1.
November 27, 1928
Hattiesburg American
Hattiesburg, MS
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FALSE RUMORS CAUSE RUN ON GEORGIA BANK
(By Associated Press) MACON, Ga., Nov. 37.-The run of withdrawals which resulted yesterday in the closing of the Fourth National Bank here, one of the largest financial institutions in central Georgia, was attributed today by officials of the bank to "baseless rumors evidently originating with the collapse last week of negotiations to sell It to a group of Atlanta men."
Directors oz the bank met today with its president, Leon S. Dure, to discuss plans for reorgani: embraeing a proposal of Mr. Dure for new institution capitalized at $750,000 The Fourth National had capitalization of $500,000, resources of 000 and deposits of about $9,000,000. Declaring that there is every assurance that reorganization will be effected soon, Mr. Dure announced that one half of the proposed capital stock for the new bank already had been subscribed without solicitation and added that the new arrangement contemplated would provide "prompt and full payment" to all depositors. Ellis D. Robb, chief national bank examiner for the sixth federal reserve district, said the fourth national had been examined only a few days before the run and had been found solvent
SMALL BANK NEAR MACON FAILS TO OPEN ATLANTA Nov. 27.-State Superintendent of Banks A. B. Mobley today announced the receipt of notice of the closing of the Citizens Bank of Fort Valley, Ga. Fort Valley is in central Georgia near Macon, where the Fourth National Bank closed yesterday after 2 run, and is the center of the Georgia peach growing country. Details of the closing were not immediately available to the banking depart ment.
2.
November 27, 1928
The Daily Advertiser
Lafayette, LA
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CITIZENS BANK IN FORT VALLEY, GA. HAS CLOSED DOORS
Announcement Of This Action Made Today Through State Banking Department
(By The Associated Press) heavy run which followed the closing of the Fourth National Bank of Macon yesterday was said responsible today for the suspension of business by the Citizens Bank of Fort Valley, an institution with of $330,000. In referring to the bank's failure to open for business this morning, President Martin at conferences between the directors last night and today, the condition brought about by the closing of the Fourth National Bank in Macon were, considered and it was decided that in order to conserve the assets of the Citizens Bank it was decided to turn the bank over to the State Banking Department. The president said the bank was solvent and he hoped some arrangement could be worked with depositors to prevent any losses.
(By The Associated Press) ATLANTA, Nov 27-State Supervisor of Banks A. B. Mobley today announced he had received notice of the closing of the Citizens Bank of Fort Valley Fort Valley is in central Georgia, near Macon where the Fourth National Bank closed yesterday after run. Details of action at Fort Valley were not immediately available to the state banking department It was stated, however, that the bank did not open this morning for business. It was capitalized at $100.000 and had surplus and profits of about $78.000, according to the banking department.
3.
November 28, 1928
The Birmingham Post
Birmingham, AL
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EIGHT GEORGIA BANKS CLOSED
Institution Drags Small Ones Down
United MACON, Nov. 28. Eight small Georgia banks were closed today result of failure bank, Macon, with listed reof more than With the exception the Citizens' bank, of Fort Valley, capitalized at other institutions, Bank of Byronville, Irwinton bank, Bank of Preston, Citizens' Bank company, of Culloden, Bank of Bradley, Farmers' Merchants' bank, of Gordon, Farmers' bank, of at from $15,000 to were closed aftheavy runs due to the scare that followed ing of the Macon bank. All the banks are located in the Georgia peach With Clyde J. Edwards in charge of an audit, and Claude Gilbert, named of the Fourth National plans under today to adjust affairs could be cared for. Exact cause of the run was concealed, altho circles said recent investments had turned out poorly.
4.
November 28, 1928
The Pittsburgh Press
Pittsburgh, PA
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NINE BANKS CLOSED
Eigh Shut After Collapse of One in Macon.
By The United Press. Macon, Ga., Nov. 28.-Eight small Georgia banks were closed today as result of the failure Monday of the Fourth National Bank of Macon, with listed resources of more than $11,000,000. With the exception of the Citizens Bank of Fort Valley, capitalized at $100,000, the other institutions. the Bank of Byronville Irwinton Bank, Bank Preston. Citizens Bank Co. of Culloden, Bank Bradley, Farmers &, Merchants Bank of Gordon and Farmers Bank of were capitalized at from $15,000 to $25,000. The institutions were closed after heavy runs Tuesday due to the financial scare that followed closing of the Macon bank. All the banks were located in the Georgia peach belt.
5.
November 28, 1928
The Bismarck Tribune
Bismarck, Mandan, ND
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GEORGIA BANK CHAIN CLOSES AFTER CRASH State Banking Department Examines Affairs of Eight Institutions Macon, Ga., Nov. 28.-(AP)-The affairs of eight middle Georgia banks were in the hands of the state banking department behind closed doors today as a sequel to the closing of the Fourth National Bank of Macon Monday. The Macon bank was their federal reserve agent. In each case officers assured depositors of protection and announced that reorganization and reopening would be effected as soon as possible. Heavy withdrawals brought about by a "financial scare" over the condition of the Fourth National were blamed in every instance. Meanwhile the directorate of the Fourth National was busy arranging conferences looking toward reorganization and recapitalization at $750,000 instead of $500,000, as at present. The largest of the eight institutions closing yesterday was the Citizens Bank of Fort Valley, capitalized at $100,000. The others had capital listed between $15,000 and $25,000. Macon and Fort Valley are among the larger shipping centers in Georgia's extensive peach-growing section. While officers of the Fourth National yesterday were issuing a statement which said a two-hour run Monday was due to "baseless rumors" connected with the collapse of negotiations for sale of the institution to Atlanta financiers, the city commission was passing a resolution of confidence in its officers and directorate. The resolution urged all citizens to adopt an attitude of confidence and cooperation. An altercation over the closing of the Fort Valley bank yesterday was responsible for knife wounds which today confined George Slappey, a business man of that city, to his bed. Dr. W. S. White, mayor of Fort Valley, was the other participant, several witnesses said. No charges have been placed against the mayor. The encounter was said to have been preceded by a "friendly argument" over policies of the city in depositing municipal funds. Neither was interested in the management of the bank.
6.
November 28, 1928
Evening Courier
Camden, NJ
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GEORGIA BANK'S FAILURE MAKES 8 OTHERS CLOSE Ga., Nov. 28 Georgia closed today result of the failure Monday of the Fourth National Bank of listed resources of more than With of the Citizens $100,000, Bank of Fort Valley, capitalized other the Bank of Irwinton of Preston, Company Culloden, Bank of and of Gor don and Bank of Byron were capitalized at from $15,000 to $25,000. The closed after runs Tuesday due to the financial that closing All the banks cated in the Georgia
7.
November 28, 1928
The Times-News
Twin Falls, ID
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MACON, GEORGIA. BANKS COLLAPSE rescue Eight Institutions Fall When He Run Starts on Them After Breaking of $11,000,000 Bank the
MACON, Ga., Nov. 28 Eight small Georgia banks were closed today as result of the failure Monday of the Fourth Notional Bank of Macon, with listed resources of more than $11,000.000
With the exception of the Citizens Bank of Fort Vallev, espitalized at $100,000. the other stitutions, the Bank of Byronville. Irwinton Bank, Bank of Preston, Citizens Bank Company of Culloden, Bank of Bradley, and Merchants Bank of Gordon. Bank Byron were capitalized at from $15,000 to $25,000. The institutions were c'osed afheavy runs Tuesday due to the financial scare that followed closing of the Macon bank. All the banks are located in the Georgia peach belt. Exact cause of the run was concealed. although financial circles said recent investments had turned out poorly.
8.
November 28, 1928
Star-Herald
Scottsbluff, NE
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Eight Georgia Banks Turned Over to State To Prevent Heavy
(Continued from Page 1) would be protected. The closings, officials believed. were brought on by financial scare which followed the closing of the Fourth National Bank of Macon yesterday Heavy withdrawls were noted at all the institutions and officers said doors were closed to preserve assets. The Citizens Bank of Fort Valley largest of the eight institutions, was said by its officers to have undivided profits of $80,000. Edwin Martin. president of the Fort Valley bank. as well as officers of the smaller Institutions. said it was hoped arrangements would be completed to prevent loss to depositors All of the financial institutions were located in the prosperous peach belt of Georgia. Fort Valley and Macon are two of the largest peach shipping points in the state. Officials of the Macon bank were quoted in press dispatches today as saying that the closing of the Fourth National. which followed two-hour run of withdrawals was due to "baseless evidently originating with the collapse last week of negotiations for sale of the Fourth National to Atlanta financiers.'
9.
November 29, 1928
The Altus Times-Democrat
Altus, OK
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EIGHT GEORGIA BANKS CLOSED
MACON. Ga. Nov. Eight small Georgia banks were closed today as result of the failure Monday of the Fourth National Bank of with listed resources of more than With the exception of the Citizens bank of Fort Valley, capitalized $100,000. other institutions. the bank of Byronville and Bank of Irwinton: Bank of Preston. Citizens Bank company of Culloden. Bank of Bradley, Farmers and Merchants Bank of Gordon. and Farmers bank of Byron were capitalized at from $15,000 $25,000 The institutions were closed after heavy runs Tue day due to the financial scare that followed closing of the Macon bank
10.
November 30, 1928
The News
Paterson, NJ
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EIGHT MORE BANKS CLOSED IN GEORGIA
Shut-Down of Fourth Nation-
Merchants Bank of Gordon, the Bank of Culloden and Bank of Preston The State bank examiner will charge once and every effort will be made to reorganize and reopen the banks as soon as possible. What caused the run on the Macon not known. One reports lays to rumors regarding the dropping egotiations for the sale Fourth National to syndicate of Atlanta The Citizens Bank of Fort Valley is declared by its officers to be vent and the suspension to desire to conserve assets. President Edwin Martin said had capital of $100,000 and and surplus undivided profits of There was run the bank fol. lowing news of the run in the Fourth The Byron bank had capital stock
11.
July 19, 1930
The Macon News
Macon, GA
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PEACH COUNTY BANK CASE DECIDED
Supreme Court Upholds Decision on Seizure of Davidson Deposit
ATLANTA July 19. holder of an insolvent bank cannot set off his individual deposits against his legal responsibility to other depositors. the Georgia Supreme court ruled Saturday affirming decision of the Peach Superior court When the Citizens' bank of Fort Valley failed in 1928, each stockholder 100 per cent to pay depositors. E. Davidson owned 20 shares of capital stock and had more than 000 on deposit in the bank. The state issued an execution on the $2,000 and used the money to help pay deDavidson contended the state ob. tained the money under duress and sued for its return. The Peach court held the execution was legal and was Incidentally Davidson had his other deposits in the Fourth National bank at Macon. closed its doors the day before the Fort Valley bank The conviction of Marshall Phillips of Laurens for the murder of Leo Blackshear was upheld Phillips was sentenced to life last January and appealed The decision of the Coffee superior court, which found John Henderson guilty of the murder of Robert Mc Queen last year. also was affirmed Henderson was sentenced to life im-