Bank of Blue Mountain (Blue Mountain, MS)

Episode Information

Episode UID
85027771573
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
8502777 routing
Routing Number
85-0277
Start Date
January 2, 1931
Location
Blue Mountain, Mississippi (34.671, -89.026)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ac0be683f297bf23

Response Measures

None

Events (3)
1. January 2, 1931 Run
Cause Details
Heavy withdrawals by depositors (unspecified panic) precipitated loss of liquidity
Measures
None specified beyond resulting closure/suspension
Newspaper Excerpt
Withdrawals by depositors today was given as the reason for the closing of five Mississippi banks
Source
newspapers
2. January 2, 1931 Suspension
Cause Details
Closed/taken over by state and federal departments following heavy withdrawals
Newspaper Excerpt
the closing of five Mississippi banks taken over by state and Federal departments... Bank of Blue Mountain
Source
newspapers
3. February 4, 1931 Reopening
Newspaper Excerpt
the Bank of Blue Mountain and its branch at Ashland probably Wednesday or Thursday (resumption of business reported).
Source
newspapers

Newspaper Articles (2)
1. January 3, 1931 The Morning Union Springfield, MA

Article Text

Affairs of New York Bank "Scrambled." NEW YORK, Jan. 2—(AP) The intermingled financial affairs of four subsidiary corporations of the closed Bank of United States were described today as a "corporation omelet" at a bankruptcy hearing on the affairs of the corporations. Carl J. Austrian, representative at the hearings for Joseph E. Broderick, state superintendent of banks who closed the institution last Dec. 11, offered this comment on the situation after Saul Singer, vice-president and chairman of the bank's executive committee, testified on the financial structure of the four companies. Singer declared all four were solvent. The subsidiaries, which went into bankruptcy last Wednesday, are the Bankus Corporation of New York, the City Financial Corporation, the Municipal Financial Corporation and the Delaware Bankus Corporation. After long and involved testimony, counsel for the receiver asked Singer, "If a man had 100 shares of City Financial he then received 56 units, each unit made up of one share of Bankus Corporation and one share of Bank of United States. Is that right?" "Yes, that's right," the witness replied. In response to a question as to how much had been raised for the corporations from the public, Singer said $33,500,000 had been raised and then an additional $14,700,000 had been borrowed, making a total of $48,200,000. Mississippi Banks Close. JACKSON, Miss., Jan. 2—(AP) Withdrawals by depositors today was given as the reason for the closing of five Mississippi banks taken over by state and Federal departments. The closed banks were the First National Bank of Pontotoc, with deposits of $600,000 and capital stock of $125,000; Bank of Pontotoc, deposits $534,000 and capital stock $100,000; Citizens' Bank at Winona, deposits $260,000 and capital $25,000; Bank of Blue Mountain with deposits of $179,000 and capital $10,000; Bank of Derma with deposits of $50,000 and $10,000 capital. Arkansas Banks Reopen. LITTLE ROCK, Ark., Jan. 2—(AP) State Banking Commissioner Walter E. Taylor announced the reopening of three banks today. Those reopening are: The Eudora Bank as successor to the closed Eudora Bank and Trust Company at Eudora; the Bank of Salem at Salem and the Farmers' Bank at Casa. Alabama Bank Closed. MONTGOMERY, Ala., Jan. 2—(AP) Dent F. Green, state superintendent of banks, announced late today the People's Bank of Gilbertown had closed. Capital stock was listed at $15,000 with a surplus of $3000. Deposits on Nov. 20, 1930, were $61,880.

2. February 4, 1931 The Indianapolis News Indianapolis, IN

Article Text

VAN SWERINGENS BID Brothers Seek to Add Eastern Road to Rail Empire. CLEVELAND, February 4 (A.P.)—Once more the brothers Van Sweringen seek wider domains for their far-flung empire of railroads. Coming almost on top of the recent agreement for a division of eastern trunk lines into four major systems, the Vans—M. J. and O. P.—have left no doubt of their intention to push their network into New England. If this new invasion is successful the brothers, who entered the transportation field as a by-product of their development of Cleveland real estate, will stand at the head of an interlocking network reaching from the coast of Maine to the Rockies at Great Salt lake. Their Chesapeake & Ohio, Erie and Nickel Plate roads carry them from the Atlantic seaboard at New York across the plains and industrial cities of the middle west, and the Missouri Pacific takes the trail on across the Mississippi to Utah and the Rio Grande. Their determination to acquire the 2,105 miles of trackage of the Boston & Maine railroad for their Nickel Plate-C. & O. system were revealed before the Providence Chamber of Commerce last night by William H. Boyd, Cleveland attorney. Mississippi Banks Reopen. JACKSON, Miss., February 4 (A.P.)—Resumption of business by Mississippi banks recently closed goes forward. The first of the larger institutions has reopened and others prepare to follow. The Peoples Savings Bank at Starkeville, closed for several weeks, has reopened. The reorganized Greenwood Bank and Trust Company, probably will resume Thursday or Friday and the Bank of Blue Mountain and its branch at Ashland probably Wednesday or Thursday. Three recently-closed banks at Winona, Kilmichael and Ethel have reopened. Four Iowa Banks Merge. OTTUMWA, Ia., February 4 (A.P.)—Merger of four Ottumwa banks into the Union Bank and Trust Company is announced. The banks involved are the Ottumwa Savings, Iowa National, Ottumwa National and Wapello County Savings Bank. The merged institutions will have resources of more than $5,000,000, making it one of the largest banks in southern Iowa or northern Missouri.