, claimed to be their friends. The Citizens' Saving) Bank has already paid twenty-five cents in the dollar, and has ordered twelve-and-a half cents more to be paid on the 1st of September. One of the causes of its embarrassment is due to the failure of the South Carolina State Government to pay an important claim that it has against it. It was directly and strongly affected in its solvency and strength by the bankrupt condition of the State. If there has been any mismanagement on the part of those in charge of its affairs, (and we don't know that there has been,) no imputation that we know of has been made upon their integrity. The allusion to the names of a distinguished Confederate General and of his successor are particularly unjust. Not the slightest stain rests upon them. As to the financial troubles of the bank, they were, no doubt, due principally to the "panic," which struck it inopportunely, delivering its whole force in this place on this one banking institution. Others, perhaps, were saved by it, or relieved at least. There is no likeness that we can see between it and the Freedmen's Bank, except, perhaps, that each, to its sorrow, credited the Government or Government officials where it was located-the one the General Government at Washington, the other the State Government of South Carolina.

21. March 4, 1881 The Weekly Union Times Union, SC
Article from The Weekly Union Times, March 4, 1881

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# THE CITIZENS' SAVINGS BANK This institution has finally been wound up by the discharge of the Trustees and Committee of Creditors, un ran order of the United States Court, on the Ith of February, 1881. The Bank had been conducted with great success and benefit to the community, chiefly by that able financier, Col. John B. Palmer, when, in 1873, taking advantage of the general financial distress of the country, a run was precipitated by J. L. Watson, and insolvency proceedings were had, in the Richland Circuit Court, for the purpose of placing the Bank in the hands of J. L. Neagle, as Receiver, a la Bank of the State. To defeat this wrecking scheme Messrs. Pope & Haskell, Bachman & Youmans, and McMaster & LeConte were employed, and they at once took steps to place the corporation in bankruptcy. Judge Carpenter adjudged this to be a contempt of his Court, and issuing an attachment dis-barred these attorneys. Thereupon Col. Rion was employed, who appearing for a New York client and as an attorney in the United States Court only, was beyond the reach of the State Court. He applied to Judge Bryan, who promptly granted an injunstion against the plaintiff and all executive officers of the State Court. From this injunction aft appeal was taken to Judge Bond, and a hearing liad in Charleston, Judge Magrath. C. D. Melton and W. H. Trescot appearing for the jurisdiction of the State Court; and Col. Rion, Jos. D. Pope and Col. MeMaster for the Bankruptcy jurisdiction. Judge Bond, in an able decision, sustained Judge Bryan's action and vindicated the course taken by the attorneys who had been disbarred. The Supreme Court of the State subsequently reversed the disbarment of the eminent counsel, with whom all the good citizens of the State had been deeply sympathizing. The corporation being thus safely out of the State Court, the proceedings in Bankruptcy were superseded by the appointment of the following gentlemen of high standing as a committee of creditors; Samuel MeGowan, Jos. B. Kershaw, L. J. Jones, 1. D. Witherspoon, Isaac M. Bryan, Robt. E. Fraser, John H. Evins, C. M. Miller, John Meighan, Louis D. DeSaussure, Thos. B. Fraser, Samuel Dibble, Jas. H. Rion. The last five of these were constituted an Executive Board. Dr. John Fisher was selected as Trustee, and, upon his death, he was succeeded by Col. Louis LeConte. The administration of the committee has developed the fact that the Bank was in a solvent condition when the attack was made. For, notwithstanding the forced sacrifice of good assets, the great expense of Bankruptcy and of litigation, and the large amount of debts that had to be paid in full, being secured by collaterals pledged, there has been paid in all $870,543 to depositors, being 56 per cent. of their claims. Povides tills, a sum of $2,533 was paid into the United States Court, as dividends not called for, and $299 were paid in as a surplus to pay final Court expenses. The committee of Creditors may, perhaps, complain that they were raided upon by the Legislature, three of their number having been made Judges during their administration, but they met with no other mishap. The history of the Citizens' Saving Bank case presents a bright exception to the usual result of winding up Saving Banks, and speaks volumes for the ability and integrity of the Trustees and the Committee. A portion of the legal history of the case can be found reported in 5 So. Ca., 159; 11 N. B. R. R., 161, and in 2 Hughes, (U. S. C. R.) 200.