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LAKELAND TODAY LAUGHS OFF RUN STATE BANK Number Depositors Outnumber Those Seeking Withdrawals UNLIMITED RESOURCES Ficititious Transactions Cause Of Failure of Many Small Banks, Boykin Asserts (By The Associated Press) July the State Bank of Lakeland, precipitated yesterday when Polk County Trust Company failed open because of withdrawals covering month which had pleted its cash reserve, apparently had spent itself force mornwhen the bank opened, depositors far outnumbered those accounts, and general spirit humor optimism prevaded the bank. The other banks were doing business as usu- Tens of thousands of dollars poured into the State bank yesterday afternoon from Tampa banking connections and the First and Central Bank and Trust city, and the statement there were ample meet claims. The State Bank has large sign inclined come and get There has been no disormoney. der and and the city this hysteria morning laughing Local bankers attribute the the State Bank to the fact that President Devane the Polk County Trust Company was chair the State Bank board, he resigned Tuesday position The public the idea that of his dual connecbanks were affiliated tion the which stated not and never should be the case. SIDING FUNDS (By July funds had been used that bank for bucket shop speculation that "fictitious transactions had effort resorted funds unlawfully diverted' hide has been unearthed investigators affairs the Bankers the Solicitor General Trust Company. Boykin announced night Bankruptcy proceedings against Trust Company last the Bankers followed by the week were small banks approximately most of Georgia Florida, members chain which were the Bankers Trust Comserved by fiscal agent. pany transactions hide unlawfully seems funds been of the favorite have systems whereby large sums the benefit of the diverted Bankers Trust Company its ofifcials," Mr. Boykin Squandered Money indicates that bank "Everything large mounts have funds involving by certain indivibeen squandered Atlanta bucket shop duals local pride or speculations. kind determine fluence of any vigorous and from the most haustive prosecution of the guilty Fulton county grand jury Court Judge structed by Superior Howard also conducting investigation the cause Bankers Trust mpany the closing number of small large the Bank of Menlo, member The Trust Company the yesterday turned affairs to the state banking partment. time, five small same Florida to have suspended opera tions. Bank State Bank; Lake Savings and Trust Company County Trust the East Florida Bank None of the five have been identified definitely Trust Company chain Bankers former vice PresOscar ident the Mechanics and Bank of New York National appointed additional receivthe Bankers Trust Com for pany. AT MOBILE July ernor John Martin Florida. accompanied his today enroute attend the governor's ference.
