In 1926 the Manley group of banks centering in Georgia collapsed. In one week, 90 institutions closed their doors. There have been more serious troubles in U. S. banking, far more significant troubles , but never more failures in one week in recent banking history.
Last week the Manley failures no longer constituted a record. More violent, more sensational grew the storm which began sweeping over Southern banking with the failure of Caldwell & Co., Nashville investment bankers ("We Bank on the South").
During the fortnight, 143 banks failed to open; $178,000,000 in deposits...
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