21350. Midvale State Bank (Midvale, UT)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 17, 1930
Location
Midvale, Utah (40.611, -111.900)

Metadata

Model
gpt-5-mini
Short Digest
cd5618a7

Response Measures

Accommodated withdrawals, Books examined

Other: Embezzlement trial described; bank previously closed at time of examination.

Description

Article (1930-03-17) describes a depositor run on Midvale State Bank triggered by a rumor of a $17,000 postoffice burglary; bank suspensions/closures are not described for this event. A 1929 article discusses an earlier embezzlement trial and indicates the bank had been closed at some prior point, but no suspension tied to the 1930 run is reported in the articles provided.

Events (1)

1. March 17, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors that a $17,000 postoffice robbery had occurred (boxes broken) led depositors to demand their money despite assurances that stolen items were only canceled checks.
Random Run
Yes
Random Run Snippet
Rumor of $17,000 postoffice robbery; assurances it was canceled checks
Newspaper Excerpt
Bank Started by Burglary Rumor Rumors $17,000 postoffice robbery started the Midvale State bank Monday, according ports. depositor, hearing that the boxes had been broken postoffice night, hotfooted the bank demanded his money despite 000 assurances that the stolen was all canceled checks.
Source
newspapers

Newspaper Articles (2)

Article from The Salt Lake Tribune, April 9, 1929

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Article Text

TRIAL OLSEN BEGINS WITH LONG DEBATE to Bank on Alleged mony Embezzlement. arguments of counsel admission evidence over marked the first day Monday of the Leon Olsen, former cashthe Midvale State bank, ier of charged specifically with embezzlement $1000. When Judge Oscar McConkie at o'clock adjourned court until Tuesday only three witnesses had been on the stand. Jurors selected Monday are George Baxter Joseph W. Flynn, William Aplin, Joseph Sellway A Avery. Clayton Valentine and Bagley Former County Commissioner Called to Witness Stand. After District Attorney Ray Van Cott told the jury what the state pects to reciting the story the after an alleged of approximately was the state bank E. Burgon was called to the witness stand. Burgon former county and director of the Midvale State bank when was closed. The district attorney asked the witness to relate all details of an amination made of the bank's books Counsel for the defense objected contending the witness should be lowed to tell only about the alleged embezzlement. The court $1000 sustained the defense. and the witexcused, declaring he knew nothing of the specific amount. Defense Counsel Stops. Additional Witness. Joseph M. Holt, another director started to tell of the entire shortage when he too, was blocked by defense counsel on the same grounds The district attorney insisted would like to argue the matter and the jurors were dismissed until o'clock. When the session was sumed Judge reversed decision and said the court would ad mit all bearing upon the shortage, if had any connection with the specific $1000. Bank Examiner Occupies Stand in Afternoon. Herbert bank who the books at the instance of the state bank examiner. the stand all afternoon $1000 referred to the complaint is alleged to have been withdrawn by Olsen from the deposit of Mrs. Drawn. who had an count of about in the bank. Trial of Anderson, former sistant cashier of the Midvale State facing similar probably will started is finished. the ter the Olsen case district attorney said.


Article from Salt Lake Telegram, March 17, 1930

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Article Text

Bank Started by Burglary Rumor Rumors $17,000 postoffice robbery started the Midvale State bank Monday, according ports. depositor, hearing that the boxes had been broken postoffice night, hotfooted the bank demanded his money despite 000 assurances that the stolen was all canceled checks. Three youths, alleged to have looted the boxes, were their homes Midvale Monday by City Marshal Roy Steadman and being held for questioning Postal Inspector Dutton. LaDrew Bennett, 14, South street; John Eltz Jr., 16, of South Main street, and Albert Poulsen Jr., 64 Seventh avenue.