3052. Southern Bank (Savannah, GA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
May 17, 1884
Location
Savannah, Georgia (32.084, -81.100)

Metadata

Model
gpt-5-mini
Short Digest
4bb52697

Response Measures

Accommodated withdrawals

Description

A small run (about 100 small depositors, mostly savings department) occurred mid-May 1884, driven by a combination of uneasiness after the James failure in Atlanta and a local weekly urging withdrawals. The bank remained open, paid depositors, extended hours, and confidence was quickly restored.

Events (1)
1. May 17, 1884 Run
Cause
Rumor Or Misinformation
Cause Details
Uneasiness from the James failure in Atlanta plus a local weekly (edited by Black men) that suggested depositors should draw out funds, prompting about 100 small withdrawals from the savings department.
Measures
Bank paid savings depositors promptly, extended hours (remained open until 6pm) to accommodate withdrawals; officials reassured public and continued normal business.
Newspaper Excerpt
The news of the James failure at Atlanta caused some uneasiness among the small depositors of the savings department of the Southern Bank of the State of Georgia, and there was yesterday a small run on that department of the bank. One hundred small depositors drew out their deposits.
Source
newspapers

Newspaper Articles (6)
1. May 18, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 18, 1884

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Article Text

The Effect Here of the James Failure. The news of the James failure at Atlanta caused some uneasiness among the small depositors of the savings department of the Southern Bank of the State of Georgia, and there was yesterday a small run on that department of the bank. One hundred small depositors drew out their deposits. There was no particular excitement. The large depositors were not alarmed by the run and regarded it as of no consequence. They did not disturb their deposits. The deposits in the other department of the bank were larger yesterday than they have been any day for a long time. In fact, more deposits were offered than the officers could very well handle. No one of the deposits drawn was over $500. Those who drew their savings will lose, of course, the quarter's interest that would have been due on the first of June. There doesn't appear to be any reason for unéasiness here respecting the condition of the banks, or, in fact, anywhere else just at present. The excitement in Wall street has subsided, and there is no doubt that confidence will soon be restored there. Here there has been no occasion for loss of confidence or even of uneasiness.

2. May 18, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 18, 1884

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Article Text

THE FINANCIAL SCARE. A FEW DEPOSITORS WITHDRAW THEIR MONEY. A Slight Run on the Southern Bank by Depositors of Small Sums-How the Business Men View the SituationThe Scenes About the Bank During the Excitement. The financial rumors of the past three or four days apparently found a culmination yesterday in Savannah, in a small run on the Southern Bank of the State of Georgia, made principally if not wholly by about one hundred depositors of small sums in the savings department. The congregating of these depositors naturally attracted the attention of passers by, and soon the wildest kind of reports were circulated, and others who had deposits in the bank proper rushed in to view the situation. When it was seen who the people were who were withdrawing their deposits, and that the regular business of the bank was being done as usual, the excitement cooled in a measure, though the greater part of the crowd lingered in the immediate vicinity to amuse themselves at the expense of those who apparently had their all in the bank, and were determined to take it out. A reporter of the MORNING NEWS could learn from no one the cause for the run until late in the day, when it was reported that a weekly publication edited by co:ored men had suggested the advisability of drawing out deposits without delay. The majority of those who were anxlous to obtain their money were colored people. Every now and then a white lady would make her appearance. Mrs. Hennessey, among the number, said she wanted $500, all she had in the bank, right away. "Will not asmaller sum do you to-day ?" "No, begorrah, I want it all. I've got to buy a cow this afternoon." The paying teller thought that $500 ought to buy a good cow, and without hesitating paid out the amount. No larger sum was paid to any depositor in the savings department during the day. A colored man drew a similar amount about 2 o'clock. Meanwhile thousands of dollars were being deposited by business men, who thoroughly understood the situation, and laughed at the idea of taking out any more money than was actually needed to pay off workmen or settle other accounts of the week. About 12 o'clock the express wagon delivered several thousand dollars to the bank, but none of the money in this package was touched, the bank having sufficient to meet all the demands that were made upon it. Several persons, male and female, came in haste to withdraw their money, but when they took a sober view of the matter, and stopped to reflect a moment, went away without asking for a dollar. The officials of the bank had received instructions to pay the depositors their savings promptly, and the consequence was that -several gentlemen who called to make deposits, in amounts reaching $1,000 and upwards, had to return to their offices and wait until Monday. A number of amusing scenes happened at the bank during the day. Two colored carpenters were elbowing their way into the crowd. One had just drawn his money, and as he met the other he remarked: "Is you gwine to draw your money outen dat bank "Dunno," says the other, "it's so nearly 2 'clock; don't tink 1 can get um outen dere by dat time. I tink I lef um stood till to-morrow. I ain't 'feared.'' The other replied: "You's never see yo'. money no mo'. Dis is anudder Freedman's Bank business, I tell yer." A well known citizen, who overheard the remarks, stepped up and said: "Look here, my friend, when this bank fails the United States fails." Both darkeys looked rather dubious at this, and the one who was too late to get his money scratched his head and again muttered that he "wasn't afeared." The other walked off, chuckling to himself on having his in his pocket. Nobody seemed to know any reason for the run, except the publication above mentioned, and the uneasiness caused by the James failure in Atlanta.

3. May 19, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 19, 1884

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Article Text

In the run upon the Southern Bank on Saturday Mrs, Hennessey was announced as withdrawing her money, amounting to $500. The MORNING NEWS is requested to state that this is neither Mrs. John Hennessey nor Mrs. C. Hennessey.

4. May 20, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 20, 1884

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Article Text

THE FLURRY SUBSIDING. THE SCENES ABOUT THE BANKS YESTERDAY. The Southern Bank Remains Open Until Six O'Clock to Accommodate Its Patrons - Confidence Restored and Only a Few Straggling Depositors Want Their Money-A Ripple at the Savannah Bank and Trust Company. The run upon the Southern Bank, which begun on Saturday, continued yesterday, although the excitement had greatly subsided. During the morning quite a number of depositors, mostly colored, and misinformed whites, congregated at the bank entrance and patiently awaited their turn to withdraw their deposits. The officials of the, bank gave verbal notice to all who called that in order that they might not be disappointed the bank would remain open until 6 o'clock in the afternoon, and that all who wished to draw their money out should be promptly waited upon in the order of their application. Notwithstanding the order keeping the bank open four hours longer than is customary, the number who drew their money was less than that reported up to 2 o'clock last Saturday, while the aggregate amount of money withdrawn was several thousand dollars less. From 2 o'clock until 6 o'clock only nine persons called for their deposits. During the day several amusing incidents took place. A reporter of the MORNING NEWS learned from several people that they were not afraid of losing their money. but that they wished it in order to take it out into the country, where they were intending to spend the summer. In à subsequent conversation with one of the bank officials the latter remarked that it was surprising that there were 80 many people with small means going traveling. None of them assigned as a reason for wishing to withdraw their money that they wished to buy a cow, or anything else, for that matter. No large sums of money were withdrawn, and after the bank closed last night the general opinion seemed to be that the run was virtually over. and that the excitement had permanently subsided. Horace A. Crane, Esq., Vice President of the bank, said: "If any one wishes their money the bank has the means to accommodate them. and we will, it necessarv. keep open again to-morrow until 6 o'clock in the afternoon." During the morning it was reported that a run had begun on the Savannah Bank and Trust Company, and a reporter at once hastened there. Ho found about fifteen or twenty small depositors,anxious to obtain their money, ranged in a line before the Paying Teller's window. Among the first who was given his money was a well known colored man who lives a short distance in the country. He was very much excited and wanted his $400 as soon as possible. One of the bank officials asked him what was the matter. "Nudding de matter. boss; but ize wucked hard fur dat money an' tink ize outter tek um out." 'Very well, you shall have your money," and the teller immediately counted out 400 silver dollars. "Now, boss, keep um dar." "Keep it here? What shall we keep it for? It's under your control now and we can not be responsible for it any longer." "I know all dat, boss, but I'ze gwine ter git a waggin. It am too heavy fur me ter tote away." "All right. Go get your wagon." The colored man returned in two or three minutes, but without the wagon, and. going up to the teller, said: "Boss. tek um back!" "Take back what?" "Dat money." "We don't want your money. You drew it out. It belongs to you. It is not safe here you seem to think. We cannot be taking it out for you and putting it back. We have not time to be doing that kind of business. You've lost two months' interest on it, and it won't pay you'to put it back, and it won't pay us for our trouble to be handling it in that way." "But, boss, ize no place ter keep um. Tek um back-tek um back. Dis bank good nuff fur me. Tek um back, please boss!" "Well, we'll take it back. provided you'll promise not to come here and take it out again to-morrow." "Yes, boss, ize not gwine ter cum back hereenny mo' When this anxious depositor left his face was wreathed with smiles, and nearlv all the others who had come to withdraw their money quickly left without asking for their's. That is the way the run on the Savannah Bank and Trust Company began and ended. "How is business generally ?" asked the reporter of the teller. "We have been doing a fine banking business for several days. There is a good demand for money at a good rate of percentage, but we are less anxious about getting the per cent. on loans than we are for having good security." "Then you think the panic is all over." "Yes, sir. The trouble IS ended."

5. May 21, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 21, 1884

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Article Text

THE SITUATION IN BANK CIRCLES. The Excitement Over and the Run Ceased Without Prospect of Renewal. The flurry in financial circles during the past few days, resulting in a run on the Southern Bank and threatening a slight withdrawal from the Savannah Bank and Trust Company, has about subsided. At the hour of opening the banks yesterday a straggling few gathered about the Southern Bank Savings Department and in turn withdrew their deposits, but the number was so small that hardly any further attention was required than upon ordinary days, and the officials were engaged in the discharge of the regular routine business without interruption. While there was no attempt te renew the run which virtually ceased on Monday the payment of deposits was continued all day yesterday up to the closing hour. Confidence now seems to have been fully restored, and from inquiry of the bank officials last night there seems to be no anticipation of a renewal of the excitement which has prevailed during the past week.

6. May 22, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, May 22, 1884

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Article Text

"BUTLER, THE WOOD SAWYER. The Death of an Old Negro Who Drew His Savings from the Bank on Saturday and Died with His Treasure Hidden in a Fireplace. Abraham Butler was an aged negro who for a number of years had earned his support by sawing wood and running errands. He was more familiarly known as "Butler the wood sawyer," and was regarded as a very reliable colored man. Many of his white patrons were in the habit of giving him suits of second-hand clothing, so that he was under very little expense on that account. At one time he appeared on the streets wearing, with other articles, part of a policeman's unitall silk hat. On his watch form and chain were a number of showy ornaments and over his shoulder hung a bucksaw. Many people who knew him would not only pay him well for his labor but would frequently give him a meal, and as he was unmarried his grocery bill was not necesssarily large. Hence he was privileged to save nearly all his earnings, some of which he invested some time ago in two one-story frame buildings on Arnold street, near President. Other sums accumulated from time to time, and were deposited in the Freedman's and later in the Southern Bank. Not long ago he received a percentage of the amount which he entrusted to the care of the Freedman's Bank, but after that institution suspended he commenced to deposit in the Southern Bank. When he heard the news of the financial troubles of last week he hastened to the bank where he was the last of the anxious depositors who withdrew their money last Saturday. The doors of the bank were being closed for the day wben Abraham called. "We are closing the bank for the day," said the porter. "What! What! De bank close?" "Yes, about ter close right away." One of the bank officials recognized him, and said: "Well, Butler, what is the matter?" "I like ter draw my money." "Can't you come back on Monday-you are almost too late to-day? "Ter late! ter late! My gracious, master. Gib me de money den quick an' let me go!" "Why must you have your money today? Are you scared too?" "Ize not scared-but I'll tek um out today and put em in nuther day." The teller counted him out 500 silver dollars and placed them in a bag, and Butler left in haste with it under hisarm, When he made his appearance on the street a number of boys recognized him and the bag of money and cheered him, while a number of gentlemen failed to restrain laughter, as the old negro continued down Bryan street literally looking as "independent as a wood sawyer." Butler took the bag and hid it in the fireplace of his house on Arnold street. On Sunday morning he was taken sick with a colic, and on Monday afternoon he died. His sister and other members of her family came after he was dead, and it is said took away all that he had saved, and on Tuesday had his remains buried.