Southwark Bank - Philadelphia, PA

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: September 26, 1857
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 3c141bdc

Response Measures

Accommodated withdrawals

Description

During the September 1857 panic Southwark Bank is repeatedly reported as paying its notes/specie (small notes) and did not suspend. This is part of the wider Panic of 1857 (systemic). No suspension or receivership for Southwark is mentioned in the articles.

Events (1)

1. September 26, 1857 Run

Cause: Macro News
Cause Details: Part of the widespread financial panic of Sept. 1857 and news of other banks' suspensions (e.g., Baltimore banks, Bank of Pennsylvania) which produced runs and heavy withdrawals across Philadelphia.
Measures: Paid all notes / redeemed specie for small notes (reported paying all its bills and redeeming notes).
Newspaper Excerpt: The Southwark Bank pays all its bills.
Source: newspapers

Newspaper Articles (6)

1. September 26, 1857 Evening Star Washington, DC

Article from Evening Star, September 26, 1857

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Article Text

TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis in Philadelphia. Philadelphia, Sept. 26.-The corner of Third and Chesnut street is again the scene of excitement this morning. Ciowds of alarmed and interested persons surrounded the Savings Institutions this morning before 9 o'clock. These declined paying out their deposits, requiring two weeks notice to be given. The Banks were besieged before 10 o'clock by anxious and excited crowds. The Bank of Pennsylvania re-opened, doing its ordinary business, but paying out nospecie. The Mechanics' Bank paid specie for its "10's." The Girard Bank refused to do any business, and gave no satisfaction to its note holders and depositors. LATER.-The Giraid Bank has come to terms, and is redeeming its "5's" with specie, but refusing to honor checks. Most of the other banks are taking checks. ANOTHER Dispatch.-An additional excitement has been produced by the news of the suspension of the Baltimore Banks. The Tradesman's Bank pays checks and all. ADDITIONAL-There is no concert of action among the Banks, each apparently taking a different course. The North American is paying specie for its ten's, but is issuing no notes on checks. The Bank of Commerce is refusing specie, but is paying notes on checks. STILL LATER-The Bank of North America is paying all its notes, having received specie from New York last evening, and is now represented to have more in its vaults than the amount of its Mils in circulation, but is certifying its checks. The following Banks are redeeming its fives: The Commercial, the Philadelphia, and the Manufacturers and Mechanics The Farmers' and Mechanics' Bank are paying specie for "ten's." The Northern Liberties, and Western, Banks are redeeming its fives in cases of necessity. The Bank of Penn Township, the City, and Consolidation Banks pay nothing. Allothe Banks, how. ever. certify checks except the Girard, which is suspending business entirely. Some of the Banks WILL receive no deposits. 26th p. m.-Private advices say that the Banks of Reading nd Pittsburg have suspended. The Southwark Bank pays all its bills. The Kensington Bank pays its fives only

2. September 27, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, September 27, 1857

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MNVI 02" sequeding IRR, Sept. 26.-All the banks here ended specie payment. Ker our 'd, 6-95 ndas HDH Manufacturers and the Exchange papuodsn bank ELPHIA, Sept. 26,-There is no concert among the Banks. The Bank of Pennas resitmed business, but a total surf specie payments. Bank "of, Comaving out notes but no specte. The - deeming fives only. Bank of North nd Mechanic Bank are paying specie ving checks. The Tradesmen's Bank bills and checks the Banks certicks. The following Banks pay $5 undicturers' & Mechanics Southwark al, Philadolphia Bank of Northern 3 "II 201 aroads And Rund Messer pur necessity only. Consolidat Bank, , and Bank of Panna. Township, pay it all. The Southwark Bank, pay a 1 itizens checks. The following resolu3º ano 411 Supusom this paBaH Resolved, That all settlements for the and sale of stocks, past, and to come, ade in certified checks of any of the d 10 to current * M dispatches, received here, announce asion of the Reading and Pittsburgh RE, Sept. 26.-At a meeting of the sidents, this morning, it was resolved 1 specie payments on all notes. ELPUIA, Sept. 20.-Business in all deabout suspended to-day. Breadstuffs ! GTON, Sept. 26 The Bank of the : has resolved to continue specie payull, finding themselves secured against 1. The Bank of Washington has parended, but this is temporary. They , on their five dollar notes, and small The Directors of the Metropolis and Banks are now in conference. It is own what action will be taken, RE, Sept. 26.-The suspension-since has been total, with the exception of Pollars may " THE There has been no run one the Sav. S; we have but three and the most ig and quilt only SU ejes SU 038 $ seem to be gratified with the suspenney on the street which yesterday ed 21 per cent, has fallen to-day to one The Baltimore and Oho Railroad advanced to five dollars per share. ORE, Sept. 26.-The Farmers & Meank is cashing all its notes and paying in notes on other city Banks. All banks have fully suspended, but are hing their customers with change.ement is subsiding and the money ensier. Much surprise is expressed anks of New York city have not susThere is no run on the Savings Bank. of shinplasters is talked of. Sept. was the scene xcitement during the day, by advices idelphia, but the Banks have made a ton to their specie within the last few remain tirm. There are no signs of . It is confidently believed that all and Banks are able to stand the pres ORK, Sept. 26. Our Banks remeined the close of business hours and there $ of suspensions. Money on the street sought for and demands higher rates (SECOND DESPATCH.) BK, Sept. 26.-Therfollowing circular Banks has been Issued consethe suspension of specie payments

3. September 28, 1857 The New York Herald New York, NY

Article from The New York Herald, September 28, 1857

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THE STATE FINANCES [From the Philadelpais times, sext. 25 In the midst of our Associal difficult illes, we sun painful facts record the last Legislature passed appr reprissing $60.000 or upwards to the of certain class canal claims These claims have perfected by the and prepared legally for soltle ment. They have also been preser ted to the Oanal Board, whom they must be One day last week the Casal dis to met charge ithe duty thus upon them law Much one, to the surprise every they suddenly without any action, started from Harrisburg to Phills delphia, in company with the State Treasu What was the cause of this sudden Had they board financial news which alarmed them? Had funds of the which they had been speculasing been swamped some of the financial failures berngoing on Were the funds of the State deeply volvedthat would the there get ry to have issued for the $60,000? funds loabed to banks in this olly no- be contrary to law? Are those Institutions unable refund once, and must the honest redkors of the State awais one banks' the of payment of their just claim Will those 450 have patiently years have still to longer, because tiemen intrusted with the danneise of the choose to peoulate upon them? This question that demands and must answer the will go up from all parts of th State. become of the funds in the treasury! to have another operation? Let the people look well We are already taxed heavily enough without having to pay future defl ciencies that may ariae from mismanagement. Look to lt THE MONEY PANIC RUN UPON BANKS. the [From Philadelpic Ledger fever The of yesterday owing specie of Bank the sylvania, the very gener that banks would do likewise At an early hour in the morn Ing. crowd gathered in the vicinity of many these Ine. not doora their were totions, and before open long became apparent that there would be run upon them The ann of ouncement specie of suspension by the Bank of Pennsy Ivania as made, and the policemen stationed at the gales prevent the en trance all who had not busines with the officers The following. signed by the cashier, complouously displayed at different points along the railiz g surrounding the buildin Resolved That this bank suspend specie payments until further The crowd that gathered about the Pennsylvania Bank soon there was Hule or there of reat of during the the the day rard Bank, different Groupe of persons, die cursing the all exciting topic were gathered there from ially the time of the opening to the close off) in the announced the course checks morning would that not be paid until after o'clock We learn the they were the not to notes the redeemed though paid, up of closing In the course of the day there was CITY the in banks, though many holde the made five more In the mo ning. one o'slock. the the and Mechanica' Farmer very heavy continual going late the back, and line room long the paying from are sons. Before o'clock the excite had abated and but persons the At the Philadely his and the estern Bank almost al bio rush the day and Bank of Commerce understood that these heir and paid upon Bank The the deprestions. City probably greater than upon any of the others day there line desk from reaching into saying two street aftern from which, yards long twenty be of bank persone entering step lled line. While being en check, lady her push must that and told had back he the The considerable but Pena Liberties Manufacturers and Houthwark the and had Township. for demand the than ordinary specie. The upon the banks the the stores cousting rooms and market workshops about all croeds the In places the others and banks bamble men circum laboring in ances could be seen who were there evidently for the purpose of aining specte gle note two The panic reemed, to have affected other classes. broughout the day notes of the banks held la bad repate ererefused by shopkeepers,and the specie instated upon in payment of purchases made SCENER IN PHILADELPHIA. From the Philadelphia Bulletin, Sept 26. The excitement about the city monetary institutions. do earnest good eaterday. is whichcommenced and veloped itself f in general FUD on the bank. this morning but the terror to this morning belonged to a different class from that which promineal and took a run about The Friday esterday half of dollars out of the vaults of the different institutions. and the presidents of the various banks met yesterday afternoon and determined to redeem their small notes only, 0.day This determination vas 1000 ally last night and to-day is was announced in all the papers. This morning the people w ho do not road the afternoon newspapers first learned of the run. and every Individual e of this class who bad five dollar bill stowed away for rainy day, became uneasy for fear of the consequences. they rushed down bright and early to the neighbor hood in which the backs located THE THE BANK DOORS ABOUT SCRE Long before business hours crowds persons gathered upon the steps of the principal banks and leaned up against the doors as though they were funds thatthere were conviction sufficient to harely their demands, and unless they quick getting inside, some fortunate individual would obtain she ouve.ed gold. Most of these eager Individuals were either Irish or Ger mans, and the latter. carticularly. appeared terrified at the fear of meeting with los Among the throng were numerous women, too, who were alar ned the reports which were flying about thick and fast. several the doors the banks were opened before their usual and females and Infirm persons were invited Inside efficers of the insus ations When ten o'clock arrived and the doors were opened to the public, the oene was amuing: the described rushed up pell mell to he paying teller counter. and patielly awaited their turns. As the great majority of the redeemed their smaller bills, these frightened note holders soon relieved of their paper and their fears, they went their rejoicing. All this was a complished without much cost. for very few of theme early birds had more than single five dollar billtooffar, and avery little specie went great way in sathfing their claims. BANKA 11 the banks day checks. but they all marked them "good and checks were then used in of bil and taken deposit by the banks The Mechanica' Bank paid all its notes In there was little to the teller's door of this Institution the following notice 'MECHANICS' BANK PHILADE 26.b. 1857 This bar will pay adida Depositors obecke not be paid. but will be marked "good, so ked by other banks will celved.in payment of debts this institu ion The Bank of North America. sae Tradesmen's and the Southwark Bank also paid all their notes large or email The Farmers and Mechanica' Bank paid all Its notes within the mination of $10 The following redeemed their five dollar bills specie. they decilined to change larger notes mercial. Commerce. and Mechaning' Northern Liberties, 'biladelphia, Giard and Kensington. WILL Rome of the note holders who privately assured friends their of the bank being pleasantly asked they while others wanted who These small silver, desire who expressed accommo and their to much dalling course the note holders in immensely good The course by the banks had the excite During onteideo building banks police strong duty during the day to prevent the streets being blocked up by the of lotterers LINE LINE GIFT IN Early in the day there line of say afteen or twon ty persons at the South wark Bank Twopollcemen were stationed the door ardeously laboring to keep the "queue" right. One of the "stare, however, created more trouble than every body else, by seizing each person

4. September 29, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, September 29, 1857

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BANK DIFFICULTIES. THE PHILADELPHIA BANKS. PHILADELPHIA, Monday, Sept. 28, 1857. The Banks are pursuing the same course to-day that they pursued on Saturday. The Girard Bank is paying out specie on five dollar bills, and the Mechanics' and Southwark on all their notes. The Bank of North America suspended about 11 o'clock, and the suspension will now probably become general. PHILADELPHIA, 12 M. The Mechanics' Bank now redeems notes of $5 only. The following banks also redeem fives only: The Consolidation, the Northern Liberties, the Mechanics' and Manufacturers', the Commercial, the Western, and the City. The Philadelphia Bank pays out no specie, but redeems checks with its own notes. PHILADELPHIA-1 p. m. The Pennsylvania Bank is now paying out its own notes for checks, but refuses specie. The Mechanics' and Manufacturers' Bank is paying no specie. All the Banks of the city have changed their course since the opening hour. Some of them refuse to certify checks, but give due-bills to deposit with other Banks. It is just rumored on the street that the Governor refuses to issue a proclamation calling the Legislature together, unless the Pennsylvania Bank is placed OR & par with the other Banks, and her notes received on deposit. All is confusion and disorder, but it is not attended with the excitement that has existed in former days of trouble. Every kind of business is completely paralyzed, and it is impossible to make collections. 9 P.M. The Board of Trade have determined to call a meeting for & public expression of the various business interests of the city, with reference to the proposed legalization of the suspensions, believing that the best interests of the community and the State will be subserved thereby. It was suggested at the meeting of the Board this evening that where parties have notes protested only because they refuse to pay other than in par currency, it is the duty of the collecting bank or agency to have that fact made as public as the protest. The Presidents of the Banks have agreed to rectore the Bank of Pennsylvania to & position at the ClearingHouse and to receive its notes and discount liberally for their customers. Had this been sooner done there would have been no suppensions. SPECIAL SESSION OF THE LEGISLATURE. The proclamation of the Governor to convene an extra session of the Legislature will be published to. morrow morning. The proclamation saye: Whereas & perious financial revulsion resulting in the suspension of epecie payments by the Backs of this and other States, and wheresa, the fatlure of many long established commercial houses is leading to the destruction of confidence and to a general embarrasement and deprese on in trade, and is threatening to affect, disastrously. the credit of the Commonwealth and the great industrial interests of the people, and it requiring prompt and efficient action to relieve the alarmed and suffering community, therefore, I convene the Legislature, to meet on the 6th of October, and adopt such measure as the present exigency requires." The Governor has not yet determined what course to pursue regarding a special session of the Legisla. ture. Two Committees-one from the Banks-are now in private conference with him. Much feeling is said to exist between the banks-some, which are incorporated under the old law, and do not forfeit their charter, opposing the call of the Legislature. It is stated that if the Governor does not countermand his order, the proclamation will be issued to-morrow morning.

5. October 2, 1857 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, October 2, 1857

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PENNSYLVANIA BANKS. PHILADELPHIA, Sept. 29 -The City and Southwark Banks are paying specie for small notes. De. spite the agreement yesterday. they receive the notes of other Banks on deposit, except the Bank of Pennsylvania. The Directors of the Banks of Middletown, Pennsylvania, individually pledge their private fortunes for the redemption of all the notes of that Bank in circution. Hon. Simon Cameron, the President, is very wealthy. PITT-BURG, Sept. 28.-The bank excitement is sub. siding. The Mechanics' Bank suspended this morning. Business is nearly paralized.

6. November 25, 1857 Democrat and Sentinel Ebensburg, PA

Article from Democrat and Sentinel, November 25, 1857

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Consolidation Bank, Nov. Bank of Chambersburg, Nov. Reading Savings Bank, Bank of Danville, Nov.1 Western Bank, ,Nove South Wark Bank Nov. Miners' Bank of Pottaville, WE Tradesmen's Bank of Philadelphia, Nov, Farmers' and Mechanics' Bank of Ponasylvania, Nov: Mechanics' Bank of Pittsburg, AGA Bank of Penn township, Nov: Kensington Bank, Nov, Farmers' Bank of Reading, Nov. Lebanon Bank, Nor: Laneaster County Bank, Nov Girard Bank, Nor Easton Bank, Nov, Allentown Bank, Nov, Bank of Lawrence county, Novi Wyoming Bank at Wilkesbarre, Nor, Anthracite Bank of Tamaqua, Nov, Farmers' Bank of Easton, Nov. Doylestown Bank, Nov. Lock Haven Bank, Nor Commercial Bank of Pennsylvania, Nov. Bank of Germantown, Nov. Farmers' Bank of Lancaster, Nov. Merchants' and Manufacturers' Bank of Pittsburg. Nov. Mochanies' Bank of Philadelphia, Nov Harrisburg Bank, Nov. Bank of the Northern Liberties, Nov, Bank of Middletown, Nov. Mauch Chunk Bank, Nov. Columbia Bank, ,Now, Bank of Commerce. Nov Six Penny Savings Institution, of Philadelphia, Nov / Bank of North America, Nov City Bank, (Philadelphia,) Nov Nov Exchange Bank of Pittsburg, Bank 0: Gettysburg, Nov Manufacturers' and Mechanica' Bank of Philadelphia, Nov Nov Citizens' Deposit Bank of Pittsburg, Honesdale Bank, No Bank of Delaware county, Nov. Nov Bank of Montgomery County, Bank of Pennsylvania, NW York Bank, Nov1 York County Bank, Nor] Nor] Philadelphia Saving Fund Society, Lewisburg Bank, Nov West Branch Bank, Nor Not Bank of Choster County, Penn'a Co. for Insurance on Lives and Granting Annuities, Nov.] National Safety, Insurance and Trust Co., Nov Western Saving Fund Society of Philadelphia, Nov. Central Insurance Co., Harrisbarg, Nov War. en County Bank, Not No further notice of acceptance have be received at the Auditor General's office (4 several days past, and it is therefore preus ble that those Banks that have not signition their accaptance, have declined the provi ions of the law. Woobserve, however. fre the newspapers. that the Erie City Back au the Bucks County Bank, bad taken to accept, but no notice to this effect has : been received at the Author's Department The law allowed the Banks thirty days ter the date of suspension, to accept the pr visions, and required them to give notice the Auditor General of the factor acceptant All the new Banks pay specie. Mr. C. McLain, Bank clerk of the depart ment, is entitled to our thanks for his tesy in giving access to the books from which we have derive di our statement We append a list of the Banks and Savings Institutions, from hom no notice of servy tance has been received, as follows :-