f9150c08Accommodated withdrawals, Full suspension, Books examined
Other: Paid out large cash to depositors in days before closing; State deputy examiner placed in charge after closing.
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Another Florida Bank Closes Doors Stuart, Fla., March Seminole bank failed to open this morning, notice the door that recent heavy beginning the failure the Farmers Bank in West Palm precipitated the closing. There had been no The was capitalized at profits of $32,000 and deposits of 287,124.39.
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FLA. BANK CLOSES By STUART. Fla., March 18.-The Seminole Bank here failed to open this notice on the door stating that heavy recently, beginning after the failure of the Farmers in West Palm Beach, precipitated the closing There had been no concerted The bank was capitalized at $50,000 with a surplus of $25,000 undivided prof. its of $32,000 and deposits of $1,287,-
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PALM BEACH RUNS SHUT STUART BANK Withdrawals Following Closing of Farmers' Bank Hasten Action-Miami Realty Corporation Bankrupt Tallahassee, Fla., March 18-(AP) Financial difficulties by banking institutions of West Palm Beach the primary cause of the closing today of the Seminole bank at state banking department bank officials announced today. The was capitalized at $50,000. notice posted on the door said that recent heavy withdrawals beginning after the failure of the Farmers' bank in West Palm Beach, precipitated the closing. There had been no run. The bank's deposits were given as $1,287 -Listing liabilities of and assets of $35,595.99. the J. C. H. Realty corporation of Miami filed. voluntary petition in bankruptcy in federal court here today. The petition was filed in the name of O. Johnson, chairman of the board of directors. Decision to the bankruptcy petition was reached stockl meeting at Miami the 4th, the petition stated.
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ANOTHER FLORIDA BANK FORCED TO CLOSE DOORS (By The Associated Press. Tallahasse, Fla., March Phone 1392 Financial difficulties experienced by banking institutions of West Palm Beach responsible for the closing today of the Seminole Bank at Stuart, State Banking Department officials announced. The bank was capitalized at $50,000 A notice posted on the door said that recent heavy withdrawals beginning after the failure the Farmers' Bank in West Palm Beach precipitated the closing. There had been no concerted run. The bank's deposits were given as Withdraws Appeal for Garage. Coal Samuel H. Robinson, 1401 VanBuren street, at the meeting of the Zoning Board Thursday afternoon in the Public Building. withdrew his appeal to erect private garage at the rear and along the side lines at the northwest corner of Gilpin avenue and Van Buren street. Two other cases were held over.
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ANOTHER BANK CLOSED West Palm Beach Financial Trouble Reflected Another Town Tallahasse, Fla., March 18.-Financial difficulties experienced by banking institutions of West Palm Beach resulted primarily the closing today the Seminole Bank Stuart, State Department announced. The bank capitalized $50,000. notice posted door said that recent heavy beginning after the failure of the Farmers Bank in West Palm Beach, precipitated the closing. There had been no concerted run. The bank's deposits were given as $1,287,124.39.
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CLOSED WEST PALM BEACH, Fla., Mar. Seminole Bank, of Stuart, failed to open for business today. notice posted on the door this morning said failure to open steady drain of withdrawals during past several weeks There been no concentrated run National Bank functioning in Stuart now, but no runs made on today according to reports here. The Seminole Bank was capitaliz$50,000 with surplus 000 undivided profits $32,000. Deposits totaled $1,287, The by the colored populace West Palm Beach on the Federal Postal Savings Bank has ended with about 500 accounts totaling approximately $30,000 withdrown. negroes are re-opening their accounts, which they closed when they heard rumors that the Federal Government would not be responsible for their money.
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NEW YORK CURB THE ASSOCIATED PRESS.] March Following bond transactions Maytag WHEAT PRICES DROP TO SEASON'S LOWEST Trans Day Extensive Selling On Part of Holders Attributed To DeShoe cline In Market Quotations. [BY THE ASSOCIATED PRESS.) CHICAGO, March -Extensive selling the part of holders wheat and corn down today to prices yet season Superb crop conditions for domestic winter wheat were largely STANDARD rallied after but wheat about break from last top figures. Wheat irregular at decline to %c with corn oats %c and from 15c drop to provisions varying a rise of 10c. Setback in began almost as soon as the open tion quickly centered on the continued character of crop advices at hand. Especially messages from the southwest telling of prospects nearly perfect with about 10 per cent increase of that ther just for whent growth, that moisture was that there no of winter killing For the part rallies in wheat came as the trading day's an end Previous sellers who in position collect profits came the side of the pointed out that Liverpool quotation showed steadiness big from south of the temperatures in Canada, together with nearly bushel price decline here week, also tended to make market more Talk current at the last that in north western Kansas much thin wheat has been Corn was affected by conProducts Products tinued slowness of shipping call from East. Oats responded to the accorn word that seedof oats is under way in central Some buying provisions resulted from signs that nturns of hog would shut off supplies. Wheat High Close 1.28% MINING 14.15 HUNDREDS VISIT Razor FLORIDA TRAINS Exposition Specials Greeted By DOMESTIC Throng In Atlanta. ATLANTA, Ga., March 18 Hundreds of persons here yesterday passed through two the three Florida exposition special trains which recently began tour of the North and East to show to the ments in virtually all lines of enThe headed by Mayor A1of Jacksonvil welcomed Mayor Ragsdale and the and after the the entertained lunch the City club and the cham of commerce Throughout the day and late coaches of the exposition on while the police band and hundreds of school children added their note of welcome to the saries of Georgia's sister state The trains left here for points North bearing show the true state of and economic conditions in In of Mayor sop show the world she is bigger and than SEMINOLE BANK AT STUART FAILS TO OPEN March The Bank here failed to open notice on the door that recent heavy with the the Far Bank West Palm cipitated the There had run. The bank been capitalized with surplus undivided profits and deposits of FLORIDA VEGETABLE MARKET IS STEADY March Conditions and FOREIGN DAILY COTTON TABLE Bohem Port Middling Receipts Russian movement Middling XR Actual
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BANK IS CLOSED Seminole at Stuart, Fla., Is Latest to Crash STU ART. Fla., March 18. (AP) Bank failed the that heavy with the failure Farmers Bank in West Palm the Beach. precipitated the closing. There concerted bank was at $50. undi000 vided profits $32,000 and depesits could not be reached this by bank officials posted included that the closing was partly caused by showed assets. loans deposits of $1,089,513 against Palm Beach Blamed difficulties experiby banking institutions of Palm Beach primarily the Seminole Bank closing state banking department The bank
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STUART, FLA,, BANK FAILS TO OPEN DOORS The Seminole Bank here failed open this morning notice the door stating that recent he failure of the Farmers Bank in Art Exhibit
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BANK IN STUART. FLA., IS FORCED TO CLOSE Stuart. Fla., March Seminole Bank. here, failed to open Friday morning. notice on the door stating that recent heavy with drawals. beginning with the failure of the Farmers Bank in West Palm Beach, precipitated the closing. There had been no cencerted run The bank was capitalized at $50.000. with a surplus of $25,000 and undivided profits of $32.000. The notice posted by bank officials included comment that the closing was partly caused. by frozen assets. The last statement showed loans of $1,089,513 against deposits of $1,259,198.
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To the People of Stuart and Martin Co.: The closing of the Seminole Bank last Friday was a matter of keenest regret to its officers. We stood by and used every means at our command to meet the situation and in the last five days we paid out in the neighborhood of $360,000 in CASH to our depositors who asked for their money. This was a phenomenal feat for a million dollar bank and we are justly proud of it; if the expected help had come to us, we would have been able to pay off all local individual depositors and still be open but we were disappointed at the last moment. One week before the closing of the Seminole Bank, we were in splendid condition. This is attested by the fact that A. J. Higdon, assistant cashier, who was familiar with all details of the bank's affairs, bought a share of Seminole Bank stock seven days before we closed and paid $185 for it. The run on the Seminole Bank was apparently precipitated by the closing of the Farmers Bank & Trust Company of West Palm Beach. The fact that one of the officers of Farmers Bank & Trust Company was also a director of the Seminole Bank was taken by many persons to indicate that our bank was weakened by the West Palm Beach closing. Nothing could be further from the fact as the banks were entirely independent of each other. Last summer when the Stuart Bank & Trust Company failed, it was the Farmers Bank & Trust Company of West Palm Beach that came to our assistance with plenty of cash. This time we did not have the support of the Farmers Bank & Trust Company. As one of the original organizers and also the first president and now chairman of the board of directors of the Seminole Bank, I want to express my appreciation of the loyalty of the depositors who stayed with us to the last. I have no ill will against the individuals and firms who withdrew their deposits because I appreciate fully the situation and the panicky state of the public mind those last five days. The Seminole Bank made an earnest effort to finance the legitimate business needs of every local business, industry including county, city and district affairs. How well we succeeded was fully proven by the steady growth of the bank since its founding and by the splendid way in which we rode out the financial storm that hit Florida last summer. As we have now closed, we trust that you will believe and keep in mind that we spared no effort to assist in the upbuilding of Martin County. Every officer of the Seminole Bank comes out of the crash with practically no cash. I had $135 in my pocket when we closed and I opened a personal checking account this week with the Stuart Bank & Trust Company. I hope that the public will support the Stuart Bank & Trust Company. The Seminole Bank was instrumental in helping that bank to reopen last fall and we want it to stay open and retain public confidence. What the Seminole Bank will do in the future rests entirely in the hands of the public. If you still have confidence in us and want us to reorganize and open the doors, we will bend every effort to that end. For the time being, until an audit is completed, the affairs of the Seminole Bank are in the hands of John M. Duryee, deputy examiner for the State Banking Department. If you owe us a note your prompt payment of same to him at this time will greatly help. JOHN E. TAYLOR