2650. Commercial City Bank (Americus, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 3, 1921
Location
Americus, Georgia (32.072, -84.233)

Metadata

Model
gpt-5-mini
Short Digest
f9f6bc5d

Response Measures

None

Description

Articles report the Commercial City Bank suspended payments/suspended for liquidation on January 3, 1921 after the accidental death of its president and is insolvent; a liquidating agent and state examiner are handling affairs, indicating permanent closure/liquidation rather than a temporary suspension or run.

Events (2)
1. January 3, 1921 Suspension
Cause
Voluntary Liquidation
Cause Details
Closed for liquidation following the accidental death of its president; bank declared insolvent and a liquidating agent appointed.
Newspaper Excerpt
Date of suspension January 3rd, 1921.
Source
newspapers
2. February 23, 1921 Receivership
Newspaper Excerpt
After having turned the affairs of the Commercial City Bank, of which he had resigned as liquidating agent, to Joseph E. Cagle, a state bank examiner who arrived Tuesday from Atlanta, Macon Dudley left on the Seminole Wednesday morning ... Bank Examiner Cagle is in charge of the affairs of the Commercial City Bank only temporarily. I am here for only a day or two, until I am able to make an appointment of a permanent liquidating agent to succeed Mr. Dudley.
Source
newspapers

Newspaper Articles (2)
1. February 8, 1921 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, February 8, 1921

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Article Text

MANY ASSETS OF BANK LISTED AS WORTHLESS First Statement Of Liquidating Institution Filed The first information to be made public concerning the Commercial City Bank, which was closed for liequidation on January 3 following the accidental death of its president, Crawford Wheatley, was contained in a statement of assets filed Tuesday morning with H. E. Allen, clerk of the Superior court, by N. M. Dudley, liquidating agent, in accordance with the law. The statement bore the caption, "Report of N. M. Dudley, liquidating agent of Commercial City Bank, Americus, Ga., insolvent, made to Hon. T. R. Bennett, superintendent of banks, Atlanta, Ga., according to Section 7, Article 12. Date of suspension January 3rd, 1921." This caption contained the first official statement that the bank was insolvent, although this had been generally accepted as the situation. No statement of liabilities was filed, and these have not as yet been made public. The statement of assets reveals total assets of $147,601.94, of which a total of $9,837.20 are classified as of doubtful value, and $36,705.86 worthless. This makes a total of $46,543.06 doubtful or worthless, leaving $101,058.88 out of $147,601.94 as good assets. This includes $25,000 value on the tanking property and $18,308.69 in other real estate. Following is a copy of the schedule of assets as filed: ASSETS. Bills Receivable, schedule JGood $48,412.39 Doubtful 9,671.82 Worthless 32,501.73-$ 90.585.94 Assets other than bills receivable, Schedule KGood $1,792.22 d Doubtful 165.38-$ 1,957.60 t Real EstateBanking t house, carried at $25,000.00 Other real estate carS ried at 18,398.69--$ 43,398.69 Furniture and FixturesCarried on books at 5,077.00 Due from banks in this state S 604.28 Due from banks in other states 108.00 Cash and cash items Good $1,666.20 Worthless 4,204.13-$ 5,870.33 $147,601.94

2. February 23, 1921 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, February 23, 1921

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Article Text

HERE TO NAME AGENT FOR BANK State Examiner Relieves Dudlev, Who Goes To Oklahoma After having turned the affairs of the Commercial City Bank, of which he had resigned as liquidating agent, to Joseph E. Cagle, a state bank examiner who arrived Tuesday from Atlanta, Macon Dudley left on the Seminole Wednesday morning for Picher, Okla., to take up his duties receiver for the National Bank of Picher. as The apointment to this position came direct to Mr. Dudley a few days from the assistant comptroller of the currency at Washington. Mr. Dudley was accompanied by W. T. Lane, Jr., who is on a sightseeing and experience trip, and ,who may remain in the west if he finds conditions to his liking. Bank Examiner Cagle is in charge of the affairs of the Commercial City Bank only temporarity. "I am here for only a day or two, until I am able to make an appoint ment of a permanent liquidating he agent to succeed Mr. Dudley," said. He indicated a local man would be chosen. our navy from attaining first strength few in capital ships within the next years and which would leave Engher apparent abandonof the capital ship, ment land, despite the still undisputed mistress of seas. If our present program is sidewill remain supreme ships and naval tracked, in capital England strength is in 1924, whereas if the program carried through she will lose leadership in big-gun strength and will be required to spend additional large sums to bring her strength in capital ships up to ours. The fact that she discontinued work on two sister ships to the Hood -...the most modern of her big battleships-does not necessarily mean, it is insisted here, that she has decided the day of the battleship is past. But if we should follow her example, she would, without the expenditure of a dollar, maintain her supremacy in capital ships. Also, the new ships that we have laid down are SO far in advance of the Hood in design, armament and gun-power, that it was a wise piece of economy, it is suggested, for England to scrap them and lay down vessels of still greater power, if this country refuses to withdraw from its authorized program. Serious questions of international relationships have entered into the armament problem. Plot in East Recently a member of the cabinet declared the administration has evia new dence of militaristic imperial- East ism developing in the Far through which Germany and Turkey hope to break the bonds by which they are now held and again attack world democracy. In view of unsettled world conditions generally of the widely scattered of this espossessions country, and of specially in the Pacific, our new immense tion our great open coast-line, merchant not to marine menvast world balance of and overwhelming our \commerce, opinion States the in Washington is that the United can take only one position with respect to its navy, until all powers to definite naval agree limitations. An American navy second to none, able to defeat the navy of any other single nation in the world and to prevent the landing on these shores of a hostile army.