South Western Rail Road Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: private
Start Date: November 28, 1860
Location: Charleston, South Carolina (32.777, -79.931)

Metadata

Model: gpt-5-mini
Short Digest: 0c293cda

Response Measures

None

Description

Directors of several Charleston banks (including the South Western Rail Road Bank) resolved to suspend payments on Nov 28, 1860. The Tribune text contains an obvious OCR/date typo (prints 1800); corrected to 1860. The suspension appears coordinated and driven by the secession/political crisis (national news), not by a depositor run or specific insolvency. The articles do not report a run or later reopening/closure; I classify as suspension_reopening as the most likely outcome given coordinated, political suspensions (no evidence of receivership or permanent failure in these articles).

Events (1)

1. November 28, 1860 Suspension

Cause: Macro News
Cause Details: Coordinated suspension by directors amid political/secession crisis and related public excitement following Lincoln's election and rumors of troop movements; suspension appears precautionary and driven by national political news.
Newspaper Excerpt: Finally, the Bank of the State, the Bank of South Carolina, South Western Railroad Bank, and the State Bank, resolved to suspend, and accordingly suspended.
Source: newspapers

Newspaper Articles (2)

1. November 29, 1860 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, November 29, 1860

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Article Text

[By Telegraph.] SOUTH CAROLINA. CHARLESTON, Wednesday, Nov. 28, 1800. Sèveral candidates for the Convention of South Carofina, over their signatures, repudiate any Free State joining the Southern Confederacy. A meeting of the Directors of the several banks of this city was held this morning. The subject of suspension was agitated. Finally, the Bank of the State, the Bank of South Carolina, South Western Railroad Bank, and the State Bank, resolved to suspend, and accordingly suspended. The four others, the Bank of Charleston, the Union Bank, People's Bank, Planters' and Mechanics', determined to still hold out. It is generally supposed they will all suspend to-merrow, except the Bank of Charleston. There is great rejoicing among the community at suspension. A rumor that six hundred government troops were coming on the steamer James Adger to man the harbor forthwith, created a feverish excitement throughout the city to-day. Knots were gathered on every corner discussing hat should be done. On the receipt of R telegraphic-contradiction of the rumor, the excitement subsided. Thereadats of the Kentucky Military Academy have unanimously tendered their services to Gov. Gist.

2. December 1, 1860 Richmond Daily Whig Richmond, VA

Article from Richmond Daily Whig, December 1, 1860

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Article Text

MOVEMENTS IN CALIFORNIA. SAN FRANCISCO, Nov. 17, 1860. The people of California are waiting with deep anxiety for the Eastern news showing the disposition of the Southern States on the dissolution question. After learning of Lincoln's election, all political animosities greatly moderated, the Republicans, as well as Democrats, seeming to be fearful of serious trouble from the present nolitical condition of the nanning The Sacramento Standard, organ of the Breckinridge Democracy, assumes that the dissolution of the Union is inevitable, and urges California and Oregon to seriously consider the question of organizing a separate republic on the Pacific coast. The idea seems to obtain little sympathy, and is denounced by a large portion of the press. SUSPENSION OF THE CHARLESTON BANKS. CHARLESTON, Nov. 28, 1860. A meeting of the directors of the several banks of this city was held this morning. The subject of suspention was agitated. Finally the Bank of the State, the B ink of South Carolina, Southwestern Railroad Bank and the State Bank resolved to suspend, and accordingly suspended. The four others-the Bank of Charleston the Union Bank, People's Bank, Planter's and Mechanics'-determined to still hold out. It is generally supposed they will all suspend to-morrow, except the Bank of Charleston. There is great rejoicing among the community at suspension. A rumor that six hundred government troops were coming on the steamer James Adger to man the harbor forthwith, created a feverish excitement throughout the city to-day. Knots were gathered on every corner discussing what should be done. On the receipt of a telegraphic contradiction of the rumor the excitement subsided. The cadets of the Kentucky Military Academy have unanimously tendered their servicest to Governor Gist.