American Savings Bank (Charleston, SC)

Episode Information

Episode UID
3006202391188
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
300620239 hash
Start Date
December 5, 1898
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
093127d8a0a38ea3

Response Measures

None

Events (1)
1. December 5, 1898 Receivership
Newspaper Excerpt
The American Savings Bank of this city was placed in the hands of a receiver today by Judge C. H. Simonton at the instance of the Hanover National Bank.
Source
newspapers

Newspaper Articles (11)
1. December 6, 1898 The News & Observer Raleigh, NC
Article from The News & Observer, December 6, 1898

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Article Text

A CHARLESTON BANK FAILS. American Savings Bank in Hands of a Receiver. Charleston, S. C., Dec. 5.-The American Savings Bank of this city was placed in the hands of a receiver today by Judge C. H. Simonton at the instance of the Hanover National Bank. The latter bank hold notes of the former to the amount of $22,000. W. M. Connor, late President of the American Bank, was made receiver by the court. He said today that he was unable to say at this time what would be the amount either of the assets or the liabilities and he assigned the hard times as the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

2. December 6, 1898 The Morning News Savannah, GA
Article from The Morning News, December 6, 1898

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Article Text

CONNOR MADE RECEIVER. American Savings Bank of Charles. ton in the Courts. Charleston, S. C., Dec. 5.-The American Savings Bank of this city was placed in the hands of a receiver to-day by Judge C. H. Simonton, at the instance of the Hanover National Bank of New York. The latter bank holds notes of the former to the amount of $22,000. W. M. Connor, late president of the American Bank, was made receiver by the court. He said to-day that he was unable to say at this time what would be the amount either of the assets or the liabilities, and he assigned the hard times ER the cause for the failure. The capital stock of the bank was $15,000 and its deposita amounted to $100,000.

3. December 6, 1898 The Times Richmond, VA
Article from The Times, December 6, 1898

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Article Text

A BANK FAILURE. Hard Times Drives a Soath Carolina Bank Into Liquidation. CHARLESTON, S. C., Dec. 5.-The American Savings Bank of this city was placed in the hands of a receiver to-day by Judge C. H. Simonton at the instance of the Hanover National Bank of New York. The latter bank holds notes of the former to the amount of $22,000. W. M. Connor, late president of the American Bank was made receiver by the court. He said to-day that he was unable to say at this time what would be the amount either of the assets or the liabilities and he assigned the hard times as the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

4. December 6, 1898 The Times Washington, DC
Article from The Times, December 6, 1898

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Article Text

A SAVINGS BANK FAILS. A Receiver for the American Institution of Charleston. Charleston, S. C., Dec. 5.-On a bill of complaint brought by the Hanover National Bank of New York Judge Simonton signed an order today appointing W. M. Connor receiver of the American Savings Bank of Charleston. Connor was president of the bank. The New York bank holds notes against the Charleston house amounting to $22,000, and it is claimed that payment could not be had. The bank was not opened for business this morning. President Connor says he is unable to tell how much the bank is in debt. The low price of cotton and the inability to collect outstanding notes is said to be responsible for the failure. The American Bank has a' capital stock of only $15,000, but its deposits amount to fully $113,000.

5. December 6, 1898 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 6, 1898

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Article Text

TELEGRAPHIC BRIEFS. Isaac B. Potter, president of the League of American Wheelmen, announced that he would not be a candidate for re-election. The transport Minnewaska, with the Two Hundred and Second New York on board, sailed from Savannah for Pinar del Rio. The Merritt Wrecking company in a few days will send to Santiago an expedition to raise the sunken Spanish cruiser Reina Mercedes. At Frankton, Ind., the Commercial block, containing six business houses, and the opera house were destroyed by fire. Newton Wallace was killed and Dan Bradley fatally injured. Loss, $100,000. The American Savings bank of Charleston, S. C., closed its doors, a receivership being forced by the Hanover bank of New York, which holds claims of $22,000. The capital stock of the bank is DWV,000 and its deposits amount to $100,000. Articles of incorporation of the American Linseed company, with an authorized capital stock of $33,500,000, were filed with the secretary of state at Trenton, N. J. One-half of the capital stock is preferred, to bear a dividend of 7 per cent.

6. December 6, 1898 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 6, 1898

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Article Text

DOMESTIC. American Savings bank of Charleston, S. C., fails. The Columbia, S. C., Daily Register has suspended. Three men sentenced for floating $97.000 of fraudulent Creek watrants. Dr. Andrew, superintendent of Chicago's public schools. resigns.

7. December 6, 1898 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 6, 1898

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Article Text

BANK FAILURE IN CHARLESTON. The American Savings Institution in Hands of Receiver. CHARLESTON, S. C., December 5 -The American Savings Bank, of this city, was placed in the hands of a receiver today by Judge C. H. Simonton, at the instance of the Hanover National Bank, of New York. The latter bank holds notes of the former to the amount of $22,000. W. M. Connor, late president of the American Bank, was made receiver by the court. He said to-day that he was unable to say at this time what would be the amount of either the assets or the liabilities, and he asserted that the hard times were the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

8. December 6, 1898 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 6, 1898

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Article Text

A Savings Bank Closes. Charleston, S. C., Dec. 6.-The American Savings bank of this city closed its doors today, a receivership being forced by the Hanover National bank of New York, which holds claims of $22,000. The capital stock of the bank is $150,000 and its deposits amount to $100,000.

9. December 6, 1898 The Age-Herald Birmingham, AL
Article from The Age-Herald, December 6, 1898

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Article Text

In Hand of Receiver Charleston, S. C., December 5.-The American Savings bank, of this city, was placed in the hands of a receiver today by Judge Simonton at the instance of the Hanover National bank, of New York. The latter holds notes of the former to the amount of $20,000. William Conner, late president of the American bank, was made receiver by the court. He said today that he was unable to say at this time what would be the amount of either the assets or the liabilities. He assigned hard times as the cause of the failure. The capital stock of the bank was $150,000, and its deposits amount to $100,000.

10. December 9, 1898 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 9, 1898

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Article Text

Failure of a Bank at Charleston, S. C Charleston, S. C., December 5.-The American Savings bank, of this city, was placed in the hands of a receiver today by Judge C. H. Simonton, at the instance of the Hanover National bank, of New York. The latter bank holds notes of the former to the amount of $22,000. W. M. Connor, late president of the American bank, was made receiver by the court. He said today that he was unable to say at this time what would be the amount either of the assets or the liabilities and he assigned the hard times as the cause for the failure. The capital stock of the bank was $15,000 and its deposits amounted to $100,000.

11. December 10, 1898 Morris Tribune Morris, MN
Article from Morris Tribune, December 10, 1898

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Article Text

FINANCE AND TRADE. The flour trust is said to have been actually formed. Rockefeller is credited with an attempt to gain control of the entire copper mining industry of the country. Isaac D. Smead, prominent ventilating and heating apparatus man, is bankrupt. Liabilities, $900,000; no assets. Negotiations for a general consolidation of all the street railroads in St. Louis are in progress in that city and New York. Arbuckle Brothers have reduced refined sugars 1-16c. It is generally understood that the other refineries will follow with a similar reduction. The American Savings bank of Charleston, S. C., has been placed in the hands of a receiver by Judge Simonton at the instance of the Hanover Na= tional bank of New York. Representatives of five of the plate glass insurance companies held a meeting at New York recently and agreed to restore rates and not to pay brokers more than 331/3 per cent commission. Denver mint receipts for November show a total of $1,925,718, as against $1,237,199 for the same month of 1897. The total for the first 10 months of 1898 are $18,269,271, as against $10,920,844 for the same period of 1897, a gain of $7,348,427.