2497. Manufacturers Bank (Macon, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 26, 1860
Location
Macon, Georgia (32.841, -83.632)

Metadata

Model
gpt-5-mini
Short Digest
f147d6dbd1778232

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (dated Nov 26–27, 1860) report the Manufacturers' Bank of Macon suspended specie payments on Nov 26, 1860. Coverage places this suspension in the context of a broader wave of Georgia bank suspensions amid the 1860 secession crisis and a bill legalizing suspensions. Several papers state the bank will probably wind up or is gone under, indicating permanent closure/liquidation is likely though a formal receivership assignment is not explicitly reported in these clippings.

Events (1)
1. November 26, 1860 Suspension
Cause
Macro News
Cause Details
Part of a wider wave of Georgia bank suspensions amid the 1860 secession/financial crisis; contemporaneous bill legalizing suspensions mentioned.
Newspaper Excerpt
The Manufacturers' Bank of Macon suspended this morning.
Source
newspapers

Newspaper Articles (10)
1. November 27, 1860 The New York Herald New York, NY
Article from The New York Herald, November 27, 1860

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Article Text

THE FEELING IN VIRGINIA. RICHMOND, Va, Nov. 26, 1860 Hon. Edmund Ruffin, of Virginia, arrived here to day from Soath Carolina, having failed 80 far to hitch Virginia to South Carolina. Mr. Ruffin is an honest disunionist. He admitted this evening, in the presence of several gen. tlemen, that he Was for disunion, no matter who had been elected. A grand mass meeting of all those who are in favor of the Union, will be held at Fincastle on the second Monday in December. A committee of conference of the different banks in the city agreed to day to receive on deposit the notes of all the solvent banks in the State, the Wheeling banks and the Valley Bank branches at Staunton and Charlottesville excpted. The Treasurer of the Virginia and Tennessee Railroad gives notice 10 day shat from and after this date be will be prepared to cash the interest coupons of the first and second mortgages of the company, due in New York on the 1st of January, 1861, with out discount for prepayment. A few of our merchants held a meeting at the Young Men's Christian Association to day relative to the rates of exchange between Richmond and Northern cities. They, however, adjourned without coming to any deflaite conclusion. The weather is pleasant and everything is quiet in the metropolis. DELEGATES TO THE GEORGIA CONVENTION. AUGUSTA, Ga, Nov. 26, 1860. Hon. A. H. Stephens and Doctor Perkins have been unanimously selected as delegates to the State Convention from Taliafero county. Mr. Stephens made a characteristic conservative speech THE SECESSION FEELING IN MARYLAND. BALTIMORE. Md, Nov. 24. 1860. An association, calling themselves the "Southern Volunteers," displayed the Palmetto flag from their place of meeting to day. A large arowd was attracted by the novelty of the thing, and the fiag was greeted with groans and bisses from the crowd, and with plaudits from the Volunteers. Capt. Jones, of the bark Isabel, also displayed the Palmetto flag from the masthead of his vessel this morning, when all the ships in the vicinity immediately ran up the stars and stripes. BANK SUSPENSIONS IN GEORGIA MACON, Ga, Nov. 26, 1860. THE BILL LEGALISING SUSPENSIONS PASSED BY THE B DUSE, ETC. The Manufacturers' Bank of Macon suspended this morning. The bill legalising bank suspensions passed the House to-day. It will be vetood by the Governor, but be again passed over the veto. All the Georgia banks will then most probably suspend. It is whispered there will be many heavy failures in Savannah this week. Business is prostrate everywhere. EXCHANGE ON NEW YORK. AUGUSTA, Ga., Nov. 23, 1860. The banks to day advanced their rates for sight drafts on New York to a half per cent premium. BANK SUSPENSIONS IN GEORGIA. MACON, Ga, Nov 26, 1860. The Manufacturers' Bank of Macon suspended this morning Business is prostrate everywhere. It is whispered that there will be many heavy failures in Savannah this week. SUSPENSION OF THE TENNESSEE BANKS. NASHVILLE, Nov. 26, 1860 The State Bank and all the principal banks in Tennesse suspended this morningPHILADELPHIA BANK STATEMENT. Philadelphia, Nov. 26, 1860 Decreased loans $202 000 " specie 770,000 " circulation 150,000 " deposits 1,183,000 Total

2. November 27, 1860 The New York Herald New York, NY
Article from The New York Herald, November 27, 1860

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Article Text

BANK SUSPENSIONS IN GEORGIA MACON, Ga, Nov. 26, 1860. THE BILL LEGALISING SUSPENSIONS PASSED BY THE HOUSE, ETC. The Manufacturers' Bank of Macon suspended this morning. The bill legalising bank suspensions passed the House to-day. It will be vetood by the Governor, but be again passed over the veto. All the Georgia banks will then most probably suspend. It is whispered there will be many heavy failures in Savannah this week. Business 16 prostrate everywhere. EXCHANGE ON NEW YORK. AUGUSTA, Ga., Nov. 23, 1860. The banks to day advanced their rates for sight drafts on New York to a half per cent premium.

3. November 27, 1860 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 27, 1860

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Article Text

Bank Suspension in Georgia. MACON, Ga., Monday, Nov. 26, 1860. The Manufacturers' Bank of Macon suspended this morning. Business is prostrate everywhere. It is whispered that there will be many heavy failures in Savannah this week.

4. November 28, 1860 The National Republican Washington, DC
Article from The National Republican, November 28, 1860

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Article Text

BANK SUSPENSION IN GEORGIA. Macon, Nov. 26.-The Manufacturers' Bank of Macon suspended this morning. I EXTRADITION CASE. I | I , 1 I I : I 1

5. November 28, 1860 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 28, 1860

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Article Text

In the present position of affairs the following table, comparing the position of the Banks for the corresponding weeks of the four past years, will be of interest: 1880. 1859. 1858. 1857. Nov. 24. Nov. 26. Nov. 27. Nov. 28. 121,518,454 121,423.164 125,585,698 Loans $94,963,130 18,759,373 18,831,924 27,157,731 24,303,144 Specie 8,270,278 8,968,442 7,652,457 6,520,783 Circulation 74,035,799 73,562,173 88,716,975 64,307,380 Net Deposits.. 25,580,807 23,517,886 Exchanges 19,866,258 15,201,845 Pr.et. of Coin to 22.60-100 23.01-100 28.20-100 34.31-100 net liability. A telegraphic dispatch from Macon announces the suspension yesterday of the Manufacturers' Bank of that city. There was a slight run yesterday on the Newark banks, but it has subsided. From Boston we hear that money matters are becoming easier, the banks having adopted measures which have enabled them to discount liberally. We are getting some small amounts of gold from Boston, and losing some to Philadelphia. The domestic movement of gold is quite light. There was a rumor that $300,000 had been received from the South, but upon inquiry at the express offices we learn that no gold had been received. The Bank Exchange Committee have no bills offered them, and their mission is practically at an end, having accomplished the object for which they were established, giving action and vitality to the Exchange market. The Committee have bought less than £50,000 altogether. The Second Avenue Railroad Company Coupons due 1st December will be paid on and after that day at the office of Messrs. Wm. & John O'Brien, No. 29 Wall street. We annex a comparative statement of the exports (exclusive of specie) from New-York to foreign ports, for the week and since Jan. 1:

6. November 28, 1860 Evening Star Washington, DC
Article from Evening Star, November 28, 1860

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Article Text

Bank Suspensions in Georgia. MACON, Nov. 26.-The Manufactures' Bank of Macon suspended this morning. Business is prostrate everywhere. Itis whispered that there will be many heavy failures in Savannah this week.

7. November 28, 1860 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, November 28, 1860

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Article Text

AUGUSTA, Nov. 27.-The Brokers buy no bills of banks outside of Georgia. The Manufacturers Bank at Macon has suspended and will probably wind up. SOUTH CAROLINA LEGISLATURE. - W of

8. November 29, 1860 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, November 29, 1860

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Article Text

DOMESTIC INTELLIGENCE. Bank Suspensions in Charleston. CHARLESTON, Nov. -The State Bank of South Carolina, the Bank of the State of South Carolina and the Railroad Bank, all suspended specie payments to-day. The Planters' and Mechanics' Bank will surely suspend to-morrow. New York Money Market. NEW YORK, Nov. 28.-The money market is lightening up, and transactions are carried on with more energy. Sterling exchange ruled firm to-day at 105, the asking price for bankers' bills. Sterling Bxchange. NEW YORK, Nov. 27.-Sterling rules steady, with a fair demand. Bunkers' bills are selling at 103@ 104, and commercial do. at 101@102. Action of the Georgia Brokers. AUGUSTA, GA., Nov. 27.-The money brokers here refuse to buy bills on all banks outside the State of Georgia. Bank Suspension in Macon, Ga. MACON, GA., Nov. 27.-The Manufacturers' Bank of Macon has suspended specie payment, and will probably wind up.

9. December 7, 1860 The Athens Post Athens, TN
Article from The Athens Post, December 7, 1860

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Article Text

Georgia and South Carolina Banks all suspended specie payments, Manufacturers' Bank, Macon, gone under.

10. December 7, 1860 The Athens Post Athens, TN
Article from The Athens Post, December 7, 1860

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Article Text

Suspension of the Manufactures' Bank. The Macon "Telegraph" says that this bank has redeemed $100,000 of its bills, within the last two weeks, and at the same time has paid off nearly its entire deposite account amounting to $100,000 more. Its circulation is now about $150,000 which is expected to come in and be taken up in the collection of debts due the bank during the present winter.