11845. Bank of Mars Hill (Mars Hill, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 15, 1930
Location
Mars Hill, North Carolina (35.826, -82.549)

Metadata

Model
gpt-5-mini
Short Digest
d4f00ba8

Response Measures

None

Description

Contemporary reports (Dec 17, 1930) state the Bank of Mars Hill closed its doors and crashed as part of a wave of bank failures following the larger banking disturbances (e.g., collapse of the Bank of the United States). The articles do not describe a depositor run on this specific bank, only that it shut down; therefore classified as a suspension/closure tied to wider macro banking crisis.

Events (1)
1. December 15, 1930 Suspension
Cause
Macro News
Cause Details
Closed as part of a broader wave of bank failures and banking panic following the collapse of major institutions (reported alongside multiple bank crashes).
Newspaper Excerpt
The latest to close its doors is the Bank of Mars Hill, which had deposits of over $163,000.
Source
newspapers

Newspaper Articles (2)
1. December 17, 1930 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, December 17, 1930

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Article Text

(CONTINUED FROM PAGE ONE) least 100 more mank failures, based on a statement of the editor of the Journal of Commerce, is beginning to be borne out by the report that four anks crashed on the very day the Daily Worker printed this statement. Three mid-West banks, two in one Iowa county, with deposits of $1,000,000 closed their doors Monday. The First National Bank of Cherokee, Iowa, with $750,000 in deposits failed. The Cherokee County State Bank at Meridan, Iowa, also shut down. In Illinois the Ina State Bank smashed. N.C. Bank Crashes. Another bank in North Carolina closed its doors. More than a dozen in that state have already failed within the last month. The latest to close its doors is the Bank of Mars Hill, which had deposits of over $163,000. So serious has the anking situation ebcome in the United States that Thomas W. Lamont, partner of J. P. Morgan and Co., was forced to make a speech at the Stock Exchange Monday to quiet down the growing nervousness and to attempt to bolster up waning confidence. Lamont, in the course of his remarks said: "This last week has been one o fespecial concern for the New York community, because of a bank suspension of considerable proportions." Boss Press Hid This. This is an admission that was never made in the capitalist press. Every boss newspaper in the United States played down what Morgan's partner. admits has caused Wall St. "especial concern." Even Lamont does not egin to bring out the real seriousness of the banking situation occasioned by this big bank crash. Hooked up with the rapid downward swing of all basic industries, the future of American capitalism is black. In order to stiffen the masses' belief in the indestructability of the capitalist financial system Lamont was forced to say to his fellow parasites, who didn't believe him for a minute, "You know as well as I that the leading banking institutions of this city are sound, strong and a bulwark to the community. You know that the Federal Reserve Bank of New York is a tower of strength." Same As Hoover's Lie. This is exactly what Lamont, Hoover, Klein, Barnes, and more than a hundred other of the leading osses said. about the banking system months and weeks before the largest bank crash in U. S. history took place. The same line was handed

2. December 17, 1930 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, December 17, 1930

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Article Text

"LOAN" PROMISE PROVES FAKE; MORE BANKS CRASH; MORGAN HEAD LIES (CONTINUED FROM PAGE ONE) out by Hoover and Co. about the economic crisis.-Facts proved they least 100 more mank failures, based were liars. Facts will prove that on a statement of the editor of the Lamont is just a plain liar. Being Journal of Commerce, is beginning closely connected with Wall Street, to be borne out by the report that and knowing the inside of the bankfour anks crashed on the very day ing situation, he knows that the the Daily Worker printed this statetruth is exactly opposite to what he ment. says for publication. Three mid-West banks, two in one Lamont's statement about the Iowa county, with deposits of $1,banks is exactly in keeping with 000,000 closed their doors Monday. Hoover's promise of "prosperity in 60 The First National Bank of Cherdays" last March. The workers should okee, Iowa, with $750,000 in deposits have as much confidence in Lamont failed. The Cherokee County State as they now have in Hoover's "magic Bank at Meridan, Iowa, also shut 60 days" promise. down. In Illinois the Ina State Bank Killed News of Runs. smashed. N.C. Bank Crashes. At no time immediately after the closing of the Bank of the United Another bank in North Carolina States did the capitalist press admit closed its doors. More than a dozen that there was a wholesale run on in that state have already failed other banks. Now this news is bewithin the last month. The latest ginning to leak out. The Journal of to close its doors is the Bank of Commerce (Dec. 16) says: Mars Hill, which had deposits of "Runs on branches of local over $163,000. banks in sections of the city where So serious has the anking situation the greatest nervousness prevailed ebcome in the United States that at the end of last week, chiefly Thomas W. Lamont, partner of J. where foreign-born residents preP. Morgan and Co., was forced to dominate, were said to have abated make a speech at the Stock Exchange markedly, and in many cases to Monday to quiet down the growing have ended." nervousness and to attempt to bolsSo far as the capitalist press is ter up waning confidence. concerned they never existed. The Lamont, in the course of his refact is, as admitted by the Jaurnal marks said: "This last week has been more than $100,000,000 was drawn out one o fespecial concern for the New of Commerce, in the past five days York community, because of a bank of ohter banks in the run that folsuspension of considerable proporlowed the smashing of the Bank of tions." the United States. Boss Press Hid This.