de3fe291Full suspension, Books examined
Other: Assets later purchased by Continental Trust Company; receiver named (Claude Gilbert/Herbert Pearson involved).
Click image to open full size in new tab
Bank With Assets Above $11,000,000 Is Closed During Run By the Associated Press. MACON, Ga., November 26.-The Fourth National Bank of Macon, with capital of $500,000 and resources listed at more'than $11,000,000, closed its doors at 11 a.m. today during a run of withdrawals.
Click image to open full size in new tab
NATIONAL BANK AT MACON, GA., CLOSES AFTER HEAVY "RUN" By The Associated Press Macon, Ga., Nov. 26.-The Fourth National Bank of Macon with capital of $500,000 and resources listed at closed its more than $11,000,000, doors m., today during a run of withdrawals.
Click image to open full size in new tab
BANK CLOSES DOORS Macon, Nov. 26. (AP) The Fourth National bank of Macon, with capital of $500,000 and resources listed at more than $11,000,000, closed its doors at 11 a. m., today during a run of withdrawals. The bank had deposits of around $9,000,000.
Click image to open full size in new tab
GEORGIA BANK CLOSES DOORS Ga., Fourth National bank of Macon. with capital of $500,000 and resources listed more than closed its doors today during run The bank had deposits around PLANE STILL ALOFT. Nov Albatross monoplane. which Lee Schoenhair and John GugHelmetti establish new endurance flight record, was still adoft at 11:41 29 hours after took off the Helm flying fileld near here.
Click image to open full size in new tab
President Coolidge Reads Proclamation nation-wide radio hookup of more than 40 President Coolidge tonight read his Thanksgiving day calling upon the American people to give thanks for the prosperity and benefits of the past year. The chief read his proclamation. which he issued several weeks ago as part of a Thanksgiving day radio program from his study in the White House He was introduced to the radio listeners by David Lawrence Washing newspaper correspondent. who described the White House study as a room which breathes history and where many presidents have medita upon the problems of war and peace GEORGIA BANK CLOSES. Fourth National bank of Macon. with capital of $500,000 and resources listed at more than $11,000.000 closed its doors at 11 a. m. today during run of withdrawals The bank had depos of around $9,000,000.
Click image to open full size in new tab
GEORGIA BANK CLOSED AFTERRUN YESTERDAY Receiver Will Be ppointed For Macon Financial Institution MACON, Ga., Nov. 27 (UP)One of the largest banks in Georgia, the Fourth National of Macon, was closed today after a run. Elli D. Robb. national bank examiner, was in charge and said a receiver would be appointed immediately. He refused to comment on the cause of the closing, as did President Leon Dure For two hours yesterday more than 2.000 depositors crowded into the lobby of the bank. withdrawing their deposits until the iron grat- ings were pushed down, leaving hundreds of anxious depositors still outside. The bank, 20 years old had capttal of $500,000, deposits of more than $9,500,000 and resources listed at $11,724,340 Robb, who was here before the run began, issued a statement yesterday that the institution was soivent. Despite that, the run started when the bank opened and gradually assumed serious proportions. The farmers' Bank at Bryson, Ga., closed its doors when word reached there that the Fourth National had shut down. The Bryson bank, with capital of $10,000 was a subsidiary of the Macon bank. Until three years ago, when the Payne Tree company, of Gordon, Ga., failed, the Fourth National bank was considered prosperous. The government has won two and lost four of the oil cases. Let's see now-how many were sent to jail?
Click image to open full size in new tab
Record Run Closes Georgia Bank Today Fourth National of Macon Had sources of Eleven er Refuses Comment MACON, GA., of the largest banks in Georgia, the Fourth National of Macon, was closed today after run which also closed subsidiary bank at Bryson, Ga. Ellis Robb, National Bank examiner, refused to comment on the cause the closing. For two hours yesterday more than 2,000 depositors crowded into the by of the bank, withdrawing their posits of more than $9,500,000 and sources listed at $11,724,340.
Click image to open full size in new tab
Run on Bank Causes It to Close Its Doors The Fourth National bank of Macon. one of the largest financial institutions in central Georgia, closed its doors today after a two-hour run of withdrawals. Leo S. Dure. president, said the bank's board of directors at a special meeting had decided to close and take steps toward reorganization.
Click image to open full size in new tab
TRIAL EXPECTED Old Friend, Arranging Bond. Says Transfer From Savannah Is Expected Dure and rectors Still Confident as to Outcome of Move HOPE FOR RELEASE TODAY HALF OF STOCK IS TAKEN Legal Technicalities to Be Worked Out Providing for Hearing Here Arrival his son John Walkand John Lewis. state senator Sparta Monday brought nearer to the goal furnishing $25,000 bond for release from Chatham county jail of John D. Walker former Georgia banker. prominent Meth odist layman and political figure. who being held under federal dictment with the em. bezzlement of $9,000 in municipal sinking fund bonds from the National Bank of Sparta Walker expects furnish bond Tuesday morning. was said last night by friend who acting counsel the defendant while he He went to the jail last afternoon and had long talk with Walker about the case. but until night Lawrence had heard nothing from Warren Grice. of Macon. whose name has been mentioned as Walker's chief counsel As Walker was arrested on bench following indictment, he will go before any the United States here Monday for preliminary hearerroneous impression gained that such procedure would be followed. Walker's Continued on Page Two Plan Bank to Succeed Fourth National, Capitalized at $750,000 The Fourth National bank. forced close its doors Monday withdrawals that hausted the available cash. will capitalized $750,000 under plans Leon Dure president and the board of who are meeting Tuesdav to discuss reorganization plans in detail. There everv assurance that will be effected and in fact one proposed stock already has been subscribed without any Mr. Dure further believed that the new arrangements can completed within few Mr. Dure said thus "prompt and full depositors of the old Fourth National. The bank bad been examined and found solvent and condition only few days before fatal according Ellis Robb. bank for the Sixth FedReserve district Evans. rational bank examiner institution pending of receivers The ascribed bank lause last week of that had been mending to sell the instiContinued on Page Two
Click image to open full size in new tab
RUN RESULTS IN BANK WILL Macon, Ga., Nov. (AP) The Fourth Bank Macon, with capital of $500,000 and resources listed at closed doors today during of bank had deposits of around Leon Dure, president, issued statement saying that meeting of the board of directors had been "decided organize new Macon bank, capable willing of taking the institution, and of paying depositors fully promptly. "There every assurance," the statement said, such new bank will soon be established."
Click image to open full size in new tab
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.
Click image to open full size in new tab
EIGHT GEORGIA BANKS CLOSED Run on Reserve Agent Is Blamed; Reopening Promised MACON, Ga., Nov. 28.-(P)-The affairs of eight Georgia banks were in the hands of the state banking department 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 instancee. Meanwhile, the directorate of the Fourth National was busy arranging conferences looking toward reorganization and capitalization at $750.000 instead of $500,000 as at present. While officers of the Fourth Natiosal 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.
Click image to open full size in new tab
EIGHT MORE BANKS CLOSE IN GEORGIA Failures in Peach Belt Due to Collapse Yesterday of $11,000,000 Institution. Macon, Ga., Nov. small Georgia banks closed today as 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 Fort Valley, capitalized at the other institutions, the Bank of Byronville, Irwinton Bank, Bank Preston, Citizens Bank Company Culloden, Bank of Bradley, Farmers Merchants Bank of Gordon, Farmers Bank of Byron were capitalized at from $15,000 to The institutions were closed after heavy runs due the financial that followed closing of the bank. All he banks located in the With Clyde Edwards in charge of an audit, Gilbert, named receiver of the Fourth National here, plans under today to adjust affairs so creditors cared for Exact cause of the run concealed, although circles recent turned out poorly.
Click image to open full size in new tab
EIGHT BANKS CLOSE WHEN ONE FAILS MACON, Ga., Nov. 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 With the exception of the Citizens' bank of Fort Valley. capitalized at $100,000. the other institutions. the Bank of Byronville, Irwinton bank, Bank of Preston, Citizens Bank company of Culloden, Bank of Bradley, Farmers and Merchants' Bank of Gordon, and Farmers' Bank of Byron 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 located the Georgia peach belt. Exact cause of the run was con. cealed, although financial circles said recent investments had turned out, poorly.
Click image to open full size in new tab
EIGHT BANKS IN FLU EPIDEMIC GEORGIA CLOSE HITS FILM FOLK HEAVY MACON HOUSE CAUSED CLOSING OF THE OTHERS MACON. Ga., Nov The affairs of eight Georgia banks were in the hands of the state banking department today as 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. brought about by "financial scare" over the of the Fourth National. were blamed in every instance. Meanwhile, the directorate of the Fourth National was busy arranging conferences looking toward organization and capitalization instead of $500,000 as present. While officers of the Fourth National yesterday were issuing statement which said two hour run Monday was due "baseless rumors" connected with the collapse of negotiations for sale of the institution to Atlanta financiers, the city was passing resolution of confidence in its officers and directorate HOLLYWOOD. Cal., Nov. 28.-(P) -Thirteen motion picture stars and two directors were confined to their beds today with attacks of influenza. What was described as "mild epidemic" struck the film colony Sunday when Clara Bow and John Gilbert, screen actors were brought down with the disease. Others under physicians' care include Lois Wilson, Monte Blue, Mr. and Mrs. Richard Barthelmess, Mary Philbin, Loretta Young. Sally Phipps, Jean Arthur. Ruth Taylor, William Haines and Buster Keaton, actors, and W. Murnau and Edward In the Metropolitan district of Los Angeles 502 new cases of influenza were reported yesterday, bringing the total for the month to 2,163 cases. Deaths total 41. In San Diego, Dr. E. Lessem, city and county health officer. announced he would issue an order tolay closing the city schools for an indefinite period beginning December because of the prevailence of influenza among the students.
Click image to open full size in new tab
BARRETT NAMED BANKS CLOSE Interstate Transit Awards Runs Follow Shutdown of Post to Taxi Expert Barrett until recently vice manager the De Luxe Cab Co., has been apthe InterCincinnati, general passenger public relations director of the company. Barrett will be in charge of the Cincinnati and Covington offices. Before the De Luxe last was general the Zumstein TaxiInterstate Transit. Inc.. operates buses between Cincinnati PittsChicago, St. Louis and Louisville. Larger Institution By United Press. Nov. 28.-Eight small Georgia banks closed today result of failure Monday of the Fourth National Bank of Macon. with listed resources of than $11,000,000 of the Citizens Bank Valley $100,000. the other institutions were The closed after heavy runs due the financial that followed closof the Macon All are the peach Plans were under way today adjust affairs so creditors could cared
Click image to open full size in new tab
GEORGIA UNRAVELS BANKS' SUSPENSION Affairs of Eight Institutions in Hands of State-Reopening Is Forecast. By the Associated Press. MACON, Ga., November 29.-The affairs of eight middle Georgia banks were in the hands of the State Banking Department behind closed doors yesterday 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 baout 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 capitalization at $750,000 instead of $500,000 as at present. Claude Gilbert of the Insolvency Division of the United States Treasury Department has been designated as receiver by the controller of the currency. Auditors working under Ellis D. Robb, chief national bank examiner of the Sixth Federal Reserve District, continued their survey of the bank's books. In Peach Crop Area. 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 co-operation. Besides the Fort Valley Bank. the other institutions which are closed are the Irwinton Bank. Irwinton: Bank of Byronville: Bank of Bradley: Farmers' and Merchants' Bank of Gordon: Citizens' Bank of Culloden: Bank of Preston, and Farmers' Bank of Byron. Business Man Cut. An altercation over the closing of the Fort Valley Bank yesterday was responsible for knife wounds which today confined George Slappey, 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.
Click image to open full size in new tab
Run on Georgia Bank Closes MACON, Ga., Nov. the largest banks in Georgia, the Fourth National of Macon, closed today after which also closed subsidiary bank at Bryson, Ellis D. Robb, national bank aminer, refused to comment on the cause of the closing. For two hours yesterday than 2,000 depositors crowded into the lobby of the bank, withdrawing their deposits until the iron gratings were pushed down.
Click image to open full size in new tab
Georgia Editors Say DANGER OF FALSE The failure of Middle Georgia open business following closing of the Fourth National Bank of Macon has caused widespread apprehension the part of depositors and just another of what will closing of the Fourth Namors do. tional necessary because of rumor. followed the bank found impossible to assets without shutting its doors. As soon this happened depositors all the surrounding section struck with sudden fear and their various banks closed for safety's Those which closed include the Bank Byromville, capitalized $15,000; Bank Bradley, capitalized $15,000; Bank Preston, capitalized at $15,000; Farmers Merchants Bank of Gordon, capitalized at Citizens Bank Fort Acthe Fort cording Valley the voted Monday. Mr. Martin ing the bank solvent and the was only The bank had the last financial the bank the profits All the other good condition closing and of the presidents declare that they will all re-open within short closings was tributed by the news the closing the Fourth Bank at Macon succession. National the approved agent for other banks and officials are certain the affairs the Macon readjusted all the banks will open good With work, the directors of the National are holding working out plans relieve situation for the the plans being has the ganization bank take over the Fourth National and start This new bank, should organized, would capital stock $750,000. has been shown that the whole affair was brought about through baseless rumor. Such rumors hard suppress once started for there rumor quite interesting positor alleged his bank. The closings reflection upon the financial situation Georgia people other the learn the closings small the will form to the reported state whole starts the original rumor. cases such rumors of some depositors might they about the banking their heads and work to prevent Times HIGHWAY BUILDING Next on the program, matter of course. must be the and means "coming going". Every those days back sandy were the dry days, swollen the the passing the sured, and the lizzie" hailed means being able fifteen miles per hour, including balking cranking up. have seriously in our minds that duty pleasure, boost for roads. and season our voice has been raised for them. Progress though us desire, has outdistanced the accomyet great been the change, the everlasting pleading, and argument acknowledged be necessity the an found accomplish become obsolete. Real roads being temporary construction scorned. The narrow broad And considered speed of dozen years Several organizations polled represenour adherents but they putting thorns our roses. peeved. help highway, refund bond first give We don't any promises, are tired second the first Oh, stand not big don't far big do, gas tax the Fords and far the fellow We objection and contact. Let's play the you. Charlton County Herald.
Click image to open full size in new tab
CONTINENTAL BUYS ASETS (Continued from Pag One) the general This public as possible the the Trust assistance pany of Atlanta Georgia Lowry whose National stockholders substantial can allow soon as the cent of the per positor's be placed to and funds to pay the been full of the dvidend in cash retain on deposit large part of business and the our wn deposits. paying on hundred cents the dollar for the assets of the Fourth National bank which we are uying and the acquisition of new ustomers will be the only ation that we will receive. We herefore, invite al of the former epositors Fourth National to open an account with us promise them the same courteaccommodations which we to our and the that their will be absolutely safe and withdrawal by them at Supply Need "Due to its rapid growth during year the Continental Trust mpany is very much crowded its present quarters and we have considering for some time the curing of larger quarters. The irchase the Fourth National building will supply this need the present, our ultiintention tear down the Fourth National bank build. erect in its place modern and office building. We to give Macon and Middle Geor. banking institution second to in the state in strength We have increased capital and surplus to $500,000.00 the our business creases the capital will be corspondingly increased. our new customers of we wish them present friends Merry ChristAfter offsets had been allowed in winding up of the business of Fourth National the yesterday that the been reduced to slight New York and Atlanta banks have en paid in full and securities held of rediscounts and bills payableof the best collateral of the ourth National -have been returned the receiver. This totalled $1.500,- Many Claims Ahead Although are .000 of the Fourth onal the receiver stated that will approximately 20,000 handle In connection with the settlement be made with the depositors of Fourth National the receiver tated yesterday that only one proof claim be made by ach and then debe presented ertificate which Contiental Trust will credit the older with 50 of the mount of the certificate, and which be subject to immediate check The following statement is. by the receiver night the method of has been the first dividend of 50 pay upon all proved and alliquidation has been the said par value to company arrangement has been for the payment of said diviend through said Trust company. Ready on Jan. 13 receiver ready proofs of claims on and onsider and forms of that Jan. will be furnished upon reclaim is allowed When ertificate juest. will be given the deposicreditor. and upon or of such the ConTrust company. in accordthe instructions which will said certificate, the hold be bank credit Trust company for of the amount of such certif Late, which credit will be subimmediate check. "The certificate 80 issued will be by the holder and further will be paid from time to of the assets in the of the receiver Continental Trust company the bank build also purchased ng formerly occupied by occupied the Fourth and now by National the receiver, and the Trust company occupy the Until removal be the receiver will remain location and deposihis call there for may the business of of the In February While Trust comDany plans move to the Fourth National's ol home at Cherry and Third Feb. 1, is understood what is considered reliable information that the Conunental plans erect new office beilding of 10 15 stories on the This will be done immeThe real estat acqt' by Continental nly includes the house, bt the building imadjoinig on the north, gives it fontage of 65 feet Cherry street and 90 feet on Third street. Bankers say deal of yesterday one of Le largest in the history banking. The comptroller of the currency, who took such keen inerest in carry, ing the project through, M. who was formely chief bank examiner for this disrict. stationed Atlanta, and who became chief national stationed in Washington, L C., from which position he was elivated to his present The capital nd sumlus of the True company recently increased $500,000 and the capital has arealy paid in and the stock will be Jan. ascertained. The receiver that course would to large of accounts the National single not figured out handling thought that be out that be filled out and 10 days or two weeks. SHIP PUT ON CUBA LIIE Dec. 22 meeting of the voted to the President the New York-Havana win-
Click image to open full size in new tab
BANK RECEIVER SUED Herbert Pearson. receiver for the Fourth National Bank Macon, yesterday named defendant in filed in court here the Early and Ohio, $13,379.95 as preferred The Ohio corporation alleges that in November, five drafts, totaling, $13,379.95 were drawn by against the Birdsey Flour Mills through the local bank The were ed for treatment "cash and not as deposit. The court asked the funds to have been in trust, and render judgment in favor the company The petition by the firm Brock, Sparks and Russell. BAND TO GIVE CONCERT March Sunday concert will be rendered by the band D. Mathis Sunday at Leslie, accord. ing to authorized day by Prof. Glen Johnson, conductor of the The concert will be free and is being put part of the work the and Legion organizations people will go with the attend Sunday afterwith the sched. uled start promptly at 3:30 LINDY OAKLAND OAKLAND Cal. March (AP) Col. Charles Lindbergh arrived at the Oakland airport at 2:55 after flight from Los Angeles the motored He brought 20 passengers.
Click image to open full size in new tab
DIVIDEND CLAIMS PROVE NUMEROUS Many Depositors Apply for Money at Fourth National Bank There was quite an active demand for the 15 per cent dividend. just announced, at the Fourth National bank," yesterday Receiver Herbert Pearson has reduced the force of employes operating under the receivership to minimum, but in. stead of having one clerk to wait on customers yesterday, as he announced. he placed two clerks at the windows. In that way congestion was relieved. There were not more than dozen or so persons in line at time. yesterday morning. The bank re-opened at 3 o'clock, yesterday afternoon, and continued open until o'clock, but there were
Click image to open full size in new tab
BANK IS DUE FRIDAY Defunct Fourth National to Make Five Per Cent Payment to Depositors Payment of five per cent divi. dend depositors defunct Fourth will begin in old the of Cherry and Third has been M Dudley The amount to be distributed totals stated When this money paid the depositors will have received 80 cent of their deposits the time the closed in 1928 The old bank quarters are being reopened for the distribution of money limited office the office in the First National bank explained All depositors will be quired to present their receiver's certificates show proof claim. The in the old buildwill for ing which as ample for depositors their funds town have mailed notification of the dividend