2935. Commercial Bank (Macon, GA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
June 1, 1846
Location
Macon, Georgia (32.841, -83.632)

Metadata

Model
gpt-5-mini
Short Digest
17c6b20a

Response Measures

Full suspension

Other: Bank appears to have entered winding up; stockholders personally liable for bills; no reopening reported.

Description

Multiple contemporary papers (June 1846) report a one‑day run on the Commercial Bank of Macon followed by suspension of specie payment and the bank closed its doors and is described as a failure/winding up. No reopening is reported; receivership not explicitly named but reports discuss winding up and payment of circulation. I classify this as a run leading to suspension and permanent closure.

Events (3)

1. June 1, 1846 Run
Cause Details
Local depositor panic leading to a one-day run (described as a run but no specific cause such as rumor or correspondent failure is given).
Measures
None detailed beyond the bank stopping payments the next day.
Newspaper Excerpt
Considerable excitement has been occasioned in Macon, Geo. and neighborhood, by the failure of the Commercial Bank of that place. A run was made upon It for one day and the next it stopped.
Source
newspapers
2. June 1, 1846 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended specie payments after poor management and heavy liabilities; described as a failure and winding up of the bank's affairs (stockholders liable).
Newspaper Excerpt
The Commercial Bank at Macon, Georgia, having suspended specie payment and closed its doors.
Source
newspapers
3. * Other
Newspaper Excerpt
If the winding up of the bank is honestly done, it is thought the circulation can be all paid. Moreover, the stockholders are personally liable for the bills of the bank.
Source
newspapers

Newspaper Articles (4)

Article from New-York Daily Tribune, June 2, 1846

Click image to open full size in new tab

Article Text

COMMERCIAL AND MONEY MATTERS. For sales of Stocks, &c. see fourth page. MONDAY. P. There is no new feature in the Stock Market, and the variations of prices are immaterial. The same in disposition to operate and the same absence of specula tion prevails as has been noticed during the last weekUntil some favorable change takes place in our foreign relations, much activity or large improvement in stocks can scarcely be looked for. In Exchanges there is nothing of importance 2 log. The rates are nominally as before. Starling 8@81. France 5324 The wants of the Government require morefunds theSouth and the discount of bills has driven the banks to ship specie. About $200,000 went last week.It will irrigate all the avenues of trade and soon return to os. Freights continue very active. Cotton is steady 7.16d, and the Great Britain has engaged some Ht Ad sterling. A ship has been taken up: 11c P tb. to go to Apalachicola and load for Havre or Liverpool. About 6.00 bbla Flour have been shipped to day At 3s sterling. The supply of first class short paper is not very large in market, and it is negotiated at 7@8 per centThere is a rather better feeling in money. and considera ble amount has been taken off the market today. The rates are a little easier, some negotiations of second class paper having been made at A per cent. which could not have been passed last week better than 2 per cent The receipts of the Custom House last week were only $160,000. The Delaware and Hudson Canal Company have declared a semi-anuual dividend of eight per cent. pay able on the 8th inst On the 26th of May the Marine and Fire InsurSOCC Book of Savannah commenced checking on the Northern cities, at sight, at the reduced rate of half per cent. premium. Considerable excitement has been occasioned in Macon, Geo. and neighborhood, by the failure of the Commercial Bank of that place. A run was made upon It for one day and the next it stopped. The circulation is about $100.000. On the 15th April last, according to the official returns of the bank. the capital stock paid in was $100,000; notes in circulation 8145.336 making with other liabilities, the total indebtedness $279,979 The resources of the bank were, cash assets. consisting of specie. bills of other banks, checks, &c. $72,123; bills of exchange. $110,457; banking house, notes and other evidences of debt. $86,098. If the winding up of the bank is bonestly done, it is thought the circulation can be all paid. Moreover, the stockholders are personally liable for the bills of the bank. It is stated that most of the directors deny being stockholders. The Committee on Railroads in the Connecticut Legislature. ou the resolutions of the New-York Legis lature authorizing the extension of the New-York and New Haven Railroad, reported resolutions accepting the provisions of the New York Legislature and extending the time for expending $100,000 on the road two years addition-resolutions passed And report accepted. Private letters from New-Orleads speak more encouragingly of the position of monetary atfairs there, and express the belief that the crisis has been passed The newspayer accounts are still bad. The Commercial Times says: There has been less demand for money during the pastlew days, but the condition of the market has not experienced any senable improvement The effect of the war news Ht the North having been less disastrous 1040 was anticipated, has led to a more liberal course of action on the part of the backs. and they have extended their discounts for the moment as far as they deem prudept. Unton tunately. however. this condition of affairs to, to some extent, beyond the reach of these institutions, be in the absence of any facilities for shipping, the stocks of produce have accumulated to such an enormousextent. MR to preclude the possibility of sustaining edgagements predicated thereon-at R value. exceeding in many instances. the present market rates by some twenty to fifty per cent. "The market for Texas Securities remains in the same quantisfactory state previously recorded. Since decline has taken amounts are for sale on the The following sales come our Red Backs at 11c; at finding our knowledge-$100 last buyers. H further pressing have market place, $20 and 000 without of to do. large 101c; and $10,000 at 9jc. We have not heard any transactions in bonds. The Legislature of Texas being on the eve of adjowerment, without having taken any action to provide. in some shape, for the payment of the State Debt. bas weakened the faith of the holders ot these liabilities to such an extent. as to induce many to throw large amounts in the market, for which there are the present moment. few or DO purchasers. There has been fair demand both for Foreign and Domestic Exchange during the past three days, and the comparatively amail amount offering has enabled drawers. in nome instances. to obtain rates A shade better. We quote Sterling is 73 per cent. prem Francs 5f.40@5t.45; Bills on New York at 30 days 27@31 per cent. discount; Checks and Short Sight 1@13 per cent. discount." The loan of $200,000 needed by the State had been ta. ken by the banks.


Article from Richmond Daily Whig, June 6, 1846

Click image to open full size in new tab

Article Text

A Bank Failure. We learn from the Georgia papers that the Commercial Bank of Macon has suspended payment. Great excitement prevailed in that city and the surrounding country in consequence of this failure. The concern is said to have been badly managed but as the Stockholders of the Bank are liable for its debts, it is hoped that it will pay at least half of its liabilities-some think it will pay the full amount.


Article from The New York Herald, June 11, 1846

Click image to open full size in new tab

Article Text

Increase over 1845 $3,030,738 3,030,738 The aggregate imports and exports this year and last, to the 1st inst., compare as follow :1845. 1846. $28,387,014 Aggregate value of imports $31,417,759 10,835,634 Aggregate value of exports 10,730,645 Excess imports over exports, 1816 $17,551,380 $20,687,107 The excess of imports over exports, for the first five months of 1846, was $3,135,727 greater than for the same time in 1845, and the bulk of this excess was in foreign manufactures, and was confined principally to the month of March, during which month the increased importation amounted to more than fifty per cont over that for the same month in 1845. The average rate of duty upon foreign merchandise imported into this port, so far this year, does not vary much from twenty-five per cent. The value of imports and amount of duties collected compare as follows:IMPORTS AND REVENUE FROM CUSTOMS, PORT OF New YORK, Jan, 1 TO JUNE 1, 1845 AND 1816. 1845. 1846.. Increase. $28,387,014 $31,417,752 Imports $3,030,738 Dutles. 7,478,130 8,023.306 545,176 26-25 25-50 Average per cent duty It will be perceived that, notwithstanding the increase in imports this year was composed principally of goods paying the highest rates of duty, the average rate of duty, in the aggregate, was three quarters of one per cent less than last year. The Commercial Bank at Macon, Georgia, having suspended specie payment and closed its doors, the billholders and public generally interested in its ability to meet the outstanding liabilities, will doubtless get some information from the annexed statement, it being from an official source. CONDITION OF THE COMMERCIAL BANK OF Macox, Gro. JUNE 1, 1846. Dr.


Article from The Charlotte Journal, June 26, 1846

Click image to open full size in new tab

Article Text

BANK FAILURE The " Commercial Bank at Macon," Georgia, suspended specie payment on Tuesday morning last, and closed its doors.