19970. South Western Rail Road Bank (Charleston, SC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 12, 1857
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
cff11c16

Response Measures

Full suspension

Other: Multiple newspapers report a run on all Charleston banks and the Southwestern Railroad Bank suspended on Oct 12, 1857; later items (Jan 1858) mention payment of statutory penalty while still suspended.

Description

Multiple contemporary dispatches (Oct 12, 1857) report a run on Charleston banks and state that the South Western (Southwestern) Railroad Bank 'suspended' or 'failed' that morning. Subsequent lists (Oct–Nov 1857) continue to list the bank as suspended, and a Jan 1858 note treats it among suspended banks still subject to penalties — consistent with a suspension leading to failure/closure. There is no article here reporting a reopening or an assigned receiver, but repeated references to it having 'failed' support classification as a suspension following a run that led to closure. Bank type not explicit in the texts; name suggests association with a railroad but charter type is not stated, so set to unknown. OCR variants (South-western / Southwestern / South Western) normalized to 'South Western Rail Road Bank' per input.

Events (3)
1. October 12, 1857 Run
Cause
Macro News
Cause Details
Widespread financial crisis/panic of October 1857; runs following failures and suspensions elsewhere (national contractions, merchant/banker failures).
Newspaper Excerpt
There is a run on all the banks in Charleston.
Source
newspapers
2. October 12, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the October 1857 financial crisis and local runs on Charleston banks; contemporaneous reports describe the bank as having 'suspended' or 'failed'.
Newspaper Excerpt
The Southwestern Railroad Bank and the Bank of South Carolina suspended this morning.
Source
newspapers
3. January 21, 1858 Other
Newspaper Excerpt
The Comptroller General of South Carolina has demanded of the suspended banks of Charleston, payment of the second month's penalty, for suspension of specie payments...The Planters' and Mechanics' Bank, and the Southwestern Railroad Bank have anticipated the demand, and paid the penalty.
Source
newspapers

Newspaper Articles (13)
1. October 13, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 13, 1857

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Article Text

DOMESTIC INTELLIGENCE. Financial. NEW YORK, Oct. 12.-The East River Bank has suspended specie payment. NEW YORK, Oct. 12.-Corning & Co., bankers, suspended on Saturday. They are large stockholders in the Southern Bank of New Orleans. CHICAGO, Oct. 12.-Wadsworth & Co. have suspended. Assets largely exceed liabilities. NEW YORK, Oct. 12.-The Grocers' Bank has suspended. The bank contractions during the past week exceed $5,000,000. The Pratt Bank closed to-day. WASHINGTON. Oct. 12.-The U.S. stocks redeemed at the Treasury to-day amount to $3,000,000. NEW YORK, Oct. 12.-The Bowery Savings Bank has received $607,000. The entire amount redeemed amounts to $3,500,000, leaving $1,000,000 now out. NEW YORK, Oct. 12.-The weekly bank statement shows an increase in specie of $76,000. Decrease of loans $4,180,000. Decrease of circulation $392,000. Decrease in deposits $4,677,000. AUGUSTA, Oct. 12.-The Southwestern Railroad Bank and Bank of South Carolina, at Charleston, both suspended this morning. There is a run on all the other Charleston banks. CLEVELAND, Oct. 12.-The Cuyahoga Steam Furnace Company has assigned. SOUTH-WEST PASS, Oct. 12.-The pilot-boat Cornelia, Capt. Chism, from Boston in sixteen days, (via Key West,) has arrived. British Consul at New York. NEW YORK, Oct. 12.-Ed.N. Archibald is appointed British Consul for this port. Death of G. W. P. Custis. NEW YORK, Oct. 12.-George Washington Parke Custis died at Arlington, Va., yesterday. Kansas News. ST. LOUIS, Oct. 12.-The Leavenworth Herald of the 7th says that large numbers of armed men came from Nebraska and voted the free State ticket. The Democrats claim both branches of the Legislature. Frize Fight. BUFFALO, Oct. 12.-At the prize fight between Lazarus and Hannegan, after one hundred and twenty rounds, occupying two hours and fifty-eight minutes, the stakes were withdrawn, neither conquering. Domestic Markets. CINCINNATI, Oct. 12.-Flour dull and unchanged. Whisky 15c. Wheat 80 to 90c. Oats 30. NEW YORK, Oct. 12.-Cotton is quiet. Flour dull. Wheat firm. Corn and Lard heavy. Mess Pork 22 to 30c. Whisky 20 to 21c. River Intelligence. VICKSBURG, Oct. 12.-The Uncle Sam passed down at 10 A. M., the St. Nicholas and Choctaw at noon, the Powell at 1. Rainbowat 5, Adriatic at 9, and Belfast at 10 P. M. Sunday. VICKSBURG, Oct. 12.-The Jno. Briggs passed down at 10 A. M., and the McRae at 1 o'clock, P. M. S

2. October 13, 1857 Evening Star Washington, DC
Article from Evening Star, October 13, 1857

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Article Text

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

3. October 13, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 13, 1857

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Article Text

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.

4. October 13, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 13, 1857

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Article Text

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.

5. October 13, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 13, 1857

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Article Text

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.

6. October 14, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 14, 1857

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Article Text

Failure of Charleston Banks. AUGUSTA, Oct. 12.-The Southwestern Railroad Bank and the Bank of S. Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day.

7. October 15, 1857 The National Era Washington, DC
Article from The National Era, October 15, 1857

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Article Text

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.

8. October 15, 1857 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, October 15, 1857

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Article Text

THE CHARLESTON BANKS. The South Carolina, and South-Western RailRoad Banks have suspended. There has been a considerable run on the other banks, but they still continue to pay. See our "Charleston Correspondence," for particulars.

9. October 20, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 20, 1857

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Article Text

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.

10. October 24, 1857 The Winchester Home Journal Winchester, TN
Article from The Winchester Home Journal, October 24, 1857

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Article Text

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.

11. October 29, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 29, 1857

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Article Text

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 Charles. ton. 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 Tallabassee, Florida. A CANDID ACKNOWLEDGMENT OF AN UNDOUBTED TRUTH-At a meeting of the proprietors and managers of the Western Railroads, held a few days ago in Columbus, Ohio, a debate arose concerning the affairs of the roads, when one of the members remarked "that the milroads of the country never could repay, if they were disposed, the debt due to the newspaper press for its powerful aid when the idea of a. railway had to be explained and popularized-the public benefitsshown, and the people induced to come forward and associate for the purpose of accemplishing the great works that now need no advocate." The same gentleman, in concluding a speech on the subject, said, "he could not forget the amount of unpaid labor performed in the infancy of railway building by the only men who could reach the popular ear and the popular heart in the most effective manner." We believe, (with the Alexandria Gazette,) that in regard to many of the railroads of the country, they owe their inception, progress, and completion, mainly to the exertions of the newspaper.

12. November 10, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, November 10, 1857

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Article Text

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.

13. January 21, 1858 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 21, 1858

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Article Text

The Comptroller General of South Carolina has demanded of the suspended banks of Charleston, payment of the second month's penalty, for suspension of specie payments, under the act of 1840. The Planters' and Mechanics' Bank, and the Southwestern Railroad Bank have anticipated the demand, and paid the penalty. The other suspended banks of the city have not yet paid. The Charleston Courier maintains that the Comptroller General has no right to exact this payment, the same having been released by the not of the Legislature, at its late session, suspending the operation of the act of 1840.