The Corinth State Bank suspended business on December 26, 1930 after a run triggered by a local wave of bank closings (People's Bank and others). It reopened January 29, 1931 after arrangements by the state examiner and stockholders. Multiple articles explicitly state it was closed because of a run and later reopened.
Events (3)
1.December 26, 1930Run
Cause
Local Banks
Cause Details
Withdrawals and panic following announcement that the People's Bank had shut its doors and the closing of multiple nearby banks in northeast Mississippi.
Measures
Stockholders met and arrangements were made for reopening; state bank examiner W. B. Pollard completed arrangements; superintendent/officials worked on refinancing and reorganization.
Newspaper Excerpt
All were within a radius of about thirty miles, and the situation was described as local one... Others were its two branches at Nettleton and Rienzi, the First National bank and the Corinth State bank.
Source
newspapers
2.December 26, 1930Suspension
Cause
Local Banks
Cause Details
Suspension followed heavy withdrawals and local bank failures (People's Bank closing) that left institutions without sufficient funds to meet demands.
Newspaper Excerpt
banks and branches in eleven northeast Mississippi towns were closed today... the First National bank and the Corinth State bank.
Source
newspapers
3.January 29, 1931Reopening
Newspaper Excerpt
The Corinth State Bank, which suspended business December 26, reopened today. The First National Bank of Corinth, which also suspended December 26, reopened last Saturday.
LITTLE ORPHAN ANNIE-
CLEARING HOUSE SLICES RATES TO MEMBER BANKS
NEW YORK, Dec. 26 (A).-The New York Clearing house today announced a further reduction in interest rates which banks may pay on deposits, the third reduction this year Such action had been expected, particularly since the New York Federal Reserve bank reduced its rediscount rate from 2½ to per cent. The new rates become effective The rate on deposits of individuals has been reduced from 1½ to per cent., which compares with 2½ per cent. at the beginning of the year. Rate with member banks may pay on deposits of other banks has been reduced from 1½ to compared to at the start of the year, and on deposits of mutual savings banks to 1½ from 2 and from 3 per cent. at the first of the year. The rate on time deposits. up to six months unchanged per cent compared to 3½ January. This rate was last reduced on June 26.
Bank Suspensions.
MEMPHIS, Tenn. Dec 26 banks and branches in eleven northeast Mississippi towns were closed today. All were within a radius of about thirty miles, and the situation was described as local one by S. High. president of the People's Bank and Trust company of Tupelo, the largest of the closed banks Others were its two branches at Nettleton and Rienzi. the First National bank and the Corinth State bank. Corinth: the Ittawamba County bank, Fulton: the Bank of Sherman. Sherman: the Bank of Saltillo, Saltillo the Bank of Guntown Guntown: the Bank of Verona, Verona the Bank of Shannon. Shannon. and the Booneville Banking company Booneville All except the First National were state institutions Banking officials of the section expressed the hope most of the institutions would reopen within thirty days. Many attributed the closing to the announcement that the People's bank had shut its doors The People's bank was capitalized at $200,000 and its last statement showed deposits of about $1 700,000. The First National bank at Corinth, was capitalized at $100 000 and its last statement reported deposits of $1,018 710 20. The Corinth State bank. capitalized at $50,000, reported deposits of $288,759 Corinth was left without bank for the time Officials of both banks met to discuss suggestions for reorganization reopening The Corinth Bank and Trust company closed several weeks ago.
Mr High said Tupelo. with two banks open for had no fears am informed that the remaining two banks got $400,000 in cold cash from the federal reserve and are ready for any eventuality he W. Sanders. president of the Booneville Banking company, was here last night He said plans for refinancing were nearly complete
AUGUSTA Ga. Dec. 26 -The Union Savings bank here failed to open today and a notice posted on the door said had been placed in charge of the state superintendent of banks to conserve assets Gray, the president said the closing was due to withdrawals and the of the bank to collect loans rapidly enough to meet demand for The Union Savings bank on Nov. 26 had deposits of $873.061. with total resources of $1,174,840 It was capitalized at $100,000
RICHMOND Va., Dec. 26 E Bristow state commissioner of insurance and banking announced today the State Bank of Pamplin, in Appomattox suspended this morning pending meeting of depositors tomorrow morning
Arkansas Bank Reopens.
LITTLE ROCK, Ark., Dec 26 State Bank Commissioner Walter E Taylor announced the Citizens bank at Foreman Little River county. reopened today It suspended Dec 21. for five days. This brought to more than thirty the number of banks reopened in the state since Nov. 17. Since that date nearly 100 banks had closed.
MISSISSIPPI BANK REOPENS CORINTH, Miss., Jan. 29.-(P)The Corinth State Bank, which suspended business December 26, reopened today. The First National Bank of Corinth, which also suspended December 26, reopened last Saturday.
ILLINOIS BANK ROBBED GORHAM. III., Jan. 29.-(P)The First National Bank of Gorham was robbed of between $4500 and $5,000 today, by two men armed with shotguns. The robbers escaped in a small blue and green sedan, which headed west.
BOBBY JONES' FAMILY GROWS ATLANTA, Ga., Jan. daughter was born today to Mrs. Robert Tyre Jones wife of the golfer. It is the third child in the famil The other children are Clara Malone Jones, six, and Robert Tyre Jones III, three.
HOUSTON MAN NAMED AUSTIN, Jan. 29.-(P)-Governor Ross S. Sterling today named Maurice Hirsch, Houston attorney, as the Texas delegate to the 35th annual meeting of the American Academy of Political and Social Science at Philadelphia April 17-18.
3.January 29, 1931News-PressFort Myers, FL
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General Butler To Face Court Martial
WASHINGTON, Jan. An apology to Premier Mussolini of Italy by the American government and courtmartial for Mafor General Butler came today result of the now-celebrated speech the marine officer made recently in Philadelphia. The officer's letter of explanation of the address had reached Secretary Adams only while before. In it was confirmation the fact that the fiery Butler had quoted friend as telling him Mussolini had run over child in an automobile and then driven off without notice. The court martial for Butler ordered immediately. Almost as quickly Secretary Stimson expressed "the deep regret which this government feels at the flection against the prime minister of Italy.' Butler Under Arrest
Butler was ordered by his commandant, Major General Fuller place himself under arrest and rot to the barracks at Quantico, he commands. Italian Ambassador de Martino, who had protested the speech at the instance of Mussolini, expressed satisfaction with the apolThe navy department moved toward the general courtmartial, chapter that may end Butler's adventurous career as marine. Secretary Stimson's note dated Jan. 29. It said: The Apology
"Excellency: have the honor to the deep regret which this government feels at the reflections against the Prime Minister of Italy in the unauthorized speech of Major General Smedley D. Butler, United States marine corps, at Philadelphia, on The sincere regrets of ernment are extended solini and to the Italian people for this discourteous and unwarranted utterance by commissioned officer of this government on active duty. "Accept, excellency, the renewed assurance of my highest consideration. (Signed) "Henry L. Stimson. "His Excellency "Nobile Giacomo de Martino. "Royal Italian Ambassador." Set Precedent
State department officials said they could not recall of any ilar apology recently. On occasion, the American government has apologized to other governments where loss of life has resulted from skirmishes such as in China or Incidents involving unwarranted seizure of goods foreign nation. This government formally apologized in 1929 when the Washington police seized and leased shipment of liquor to the Siamese legation. Ambassador de Martino imme. diately cabled the text of the (Continued on page five)
MISSISSIPPI BANKS REOPEN CORINTH. Miss., Jan. Corinth State bank which suspended business December 26, was reopened today. The First National bank of Corinth which also suspended December 26, opened last Saturday.
JOHN BARRYMORE ILL LOS ANGELES, Jan. John Barrymore, film star, in bed today under orders of his physician after an attack laryngitis. The actor had just begun production on new picture. Work on the film will be held until he recovers, probably week or ten days, studio officials last night.
4.January 29, 1931The Greenwood CommonwealthGreenwood, MS
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Corinth Bank Opens
CORINTH, Miss. (AP) The Corinth State Bank which suspended business Dec. 26, reopentoday. The First National Bank Corinth which also suspended Dec. reopened Saturday.
5.January 29, 1931The Evening SunBaltimore, MD
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Corinth (Miss.) Bank, Shut Dec. 26, Reopens Corinth, Miss., Jan. The Corinth State Bank, which suspended business December 26, reopened today. The First National Bank of which also suspended December 26, reopened last Saturday.
Illinois Bank Robbed. GORHAM, Jan. 29. National Bank of Gorham First robbed of between and today two men armed with shotguns. The robbers escaped small blue and green sedan, which headed west.
Bank Is Reopened. CORINTH, Miss., Jan. Corinth State Bank, which suspended business December 26, today. The First National opened Bank of Corinth, which also December 26, reopened last pended Saturday.
7.January 30, 1931The Des Moines RegisterDes Moines, IA
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MARENGO LUMBERMAN HEADS ORGANIZATION
OTTUMWA. IA. (AP) Nate Mercer of Marengo Thursday was elected president of the Southeastern Iowa Retail Lumbermen's association at the closing session its convention. Other officers named were Charles Long. Knoxville, vice Summer Elected. Harry Summer of Clarion was loosa. secretary and treasurer, elected to succeed Mr. Cottington and directors. Russell Weir of while the following were re Mount Pleasant H. McElvenn elected: of Prairie City, Oscar Steigleder Oscar Heline of Marcus. E. G. of Packwood. Ves Carver of Cen Dunn of Mason City, W. S. Cris terville and D. A. Miller of Milwell of Luther, William Nieburr of ton. Blairstown. C. Reidesell of Glidden, Henry DeGroot of Orange CORINTH STATE BANK City, N. K. Anderson of Thompson and Lenhard Holden of Ottosen. REOPENS IN MISSISSIPPI The vote was close in several instances and both Mr. Heline and Corinth State bank. which Mr. Dunn were returned to the pended business Dec. 26, reopened board by narrow margin. Thursday
Articles Adopted. Articles of incorporation and bylaws were adopted without dissenting vote as were the resolutions as read by Milford Beeghley of Pierson The principle of co-operative marketing was Indorsed and resolution recommended to the local elevators that they sustain the marketing act in its efforts to help the farmer distribute his own products "In so far as they can do 80 and maintain their integrity and independence.
Other Resolutions. Other resolutions placed the organization on record as opposed to any increase in freight rates on interstate shipments of grain. as opposed to compulsory military training. but favoring in stead optional training in land grant colleges "in the interests of peace and economy. as favoring further regulation of short selling on the board of trade, and to members congress careful consideration of the bill to regulate future trad ing in grain as introduced by Representative L. Dickinson and Senator Arthur Capper. Adopt Road Policy. Adoption of road policy that would hasten the retirement of outstanding bonds and the improvement of farm roads was favored as was the principle of ability to pay as basis of The business session was quiet and peaceful following the argument over approval and ratification of the election last year and acts of the board during the year Elected Year Ago. Both Cottington and Dunn were elected year ago at Des Moines for three-year terms on the board of don't want back on the board If the folks in my district won't vote me back on the board. said Dunn "All we ask is ratification of the acts of last year, replied Cottington. "The directors haven't done anything that they need be ashamed of nor that they could be sent to jail for. "As for my place on the board It is immaterial, for do not in tend to allow the use of my name in connection with election to office.
No Hint or Protest. The organization was incorpo rated under the corporation laws of Iowa Instead of the co-opera tive law since some of its opera tions are in handling other than farm products and therefore it could not be incorporated as true co-operative. Some of the argument that preceded the business meeting is said to have on the type of incorporation. but presumably the board of directors received approval on this point since there was no hint of protest on the floor of the convention when the matter was presented.
Who won the world war? Pershing reveals in The Des Moines Sunday Register that the outcome depended on how many men America could get overseas.
8.January 30, 1931Clarion-LedgerJackson, MS
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Corinth State Bank Follows in Reopening
Jan. after the First National Bank Corinth had reopened, the Corinth State bank today Both banks suspended business December 26.
9.January 30, 1931Clarion-LedgerJackson, MS
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Banks Will Reopen Ten In Two Weeks, Says Love
Corinth State "Deposits of the when the Bank, jumped Thursday, State bank reopened Banking last night in support Love, statement rapidly changconditions make banks re-opening short in the Ten banks reopen weeks rapid finannext for the state underway, Mr. Love that condition banking difficulties in the caused state appears have "People are getting their he said. the ground and are showfeet willingness to every doesn't seem any need There worry any more; worst pears gone, and from banks state have much damaging lic to contend more solid economic plane for the state. that reopen will be in better shape than Their closing gave the department the for thorough in every and they are in better position serve the community than before they closed. idea of the stronger trend the flected the attitude of deposiCorinth after opening the their of business for this bank found deposits greater than day closed." Among banks that the superin- tendent thinks will be in the near future are MechanState Bank which which be followed opening of subsidiary there: the People's Savings Bank Peoples Bank Water Bank Ecru. Bank of Winona, Bank Bank at Vardaman, Bank of Carroll County Carrollton, Bank North the Greenwood Bank Trust Company, plans on foot for more banks to open according to the superintendent. Another factor the situation seen Love the advancement of hundreds thousands dollars Delta farmers for crop making Staple Discount tion, which lending money der stringent cotton reduction program. putting much new monin that part of state, giving more stronger tone general business he declared. Mississippi has no need to fear future in the finthe spirit confishown being couraging channels state which the whole are in excellent every facility the protection of depositors the assistang of legitimate enter-
10.January 30, 1931The Tampa TribuneTampa, FL
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City Band Will Give Park Concert Tonight
A band concert by the Tampa City band. under management of V. Ficcio, will be presented tonight at 8 o'clock at Robles park under auspices of the Tampa Heights Civic association. After the concert there will be dancing in the auditorium. The concert program is as follows: March, "Hello Jim" (James F. Doyle); overture. "Exuberance" Al Hayes); duet for cornets, "Gloriana" (George D. Barnard): fox trot. "Somebody Stole My Girl" (Leo Wood): march. "Sinfonica" (F. Mazzarelli): quartet from "Rigoletto" (G. Verdi); march. "The Angel" (D. Villoni); overture. "Light Cavalry" (Suppe): fox trot. "Happy Days are Here Again" (Milton Ager).
BANKS REOPEN CORINTH. Miss., Jan. 29.-(A.P.) -The Corinth State bank which suspended business Dec. 26, was reopened today. The First National Bank Corinth which suspended Dec. 26, reopened last Saturday.
11.January 30, 1931Hartford CourantHartford, CT
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Three Bound Over By Court in Death Of Rockville Girl
Rockville Jan 29 Special Edward A. Brace Ellengton, Joseph Drohan 20. of 339 Street Hartford and Arthur G Vincent of Rockville were bound the April session of the Tolland County Superior Court in the Rockvile City Court today in connec with the death of Constance M Vincent 20 of 71 Union Street Rockville Bonds were continued $2500 for Di Brace and $1500 for Drohan and Vincent The three me through the attorneys waived the reading of the warrants and entered pleas of not guilty Miss Vincent died late Saturday night while she was being taken to St. Francis's Hospital Has ford Death was caused by an illegal operation. is alleged Dr. Brace was represented by Attorney Robert H. Fisk of afford Springs, Drohan by Attorney Max Goldenthal of Hartford and neent by Attorney William S. Hyde Manchester. The court room was filled capacity with spectators The lasted 10 minutes Drohan and Miss Vincent were both employed the Hartford Steam Boiler Inspection and Insurance Company of Hartford. Mr Vincent is the father of the dead girl
Second Bank Reopens. Corinth. Miss.. Jan. 29 AP The Corinth State Bank which sus. pended business December 26 opened today The First National Bank of Corinth which also suspended business December 26. re. opened last Saturday.
12.January 30, 1931The Los Angeles TimesLos Angeles, CA
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Bank and Two Branches Close in New Jersey
ELIZABETH (N. J.) Jan. 29 (AP) The People's Banking and Trust Company and its two branches failed to open today. The institution was placed in the hands of the State Banking Department Inability to realize cash quickly on its assets left the bank without adequate money to meet impending
CORINTH (Miss.) Jan. 29. (AP)-The Corinth State Bank, which suspended business December 26, 1930, The First National Bank of Corinth, which also December 26, reopened last Saturday.
FIRE DESTROYS CHURCH MONTREAL Jan. 29. (P) St Church, one of the most beautiful here, was destroyed by fire toBuilt years ago, it was valued at $300,000
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13.January 30, 1931The Decatur DailyDecatur, AL
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BANK IN
Second In Week To Begin Operations In That
The second bank to resume busiduring this week at Corinth. Miss., reported by the Commerof Columbus. The Columbus paper states:
CORINTH, Jan. Corinth State bank which suspendbusiness December 26, today. Arrangements were completed yesterday afternoon by W. B. Pollard, state bank examiner, for the reopening. The bank was closed because of run and was the second to reopen here within week. The First National Bank opened again last Saturday. The stockholders met yesterday preparatory to opening bank this morning, and completed all arrangements for the reopening. was announced that deposits had reached high total at noon and during the early afternoon money continued to be placed in the bank.
14.January 30, 1931The Miami HeraldMiami, FL
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ALBANIA EARTHQUAKE WRECKS 750 HOUSES
Four Are Reported Killed and Many Others Injured In Catastrophe
[BY THE ASSOCIATED PRESS.] KORITZA, Albania, Jan. 29.-Seven hundred and fifty houses were wrecked, four persons were killed and many others were injured in earthquakes which began at dawn yesterday and continued throughout the day. In view of the scarcity of roads officials said it would be weeks before the extent of the damage is known. Many persons spent the night in the snowcovered mountains without shelter. Many churches were destroyed. The government is organizing airplane provisioning facilities for isolated villages. Upon hearing of the disaster. King Zog. who treatment at Vienna for an inflamed throat, decided to return here post haste to superintend relief activities.
MISSISSIPPI BANKS REOPEN CORINTH, Miss., Jan. 29. (/P)-The Corints State bank, which suspended business 26, was reopened today. The First National bank of Corinth, which also suspended December 26, reopened last Saturday.
TWO BANKS REOPEN
Corinth, Miss., January The Corinth State Bank. which suspended business December 26, reopened today. First National Bank of Corinth, which also pended December 26, reopened last Saturday.
States fairly reporting ness. were finer being prices London.
