2425. Biscayne Trust Company (Miami, FL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: June 11, 1930
Location: Miami, Florida (25.774, -80.194)

Metadata

Model: gpt-5-mini
Short Digest: 7c4470a9

Response Measures

Public signal of financial health, Full suspension, Books examined

Other: Directors decided not to open to 'protect depositors'; Federal Reserve shipments of cash aided liquidity.

Description

Articles (June 11–12, 1930) report heavy withdrawals and that the Biscayne Trust Company (an affiliate of the Bank of Bay Biscayne) failed to open after directors, after consulting the state comptroller, decided not to open to protect depositors. Subsequent items (1930–1931) show liquidation/receiver activity for the trust company, indicating it did not resume normal independent operations and was liquidated.

Events (3)

1. June 11, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Heavy withdrawals/unfavorable talk and runs on Miami banks precipitated withdrawals from the trust company and its parent.
Measures: Directors decided not to open the bank and its affiliated institutions after consultation with the state comptroller; Federal Reserve shipments of cash were arranged to reassure depositors.
Newspaper Excerpt: statement by directors of the bank attributed the closing to recent substantial withdrawals.
Source: newspapers

2. June 11, 1930 Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors chose not to open the Biscayne Trust Company (affiliated with Bank of Bay Biscayne) after heavy withdrawals; suspension was intended to protect depositors.
Newspaper Excerpt: failed to open for business Wednesday; directors attributed the closing to recent substantial withdrawals.
Source: newspapers

3. July 11, 1930 Receivership

Newspaper Excerpt: assessment of 100 per cent against holders the $150,000 capital stock the closed Biscayne Trust Company made by the state comptroller... liquidator for the Biscayne Trust Co.; Guardian Trust Company has completed taking over from the examiner assets and records held by... (liquidation activity) (Miami Herald / later Miami News items)
Source: newspapers

Newspaper Articles (18)

1. June 11, 1930 News-Press Fort Myers, FL

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Bay Biscayne Bank At Miami Is Closed MIAMI, June Bank of Bay Biscayne, with deposits of $15,037,198, and three affiliated financial institutions, failed. to open for business this morning. A statement by directors of the bank attributed the closing to "recent substantial withdrawals.' The affiliated banks were the Biscayne company, the Miami Beach Bank and Trust company, and the Bank of Coral Gables. The Bank of Bay Biscayne its last quarterly statement showdeposits of $15,037,198 and total resources of H. Gilman, president of the bank said meeting of the directors this morning, after consultation with the state comptroller, was decided not to open this bank and its affiliated institutions, the Biscayne Trust company, Miami Beach Bank and Trust company, and the Bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due recent substantial withdrawals." Arthur W. Saarinen, bank examiner, has charge of the institution. The Bank of Bay Biscayne was Miami's oldest bank. It had one of the finest buildings in the city $400,000 structure erected in 1925 and now carried in its books at valuation of $390,000. Among its resources are loans and discounts amounting to securities and commercial paper and bonds valued at $5,368,497. The Biscayne trust company had $1,520,041 and The Miami Beach Bank resources. and Trust company had deposits of and resources of $2,539,281. The Bank of Coral Gables the third of the affiliated institutions, had deposits of $606,598 and resources of E. Romth, president of the First National Bank, said that 000,000 left Jacksonville by airat 9:30 today plane from the Federal Reserve DeposiHe said the First Natory there. tional Bank and its subsidiaries has money on hand to pay all depositors, necessary. Depositors were orderly as they made withdrawals during the morning from other banks of the city and suburbs. HOMESTEAD. Fla., June 11 Bank of Homestead closed its doors at to day after opening for time. Official announcement was made Assistant Cashier H. Grady Smith that the bank is in good condition and suspension of business but temporary, taken for the purpose of avoiding local bank account of bank failures today in Miami. Smith said the bank expects to open in few days. ST. PETERSBURG, June National bank, which has sustained heavy during the last two days, following the closing of two other banks, was open for business as usual today and the line of depositors had disappeared. The bank doors were opened twenty minutes early this morning and about fifty persons who were standing in line were admitted and paid. All paying windows were opened at the regular hour.

2. June 11, 1930 Lexington Herald-Leader Lexington, KY

Article from Lexington Herald-Leader, June 11, 1930

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FIVE BANKS IN CLOSE Miami Institution And Three Of Its Subsidiaries Hurt By Withdrawals MIAMI. Fla June 11 (AP) The of Bay Biscayne, with deposits of and three affiliated fiinstitutions, failed to for today. statement by directors of the bank attributed the closing to "recent substantial withdrawals.' The affiliated banks were the Biscayne Trust Company, the Miami Beach Bank and Trust Company and the Bank of Coral of Bay Biscayne in its quarterly showed of $15,037 198 and total resources of J. H. Gilman is president of the bank. The Bank of Bay Biscayne is Miami's oldest It has one of the finest buildings in the city, structure in 1925. HOMESTEAD BANK CLOSES HOMESTEAD, Fla., June 11 (AP) The Bank of closed its doors today after opening for short time. was made by Assistant Cashier H. Grady Smith saying the was in good condition and of business was but tempororaly taken for the of local bank on account of bank failures today in Miami. Smith said the L nk expects to open in few days.

3. June 11, 1930 The Atlanta Journal Atlanta, GA

Article from The Atlanta Journal, June 11, 1930

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BISCAYNE BANK, OLDEST IN MIAMI, CLOSES ITS DOORS Statement of President Blames Heavy Withdrawals for Action MIAMI, Fla., June 11.-(P)-The Bank of Bay Biscayne, with deposits of $15,037,198 as of the March 27 statement, and three affiliated financial institutions. failed to open for business Wednesday statement by directors of the bank attributed the closing to "recent subwithdrawals. The affiliated banks were the Biscayne Trust Company, the Miami Beach Bank & Trust Company, and the Bank of Coral Gables. The Bank of Bay Biscayne in its last quarterly statement showed deposits of $15,037,198 and total resources of Gilman, president of the bank said today: meeting of the directors Wednesday morning after consultation with the state comptroller, it was decided to open this bank and its affiliated institutions the Biscayne Trust Company, Miami Beach Bank & Trust Company, and the bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due to recent substantial withdrawals. Arthur W. Saarinen, bank examcharge of institution. The Bank Bay Biscayne was Miami's oldest bank. It had one of the finest buildings in the city, $400,000 structure erected in 1925 and now carried in its books at a valuation of $390,000. Among its resources are loans and discounts amounting to $7,478 458; and commervalued at cial paper and bonds $5 The Biscayne Trust Company had $1,520,041 deposits resources. The Miami Beach Bank and Trust Company had deposits of 349,943 and resources of $2,539,281. The Bank of Coral Gables, the third of the institutions had deposits of $606,598 and of $743,759 C. Romfh, president of the First National Bank, said that $2,000,000 left Jacksonville by airplane at 9:30 m. from the Federal Reserve pository there. He said the First National Bank and its subsidiaries had money on hand to pay all depositors, if necessary. Depositors orderly as they withdrawals during the morning from other banks of the city suburbs. The Bank of Bay Biscayne was older than the city Miami It was established May 1896 days after the first train ran to the community that on July 28, 1896, was incorporated as the city of Miami. statement from C. Penney. chairman of the board of directors of National Bank, said sufficient funds were on hand to meet demands of all depositors in that institution Homestead Bank Suspends The bank of Homestead closed its doors at 10 m. Wednesday after opening for short time. Official announcement was made by Assistant Cashier H. Grady Smith that the bank is in good condition and suspension of business is but temporary taken for the purpose avoiding a local bank on account of bank closings Miami. Smith said the bank expects to open few days. Southern Textile Stocks Quotations M. Spartanburg Per Bid. Abbeville Cotton Cotton Mills Arcadia Mills pfd Augusta Factory Beaumont Mfg Belton pfd Mfg Corporation B Corporation pfd Co (Pa Mills Chesnee Co Mfg Darlington Co Drayton pfd Enterprise Mfg Co pfd Gainesville Cotton M Ga Gossett Greenwood 400 (Par Hartsville 130 88 92 Cotton Mills Mills Lancaster Cotton Serial Marion Mfg Mill pfd Musgrove Mills Cotton Mills. Cotton Pacolet 100 Cot $60) Mills Mfg Piedmont Piedmont Riverside (par 15 Riverside River Mills pfd Sibley Bleach Franklin Franklin pfd Worsted Corp pfd Spartan Mills Notes 100 pfd Wallace Sales. High Close P Westph Yokohama same year same years ago, $1,558,643,000.

4. June 12, 1930 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, June 12, 1930

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FOUR BANKS At Miami Are Closed. Action Affects About 10,000 Depositors In District. Cheboygen, Michigan. Institution Is Taken Over By State After Suicide Of Officer. Miami, Fla., June 11-(AP)-The Bank of Biscayne and three affiliated financial institutions failed to for business today. A statement by Directors the attributed the closing to "recent substantial withThe affiliated banks the Biscayne Trust Company. the Miami Beach Bank Trust Co. and the of The Bank of Bay Biscayne in its of $15,037 198 and total of $17,182,292. J. H. Gilman is President the bank. The Bank of Bay Biscayne is Miami's oldest It has one of the finest buildings in the city, a structure erected in 1925. The Biscayne Trust Company had $1,520,040 deposits and $1,962,148 resources The Miami Beach Bank Trust Co. had deposits of $2,349,943 and The Bank of Coral Gables. the third of the affiliated had deposits of and of in Miami Beach and Coral Gables were affected by the closings. Atlanta. June 11-(AP)-E. P.. Black. of the Atlanta Federal Bank. said today that $6,000,000 was being sent into Miami from the Jacksonville branch of the Federal reserve. This money. he said. would be available to all Miami banks that are members of the Federal Reserve. Homestead, Fla., June 11-(AP)The Bank of Homestead closed its doors today after opening for short Cheybogan, Mich., June The First Bank of Cheyboyan closed its doors today with of $308,000 shortage In savings the manager of which. Clyde Milliken. 44, committed suicide Monday night. The bank closed and placed in the hands of Henry F. Quinn. Examiner. on orders of the Board of Di. rectors, who issued predicting that all depositors will be paid full. The savings department of the bank was unusually large for an institution of its size, the last statement reporting deposits $866,860. compared to $230,100 subject to The was said to have resulted from covering period of several years. Vineland, N. J., June 11-(AP)-The Trust Company was taken over today by the State Commissioner of Banking and Insurance to The company did not open for business today.

5. June 12, 1930 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, June 12, 1930

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BANKS FLORIDA Miami Institution and 3 Branches Fail to Open Doors Miami, Bisenyne, with deposits of $15,037,198 of the March 27 statement, and three affiliated financial Institutions, failed to open for business Wednesdirectors of the day. attributed the closing to substantial The affiliated banks were the Biscayno Trust the Miami Bench Bank and Trust company, and the Bank Coral The Bank of Bay Biscayne In showed deposits and total of II. Gilman is president the bank. The Trust company had and sources. The Miami Bank and Trust company had deposits and of The Bank of Coral Gables, the third had posits of $606,598 and resources of Money Sent by Airplane Romth, the First National said that $2,000,000 left Jacksonville by airplane Wednesday from the federal reserve depository there. He said the First National bank and its money on hand to play all positors, were orderly as they made during the from other banks of the city suburbs. President Gilman said: meeting of the directors after consultation with the state decided not open this bank and its affiliated the Biscayne Trust company, Miami Beach Bank Trust and the Bank Coral Gables, in order to protect all of our depositors to the fullest extent. decision was made after due and due to recent substantial withdrawals.' Arthur W. bank examhas charge of the The bank's include loans amounting to $7,478.458 and and paper bonds valued at Runs on Other Banks from other banks here up to the closing time made orderly bank officials said, and available funds were not E. Romfh. president of the First National Laurie Yonce. pilot. had landed here shortly after with $2.cash which he brought from the federal depository in JackHugh R. Gordon. president of City said that had drawn from his bank up (eastern time) and that the doors of the would kept open long as depositors Mr. said approximately had withdrawn from First National bank signed by the federal trist in posted in the the Third National bank said route Miami This locally to include the that by airplane from depositors Miami and Coral were affected by the bank closings. $6,000,000 Sent to Miami Black, goverthe Atlanta district that $6,000,000 was being sent

6. June 12, 1930 The Owensboro Messenger Owensboro, KY

Article from The Owensboro Messenger, June 12, 1930

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FLORIDA BANKS CLOSE THE DOORS Miami's Oldest, With 3 Affiliated Concerns Fail To Open. Miami, Fla., June 11. (P)-The Bank of Bay Biscayne, with deposits of $15,037,198, and three affiliated financial institutions, failed to open for business today. A statement by directors of the bank attributed the closing to "recent substantial with. drawals." The affiliated banks were the Biscayne Trust company, the Miami Beach Bank and Trust company, and the Bank of Coral Gables. The Bank of Bay Biscayne in its quarterly statement showed deposits of $15,037,198 and total deposits $17,182,292. J. H. Gilman is president of the bank. The Bank of Bay Biscayne is Miami's oldest bank. It has one of the finest buildings in the city, a $400,000 structure erected in 1925. TEMPORARY CLOSING Homestead, Fla., June 11. (P)The Bank of Homestead closed its doors today after opening for a short time. An announcement was made by Assistant Cashier H. Grady Smith saying the bank was in good condition and that suspension of business was but temporary, taken for the purpose of avoiding local bank run on account of bank failures today in Miami. Smith said the bank expects to open in a few days. NEW JERSEY BANK CLOSES Vineland, N. J., June 11. (P)-The Vineland Trust company was taken over today by the state commissioner of banking and insurance to investigate its condition. The company did not open for business today. The trust company, which was organized about 25 years ago, has a capital of $100,000 and a surplus of $100,000. Its total deposits, according to statement as of March 27, were $1,800,619.

7. June 12, 1930 The Sioux City Journal Sioux City, IA

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FOUR BANKS IN FLORIDA CLOSE Miami Institution and 3 Branches Fail to Open Doors Miami, Fla.-(P)-The Bank of Bay Biscayne, with deposits of $15,037,198 as of the March 27 statement, and three affiliated financial institutions, failed to open for business Wednesday. A by directors of the bank attributed the closing to "resubstantial withdrawals.' The affiliated banks were the Biscayne Trust company, the Miami Beach Bank and Trust company, and the Bank of Coral Gables. The Bank of Bay Biscayne in its quarterly statement showed deposits of $15,037,198 and total resources of $17,182,292. J. H. Gilman is president of the bank. The Biscayne Trust company had $1,520,040 deposits and $1,962,14 resources. The Miami Beach Bank and Trust company had deposits of 943 and resources of $2,539,281 The Bank of Coral Gables, the third of the affiliated institutions, had deposits of $606,598 and resources of $743,759 Money Sent by Airplane E C. Romfh, president of the First National bank, said that $2,000,000 left Jacksonville by airplane Wednesday from the federal reserve depository there. He said the First National bank and its subsidiaries has money on hand to play all depositors, if necessary Depositors were orderly as they made withdrawals during the morning from other banks of the city and President Gilman said: "At meeting of the directors Wednesday morning, after consultation with the state comptroller, it was decided not to open this bank and its affiliated institutions, the Biscayne Trust company, Miami Beach Bank and Trust company and the Bank of Coral Gables, in order to protect all of our depositors to the fullest extent. "This decision was made after due consideration and was due to recent substantial withdrawals. Arthur W. Saarinen, bank examiner. has charge of the institution. The bank's resources include loans and discounts amounting to $7,478.458 and securities and commercial paper bonds valued at $5,368,497. Runs on Other Banks Withdrawals from other banks here up to the closing time were made in orderly fashion. bank officials said, and available funds were not E. Romfh, president of the First National bank, Laurie Yonce, Jacksonville pilot, had landed here shortly after 2 p. m. with $2, 000,000 in cash which he brought from the federal depository in Jack Hugh R. Gordon, Jr., president of the City National bank, said that approximately $350,000 had been withdrawn from his bank up to p. m (eastern standard time) and that the doors of the institution would be kept open as long as depositors remained. Mr. Romfh said approximately $500.000 had been withdrawn from the First National bank today telegram signed by E R. Black, governor of the federal reserve district in Atlanta. was posted in the window of the Third National bank which said 000.000 is en route to Miami banks. This total was believed locally to include the that came by airplane from Jacksonville Approximately 10,000 depositors in Miami, Miami Beach and Coral Gables were affected by the bank closings. $6,000,000 Sent to Miami Atlanta R. Black, governor of the Atlanta district of the federal reserve bank, said Wednesday that $6,000,000 was being sent to Miami from the Jacksonville branch of the federal reserve. This money, he said, would be available to all Miami banks that are members of the federal reserve. Mr. Black said $2,000.000 of the amount was sent from Jacksonville to Miami by airplane, and that $4,000,000 more was being sent "by mail.' Asked if any additional amount had been sent from the Atlanta depository of the federal reserve to Jacksonville, Mr. Black said the depository here "is continuously sending money to Jackjsonville, just as it does to the branches in Birmingham, Memphis and other southern Homestead Bank Closes of Homestead closed its doors at 10 a. m. eastern standard time, Wednesday after opening for a short time. Assistant Cashier H. Grady Smith said the bank was in good condition and that suspension of business was but temporary, taken for the purpose of avoiding a local bank run on account of bank failures in Miami. He said the bank expects to open in a few days.

8. June 12, 1930 The Brooklyn Daily Times Brooklyn, NY

Article from The Brooklyn Daily Times, June 12, 1930

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5 FLORIDA BANKS TO PAY DEPOSITORS $2,000,000 Arriving by Plane Allays Uneasiness. Miami, Fla., June 12.-The arrival of $2,000,000 in cash by airplane and several reassuring statements by State banking officers helped today to allay the uneasiness of depositors who had funds in five banks which closed here yesterday. One of the banking officials insisted the situation was not acute, and declared that the conditions which led to the closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. The banks which closed were the Bank of Bay Biscayne, with resources of 182,292: the Biscayne Trust Company, with 1,962,148: the Miami Beach Bank and Trust Company, with $2,593,281: the Bank of Coral Gables, with $743.759. and the the Bank of Homestead. Local bankers said they were confident normalcy would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said.

9. June 12, 1930 The Bellingham Herald Bellingham, WA

Article from The Bellingham Herald, June 12, 1930

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MONEY FLOWS IN FIRE LOSS IS HEAVY REGISTERED QUAKE Refineries of Texas Oil Company Are In Flames PORT ARTHUR. Tex., June 12.the refineries the Texas Company near here billows of sending flame and feet of the air and taking toll of life property. Starting undeterminer origin the plant, fire destroyed refining unit and vastated an eight blocks square Damage estimated at between $3,000,000. Hatch, died in hospital here today from burns when tanks of and exploded in the terrific heat. Eleven other were burned when flaming oil and for pitals. Another slight bruises. Physicians all the injured The fire started in of the one treating units, where, oil treated by chemicals, spread quickly to nearby structures. Employes were unable escape before the three tanks exploded. As uninjured employes clothing of the fire spread to the huge The oil-soaked ground and buildings caught fire easily, and the blaze spread 80 fast that feremen could not cope 200 feet away from the Employes and officials alike labored construct fire breaks keep the flames from spreading. was thought they had fire to the unit in which Damage to the refinery was mated K. Holmes, plant superintendent. An engineer the company that the loss might mount as high as before the The pumphouse, fertilizer plant, three tanks of oil and gasoline and six batteries of treating units were destroyed. Disturbance Believed Not Far From Puget Sound hour duration, which at 1:51 and was 'not far was described today seismoregistered graphs at the University of Washington. THREE SHOCKS REGISTERED earthquake were registered the St. Louis university today on Father Joseph Joliet The disturbances about miles distant. first 1,140 few The second. lasted 45 minutes third short. All the were of medium intensity. Rush On Southern Florida Banks Believed at End MIAMI. Fla., June arrival $2,000,000 in cash The airplane and several reassuring state banking offistatements by cers helped allay the of depositors funds in which yesterday. In addition the plane ship$4,000,000 was expected by rail today to aid in restoring confidence. One the banking officials inthe situation not that conditions which closures would have adjusted themselves there had not unfavorable "talk," bankers The closed were the Bank Biscayne, with resources of the Biscayne Trust Company, with and Miami Beach Bank and Bank Coral Gables, with and the Bank of Homestead. Local bankers said they were confident be stored the public the the heavy made the institutions. They the assurance of additional aid from the federal reserve if it were needed, they said. FAIL TO OPEN Fla., June small financial instituthe Bank of Clearwater Guaranty Title Trust failed today. Notices pany. stated the had been asked to take charge to protect depositors.

10. June 12, 1930 The Knoxville News-Sentinel Knoxville, TN

Article from The Knoxville News-Sentinel, June 12, 1930

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MIAMI RECEIVES MONEY BY PLANE $2,000,000 Rushed to City Where Five Banks Closed. By United Press MIAMI, Fla.-The arrival of $2,000,000 in cash by airplane and several reassuring statements by state banking officers helped today to allay the uneasiness of depositors who had funds +n five banks which closed yesterday. One of the banking officials insisted the situation was not acute, and declares the conditions which led to closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. It was said today that an additional $4,000,000 was being rushed Into the Miami district by mail. It will arrive this afterThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Co., with $1,962,148; the Miami Beach Bank & Trust Co., with $2,593,281; the Bank of Coral Gables, with $743,759, and the Bank of Homestead. Local bankers said they were confident normality would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said. CLEARWATER BANK FAILS By United Press Bank of Clearwater, capitalized at $250,000 and the Guaranty Title and Trust Company, smaller institution, also of Clearwater, went into the hands of the state banking department today and closed their doors.

11. June 12, 1930 Transcript-Telegram Holyoke, MA

Article from Transcript-Telegram, June 12, 1930

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$2,000,000 BY AIR FOR FLORIDA BANKS Five in Miami Open Relieved. ness depositers in five local banks with the arrival in cash by airplane from and optimistic reports from and offici. als. Failure to for business the largest oldest finanand three branches depositors scurrying for information their money, caused another bank to shut down to run, stopped abruptpadlock heading the residence of Scarface, Chigang leader. Bank Bay Biscayne with its Biscayne Trust Bank Gables and Miami Beach Bank Trust Co. stood closed hind notice officials that tion followed consultation heavy recently and reported "frozen The Bank of Homestead shut down with the expressed puravoiding The Bay Biscayne Bank, capitalized at $1,000,000 hold State banking officials at Talla. blamed around the and frozen assets for failure the Biscayne banks and the assets failure of five recently erican Bank the Ninth Street Bank Trust, Fidelity, First First National. with capital of President Romfh of the Miami First National of the brought by plane would be used other the closed houses.

12. June 12, 1930 Mount Vernon Argus White Plains, NY

Article from Mount Vernon Argus, June 12, 1930

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FUNDS RUSHED FIVE BANKS State Officials Allay Fears of Miami Depositors Miami. Fla. June The arrival of $2,000,000 in cash by airplane and several reassuring statements by State Banking offihelped today to allay the easiness had funds in five banks which closed One of the banking officials insited the not acute and the conditions which led to the closures would have adjusted themselves if there had not unfavorable "talk," some of it by bankers The banks which closed were the of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with $1,962,148; the Miami Beach Bank Trust Company, with $2,593,the Bank Coral Gables, with $743,759, and the Bank of Local bankers said they were normalcy be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance additional aid from the Federal Reserve it they said.

13. June 12, 1930 The Capital Journal Salem, OR

Article from The Capital Journal, June 12, 1930

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BRING MILLIONS TO AID FLORIDA BANKS Miami, Fla. arrival in cash by airplane several reassuring statements by state banking officers helped to lay depositors had funds in five banks which closed here In addition to the plane shipment $4,000,000 was expected rail Thursday to aid in restoring confiOne of the banking officials sisted the situation not acute, and declared that the conditions which led to closures would have adjusted themselves there had not been unfavorable of by bankers themselves. Local bankers said they were confident the banks which closed were the Bank Biscayne, with resources of the Biscayne Trust with and company, Miami Beach Bank and Trust with the Bank of pany, Coral Gables, with and the bank of Homestead. Local banks said they were confident would restored when the public underpromptly stood the cause of the heavy run made on the They had the of additional aid from the federal reserve were needed, they said.

14. June 13, 1930 The Morning Press Santa Barbara, CA

Article from The Morning Press, June 13, 1930

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$8,000,000 in Cash Stems Heavy Runs on Banks in Miami Miami area bankers tonight believed they seen the end of the financial flurry caused yesterday by the closing of the Bank Bay Biscayne and its three subsidiaries. The subsidlaries are the Biscayne Trust company, the Miami Beach Bank and Trust company and the Bank of Coral Gables. Arrival here yesterday and this morning of $8,000,000 in cash from Jacksonville and Atlanta was believed to have stemmed the tide of anxious depositors who formed in line at the city's larger banks yesterday to withdraw their accounts. Only the First National bank reported continued withdrawals today.

15. August 14, 1930 The Miami Herald Miami, FL

Article from The Miami Herald, August 14, 1930

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Liquidator Calls On Owners of Securities To Provide Assessment of 100 per cent against holders the $150,000 capital stock the closed Biscayne Trust Company made by the state comptroller yesterday Morgan McCormick, president the Guardian Trust Company which liquidating the Trust Company, issued statement showing liabilities July 11, 1930, when the Bank Bay Biscayne subsidiary closed, balance the same amount without taking of real estate mortgages and other loans and assets the closed trust company. Quarterly reports covering the progmade liquidation will made, McCormick said. Mr. McCormick's statement lows: Guardian Trust Company has completed taking over from the examiner assets and records held by

16. May 20, 1931 The Miami News Miami, FL

Article from The Miami News, May 20, 1931

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Bishop Sheddan Reaches Nassau After Loss of Yacht That Struck Reef Shipwrecked Party Is Landed $900,000 SUIT FILED AGAINST BANK PROPERTY NASSAU, Bahamas, May Survivors of the yacht Livonia wreck rested here today after their rescue from a distant Bahama island where they were marooned following loss of their vessel and the drowning of the ship's captain, Joseph Bishop Roscow Sheddan of Nassau, sister, Evelyn, and of the Livonia arrived late yesterday aboard the motor Molola. They said suffered no ill effects from their other than inconveni from and The Livonia, used by Bishop Shed dan in visiting churches his sank after striking reef off Plana or French squall. The craft went down within 10 the but all aboard man to reach shore. Despite of the bishop, Captain Taylor dived into the water in an attempt to of their belongings and was drowned. Efforts to recover the body proved unsueBishop Sheddan returning Nassau visit churches at Turks island and Caicos island. He head of the Nassau diocese of the Church of England. Receiver Asked for Bay Biscayne Building by Bond Holder Appointment of receiver for the Bank of Bay building be asked before Judge J. H. Tedder in Lauderdale in the few days connection with suit filed here late yesterday by the Metropolitan Life Insurance Co. to foreclose $900,000 against Mo Biscayne Properties, of which James Am H. Gilman is According the suit filed the $900,000 bond issue was floated Nov. 1926, retired at certain dates. The mortgage is in default, $854,750 principal remaining due, together with all interest payments due since May 1, 1930. The First property also has been sold for 1929 In asking for the receiver the plaintiff alleges the defendant receiving Corn the entire from office rentals, which should be applied to retiring the debt. All tenants in the building are made defendants, Dr. H. Therrell being liquidator for the Bank of Bay Biseayne, liquidator for the Biscayne Trust Co. and in his capacity According Knight. Pace and for the Hupp pany, the naming of Dr. Therrell as defendant makes it to hear the of the local judges, all of whom are deposits in the suspended bank.

17. July 11, 1931 The Miami News Miami, FL

Article from The Miami News, July 11, 1931

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THERRELL ALLOWED TO ERROR Dr. H Therrell, liquidator of the Biscayne Trust Co., granted thority late yesterday by Judge Uly Thompson of circuit off of and Annette Ullendorff. heirs of the late Phillipp paid to protect holdings belonging to the liquidator's petithe had $42. to the but when was out on on which they held the made mis against account. The liquidator was to correct the error and subtract the tax

18. October 4, 1931 The Miami News Miami, FL

Article from The Miami News, October 4, 1931

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HEIRS MUST SUE BISCAYNE BANK Appeal to Be Taken from Decision Involving $14,500 Heirs of William Jennings Bryan, whose estate lost $14,500 with the closing the Bank Coconut Grove 1927, now have to the Bank Bay Biscayne liquidator in further effort to recover money, under decision handed down yesterday by Judge H. F. Atkinson of circuit court. The decision, which follows several years of litigation, will be appealed attorneys. The appeal place the case before the Tallahassee tribunal second time, the supreme court already having passed on the right to preferred claim. Mrs. Mary Baird Bryan, the widow, in Los Angeles 1927, asked the Grove cash balher by New York exchange. the not Mrs. Bryan had her in Miami The money was in transit when the institution closed. After suit was brought by Mrs. Bryan agreed that the money, which had reached the Chase National New York, should be placed in Co. held subject order. The Biscayne Trust Co. posited money Bank Bay both closed in 1930. When the supreme court ordered preference granted recently. attorneys for. Duncan, liquidator, the the hands the Biscayne Trust Co. should be the only asset involved, thus relieving Bank Coconut Grove further liability. Judge H. Atkinson concurred in this view.