Sugar Banking Company - Salt Lake City, UT

Episode Information

Episode UID: 31005571587
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 3100557 routing
Routing Number: 31-0055
Start Date: March 13, 1932
Location: Salt Lake City, Utah (40.761, -111.891)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 2d969a0a07c41f5f

Response Measures

None

Description

Article states the Sugar Banking Company is closed and a receiver is acting; petition to borrow RFC funds is filed.

Events (2)

1. March 13, 1932 Receivership

Newspaper Excerpt: Joseph N. Leggat, receiver of the Farmers and Merchants bank as well as the Sugar bank, said ... the petition was filed to satisfy the officials ... who have questioned the right of state bank receivers to borrow.
Source: newspapers

2. March 13, 1932 Suspension

Cause Details: Closed state bank; reason for closure not specified in article; receiver seeking RFC loan on assets.
Newspaper Excerpt: petition ... for authority to borrow $150,000 ... on the assets of the closed Sugar Banking company.
Source: newspapers

Newspaper Articles (1)

1. March 13, 1932 The Sunday Herald Provo, UT

Article Text

BANKS MAY FIND AID FROM U. S. Friendly Suit To Test Power of Receivers To Borrow. A move to obtain federal credit relief for the Farmers and Merchants bank and other closed state banks in Utah, was inaugurated Friday when a case to test the power of the receivers to borrow was filed in Salt Lake. The case in question is a petition of Walter H. Hadlock, Utah state bank commissioner, for authority to borrow $150,000 from the $2,000,000,000 Reconstruction Finance corporation on the assets of the closed Sugar Banking company. Would Aid Provo Bank— Joseph N. Leggat, receiver of the Farmers and Merchants bank as well as the Sugar bank, said Saturday that the petition was filed to satisfy the officials of the federal finance corporation who have questioned the right of state bank receivers to borrow. "There are two ways in which the question can be determined," said Mr. Leggat. "One is by an act of the legislature, and the other, which is the step we have taken, places the issue before the supreme court of the state." Mr. Leggat indicated that if the petition was granted, the assets of the Farmers and Merchants bank would be pledged for a loan. Congress set aside $200,000,000 of the total reconstruction issue for the benefit of closed national and state banks.