Article Text
Suspension of the Bank of South Caroliua. AUGUSTA, Oct. 10.-Reliable telegraphic news from Charleston. announces the suspensión of the Bank of South Carolina, a State institution, of which C. M. Firman is president.
Bank of South Carolina (Charleston, SC)
Episode Information
- Episode UID
5265878990694- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Bank ID
-
526587899hash - Start Date
- October 12, 1857
- 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
e9e659877f0eeadc
Response Measures
None
Description
Contemporary dispatches call the bank suspended and some reports state it failed, but no formal receiver appointment is detailed in these clippings.
Events (2)
1.
October 12, 1857
Run
- Cause
- Macro News
- Cause Details
- General financial crisis of October 1857 produced runs on Charleston banks, causing widespread withdrawals.
- Newspaper Excerpt
- There is a run upon all the banks in Charleston.
- Source
- newspapers
2.
October 12, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Suspension occurred amid the broader 1857 financial crisis and local runs on Charleston banks.
- Newspaper Excerpt
- The Southwestern Railroad Bank and the Bank of South Carolina suspended this morning.
- Source
- newspapers
Newspaper Articles (12)
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Article Text
SUSPENSION OF THE BANK OF SOUTH CAROLINA. AUGUSTA, Saturday, Oct 10, 1857. Reliable telegraphic news from Charleston announces the suspension of the Bank of South Carolina-a State institution, of which C.M. Firman is President.
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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated Business is unsettled. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended
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More Suspensions. Augusta, Me., Oct. 12.-The Southwestern Railroad Bank and the Bank of South Carolina, suspended this morning. There is a run upon all the banks in Charleston.
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The Banks in Charleston. CHARLESTON, Oct. 12.-The Southwestern Railroad Bank and the Bank of South Carolina suspended this morning. There is a run on all the banks.
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THE BANKS IN CHARLESTON. AUGUSTA, Ga., Monday, Oct. 12, 1857. The South. Western Railroad Bank and the Bank of South Carolina suspended this morinng. There is a run upon all the banks in Charleston.
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Failure of Charleston Banks. Augusta, Oct. 12.-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite & run on all the banks of Charleston to. day.
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From Augusta, Ga. AUGUSTA, GA., Oct. 10.-Reliable telegraphic news from Charleston announee the suspension of the Bank of South Carolina, a State institution, of which C. M. Farmer is President.
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LIST OF SUSPENDED BANKS. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charlestsn. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.
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ACCUSTA, GA., Oct. 10. Reliable telegraph news from Charleston, announces the suspension of the Bank of South Carolina, a State institutton, of which C. M. Fermanis the Presidens.
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Suspended Banks. The following is a list of suspended banks in Georgia: Union bank, at Augusta. Manufacturer's bank, at Macon, All the banks in Savannah. The following is a list of suspended banks in South Carolina: Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden, Bank of South Carolina, at Charleston. Bank of Hamburg, Planters' and Mechanics' bank, at Charleston, Farmers' and Exchange bank, Charles. ton. People's bank, Charleston, South-western Railroad bank, Charleston.
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NO. 5. List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.