2943. Luther Williams Bank & Trust Company (Macon, GA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
trust company
Start Date
November 30, 1928
Location
Macon, Georgia (32.841, -83.632)

Metadata

Model
gpt-5-mini
Short Digest
4734752c

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple articles report a depositor 'run' on several Macon banks including the Luther Williams Bank & Trust Company. The bank closed early (about 1:30 pm) during the run but reopened the next morning after Federal Reserve currency ($6,000,000 to several Macon banks) arrived and state banking counsel granted permission to reopen. The run appears triggered by a mistaken/rumored report (messenger/worker started shouting there was a run).

Events (3)

1. November 30, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
A messenger/employee reportedly shouted that there was a run (a false/alarm-type report), believed to have started the withdrawals.
Random Run
Yes
Random Run Snippet
Messenger boy shouted there was a 'run'; believed to have started panic
Measures
Closed early (refused to pay to panicky crowd); Federal Reserve armored truck delivered currency; permission obtained from State Banking Department to reopen next morning.
Newspaper Excerpt
The principal runs of the day, however, were the Macon National bank, the Luther Williams Bank and Trust company and the Savings bank...a messenger boy saw the group of employees ... told some one that there was 'run' the National. That started the 'run', it is believed.
Source
newspapers
2. November 30, 1928 Suspension
Cause
Rumor Or Misinformation
Cause Details
Management closed the bank early to avoid paying a panicky crowd after the run began (precipitated by the rumor/misreport).
Newspaper Excerpt
The Luther Williams Bank and Trust closed at 1:30 o'clock, Francis E. Williams making the statement that while the bank had plenty of money it would not pay to panicky crowd.
Source
newspapers
3. December 1, 1928 Reopening
Newspaper Excerpt
Permission to open for business this morning was announced...banks would be open for business tomorrow morning as usual, with plenty of cash on hand to pay off all who want their money. The trucks brought money to the Macon National bank, the Luther Williams Bank and Trust company ... and the Macon Savings bank.
Source
newspapers

Newspaper Articles (9)

Article from Hickory Daily Record, December 1, 1928

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Georgia Banks Weather Heavy Runs Yesterday Four Institutions Have Sufficient Funds To Demands After Heavy Runs Instituted By Six Million Dollars Sent From Federal Reserve To Combat Panic Ga., Dec. Macon banks which yesterweathered runs, were ready for business today with what officers termed "sufficient funds to meet all demands.' Although officials of the Macon National Bank, the Luther Williams Bank and Trust the Citizens and Southern company, National Bank, and the Macon Savings Bank, the four affected institutions, said they expected heavier withdrawals than usual in the next few days, belief that the situation greatly relieved was expressed generally in the city's financial circles. More than was sent here from the Federal Reserve bank at Atlanta and other banks yesterday, and with the single exception the Luther Williams Bank and Trust company, all the institutions which faced runs remained open until the regular clostime, later. In closing the Luther Williams bank early, Francis E. Williams, declared that while the institution had funds would not pay "to panicky crowd." Doubt as to whether or not the bank would be allowed to reopen after cloisng ahead of time was dispelled night when Orville Park, special counsel in charge litigation for the State Banking Department, announced that granted permission to open for business this morning. Confidence in the four banks expressed by the city's merchants yesterday, when many of them joined making public statement that they would accept checks these in payment for merchandise. Heavy guards were placed about the banks both yesterday and last night, but there was attempt keep depositors from entering them to make withdrawals. The Fourth National bank of Macon closed its doors last week during run.


Article from Kansas City Journal, December 1, 1928

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FOUR GEORGIA BANKS STAND HEAVY RUNS Dec. Macon banks business usual today after runs which forced patch of armoured truck from the Federal Reserve Atlanta. currency. institutions, Macon National. the Luther Williams Bank Trust the Citizens and Southern National Macon Savings bonk. reported deposits being made after today's opening.


Article from The Atlanta Constitution, December 1, 1928

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$6,000,000 IS TAKEN TO BANKS IN MACON All Institutions 100 Per Cent Sound, Says Official as Federal Funds Arrive. Macon, Ga., November 30.-(P)The arrival of an armored truck from the Federal Reserve Bank of Atlanta and three private trueks, bringing than $6,000,000 here tonight, appeared to have broken the back of run that started on four Macon banks today. With the trucks came Eugene R. Black, governor of the Sixth Federal Reserve bank, who went into conference with local bankers, after which they confirmed earlier reports that the banks would be open for business tomorrow morning as usual, with plenty of eash on hand to pay off all who want their money. It was declared by persons in a position to know that there more currency in the city of Macon tonight than was ever here at any time in the history of the city. The trucks brought money to the Macon National bank, the Luther Williams Bank and Trust company, the and Southern National bank and the Macon Savings bank. Three Banks Beleagured. The prineipal runs of the day, however. were the Macon National bank. the Luther Williams Bank and Trust company and the Savings bank. the last named Macon's oldest banking institution. The flurry around the savings department of the Citizens and Southern bank around noon ended during the afternoon after ten tellers had been placed in that department and paid all who demanded their money During the afternoon many of these people redeposited their money. This bank did not close during the The Macon National bank closed at o'clock, usual, but reopened at :30 o'clock and continued to pay deThe Luther Williams Bank and Trust closed at :30 o'clock, Francis E. Williams making the anat that time that while the bank had plenty of money it would not pay to panicky crowd. Bishop Deplores "Runs." At the Macon Savings bank customers were paid as rapidly as posBishop W. N. Ainsworth. of the Methodist church. mounted truck in front of the Macon National and pleaded for the crowd to disperse and raise the banner of "business as usual You have been breaking banks of Macon for 40 years with just such foolishness as said Jesse B. Hart. president of the Macon Nntional, as he mounted an truck loaded with currency "But this one bank that you are not going to break. Merchants of the city, through the chamber of announced tonight that they would take checks on the banks figuring in today's "runs" for making purchases or paying bills "There is no cause to be alarmed. said Henry Martin manager of Bradstreet' Commercial agency tonight. Macon's banks are fundamentally sound. They are absolutely 100 per cent good and the runs of the day have been and but fortunate. have absolute faith in Macon's financial institutions and have so advised all inquiries that have come in by wire during the day. The Central of Georgia railway the me Southern railway and the Georgia railroad all paid off this week This morning eight or ten negro em ployees one the railroads entered the Macon National and one of them waved his blue check and shouted: going to get mine. messenger boy saw the group of employees and rushing out is said to have told some one that there was "run' the National. That started the "run," it is believed.


Article from The Times-Tribune, December 1, 1928

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BELIEVE RUNS BANK IN GEORGIA FUNDS SUFFICIENT TO MEET DEMANDS, RUSHED FROM FEDERAL RESERVE BANK ATLANTA. Macon. Dec. (AP) weathered runs, were ready for business today with what officers termed "sufficient funds meet Although officials the Macon National bank. the Luther Williams Bank and Trust the CitiSouthern National bank, and the Macon Savings bank, four affected institutions, said they expected heavier withdrawals than usual the next few days, belief that the situation was greatly relieved expressed generally in the city's finanMore was sent here from the lanta and other banks yesterday, and with the single exception of the ther Williams Bank and Trust company, all the institutions which faced runs remained open until the regular closing time later. Heavy guards were placed about the both yesterday and night, but there was no keep depositors from entering them to make withdrawals.


Article from The Grand Island Independent, December 1, 1928

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MACON BANKS READY FOR Macon, Ga., Dec. Macon banks, which weathered runs, ready for business today with what officers termed "sufficient funds to meet all deAlthough officials of the Macon National bank, Luther Williams Bank and Trust CitiSouthern bank, and the Macon Savings bank, the four institutions. they expected heavier withdrawals than usual next few days, belief that situation greatly lieved expressed generally in the city's financial circles. More than sent here from federal reserve bank Atlanta and other banks yesterdav. and with single exception of the Luther Bank and Trust pany, all the which faced runs open until the regular closing time or later.


Article from The Macon News, December 1, 1928

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OPENED USUAL FEW ASK Confidence in Integrity of City's Banks Restored Overnight; Eugene R. Black Here U. BANKER CONFIDENT Has Fullest Faith in Soundness of Banks, Federal Reserve Governor Declares Six million dollars in U.S. currency received by Macon banks has stopped "runs" by depositors that threatened to wreck the entire financial structure of the city and surrounding territory. The money came from the Federal Reserve bank in Atlanta late Friday afternoon and early in the night, and this Saturday morning, when the city's banks opened for business as usual, at 9 o'clock, something like ten million dollars reposed in their vaults and the tellers' cages but there were few depositors seeking withdrawals. Eugene Black, governor of the Sixth Federal Reserve bank Atlanta. came person to look over the local situation. "This situation must be restored all years exFriday reassuring the public to the soundness Macon's banks, and this served to abate "money hysteria' of those who thronged Cherry street seeking withdraw their funds from the Macon National and Luther Williams bank. Others made small the Macon Savings bank, which Macon shortly liams bank closed its doors "to proreout "The two run and many. continue The bank opened that hour, about 500 braved cold, drizzling rain to keep their places in line, filing groups of two and three Police at the truck the


Article from The Macon Telegraph, December 1, 1928

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RUNS BROKEN AFTER SHORT PANIC PERIOD Governor of Federal Reserve District Here For Conference With Bankers CONFIDENCE IS EXPRESSED Macon National Withstands Siege of Depositors, Paying All on Demand The arrival of an armored truck the and three bringing than here early last night, appeared have broken back of run that started on four Macon banks yesterday. Along with the trucks came EuBlack, governor the Sixth Federal bank, who went into with local bankers, after which they earlier reports that the banks would be open for this morning as usual, with plenty of cash on hand to pay off all those who wanted their money. was declared by persons in to know there in the city of last night was ever here any time in the history of the city. These trucks brought huge sacks of money Macon National Bank, the Luther Wililams Bank Trust company, the Citizens and bank and the Macon Savings bank. Some Money Is Re-deposited The principal runs of the day were the Macon National bank. Luther Williams Bank and Trust company and Macon Savings bank, Macon's oldest banking instiThe flurry around the savings dethe and Southaround noon ended during the afternoon after ten tellers had placed in that department with big stacks currency in front them, paying all depositors who presented checks and pass books their money. During the afternoon many of these people returned to the Citizens Southern and re-deposited their money. bank did ing the and few depositors called for run was broken during the At the Macon National bank the savings department the Cherry street end, small just off the lobby, that after people withdrew their savings had difficulty in One woman withdrew $20 and lost before reached the street. The Macon National bank closed o'clock, as usual, re-opened at and pay positors. at the doors, ever only let in two or three people Bishop Addresses Crowd The Luther Williams Bank Trust company closed at 1:30 o'clock, (Continued on Next to Last Page)


Article from The World-News, December 1, 1928

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Banks Subjected To Heavy Runs Are Open For Business Macon, Ga., Dec. (P).-Four Macon banks, which yesterday weathered runs, were ready for business today with what officers termed "sufficient funds to meet all demands.' Although officials of the Macon National bank, Luther Williams Bank and Company, the Citizens and Southern National Bank, and the Macon Savings Bank, the four affected institutions they expected heavier withdrawals usual in the next few days. Belief that the situation was greatly relieved was expressed generally in the city's financial circles. "More than $6,000,000 was sent here from the Federal Reserve Bank at Atlanta and other banks yesterday, and with the single exception of the Luther Bank and Trust Comall the institutions which faced


Article from The Andalusia Star-News, December 4, 1928

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Four Macon Banks Reopen For The death of Hon. Simmons, prominent business man and pioneer citizen Andalusia which occurred Saturday after brief illness shock to the entire city. Funeral services were conducted Monday morning eleven o'clock from his residence South Three Notch street with Rev. McNair, this city assisted by Dr. of Headland, the latter special friend of the deceased. The choir sang "Nearer My God after which scripture was read Rev. Mr. McNair after which the funeral sermon was preached Dr. Preston. preliminary to his funeral dress Dr. Preston recounted of the incidents in the life of Mr. Simwith whom he has been on the most intimate terms of friendship for sixteen Dr. Preston bore testimony to the noble life and sterling qualities integrity and of the fine relationship which obtained between Mr. Simmons and all the people with whom he had dealings. was good said Dr. Preston and then quoted the timony born numerous friends with whom he has talked since reaching the city from his Headland Home. Dr. Preston stressed the point that man's life judged the fruit bears. Judge by this test, Mr. Simmons home life, the impress that life upon the childrne of the home, each of whom has made their mark hugh life, his contacts with men busness way, which his sterling integrity and worth manifest to bind to himself bonds iding frendship those with whom best acquainted and with whom he had most constant dealings. The esteem in which Mr. Simmons held in all sections of the attested the large concourse people who attended the funeral who thus bore testimony to their esteem for and appreciation of this beloved citizen. Mr. Simmons has lived in Andaluand its invirons for than years. For years has been an official of the First National bank, institution which he has given the benefit of his sound judgment during all the years of history. Mr. Simmons has held positions honor and of trust in the county which he distinguished himself his devotion to duty and by his painstaking care of the business trusted his care. He one the builders of dalusia and his support and influence have been consistently back of for the upbuilding of this movement and county. He farsighted business and his judgment such make him power in effort toward business and industrial expansion. He had section and backed that faith investing capital enterprises whose growth depended upon growth Andalusia. body was laid to rest hour Andalusia cemetery and banked with beautiful grave tributes loving friends flowers, from all sections of South-East survived by his Mr. Simmons and eight children and two widow, all whom step-children, his bedside during his last Payne, PensacoThey Mrs. George Lindsey, Elba; Andalusia; Miss AnClaude Clark, Lee Simmons, Morgan, Eddie, Bernard, Simmons, Charles and Donald Simmons, Andalusia. The Albritton, Tom Henderson. Ellis, Brown, Chas. Henderson. The honorary bearers ONeal, Brown, Knox. Salter, Feagin, Gantt, Matthews, Wilder, Thigpen, Whaley, Opp. Broughton, Wm. Mount. Tisdale, Henry Opp. Sellers Broughton, Benson, Riley, Moore, Gantt, Gantt, Jones and Merrill. Benson Undertaking Company had of the funeral arrangements. MACON, Ga., Dec. fourin currency. Macon banks for business as The four institutions, the Macon opened usual today after Luther Bank andl runs that forced the dispatch of Company, Citizens and Souththe dispatch of armored truckern National Bank, and the Macon from the Sixth Federal Reserve BankSavings Bank, reported deposits Atlanta with six million dollarsafter today opening.