352c3db3Full suspension, Books examined
Other: Liquidation/takeover by three local banks arranged; state bank examiner in charge.
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Another Bank In Florida Is Closed Lakeland Fla., July (/P) The Polk County Trust falled open its doors this mornthe following statement being Polk County Trust company and no creditor will Persistent of funds by depositors during the past 40 makes closing of the bank perative. money safely loaned responsible people in Lakeland and Polk county, but must be remembered that responsible quickly liquidate their bank loans in
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Forty-Day Run Closes Lakeland (Fla.) Bank The Polk County Trust company failed to open its doors here today. A. statement issued saying the concern is solvent and that no depositor or creditor will lose money, but that persistent withdrawals in the last 40 days made the closing imperative. The bank is capitalized at $800,000 and a statement July 9 showed total deposits as $2,166,923.40. A. H. Devane is presi-
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BANK FUNDS USED FOR BUCKET SHOPS False Transactions Noted to Hide Diversion, Georgia Probers Say. By the Associated Press. ATLANTA, July 22.-Evidence that bank funds had been used for bucket. shop speculation and that fictitious transactions had been resorted to in an effort to hide diversion of funds has been unearthed by investigators into the affairs of the Bankers' Trust Co., Solicitor John A. Boykin announced last night. Bankruptcy proceedings against the Bankers' Trust Co. last week' were followed by the closing of aproximately 115 small banks in Georgia and Florida. Many of these were members of a chain served by the trust company as fiscal agent. "Fictitious transactions to hide funds unlawfully diverted seems to have been one of the favorite systems whereby large sums were diverted to the benefit of the Bankers' Trust Co. and certain of its officials." Mr. Boykin said. "Everything indicates that bank funds involving large amounts have been squandered by certain individuals in Atlanta in bucket shop speculations. No local pride or influence of any kind will deter me from the most vigorous and exhaustive prosecution of the guilty parties." A Fulton County grand jury is conducting an investigation of the Bankers' Trust Co. bankruptcy proceedings. The Bank of Menloe, a member of the Bankers' Trust Co. chain, yesterday turned over its affairs to the State banking department. At the same time five small Florida banking institutions were reported to have suspended operations. They were the Bank of Sebastian, State Exchange Bank, Lake City Savings and Trust Co., Palatka; Polk County Trust Co., Lakeland, and the East Florida Bank at Palatka. None of the five has been definitely identified with the Bankers' Trust Co. chain. Oscar Dooley, former vice president of the Mechanics and Metals National Bank of New York City, was appointed yesterday as an additional receiver for the Bankers' Trust Co. to serve with John K. Otley, president of the Fourth National Bank, and former Gov. Hugh M. Dorsey.
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REDS DEFEAT BRAVES, 6 TO 4 cinnati annexed the first game of the present series with Boston Wednesday by to It was free hitting affair with the Reds gathering 13 bingles off Hearn and R. Smith Roush day was celebrated by the fans presenting the center fielder with large automobile in commemoration of his service. 10 years, with the Cincinnati team. The score BOSTON Totals Totals Welsh in Losing and Tulsa. Okla. July Tulsa Pillette from the hill in the second and their attack on Lyons to make it two straight over Oklahoma City, 15 to 4. The Ollers pulled a double play in each of the four first innings. Conway hit the only homer. Score: OKLAHOMA TULSA Totals Totals out Time: Forty Run Closes Lakeland (Fla.) Bank Lakeland. Fla., July The Polk County Trust company failed to open its doors here today. statement issued saying the concern is solvent and that no depositor or creditor will lose money. but that persistent withdrawals in the last 40 days made the closing imperative
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Lakeland Trust Firm Will Be Liquidated Lakeland Fla July 32 P.) by the affairs of the closed Polk County Trust here will be taken and liquidated by three city were by President W Chase State bank today emerged yesterday State Bank Examiner E. P Jack son is in chargelof the Polk bank and is expected to issue statement late today or tomorrow The clared entirely satisfactory by bankers
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Three Banks to Absorb Polk County Trust The Polk County Trust Company of Lakeland, latest of Florida's banks to close, will be taken over and liquidated by three other banks of the city, according to President W. W. Chase of the state bank, which emerged victorious yesterday from run. State bank Examiner E. P. Jackson is in charge of the Polk Bank and is expected to make a statement today. The situation in Lakeland now is declared entirely satisfactory by bankers.
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Bank Funds Used For Bucket Shop Speculation, Indicated Atlanta, Ga., July 22-(P)-Evidence that bank funds had been used for bucketshop speculation and that fictitious transactions had been resorted to in an effort to hide funds unlawfully diverted," has been unearthed by investigators into the affairs of the Bankers Trust Company, solicitor John A. Boykin announced last night. Bankruptcy proceedings against the Bankers Trust Company last week were followed by the closing of approximately 115 small banks in Georgia and Florida. Many of these were members of a chain served by the Bankers Trust Company as fiscal agent. "Everything indicates that Bank funds involving large amount have been squandered by certain individuals in Atlantic bucketshop speculations, Mr. Boykin said. "No local pride or influence of any kind will deter me from the most vigorous and exhaustive prosecution or the guilty parties." A Fulton County grand jury is conducting an investigation of the Bankers Trust Compay bankruptcy proceedings. The Bank of Menlo, a member of the Bankers Trust Company chain, yesterday turned over its affairs to the state banking department. At the same time, five small Florida banking institutions were reported to have suspended operations. The Florida banks were the Bank of Sebastian; State Exchange Bank, Lake City Savings and Trust Company, Palatka: Polk County Trust Company. Lakeland. and the East Florida Bank at Palatka. None of the five had been definitely identified with the Bankers Trust Company chain.
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BANKS AT LAKELAND ARRANGE TO REOPEN CLOSED INSTITUTION LAKELAND July P.)-Immediate arrangements whereby the affairs of the closed Polk County Trust here will be taken over and liquidated by three other banks of the this afternoon by President W W Chase, of the State Bank which today emerged from run yesterday State Bank Examiner P. charge of the Polk bank The is declared by bankers to be entirely
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BANK TO BE TAKEN OVER Polk County Trust Company to be Liquidated by Competitors. LAKELAND, Fla., July 22 (AP) whereby the affairs the closed Polk County Trust Company here will be taken and liquidated by three other banks of the city were this by President W. W. Chase, of the State Bank, which today emerged from run yesterday. State Bank Examiner E. P. Jackson is in charge of the Polk Bank and was expected to issue astatement late today or tomorrow. The situation Lakeland is declared entirely
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FIRST AMERICAN HERE ADDS GRATIFICATION Twenty-five Banks Closed In State Are Reopened In Last Nine Months BANK OPENS May thority has been granted the People's Bank, St. Cloud to reopen was announced today the state banking department. The bank pended operations sometime ago. By the Associated Press May by the state banking the rapid succession of bank reopenings taking Reopening of the Bank of Orange Trust and the American Bank and of West Palm the latest of the institutions announce resumption of business satisfaction here by the department officials. The was declared. has due largely operative efforts extended among banking department officials and heads the institutions, and excellent prevailing among the public Particularly the latter, such progress could not be accomplished, was stated. Since banks had have reopened. according to revised list compiled by banking department heads. Two other institutions and later closed Following list of the reopened banks of the state, their location. and the date their repoening: Citizens Bank of Bushnell, Bushnell, Feb. 1927 Delray Bank and Bank and St. Oct. Bank County Sept. 14. Bank Dade City, Dade City, Palatka Bank and Trust company, Palatka, Bank GroveDec. Bank of Umatilla, Umatilla, 1926: First State Bank Clermont, ClerSept 28, 1926 Citizens Bank Eustis, Oct. 1926: Bank Mount Dora, Mount Dora, Sept. 1926: Bank of Aug. 24, 1926 Bank of OakOct. Bank of Live Oak. Live Oak, Sept. Bank Sept. 13, 1926 Lake Butler, Dec. Bank of Monticello, 14, 1926: Polk County Trust Lakeland. 28, State Bank. Lake 1926: East Florida Stuart Bank and Trust company. Stuart, Oct. 1926: People's Bank Sept 1926: Palmetto State Bank. Palmetto, May 19. 1927: Bank Orange and Trust company. Orlando, May 23. 1927, and First American Bank and Trust company. West Palm Beach, May