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BANKS CLOSED DAYTONA BEACH. July 12. The Merchants Bank and Trust company, and the Atlantic Bank Trust company here closed today. Runs were made on the Daytona Beach Bank and Trust company the First tional bank, the other two financial here. but they to meet the demands of depositors' withdrawals
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FLORIDA BANKS IN FINANCIAL TROUBLE TWO More Fail in Daytona Beach-Probe Continues Jacksonville, Fla.. July 13 (AP) Approximately $9,000,000 in depositors' money was tied up today as state and federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday, The latest to fail were two in Daytona Beach. the Merchants Bank and Trust company and the Atlantic Bank and Trust company, which suspended business vesterday. Both were closed. according to notices on their doors, by state bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land. in the same county, suffered closing of the only two banks in the city, the Volusia County Bank and Trust company and the First National bank. Thursday, while the Colonial Bank and Trust company of Miami failed to open on that day. The Peoples' bank of Jacksonville nad closed last Friday morning. While banking department officials from the state and federal government audited the books of the six banks. John 1.. Fouts. president of four other closed central Florida banks. prepared for preliminary hearing on three charges involving violation of state banking laws. Fouts was president and director of the State bank of Bartow, the First National bank of Lakeland, the First National bank of Auburndale and the State bank of Winter Haven.
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Authorities at Work on Reorganization or Liquidation of Institutions. ONE OF TWO IN SANFORD CLOSED DOORS TODAY Seven Now Have Suspended, Two at Daytona Beach Going Out of Business Yesterday. By the Associated Press. JACKSONVILLE, Fla., July 13.-App.oximately $9,000,000 in depositors' money was tied up today as State and Federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday. The latest to fail were two in Daytona Beach, the Merchants' Bank & Trust Co., and the Atlantic Bank & Trust Co., which suspended business yesterday. Both were closed, according to notices on their doors, by State bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land, in the same county, suffered closing of the only two banks in the city, the Volusia County Bank & Trust Co. and the First National Bank, Thursday, while the Colonial Bank & Trust Co. of Miami failed to open on that day. The People's Bank of Jacksonville closed last Friday morning. While banking department officials from the State and Federal Governments audited the books of the six banks, John L. Fouts, president of four other closed Central Florida banks, prepared for preliminary hearing on three charges involving violation of State banking laws. Fouts was president and director of the State Bank of Bartow, the First National Bank of Lakeland, the First National Bank of Auburndale and the State Bank of Winter Haven. Fouts is alleged to have loaned himself $5,000 from one of the banks without the consent of the directors, at a time when the bank was not in a position to make the loan, and to have altered minutes of a directors' meeting to show that the loan was approved. Sanford Bank Closes. SANFORD, Fla., July 13 (AP).-The First National Bank, oldest banking : institution in Seminole County, was closed today with a notice on the doors that its affairs had been placed in the hands of the controller. The notice read: "In order to protect the interests of all its depositors, this bank is closed by its directors and its affairs have been placed in the hands of the controller of currency." The First National was more than 40 years old. It had resourcesof $2,200,000 and deposits of $1,800,000. Only one other bank remains here, the Sanford Atlantic National Bank.
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Two Banks Close At Daytona Beach DAYTONA July 12. The Merchants Bank Trust company the Atlantic Bank Trust company here closed their doors Runs also made on the Daytona Beach Bank Trust company First National bank, the institutions here. but they were able to meet the demands of depositors withdrawals. The bank failures here brought to five the number of banks that closed their doors in Florida the two The Volusia County Bank Trust company and the National bank in DeLand the Colonial Bank Trust company of Miami closed yesterday. Notices posted doors of the Beach institutions stated been closed by the aminer for protection the depositors pending The notices bank. which identical wording, stated that efforts would made pay all depositors in full Officials of the Atlantic National bank and the Barnett National bank of Jacksonville wired officials the two closed institutions, offering them financial
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RUNS CLOSE BANK AT DAYTON BEACH, FLA. DAYTONA BEACH, Fla., July 12.-(P)-The Merchants Bank and Trust company and the Atlantic Bank and Trust company here closed today. Runs also were made the Daytona Beach Bank and Trust company and the First National bank, the other two finanetal institutions here, but they were able meet the demands of depositors' withdrawals
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HEAD OF WILL BE TRIED FOR VIOLATIONS Daytona Beach Failures Cause Heavy Runs Upon Two Institutions. $9,000,000 TIED UP JACKSONVILLE. July depositors' money was tied up today and Federal banking authoriworked the reorganization liquidation of six Florida closed last eight days, five of them since Thurslatest fail were two in DayTrust Company and the Atlantic Trust Company which suspended business yesterday. Both were according notices on their doors, by state bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought run the two maining the city, which business heavy withdrawals. in the county. suffered closing of the only bank trust company the First National while Colonial Bank and Trust Company failed that The Peoples' Bank Jacksonville, closed last Friday morning. While banking officials the Federal the books of the six John of four other central Florida banks, prepared for preliminary hearing three charges involving violation state banking Fouts president and director the State Bank Bartow. First National Bank of Lakeland. First Auburnand the State Bank of Winter Haven.
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MORE FLORIDA BANKS GO UNDER Oldest Institution in Seminole County in Hands of Comptroller. HUGE SUMS TIED UP Two Daytona Beach Houses Fail to Open Face Heavy Runs. SANFORD, Fla., July 13. (AP)-The First National bank, oldest banking Seminole county, was closed today. notice its affairs had been placed hands comptroller. The First National was more than years old. and deposits $1,800,000. Only other bank remains here, the Sanford Atlantic National bank. Sanford the heart of the celery growing belt. $9,000,000 Tied Up. Approximately in dewas tied up today as state and authorities and liquidation six Florida banks which have closed within the last eight days. The were two in Beach, the Merchants Bank and the Atlantie Bank and Trust company which yesterday. Failures Runs. The failure the Daytona Beach banks brought the on maining the city, which continued despite heavy withdrawals. Deland, the same closing of the only two banks the the Volusia County Bank and Trust company and the First National bank, Thursday, while the Colonial Bank and Trust company of Miami falled The People's closed last Friday While banking department offi. clais from and federal ments audited the the six banks, John Fouts, president four other closed central Florida banks, prepared for preliminary hearing three charges involving violation of state banking laws.
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MORE FLORIDA BANKS GO UNDER Oldest Institution in Seminole County in Hands of Comptroller. HUGE SUMS TIED UP Two Daytona Beach Houses Fail to Open Doors-Others Face Heavy Runs. SANFORD, Fla, July First oldest banking institution Seminole county, was closed today. notice its affairs been the hands of the comptroller. The National more than 40 years old. and $1,800,000. bank here, the Sanford National bank. Sanford is heart of the celery growing $9,000,000 Tied Up. Approximately in deup today state federal banking autoward and of six Florida which closed the days. The were two in Beach, the Bank and Trust and the AtlanBank and Trust which company, suspended business yesterday. Failures Start Runs. The failure of the Daytona Beach banks the two remaining institutions the city, which continued despite heavy withdrawals. Deland, in the county, closing of the only two in the city, the Vothe First National bank, Thursday, while the Colonial Bank and of Miami falled open that The People's bank of closed Friday While banking department offifederal governments audited the books the six banks, closed Florida banks, for preliminary hearing three charges involving violation of state banking laws.
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14 SOUTH FLORIDA BANKS ARE CLOSED Total Failures in Past Two Weeks Reaches 22, With Collapse of Chain. By the Associated Press. TAMPA, Fla., July 17.-Fourteen State banks in Southwest Florida closed their doors today, bringing to 23 the number of financial institutions to fail within the State in the past two weeks. Following the closing of the Citizens' Bank & Trust Co. of Tampa and nine subsidiary institutions here and in nearby counties today, it was learned that five other banks in this territory also had failed. Total deposits in the Tampa banks involved was $17,347,968.15, of which the Citizens' Bank & Trust held $13;695.870.78. Total assets of the Tampa banks were $22,927,003.36. The institutions placed in the hands of the State banking department today were: The Citizens" Bank & Trust Co., Tampa Franklin Bank, Tampa. The Lafayette Bank, Tampa. American State Bank, Tampa. The Citizens' Nebraska Avenue Bank, Tampa. The Bank of Ybor City, at Ybor City, on which there was a run Monday. The Bank of Plant City, Plant City. The Bradenton Bank & Trust Co., Bradenton. The First Bank & Trust Co., Sarasota. First State Bank of Fort Meade. The Bank of Pasco County, Dade City. First Bank of Port Tampa City. Bank of Mulberry, at Mulberry. Ellenton State Bank, Ellenton. Other institutions which have closed their doors within the past two weeks are: Peoples State Bank, Jacksonville. Volusia County Bank & Trust Co., Deland. First National Bank, Deland. Colonial Bank & Trust Co., Miami. Merchants' Bank & Trust Co., Daytona Beach. Atlantic Bank & Trust Co., Daytona Beach. First National Bank, Sanford. Merchants' Bank, Melbourne. Capital and surplus of the 15 institutions that closed today, according to figures released by the State banking department, totaled $3,890,000. Deposits aggregated $22,283,963.61 and assets $29,679,107.51. Deposits of the eight banks which failed during the two weeks prior to today were estimated at $10,800,000, bringing the total deposits tied up in bank failures to date at $33,083,963.61. E. P. Jackson, State examiner, has been here since Monday checking up on condition. Capt. R. A. Gray, assistant to the State controller, was expected from Tallahassee at noon to take charge. The board of directors of the Citizens' Bank & Trust Co. predicted that all depositors would be paid in full and that the depositories would go out of business. EXPLAINS BANK FAILURES.
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AMOS BLAMES PEOPLE FOR CRASH OF BANKS AS 15 MORE GO DOWN (Continued from Page One) gossip adverse conditions following the appearance the Mediterranean fruit fly. which was responsible feeling unand fear developed on the part of people.' the Citizens Bank prethat all depositors paid in full and that its go out of To bolster up public confidence. was brought here by airplane from Atlanta and the First National Bank Tampa, member of the Federal Meanwhile, officials of other solvent banks in Tampa, drawals few small depositors were statements that plenty cash had been obtained meet all Creed Taylor. deputy the Federal Reserve Bank Atlanta, who arrived also declared that local bankers "have all the money they need with which to meet the Advices from Washington stated that the shipment of from Atlanta to Tampa was said by FedReserve officials to have been authorization the board establishment two currency depots in Florida, one Tampa one Miami, each which would kept for quick use by the banks. Sarasota, the the Ringling Savings and Trust the three there, said the closing the Bank and Company of effect on their Both under they said. John fame, the of the Bank Sarasota, and the Savings has entire of the late Charles Ringling, brother. Daytona Beach, July plan relieve the cash of small ready funds were tied up in the failure the and Trust Company and the Atlantic Bank and Trust Company Wednesday the News-Journal, an afternoon which Herbert Davidson editor. The embraced the formation relief has for the to needy perbefore the failure the two than $50 more than ten per cent of the amount tied up. July States Senator Duncan U. Fletcher Florida, address here Wednesday, pleaded with the people the not become pessimistic and discouraged over recent Florida, but good cheer, have hope and stand shoulder to shoulder have never seen day ahead for ahe state today.' Speaking before the Exchange club Fletcher declared that but solid and that are but little ways ahead
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races, which promise to be very exciting this In consideration of the interest shown many years in the promotion of the development of this summer and in and the regattas held here sports during the past five years, motion was made by Dr. Hand that Egbert Platt. H. Riford and Thayer be made members of the society. was carried by unanimous vote. It was further voted that each year one person should be SO elected, the one who had done the most during the past year to promote the best interests Highgate Springs. and of course this included the sports, etc. Mr. Thayer his deep appreciation of the honor, though he thought hardly deserved in his case. Florida Banks in Treuble Vermonters. especially from Randolph and vicinity. many of whom have spent winters or sojourned, or have property interests in or near DeLand. Fla., with surprise the failure of the banks in that city last the Volusia County bank and the First National. Law rence Stockwell, of Mr. and Mrs. Stockwell of Randolph, has been cashier of the latter bank. following several years' service in the subordinate capacity His is one of its directors. news despatch reports the closing these two follows: July Volusia CounBank and Trust company, oldest financial institution in this county. failed open doors at o'clock this morning, and an hour later the First National bank closed temporari following run on that institution. notice. signed by George White, state bank examiner. posted on the door of the Volusia County Bank and Trust company. that the bank suspended business and is in the hands of the state banking department. Another notice on the door stated that the institution the protection of all depositors has been closed by order of the board of directors. "Plans been discussed and ther action contemplated looking reorganization of the bank with the purpose in view of the depositors in concluded the announcewhich not signed. Dr. Lincoln Hulley. president of Stetson university here. recently came president the Volusia County Bank and Trust company The First National bank. the only other bank in DeLand. experienced heavy during the early morning business hours and shortly after 10 o'clock the doors closed. notice posted on the door of that stated that 'the pated run has exhausted the supply of cash on hand. necessitating suspension of pending arrival of federal bank authorities. D. Tuten president of the First National bank. The failures were preceded the closing of four banking institutions located in the central part of the state, which took place May 13th. These were State Bank Bartow. First National Bank of Lakeland. First National Bank of Auburnand State Bank Winter Haven John Fouts, president and director these four banks. was arrested July 11 Winter Haven. Fla., charged with violated the state banking laws in loaning $5,000 of the funds of the bank without the approval of the board of directors and with the of the board make appear that the loan was regular the of the bank not to the legal Last the day following the failures, of the four banks in the neighboring of DayBeach. Merchants' Bank and Trust company and the Atlantic Bank and Trust company. closed. Runs made the remaining banks. but they able to meet the lemands depositors The Colonial Bank and Trust company of Miami closed Thursday.