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$8,000,000 CASH SUPPLY IN MIAMI BANKS REPORTED
Federal Reserve Rushes Money to Institutions in Affected Area
MIAMI Fla., June bankers reporting an additional $8,000,000 in cash on their counters. indications as banks opened Thursday were that the flurry caused Wednesday the closing of the Bank of Bay Biscayne and three subsidiaries was subsiding The First National Bank as it opened Thursday of approximately depositors waiting at the door Whether or not they intended deposit or withdraw was Other banks reported crowds that withdrew money Wednesday much smaller An airplane brought $2,000,000 in cash from Jacksonville Wednesday afternoon, while bankers said an ad ditional $6,000,000 was received from other Federal Reserve depositories by mail early Thursday It was indicated Thursday morning that no further statement to the condition the Bank of Bay Biscayne and its subsidiaries would be made until later The subsidiaries are the Biscayne Trust Company the Bank of Coral Gables and the Miami Beach Trust Company Notices posted on the of the various institution said the action had taken by directors protection depositors and of "recent substantial withdrawals Numerous New Accounts Withdrawals at the National Bank continued orderly throughout the morning. with hundred persons standing outside the bank in The doors had been half an hour ahead usual time by President E. C. Romfh who said the Miami situation safe, and that the majority of withdrawals from his bank Hugh H. Gordon president the National Bank reported but persons more than eight the tellers windows at a. eastern standard time All banks reported numerous new Wednesday during There further statement during the from James Gilman, president of the Bank of Bay Biscayne The line of depositors front of the First Bank had dwindled at noon small parison with the line of Thursday morning Officials of the National said noon that deposits Wednesday and Thursday had equalled withdrawals Homestead Bank Closes A fifth banking house the Bank of Homestead, cosed its Wednesday after being an with the reopen in few days Homestead is thirty miles Miami The Bank of Bay Biscayne listed total of and deposits of 037 198 as of March 1930, in its last quarterly report President Gilman declined to bank's later as condition approximation the amount withdrawals Capi tal stock was listed as surplus and profits at .60 In statement by the subsidiaries at the same time. the Biscayne listed having $1,520,041 962,148 resources The Beach Bank and Trust Company showed $2,349,943 deposits. and $2,539 resources The Bank Gables listed deposits of $606,598 94 and resources Heavy withdrawais were reported by other city, but the arof in cash by airplane Jacksonville depository the Federal Reserve Bank Wednesday afternoon. and the Governor R. Black of the Federal in Atlanta that total of 56,000,000 cash was en route expected by banks allay fears of depositors $500.000 Paid Out President Romfh of National Bank said his institution had paid out $500.00 to large number of depositors on Wednesday was all The closed at its reg The National Bank open after its regular hour give opportunity to with drav. their money chose Pres. ident Gordon withdrawals had been $350,000 And that funds were for all de Other banks the city and in the reported withdrawais during the in all instances reported that depositors had been or derly Creed Taylor. governor of the Federal Bank in this district came by air plane from Tampa went int the Bank of Bay Biscayne a member of the System Arthur W Saarinen, of the State Banking charge aftairs the closed bank subsid
Depositors Protected formal from President Gilman meeting of the directors this merning after consultation with the state decided no open this its the Biscayne Trust Com pany Miami Bank and Trust Coin pany and the Bank of Coral Gables in order to protect all of our depositers the fullest extent This decision was made after due was to recent substantial was estimated between 3,000 and 10.000 persons were affected by the closing of the Miami banks Chandler chairman of directors the Bank said the institution had been closed as measure in CITIZENS SAVE BIG BANK TARPON SPRINGS FLA TARPON SPRINGS Fla. June There much ado in this sponge marketing center Thursday with brass engaged to parade through the in the afternoon and general holiday declared because seventy men and took women met Wednesday night and ps to insure the future the First National Bank of ComWithdrawals to the extent of $150. 000 in the past month bank officials said had precipitated crisis in the affairs the institution until meeting Wednesday night its closing was contemplated The seventy-five largest depositors were called and given the facts Immediately they signed statements turning the bank deposits aggregating $400.000 and taking in return real estate mortgages which the bank had been unable to liquidate and Florida municipal bonds which the bank had been unable to sell Close at Clearwater Fla June Two small financial institutions-the
