2429. City National Bank (Miami, FL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 12868
Charter Number: 12868
Start Date: December 22, 1930
Location: Miami, Florida (25.774, -80.194)

Metadata

Model: gpt-5-mini
Short Digest: 7a8b245e

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Full suspension, Books examined

Other: Receiver actions and subsequent litigation to collect on stockholders and sell pledged securities.

Description

Newspapers report an orderly but determined run on City National Dec 22, 1930 prompted by malicious/poison letters and rumors. Directors placed the bank in the hands of the comptroller and it did not open (Dec 22–23). A receiver (J. Spurway) was later appointed and the institution remained closed; receiver actions and dividends followed in 1931–1932. Cause of the run/suspension attributed to rumor/misinformation (poison/anonymous letters).

Events (4)

1. January 5, 1926 Chartered

Source: historical_nic

2. December 22, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Anonymous 'poison' letters/notes and malicious rumors (mailed Jan. letters referenced in Feb article and December pieces cite 'malicious rumors' and poison notes) precipitated heavy withdrawals and runs on Miami banks including City National.
Measures: Bank stayed open past closing hours to pay depositors; special board meeting; directors decided not to open and placed affairs with U.S. comptroller.
Newspaper Excerpt: There has been a run on this bank for some time...poison notes bring run on Miami banks
Source: newspapers

3. December 22, 1930 Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors closed the bank 'for protection of depositors' citing recent substantial withdrawals caused by malicious rumors/poison notes and runs in the city; state examiners ordered related Miami Beach bank closed as precautionary following the City National closing.
Newspaper Excerpt: The directors ... decided not to open today. The bank's affairs were placed in the hands of the U. S. comptroller of currency
Source: newspapers

4. January 20, 1931 Receivership

Newspaper Excerpt: Spurway, receiver for the closed City National bank in Miami, was authorized today to sell and agree to the sale of all bonds, stocks and other securities owned or pledged by the bank (Judge Sheppard).
Source: newspapers

Newspaper Articles (24)

1. February 7, 1928 The M'Alester News-Capital McAlester, OK

Article from The M'Alester News-Capital, February 7, 1928

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MIAMI CALM IN FACE BANK RUN Mysterious Author Letters Causing Withdrawal of Deposits From Bank Is Sought by Police. eles in this city today were reactIng from the cumulative effects of "more than dozen anony letters which precipitated suspension of one bank's business, brought on temporary closing for two others and were responsible for an orderly but determined run on fourth Meanwhile, police sought the mys terious author of an inde.erminate number of letters mailed Jan. 28 in tion Miami, signed Hiram and adorn ed with crudely drawn Masonic emblem. "Quietly get your money out of the Southern bank and Trust company: it is going soon. these letters said, in varying language: but similar substance. Results of these missives today had included: Taking over of the Southern bank and Trust company by State Comptroller Ernest at the of bank officials, stimulated to this step by heavy withdrawals. Orders by Comptroller Amos that the Citizens bank and the Bank of porarily close to avoid possible demands of their resources. A run on the First National bank which kept tellers busy until closing time handing out money to depositors as they demanded it. Other institutions of the city day had prepared for their possible in the emergency Increased part of currency had been supplies Nearly all of them perienced slight withdrawal increases early yesterday but several reported later than deposits showed jump. the City National announeing a $400.000 boost. decided best to wait for further developments. Royce Mitchell was on the sick list Sunday and Monday Mrs. John McGinley returned from the hospital Sunday after spending four weeks there. She un. derwent an operation for goiter. Mr. and Mrs. Charles Whitcotton left Sunday for the Dallas market. where they will purchase a stock of millinery for the new store Mrs. Whitcotten expects to put in at once. Mrs. Tom Blalack left Mon day night for St. Louis to market for her millinery store Mr. and Mrs. Frazier and children of McAlester, were Witburton visitors Sunday The Baptist W. M. U. met on Monday afternoon with Mrs. J. E the front door, and exit through the back door The new 6-room parsonage which the Methodists of this city are eroct ing is progressing nicely It will be strietly modern and if the weather permits. will be ready for occupancy by the first of April Miss Lillian Copeland of Okiahoma City arrived Friday night to spend two months with her mother Mrs. Thomas Miss has recently submitted to second operation in the past few major months and compelled to take two months' rest before completing her nurses training course She only has about four months work before finishing Logan Danel of Red Oak WAS transacting business in Wilburton. Monday DEATH OCCURS AT ALDERSON Several of the children of Mr ALDERSON. Okla. (Special and Mrs. Eminett Stivers are ill Funeral services were held here with chicken pox. Their daughter. Tuesday morning for Mrs. Louis Mac Dorothy is much better after be chi, 37, who died Sunday night. ing seriously ill with "flu. The death of Mrs. Macchi occurred Miss Othalyne Wallace and after several weeks' illness Burial Gladys Bailey spent Saturday in was made in Oak Hill cemetery, at Red Oak visiting Mr and Mrs. Ken- McAlester neth Thompson. Mrs. Maechi came to Pittsburg Mrs. J. F. Wallace attended a county nineteen years ago, an immigrant from Italy and has been meeting of the Latter Day Saints resident of the county since. She at Fanshaw Saturday is survived by her husband, three Toe Blalack returned to Holdendaughters and one son. ville Sunday after spending several days at home suffering from an at Fountain pens were invented neartack of appendicitis. At the time ly two centuries avo his parents brought him home it The word "and" occurs 16.277 was thought that he would have to but it wastimes in the undergo an

2. February 8, 1928 The Springfield Daily Republican Springfield, MA

Article from The Springfield Daily Republican, February 8, 1928

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POISON NOTES BRING RUN ON MIAMI BANKS Miami, Fla., Feb. With cash coming in from the re. in district, Miami's major banking Institutions prepared last night meet possible rush that might develop as result of excite ment following the action of Ernest taking the affairs of three banks here today. Romfh, president of the First not closed but heavy run day expressed the ad ditional would not be needed, though may continue heavy for few days until pubconfidence is completely restored. Gilman, president the bank of Bay Biscayne. Miami's bank nu merous to unfounded rumors that excite ment, satisfied demand and hand and in transit sufficient continue to Clark Davis, president of the City National, the other member of Mia that had withdraw at his institution by $400,000 Third National and Morris Plan deposits for the day and the opinion prev alent that crisis had been passed Comptroller Amos took Bank and Trust company the E. had continued for several days. apparently prompted by circulation letters. Several these were mailed m., January according Mr Lummus, exhibited one "Quietly get your of Southern Band and money Trust company going HIfollowed by Masonic symbol. the source of these letters under way, but yet no dividual have been connected with There more people in tortured skini druggists. the United States now than 25 years but there are 22,000,000 fewer SYLPHO-DINE cattle, sheep and swine to promeat for them.

3. June 12, 1930 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, June 12, 1930

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Millions Sent To Miami Banks from Page clined to give later figures as to the bank's approximation of the amount of recent withdrawals. Capital stock was listed surplus profits at statement issued by the subsidiaries same time, the Biscayne Trust company was listed having $1,520,041 deposits and resources. Miami Beach Bank Trust company showed $2,349,943 deposits and $2, The Bank Coral Gables listed deposits of $606,of Withdrawals Are Heavy Heavy withdrawals reported by other banks of the city, but the arrival of in cash by airplane from Jacksonville depository Reserve bank this by Gov. R. Black of the Federal Reserve bank that total $6,000,000 in route banks to allay fears of depositors before President E. C. Romfh of the First National bank, said his had paid out $500,000 large today, and that cash was available meet all demands. The First closed at its regular o'clock The City National bank open after its reqular closing hour give depositors money they chose. President Hugh Gordon, withdrawals had and that funds were for all Flies To Miami Creed of the Federal bank this district here today by airplane from Tampa. went conferthe of Bay the Arthur W. Saarinen, banking took affairs of the closed bank formal from President Gilman the of the this with the was not the open this bank and its affiliated the pany, Miami and Trust comthe Bank of all order of our deposthe fullest extent. "This made after due consideration, was due to recent substantial withdrawals.' It was estimated that between 8,000 and affected of the Miami area banks. L. Chandler, chairman of the of the bank, said the had been closed measure in order to prevent run. APPOINTED Appointment Duncan of Miami, for Dade Broward the five banks which failed Dade county today was by Comptroller ErAmos Four of the banks-the Bank of Bay Biscayne Trust company, Miami Beach Bank and Trust company, Bank Coral Gables -suspended during forenoon. later department the the Fla., which capitalized $35,000.

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

Article from The Sioux City Journal, June 12, 1930

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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.

5. June 12, 1930 Chattanooga Daily Times Chattanooga, TN

Article from Chattanooga Daily Times, June 12, 1930

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FIVE BANKS CLOSE DOORS IN FLORIDA Four in Miami, One in Homea stead Unable to Meet 'Runs.' Bank of Bay Biscayne Announces Deposits of $15,Helps. MIAMI, Fla., June 11 (A).-The Bank of Bay Biscayne, oldest financial institution of South Florida, and three subsidiaries in metropolitan Miami failed to open for business today. The subsidiaries are the Miami Beach Bank and Trust company, the Bank of Coral Gables and the Biscayne Trust company. Notices posted on the doors of the institutions said the action had been taken by directors "for protection of depositors" and because of "recent substantial withdrawals. fifth banking house, the Bank of Homestead, closed after being open an hour, with the statement that it would reopen in few days. Homestead is thirty miles south of Miami. The Bank of Bay Biscayne listed total resources of and deposits of as of March 27, 1930, in its late quarterly report. President James H. Gilman declined to give later figures as to the bank's condition or of the amount of recent withdrawals Capital stock was listed as $1,000,000 and surplus and profits at In issued by the subsidiaries at the same time, the Biscayne Trust was listed as having $1,520,041 and resources. The Miami Bank and Trust $2,349,943 deposits and $2,539,281 resources. The Bank of Coral Gables listed deposits of $606,598 and resources of Heavy withdrawals were reported by other banks of the city, but the arrival of $2,000,000 in cash by from Jacksonville of the Federal Reserve bank this and the announcement by Gov. E. R. Black, the Federal bank in Atlanta, that total of $6,000,000 in cash was en route here was expected by banks to allay fears of depositors before tomorrow. President E. C. Romfh, of the First National bank, said his institution had paid out $500,000 to large number of depositors today and that sufficient cash was available to meet all demands. The First National closed at its regular 2 o'clock hour. The City National bank remained open after its regular closing hour to give withdraw their money if they chose President Hugh Gordon, Jr., said withdrawals had been approximately $350,000 and that funds were available for all depositors seeking them. Other banks reported heavy withdrawals. It was estimated that between 8,000 and 10,000 affected by the closing of the Miami area banks. L. Chandler, chairman of the board of directors of the Homestead bank, said the institution had been closed in order to prevent a run. and damage estimated at nearly $1,000,000 was caused by a fire which raged for several hours before being brought under control tonight at the plant of the company oil refinery, just outside the city limits here. All of the injured were employes of the refinery. Leonard Hatch, the most severely burned of the twelve, was in critical condition. W. K. Holmes, superintendent of the plant, estimated the damage would be "slightly more than 1,000,000. The fire started late today with an explosion from an undetermined one of the treating units, quickly followed by lesser blasts in five other units. The treating units, known agitators, the handle the oil in one step of refining process. At the first blast pieces of metal and sheets of flaming oil were thrown for hundreds of yards, setting conflagration which within short time was consuming all of the refining equipment within an area about the size of a city block.

6. December 22, 1930 The Miami News Miami, FL

Article from The Miami News, December 22, 1930

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CITY NATIONAL CHIEF SOUNDS HOPEFUL NOTE Gordon, in Statement to Press, Says Losses Will Be Small SLIGHT SHRINKAGE Directors Closed Bank to Protect All Depositors Now An encouraging note sounded Hugh H. Gordon, jr., president of the City National bank, statement the Miami Daily closing his bank today. said, if can have propitious liquidation, appreciable loss depositors. capital funds liabilities feel the loss will This statement was accompanied by formal statement followed all-morning session officers of the said statement published in the papers today the directors the City think. covered the situation. The action taken by the directors was only could take equitably prothe interests of all depositors. We unable for money meet the situation faced and there the (Signed) "HUGH GORDON. "President." The made last night after had decided the City National today. said in which have been circulated during the past days, had caused withdrawals of deposits from City tional bank Miami Friday and Saturday, the interests positors require that the bank closed derly liquidation the interests all depositors Mr. Gordon affairs pending arrival Reed appointed the comptroller currency charge the situation. Half hour before closing time. still the Third National the Bank Miami Beach. which after open ing the First National bank. reported apparently run closing time the oring for their money had dwindled. that the City Bank Miami Beach would be expressed by officers shortly They ample funds meet they said. Eugene Black, Federal Reserve bank Atlanta following statement m. today: appears that the Miami banks the situation hand. positors demanding their are being paid promptly. hopeful that today will the the being caused Miami that public will their deposits Mr. Black said remain Miami long and his instituthe banks. brought $5,000,000 him from Federal Reserve Atlanta and anticipate any further rush depositors to place their savings the postoffice morning. said. Mr. Pittman that the postal savings for day showing per order department doing rush business, money orders large amounts being purchased. As business sharp increase noon, busianticipated for the after Officers of the other banks made statements to the effect they with enough cash in the vaults, its the deposit. president of the said adequate depositor. with than $5,000,000 E gold in the and being First Trust Savings affiliated prepared to Mr. Romfh, of chairman Guardian Trust Trust affected National's that they accept no funds these City president TWO)

7. December 22, 1930 The Miami News Miami, FL

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CITY NATIONAL CHIEF SOUNDS HOPEFUL NOTE (CONTINUED FROM PAGE ONE) Third National bank, issued the following statement 'Backed by the Federal Reserve. we are prepared to cover every de mand A heavy run on the City bank of Miami Beach was met with this state ment. given the Miami Daily News by C. L. Clements. cashier "We expect to stay open and fight Minor runs on other banks in the Greater Miami area were reported. but in every instance officers said they were prepared for the emergency and could pay all depositors. Heavy withdrawals from the City National Friday and Saturday result ed in special board meeting last night. at which it was decided not to open today. The bank's affairs were placed in the hands of the U. S. comptroller of currency, John W. Pole, who desig nated Reed Dolan. national bank ex. aminer. to take charge of the bank. If conditions of the bank necessitate, the comptroller later will appoint receiver for it. but whether this would be necessary was not yet known. The following statements were is sued by officers of banks in this area: E. C. Romfh. president of the First National bank. of Miami "We have ample funds to meet every demand. F. L. Wall. president of the First National bank of Miami Beach: "We have small run, but are O. K. in every respect Robert L. Hall, president First Na

8. December 23, 1930 Baker City Herald Baker City, OR

Article from Baker City Herald, December 23, 1930

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Miami, Florida Closes Following Run Fla., Dec. City Bank of Miami Beach, which Practices underwent heavy run yesterday following the closing of the City National Bank in Miami, did not BOISE Dec. open this morning. General Gillis today ordered vice president and the Mutual Creamery company said the bank closed at the Salt Lake City to show why cause order of state bank examiners charter operate in Idaho protect its assets. should not be revoked on charge Hartford Banks Close HARTFORD, Conn. Dec. Two Hartford banks. the Riverside Trust company and Andretta & company, were suspendtoday Bank Commissioner Lester following runs on both institutions

9. December 23, 1930 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, December 23, 1930

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Worker Denoritors Organized for Fight (CONTINUED FROM PAGE ONE) Inst year when there was a record number of bank failures. * * MIAMI, Fla., Dec. 22-The City National Bank of this city, the second largest financial institution in Miami, failed today. More than $5,000,000 in deposits is involved. There has been a run on this bank for come time, and in order to cover up the fact that it is the economic crisis which is behind the big increase in bank failures, the board of the City National Bank declared that the closing of the bank was due to "malicious rumors concerning the bank's condition" which really closed it up.

10. December 23, 1930 The Journal Times Racine, WI

Article from The Journal Times, December 23, 1930

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FLORIDA BANK CLOSES PROTECT ITS ASSETS MIAMI. Dec. City Bank of which underwent heavy yesterday following the closing of the City tional bank of Miami, not open this vice said the bank closed at the order state bank aminers protect assets. The bank had deposits of at the last call. PICK JUNIOR EDISON' SCHOOL DELEGATE CAMBRIDGE, Mass., Dec. Wilbur Huston of Seattle, Wash., first winner of the Edison scholarship, has been selected to represent the student of the MassachuInstitute of at the Detroit, Dec.

11. December 23, 1930 Springfield Leader and Press Springfield, MO

Article from Springfield Leader and Press, December 23, 1930

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death would have important political consequences. HOBOKEN, N.J. Dec. ing attended Sunday school 20 years without missing a class, Miss Blanche Little has received a gold pendant, She began going to the First Presbyterian church at the age of 6. CLOSE FLORIDA BANK MIAMI, Fls., Dec. 23-(AP)-The City Bank of Miami Beach, which underwent a heavy run yesterday following the closing of the City National bank in Miami, did not open this morning. The bank had capital stock of $100,000, surplus of $50,000 and deposits of $600,000 at the last call.

12. December 23, 1930 The Berkshire Eagle Pittsfield, MA

Article from The Berkshire Eagle, December 23, 1930

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dently did not see the section gang PARTRIDGE TO until too late for the grinding brakes avoid the accident. BE THE SENATOR CITY BANK OF FROM VERMONT MIAMI BEACH MONTPELIER, Vt., Dec. 23, Frank C. Partridge, Proctor busi- FAILS TO OPEN nessman, was today appointed by Governor John E. Weeks as United MIAMI. Dec. States fill the vacancy City bank of Miami Beach, which by death Senator heavy run yesterday Frank Greene last Wednesday after the closing of the City Nawill serve until tional bank in Miami, did cessor has been at open this cial election called by the governor vice president today, to held March The and cashier said the bank closed governor also directed that spe- the order of state bank examicial primary to protect its assets. March the regular town meet- The bank had capital stock of $100,000. surplus $50,000 and staunch republican. pósits of $600,000 the last call. years old. graduate Amherst college Columbia The New Haven branch of university law From 1888 to lotti, Andrett Company was he served as secretary closed noon by order Comsecretary of and in the latter Shippee. This action was appointed the taken as precautionary measure department of state In 1893 against heavy of appointed special envoy itors after had heard of president of the action the HartVermont Marble company. ford office.

13. December 23, 1930 The Fresno Bee Fresno, CA

Article from The Fresno Bee, December 23, 1930

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State Takes Over Chelsea Bank In New York PROFFER OF FREE GAS TO CITY NOT PHILANTHROPIC NEW YORK. Dec. 23. (U.P.) State Superintendent of Banks Broderick announced to-day he had taken over the Chelsea Bank and Trust Company. (Continued From Page 1-B) The institution, according to the latest figures, had gross 99 cents and allow the city the one. of $16,323,000 on December 20th. This is much better for us than to last. lose the 99 cents or even stand the The bank was closely identified chance of losing it. with the motion picture industry "But the answer lies in this. In DO-X In Repair, in New York and two helping the City Fresno we figures in the film world. help ourselves This is mutual Ready For Hop benefit offer designed to help ANOTHER MIAMI CLOSES us both. Therefore, we will go MIAMI BEACH Dec. 23. the limit in everything to many's fifty-ton flying boat, DO-X, The City Bank of Miami date the city in respect to this free damaged by fire several weeks ago, Beach was closed to-day to protect gas. will be ready to resume her flight The gas, Terrill explained, would to South America January 15th, er run on the bank yesterday be taken from the absorption plant, the Dornier Works announced to- The city bank had capital stock clean stripped gas, ready of the burner with the exception of the day of $100,000 and deposits of approximately $600,000 The City National addition of an odorant to eliminate Repairs to her damaged wing Bank of Miami was closed yester- natural danger to the cunsumer have quickly at Lisbon that lies in the use of odorless gas Portugal, and ce Schildhauer the American pilot, has obCLOSE IN HARTFORD tained an extension of leave from Red Cross Chapter HARTFORD Dec. his employers so that he Two Hartford banks, the Riv- Seeks New Nurse may join in the transatlantic flight. erside Trust Company and Pallotti BROKER PLEADS GUILTY Harold Russell Ryder one of the most lavish of the Broadway spenders, pleaded guilty to grand larceny connection the $2,000,000 failure of the brokerage firm of and Company to-day Senwas deferred for two months ble him to assist creditors. SUGAR AND COFFEE YORK WOOL MARKET BOSTON Dec. Trading in wool is about steady compared with the early part of last week The limited amount of business being closed on wool is mostly on fine and grades. Graded French and finer territory wool sell in range of 65 to 68c scoured basis. Strictly combing 60's wools conto move to 68c scoured Andretta and Company, were suspended to-day by Bank Commissioner Lester E. Shippee, following both institutions Pallotti Andretta and Company control the Riverside Trust ComThe state manual for 1930 gave the capital of the Riverside Trust as $400,000 surplus $600,000. undivided profits $24,229, savings deposits $643,805 and commercial deposits $3,185,455.10 The City Bank and the Trust and Savings Bank failed to open to-day The state division of insurance and banking the People's Bank of Gretna, Va., had

14. December 23, 1930 Sun-Journal Lewiston, ME

Article from Sun-Journal, December 23, 1930

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MIAMI BEACH BANK CLOSES AFTER RUN MIAMI. Dec. Miami Beach. after the City National Bank in Miami, did not open Clements, Vice President and cashier the bank closed the order State examiners The had capital stock of $50,000 and deposits of $60,000 the last

15. December 23, 1930 The Sentinel Winston-Salem, NC

Article from The Sentinel, December 23, 1930

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VA. BANK CLOSES; ONE IN CONN. AND IN FLA. SUSPEND The State vision of Insurance and day announced that the Peoples Bank of Gretna. Va., had suspended An examiner from the State Division was sent to take charge. The bank was spitalized at $50, 000 and had deposits of $474,000. O. L. Ramsey was president Fla. City Bank Miami run following the closing of the City National Bank in Miami, did not open this morning. L. and cashier, the closed in order to The had capital stock of $100,000. surplus of $50,000 and posits of $600,000 at the last Conn. Hartford Riverside Trust Company, and Pallotti Andretta and Bank Lester E. Ship following runs on both institu tions been in progress since last The manual 1930 gave the capital of the Riverside Trust Incorporated in as 805 and commercial deposits $3.-

16. January 20, 1931 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, January 20, 1931

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Miami Bank Receiver Gets Authority To Sell Bonds MIAMI. Jan. J. Spurway, receiver for the closed City National bank in Miami, was authorized today to sell and agree to the sale of all bonds. stocks and other curities owned or dged by the bank. in general order signed by Federal Judge William B. Sheppard. The receiver's petition said the bonds. stocks and other securities had total par value of $3,476,360 and total value of "neither of which values is consistent with the real present market value."

17. January 20, 1931 The Miami Herald Miami, FL

Article from The Miami Herald, January 20, 1931

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Disposal of Paper Valued $3,475,360 Authorized By Judge Sheppard Spurway, receiver for the closed City National Bank In Miami, was authorized yesterday sell and agree the sale of all bonds, stocks and other securities owned pledged the bank general signed by Judge William Sheppard United States District court. The securities have total par value total book value "neither which values consistent the real present market value" the petition, filed through Charles Pierce. attorney, says, Included the complete list of these securities are worth pledges, par value, securing the Corporation indemnitor on bonds the National Surety Company, issued to deposits of the United States District court bankTown of Miami Shores, Commonwealth Title Corporation Guaranty Title Company. Book value

18. February 13, 1931 The Miami Herald Miami, FL

Article from The Miami Herald, February 13, 1931

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City National Depositors Enabled 25 Per Cent of Accounts Depositors of the closed City tional Bank In Miami will enabled amounts up to per cent of their deposits from the First National Bank and its subsidiaries under plan approved by Romfh, president of the First National organization, yesterday. Receiver's certificates assigned to the First and thus recorded and signed by Spurway, receiver the City National, will be accepted collateral to secure loans. Depositors will receive their receiver's certifiupon filing of their proofs with the receiver Interest will vary from per according to the amount the loans, the minimum charge being Stiles, vice president of the First National Bank, who in charge of this work, said. The loans will made in room 916, First National Bank building, beginning Wednesday. The plan will make approximately $1,000,000 in cash immediately availMr. Stiles pointed out. When the City National bank receiver dividend, probably next spring, loans made by the First National will be paid and the receiver's certficates held by the First National collateral returned to the depositors making the loans. First National Bank subsidiaries participating in the plan are Miami Beach First National Bank, Coral Gables First National Bank, Little River Bank and Trust Company and the First Hollywood Bank, but loans will be made only the one office, First National Bank building.

19. February 24, 1931 The Miami Herald Miami, FL

Article from The Miami Herald, February 24, 1931

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100 Cent Levy Ordered Against Holders To Benefit Depositors hundred per cent against stock the closed City National Bank in Miami made against stockholders yesterday Spurway, national bank receiver. The totals which, when and be applied dividends payment depositors. The stockholders notified that the must be paid by March 26, suits will be started to obtain judgments against any of their propThe largest against the Corporation for $200,000. Penney, president that for proximately $3,500.

20. April 23, 1931 The Miami News Miami, FL

Article from The Miami News, April 23, 1931

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THE [EDITOR'S TO CITY NATIONAL DEPOSITORS the Since the publication in the daily papers of proposed move to pay the depositors 33 per cent their deposits and formation of holding company to hold the remaining 66 2-3 per cent of the the deposicommittee has been requested to make public Whether the sign do not sign, they my opinsoon get dividend about 25 cent of their deposits. The comptroller of the currency banks always jealous of the interests depositors and any move take the liquidation out hands and put into holding company may be disastrous. well-known fact that the officers the defunct National Bank in Miami are back holding company is company get of and than committee Will the in the holding company eventually as the in the City National Bank in Miami when failed To sum up the whole matter this proposed itself this will get by signing up but release responsible for failure of the City Bank who openly, through the public press and through letters which went through the United States mails, secured the deposits citizens. Are we going mit to move is now posed officials of defunct National Bank Miami depositors their name the information depositors already familiar action of the depositors committee, permit say that possible being done to get 100 the dollar the depositors rather than 33 per cent. has suggested by another group The depositors sign away their right to collection the remaining per cent they surrender certificates of as has been suggested. HAMILTON MICHELSEN, Miami, April 1931

21. June 23, 1931 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, June 23, 1931

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closing Howard forman: laborer, Virbert Fayne respectively. had assets. Ironton Clerk Enters Bankruptcy Voluntary bankinstituted United States District Court burger, South Fifth schedules indebtedness totaling beyond exemptions. Portsmouth Resident Bankrupt. Claude McCoy Ohio, his United States District Court for relief debts totaling He lists assets. Scheduling liabilities of of which are listed secured indebtedness denced largely by real estate mortgages which been foreclosed Sam 319 Forest formerly estate under the name Broock Kling Realty Company in bankruptcy in United States DisCourt. His total $711 his goods, valued exempt. Larger Brunson Bank Trust the Big Four Building and Savings Eighth $32,000; Meyer Berman, North Crescent Nellie 4626 Smith $8,500; and Fourth Elm 951 man. Morris Plan Bank, East Sixth Clarence Bank $5,642: BuildEagle and Main Isidore ton Springs Bank Company Bank Trust Cincinnati, Pearl pany), Bank Trust Company Central Trust cinnati, Simon Schwartz, Ohio. Budd. Traction Among the larger mortgage crediare the Savings Pearl Market Bank and Trust the Building Court and Streets, $211,500; Liberal East Bank and Trust Company Union Company) Company Cincinnati, $28,000; Prudential Company Bank Trust Company and Provident Savings Bank Trust and Provident Savings Bank and Trust Company, $33,000. Bank Receiver Sues Woman Sparway, Receiver for City National of Miami, filed suit United States District Court against Sophie 3427 Place, recovery $22,000 interest cent together interest per cent on certain deferred interest payments, be due promissory executed the Septemconnection real estate Reuss Honors Carl Reuss, Deputy Clerk of United Court of yesterday was advised honors his Night general The prize of $75 Mr. Reuss was the lations of friends in the Federal Bankruptcy Notes. truckman 818 Dayton filed in United District Court. His of liabilities and assets are to be filed Ralph Curl. Cincinnati, filed liabilities totaling and assets at all said be

22. September 24, 1931 The Miami Herald Miami, FL

Article from The Miami Herald, September 24, 1931

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NEWS SUMMARY Forecast Florida: Local thundershowers today and probably morrow; gentle moderate easterly winds. Miami temperatures yesterTides today: High Low 1:48 Complete weather NATIONAL Harvey Seeds post of Miami tained drum corps championship. Legionnaires to on prohibition Giant dirigible Akron went on maiden vayage. Labor federation president nounced wage cuts. Page Stimson appealed to China and Japan not fight. Ohio man named president change clubs. Postage rates to Bahama Islands increased. Stimson naval holiday plan with reservation. Raleigh, schools closed of heat Seven bandits robbed Chicago band. Strength of Federal reserve cited. FOREIGN Disciple Gandhi unmentioned in mother's will. Tokio said troop withdrawal Manchuria had begun. STATE Florida fruit and broke record during last year. Page Key West mob contractor's trucks in labor dispute. LOCAL Number merchants decided to continue Dollar Day New York to Havana speed flier refuel Miami today. Page Conference was called to discuss constables' fee claims. Page School board asked state to bonding companies to pay posit guarantees. Page Amended declarations charged bank violations in City National Bank In Miami failure. Suit for filed by bank receiver. Page Suit to foreclose on apartment house alleged overdue. Forester in Dade county appraised Page Quacking duck warned neighbors during robbery. Page 12 Poll tax receipts issued yesterday taled Page School board refused to rescind ruling school districts. Page Matilda died. MISCELLANY Amusements. Crossword Comics.

23. October 6, 1931 The Atlanta Journal Atlanta, GA

Article from The Atlanta Journal, October 6, 1931

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Wool Market Firm Despite Slow Trade Wire Journal making inquiries in the market, but because the inactivity in the cloth markets they are not taking any wool than for current business. Resistance further recessions in prices on domestic wools appears fairly firm despite slow buying. Large wool houses are not pushing sales some have refused low bids on offerings. of domestic wools here for the ended October amounted 487 900 pounds with 375,90 in the previous week. Fine territory combing clean French was quoted 60-62, Tuesday combing 54-57 half blood 36-57 and quar ter blood Ohio fleeces basis at 25-26 grease were quoted blood half blood 24-25, 23-24 and quarter blood 21-22 Miami Bank Dividend Oct. Spurway, receiver for the City tional Bank in Miami, announces divident Tuesday that a 20 per cent Thursday will be paid to The bank, which failed to listed open doors December 1930, posits of approximately $4,500,000 = its last statement. STOCK MARKET OPINIONS wave of the spent THEODORE PRINCE with standard has are this What more stocks in right nose. incentive under offerings while current now plentiful, there may and it may be necessary to reach for stocks

24. July 17, 1932 The Miami Herald Miami, FL

Article from The Miami Herald, July 17, 1932

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Receiver of City National Bank In Miami Files Action In Court suit to enforce collection of closed City Bank in Miami stock was filed against 16 holders the stock United States District court yesterday. The was brought by Spurway, receiver of the bank, through Charles Fierce, attorney. defendants are Reeder, city First street, holder shares, par value $250; Coulton Skinner, 404 Viscaya avenue, Coral Gables, 12½ shares, John Skinner, Alhambra Circle, Coral Gables, shares, Melvin Kenney, 3624 Collins avenue, Miami Beach, 7½ shares, Broughton Lott, Twelfth avenue, shares, $156.25; Davenport, 1043 Thirteenth avenue, two Mettie James Sixth shares, Clark street, Miami Beach, two shares, Pace, shares, Paul street, five shares, Arthur Louis and Louise Betting Walters, 337 Miami Beach, 8200; Eighth terrace, shares, Grover street, shares, Judgments in of the per from March the made