Jordan Valley Bank - Riverton, UT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: February 27, 1932
Location: Riverton, Utah (40.522, -111.939)

Metadata

Model: gpt-5-mini
Short Digest: 1eecd76d

Response Measures

None

Description

Article (Salt Lake Telegram, 1932-02-27) reports the 'defunct Jordan Valley bank at Riverton' had its affairs placed in the hands of the state banking department and depositors/stockholders planned a meeting to discuss reopening. No run is described; suspension/closure by state action with plans to reopen fits suspension_reopening.

Events (1)

1. February 27, 1932 Suspension

Cause: Government Action
Cause Details: Affairs placed in the hands of the state banking department; bank described as defunct and under state supervision.
Newspaper Excerpt: Depositors and stockholders of the defunct Jordan Valley bank at Riv will meet the Riverton Secward chapel Saturday at 8 p. to discuss ways and means of reopening the institution The affairs of the bank were placed in the hands of the state banking department recently.
Source: newspapers

Newspaper Articles (1)

1. February 27, 1932 Salt Lake Telegram Salt Lake City, UT

Article from Salt Lake Telegram, February 27, 1932

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Article Text

GRAIN MART HIT BY LATE DOWNTURNS more than offset in sales of the American product to European ment as to new export business in countr For season to date, exNorth American wheat led to late ports all countries have totaled $5,631, bales against 4,870,228 bales a downturns in cercal markets Saturyear ago. day, offsetting temporary gains. For the season to date. German A disposition to awalt March month- purchases have declined from 1,244,160 bales in the 1030-31 period to 1,unofficial crop summaries due next bales this year; French purweek was shown, especially by wheat chases from 701,766 bales to 252.393. traders. Comments were pessimistic and British purchases from 859,119 to to any large reduction of domes spring wheat acreage this scason. America's present visible supply is Wheat closed irregular, at 1-4 cent placed at 420,000 bales against decline an equal advance, com 805,000 last year and 5,723,081 the pared with yesterday's finish. Corn, year before that. to 5-8 cent down; oats, 1-8 to Oriental purchases ranged third in cent off, and importance in 1930; second, last year. provisions changed to a rise of 12 cents. and first this year. Exports for the CHICAGO, RANGE OF LEADING FUTURES total 2,400,000 to date 988,000 metals. bales last year and 921,000 the year VALUES FALL 60 PER CENT In many quarters, the marked gain "A few comparative statements in Japanese and exports has will give shareholders pic. been attributed preparations for ture of what these lowered prices campaigns by the Japanese mean in terms of monetary receipts China. This, will make evident the advisabil phatically denied today by Saburo ity of the policy of operation which Sonoda, the Yokoyour officers adopted while pres- hama specie bank in New York. This ent business conditions prevail. In bank finances virtually all Japanese five-year period prior to 1931, ******** purchases. average price received for silver lead Sonoda sald the increase should be concentrates was $42.38 per ton; for attributed to three principal causes. 1931 it was but $18.17. In the same First, the unusually heavy early purperiod the average price chases of American cotton by Japreceived for zinc concentrates anese in anticipation of Japan's recent for 1931 was but $5.27. The abandonment of the gold standard: 5.90 5.87 5.00 relative price for shipping ore second. the abnormally low stocks approximately the same ratio, the CASH QUOTATIONS cotton on hand manufacturing CHICAGO decrease in being con- plants this year, following two sucsequent upon the depressed market cessive years when Japan's cotton of silver lead and zinc, which purchases were lower than usual, and, date of this report is third, the flood in China which ruined below the average price for the year that country's crop and the difficul1931. in India which restricted the MORE ORE IN SIGHT amount of cotton that Japan would "Inasmuch as the price of these (metals cannot permanently remain under the cost of production, the management in May, 1031, decided to limit the extraction of ores to the quantity necessary to be removed in purely or exploratory and this program is still being fol lowed. It was that it was an time to prosecute imporexploratory work in sections of the property and to prepare for when conditions favorable. In accordance with operations budget basis which permit maximum of exploratory consistent reasonable loss to the taken to make savings operation and overhead, and to Institute other economies. Up the present time num of these exploratory have reached their objectives, but an tonnage of ore has been put in sight as a result of the year's oper ations. "The profit and loss statement, which is part of this report, shows net loss before depreciation and depletion of $382,068.27. This figure is based upon charging all exploratory development expenses against op erations. Although the year has been most unsatisfactory for the company from standpoint earnings, closes the period in a good financial position." PLAN TO REOPEN BANK Depositors and stockholders of the defunct Jordan Valley bank at Riv will meet the Riverton Secward chapel Saturday at 8 p. to discuss ways and means of reopening the institution The affairs of the bank were placed in the hands of the state banking department recently.