1.
March 8, 1927
The Daily Alaska Empire
Juneau, AK
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FLORIDA BANKS FAIL TO OPEN WEST PALM BEACH. Fla., March 8. The First Bank and Trust Com. pany of Palm Beach and the North wood Bank and Trust Company of West Palm Beach, closed their doors this morning when the First American Bank and Trust Company failed to open. Runs began on three other banks here. The police were called to control the mobs which gathered in front of the institutions. The First American Bank and Trust Company announced it was solvent and will reopen after reor ganization.
2.
March 8, 1927
The Sheboygan Press
Sheboygan, WI
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Frenzied Run On Three Palm Beach Banks Is Started
United Press]
Three West Palm Beach, the Palm Beach leading banks closed their doors today district one of the most frenand started in the history of Florida zied runs finance. found streets jammed seeking to with depositors withdrawing their money banks of the city. from remaining Runs on the Farmers bank and bank of West Palm the Citizens Beach were such that an armored dispatched from Miami bearing cash for panicky deposisooner had the First AmeriBank Trust company posted notice that business was for the protection of positors two other institutions Northwood Bank and Trust company West Palm Beach and First Bank and Trust of Palm Beach. company
3.
March 8, 1927
The Evening Sun
Baltimore, MD
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HIT STARTS CASE BANKS AGAINST SINCLAIR
Prosecutor In Twenty Minutes Finishes Opening Statement To Jury.
CLIENTS CROWD STREETS GIVES HISTORY OF LEASES
Blame Laid Upon Unsettled Oil Man Accused Of Contempt Conditions In That Part For Refusal To Answer
Of Florida.
West Palm Beach, Fla., March the Palm Beach their doors today started the runs the history Florida finance. Midday found positors their money by withdrawing from remaining banks the city. Armored Car Brings Cash. Runs Farmers Bank and Citizens Beach from Miami bearing cash for panicky depositors. No had the First American Bank and Trust Company posted notice that business suspended for the protection of depositors other stitutions closed-the Trust Company, West Palm Beach, and the First Bank and Trust of Palm Heavy Withdrawals Recently. Heavy all three during the months and unsettled affairs of the State were given reasons the closing.
Senate Questions.
[By the United Washington, March Government today opened its fight to send jail Harry Sinclair. multi-millionoperator. on charges contempt the Senate. With opening dress United States District Attorney Peyton Gordon disposed of his outline to the jury of Sinclair's refusal to anSenate committee dur the oil investigation of 1923-24 sketched the creation of Tea Dome oil reserve, giving briefly the history the off situation lending Sinclair's to fur Senate committee the informa desired. he had right refuse, but the Government the committee had authority force him and that his contempt. will show Gordon defendant the committee: that he appeared and that he testified and fused answer questions which pertinent the Reads Unanswered Questions. the authority committee the investigation Gordon read the jury the ten questions he refused before the The four not read thrown out recently Justice Hoeh the defense. George the Interior Department, the witness, produced executive orders of President September 1912, and December 13. 1912, and similar order President Wilson dated April 30, 1915. To time, Martin Littleton. Sinclair's chief counsel all wanted the could be produced without placing in the box.
Set Aside Oil Lands. The Taft orders withdrew lands and from public entry. what Tenpot Dome naval reserve. Stephen Quigley, custodian uments the Department, produced order President Harding, dated April 1921. ferring the administration the Navy the Interior partment. The lease of the
[Continued On Page 2, Column
4.
March 8, 1927
The Columbus Telegram
Columbus, NE
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PALM BEACH BANKS CLOSED
Failures Frenzied Precipitate Run Other Florida Banks on
West Palm Beach, Fla., Mar. Three leading banks of Palm Beach district closed their doors today and started one of the most frenzied runs in the history of Florida finance. Midday found streets jammed with depositors, seeking to save their money by withdrawing from remaining banks of the city. Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was dispatched from Miami, bearing cash for panicky depositors No sooner had the First American Bank and Trust company posted notices that business was suspended for the protection of depositors than two other institutions closed-the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company of Palm Beach.
5.
March 8, 1927
The Times-News
Twin Falls, ID
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THREE FLORIDA BANKS CLOSE
WEST PALM BEACH. Fla., March 8-Three leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finance.
Midday found streets jammed with depositors seeking to save their money by withdrawing from remaining banks of the city. Runs on the Farmers' Bank and the Citizens' Bank of West Palm Beach were such that an armored car was dispatched from Miami bearing each for panicky depositors. No sooner had the First American Bank and Trust company posted notice that business was suspended for the protection of depositors than two other institutions closed-the Northwood Bank and Trust company of West Palm Beach and the First Bank & Trust company of Palm Beach. Heavy withdrawals on all three banks during the past eight or ten months and upsettled condition of affairs in this part of the state, were given as reason for the closings.
6.
March 8, 1927
Fort Worth Star-Telegram
Fort Worth, TX
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3 PALM BEACH BANKS FAIL, 3 RUNS BEGIN
By Press. WEST PALM BEACH. Fla. March First Bank and Trust Company of Palm Beach and the Northwood Bank and Trust Company of West Palm Beach closed their doors Tuesday when the First American Bank and Trust Company here failed to open Tuesday morning. Runs three other West Palm Police took charge of the crowds that gathered in front of the institutions and maintained order. Officials of the Citizens Bank announced that an armored car had left Miami for West Palm Beach bearing large sum of currency for the Citizens Bank and the Farmers Bank and Trust Company One May Reopen. Directors of First American Bank and Trust Company stated that bank is solvent and would be opened after reorganization. The directors stated that they have more than a legal reserve on hand. First American was capitalized $300,000 and statement issued Tuesday morning showed Loans and discounts. $3. 416,503.52 cash in vault. in $1,140,000; deposits. The First American Bank's officers said it had to be closed because of general conditions following the fail ure of three Palm Beach banks last June, the hurricanes, the continued depression in real estate, the upheaval in the city affairs, the failure of the First Bank and Trust Company a few weeks ago in Lake Worth and conlarge withdrawals by depositors in the past $10,500,000 Withdrawn. More than $10,500,000 has been from the bank from peak of $13,500,000 deposits a few months ago, directors The First Bank and Trust Company of Palm Beach capitalized at $50,000 and has $100,000 as surplus and undivided profits. No reason was announced for the closing. but it is believed that the bank closed in order to forestall run. The Northwood Bank, which serves part of West Palm Beach. is believed to have closed for the reason. of the reorganized First Bank and Trust Company of Lake Worth few weeks ago had apparent inspired depositors here to draw their accounts in large sums.
7.
March 8, 1927
The Sedalia Democrat
Sedalia, MO
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CURRENCY
Three At West Palm Shut Doors Heavy Withdrawals
Associated Press. WEST PALM BEACH, Mar. Citizens Bank and The Farmers Bank and Trust survived prolonged runs today observed their usual o'clock closing hour custom, following the closing of three other banks
PALM BEACH, Mar. armored car bearing in currency arrived shortly after noon today from Miami prevent closing of banks following the closing of three other banks today. Heavy withdrawals deposits the two continued in the bank officials expressed belief that the impendhad been averted the relief from Miami.
WEST PALM BEACH, March First Bank and Trust Company Palm Beach and the Northwood Bank and Trust Company of West Palm Beach clostheir doors today when the First American Bank and Trust Company here failed this morning. open Runs began two other Palm Beach banks. Police took charge of the crowds that gathered in front of the instituand maintained order. Directors of First American Bank and Trust Company stated that bank would opened after The directors stated that they have than legal reserve on hand. The First American Bank's said had to closed general conditions following failure of three Palm Beach banks last June, the hurricanes, the continued in real estate, the upheaval the city affairs, failure of the First Bank and Trust Company weeks ago in Lake Worth continued withdrawby depositors in the past weeks. It capitalized at First Bank and Trust pany of Beach capitalized $50,000. No reason was announced the closing but is believed that the bank closed in order to forestall The Northwood Bank, which the northeastern part of West Palm Beach, believed to have closed the same reason.
8.
March 8, 1927
The Lawton Constitution
Lawton, OK
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PALM BEACH Pardon And Parole Board Is Sought BANKS CLOSE; PARLEY BEGINS ON Low Grades Cause BILL IS PREPARED RUN STARTED NAVAL REDUCTION
Panicky Depositors Rush Banks Seeking to Withdraw Money.
WEST PALM BEACH. Fla., Mar. 8.-Three leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finances. Midday found the streets jammed with depositors seeking to save their money by withdrawing it from remaining banks of the cty. Runs on the Farmers bank and the Citizens bank of West Palm Beach were such that an armored car was dispatched from Miami, bearing cash for panicky depositors. No sooner had the First American bank and trust company posted notice that business was suspended for the protection of the depositors than two oher institutions closed-the Northwood Bank and Trust company of West Palm Beach and the First Bank and Trust company of Palm Beach.
9.
March 8, 1927
The Valdosta Daily Times
Valdosta, GA
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CROWDS MENACING REMAINING BANKS
West Palm Beach Bank Passes Through Exciting Financial Period During Tuesday
West Palm Beach, Fla., Mar. 8. (AP) -An armored car bearing $2,000,000 in currency, arrived here shortly after noon from Miami to prevent the closing of two local banks, following the closing of 3 other banks here today. Heavy withdraw. al of deposits in the three banks open continued into the early afternoon, and long lines of anxious persons prolonged the runs, although belief was expressed by bank officials that the impending closings had been averted by the speedy relief from West Palm Beach, Fla., Mar. 8 (AP) -The First Bank and Trust Company. of Palm Beach, and the Northwood Bank and Trust Company closed their doors this morning, followIng the failure of the First Amerito can Bank and Trust Company open this morning There Are Many Reasons. Reasons for closing the First American Bank was given by the officers as a general condition following the failure of three Palm Beach banks last June, the hurricanes, the continued depression in real estate. the failure of the First Bank & Trust Company few weeks ago in Lake Worth and the continned large withdrawal by depositors in the past few weeks More than $10,500,000 has been withdrawn from the bank from a peak of $13,500,000 deposits a few months ago. directors said. To Forestall Run. The First Bank & Trust Company of Palm Beach is capitalized at $50, 000 and gives $100.000 as surplus and undivided profits. No reason was given for the closing but it is believed that the bank closed in order to forestall a run this morning. The closing of the local institutions follows closely upon the closfug of the re-organized First Bank & Trust Company of Lake Worth, a few weeks ago. The two other large banks in the city are expecting determined runs with crowds filling the streets before the institutions Police are in charge of the crowds. which are orderly.
10.
March 8, 1927
The World-News
Roanoke, VA
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BANKS AT PALM BEACH WEST TO OPEN FAIL
First American Bank Says More Than $10,000,000 Withdrawn in Few Months.
West Palm Beach, March First Bank and Trust Company Palm Northwood Trust the failFirst open this morning. The was capitalized and statement issued this resources follows: Loans and vaults $58,255.35. Cash banks Deposits for the First Americlosing Bank as the of three Palm Beach June, the the continued in real estate, the upheaval affairs, the failure the First Trust Company, few weeks ago Lakeworth the by depositors in the past few been withdrawn bank of few months ago, directors Directors the First American Bank and Trust Company today stated that solvent would opened reorganization. they more hand. for the protecof officers Bank and Trust Company Palm 000 and surplus profits. No was given for the but was believed bank closed in order to forestall Northwood Bank. which serves city to have closed for the same ren-
The closing of the local institutions upon the reorganibed First Bank and Trust Company Lakeworth, few weeks which inspired depositors withdraw their accounts here in large The other large banks in the crowds streets institutions. crowds are orOfficials the Citizens Bank announced armored route Miami for West Palm Beach bearing amount currency for both Citizens Bank the Farmers Band and Trust Company.
GARBAGE SACKS. Buy paper sacks with the lifted out when full, leaving clean
11.
March 8, 1927
Redlands Daily Facts
Redlands, CA
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TO RATIFY OLD TREATY
THREE BANKS FLORIDA CLOSED
Started On Others As Status of Bessarabia Run May Result Of Palm Beach Lead to New Trouble Closing In Balkans
GENEVA, March Balkan breeding ground of war today displaced China and western Europe in the minds of League of Nations council members as potentially the most uneasy spot in the world Trouble seemed in prospect there over the future status of Bassar abia. Senator Scialoja, representative of Premier Mussolini at the council meeting, announced today that Italy had decided to ratify the 1920 treaty of Paris in which Roumania formally was recognized as having sovereignty over Bessarabia, fer tile area 18,000 square miles which had been part of the heritage of the czars of Russia. Bessarabia has constituted one Europe's most grave war since the treaty of Paris was signed, October 1920. Britain and France already have ratified the but its formal ness awaited Italian Soviet Russia has refused recognize the justice of such vision of former Czarist territory.
WEST PALM BEACH, Three leading banks of the Palm Beaches closed their doors this morning and started one of the most frenzied runs in the history of Florida finance. Mid-day found streets jammed with deseeking to save their positors money by from remaining banks of the Runs on the Bank and the Citizens Bank West Palm Beach each were such that an armored car was dispatched from Miami bearing cash for panicky depositors. No sooner had the First American Bank and Trust Company posted notice that business was suspended for the protection of depositors than two other institutions Bank and Trust Company of West Palm Beach and the Bank and Trust Company of Palm Beach. Heavy withdrawals on all three banks during past eight or ten months and unsettled condition of affairs in this part of the state were given as reasons for the closings. Long queues of worried depositors wited during the early afternoon to withdraw their savings from banks remaining open. Police kept the lines moving. As result of the closing of the First Bank and Trust Company, Palm Beach was left today without chartered bank. E. M. Brelsford, Palm Beach, capitalist and south Florida pioneer, was president of the First American Bank, which was the first to announce it had closed. Brelsford was also an officer of the First Bank and Trust Company.
12.
March 9, 1927
Evening Star
Washington, DC
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CLOSING OF BANKS AROUSES CONCERN "Man in Street" Regards West Palm Beach Suspensions With Apprehension. By the Associated Press. WEST PALM BEACH, Fla., March 9.-Ready money, an incident heretofore in this resort for the wealthy, was of prime concern today. The man in the street regarded apprehensively an abrupt suspension of three banks. Millionaire Winter visitors, attracted momentarily from their sports and tea dances, paused to offer financial assistance to two banks that had the burden of keeping the dollar in circulation. Citizens' Bank and the Farmers' Bank & Trust Co.-"as solid as Gibraltar," officials said-awaited additional funds from Jacksonville ,with which to augment a special consignment of $2,000,000 that yesterday enabled them to meet withdrawals and remain open until 2 o'clock, the regular closing time. Closed Banks Await Inspection. The three closed banks, with capital aggregating $500,000, awaited inspections by State bank examiners. The First American Bank & Trust Co. and the First Bank & Trust Co. of Palm Beach failed to open yesterday. The Northwood Bank & Trust Co. suspended business "in the interest of depositors" an hour after opening. Offers of assistance were made by several prominent tourists, some of whom had pressed through long lines of anxious clients bent on withdrawing accounts, to make comparatively large deposits. Volunteer to Assist. T. T. Reese, president of the Farmers' Bank, said that among those who were ley, volunteered Lexington, support Ky.; E. T. E. Stotesbury, R. BradPhiladelphia; S. Davies Warfield, Baltimore; John S. Phipps, Pittsburgh; A. J. Drexel-Biddle, Philadelphia; Thomas A. Clarke, Brooklyn, and F. C. Butler, Chicago. Mr. Reese, attributing the failures to several causes, said there was no real emergency. Last June the Palm Beach Bank & Trust Co. closed its doors after the Bankers' Trust Co. of Atlanta, Ga., failed. The Atlanta company had sponsored a chain of 83 banks, several of which were. in Florida. The Commercial Bank and Trust Co. and the Palm Beach National Bank, members of the chain, also closed. Two months later a hurricane
13.
March 9, 1927
News-Press
Fort Myers, FL
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PALM BEACH BANKS CLOSE By The Associated Press) WEST PALM BEACH Mar The First Bank and Trust company of Palm Beach and the Northwood Bank and Trust company closed their doors this morning following the failure of the First American Bank and Trust company to open
14.
March 9, 1927
The Boston Daily Globe
Boston, MA
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THREE BANKS CLOSE DOORS IN FLORIDA
Two Other Institutions Weather "Runs"
WEST PALM BEACH. Fla, March 8 (A. P.)-Two West Palm Beach banks closed their doors and two other institutions survived prolonged runs here today. The First American Bank and Trust Company, capitalized at $300,000. and the First Bank and Trust Company of Palm Beach, capitalized at $50,000 failed to open, while the Northwood Bank and Trust Company suspended an hour after opening. The situation created excitement and runs were made on the Citizens' Bank and the Farmers' Bank and Trust Company. An armored motor car from Miami, with $2,000,000 in currency, alleviated situation Both banks hour. operated until the usual closing 'Our financial condition is as solid as Gibraltar, Pres T.T. Reese of the Farmers' Bank This statement of stability was reiterated B. Maxfield, president of the Citizens' Bank.
15.
March 9, 1927
The Independent-Record
Helena, MT
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IN SURVIVE HOT
JACKSON
ARMORED CAR BRINGS GREAT HEADQUARTERS ARE TO BE SUM TO BROUGHT BACK HERE GETTING NERVOUS. FROM BOISE
West Palm Beach, March Citizens bank and the Farmers Bank and Trust company, survived prolenged runs today and observed their usual o'clock closing hour custom, following the closing of three other banks. An armored car bearing $2,000,000 in arrived here today from Miami to prevent the closing of these two local banks following the closing of three other banks today. Heavy withdrawals of deposits in the banks continued until the early afternoon. The First Bank and Trust company of Palm Beach and the Northwood Bank and Trust company of West Palm Beach closed their doors when the first American Bank and Trust company failed to open, this morning.
Police Called. Police took charge of the crowds that gathered in front of the institutions, the Citizens Bank and the Farmers Bank and Trust company. The First was capitalized at $200,000 and statement this morning showed: cash in vault $58,255.35; cash in other banks liabilities bills pay. able deposits $2,982,787.67. The First American Bank's officers said it had to be closed because of general following the failure of three Beach banks last June, the hurricanes, the continued depression in estate, the heaval in the city affairs, the failure of the First Bank and Trust company few weeks in Lake Worth, and by depositors in the past few weeks. than $10,500,000 has been from the bank from peak of $13,500,000 deposits few ago, directors said. The First Bank and Trust comPalm Beach capitalized pany at $50,000 has $100,000 surplus and undivided profits. No reason was announced for the closing but believed that the bank closed order to forestall run. The Northwood bank, which serves the northern part of West Palm Beach, believed to have closed for the same reason. Closing of the re-organized First Bank and Trust company of Lake Worth few weeks age had apparently inspired depositors here withdraw their accounts in large
Washington, March 8.-(P)-Carl Jackson was appointed today as prohibition administrator for Montana, Idaho and Wyoming. Headquarters of the district will be transferred from Boise, Ida., to Helena. Jackson is now assistant prohibition administrator at Denver. He formerly was divisional chief in charge of general prohibition agents. His home is in Wyoming.
Cheyenne, March 8.-(P)-Lon C. Davis, deputy prohibition administrator in charge of Wyoming forcement, has been acting as administrator for the entire district for the past two months.
Boise, March 8.-(P)-A. C. Davis, acting federal prohibition enforcement administrator of Wyoming, Montana and Idaho, announced today he had been notified by Gen. Lincoln C. Andrews that the district offices are to be moved from Boise to Helena. In response to the notification Mr. Davis wired that the office could be moved by April 15, but he asked that the time be extended to May 15.
16.
May 24, 1927
Johnson City Staff-News
Johnson City, TN
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WEST PALM May remaining closed for two months the result of heavy last the First American Bank and Trust Company has announced will for business Cornish, will head the new institution in place of Brelsford, became chairman the beard The First American Bank has creased its capital $500,000 will carry surplus of $100,000. announced. The bank after period during which officials worked stantly untie thetangle in which involved in March. All and doubtful paper has been charged off. claimed. Ernest Amos. comptroller of rency for Florida has wired ulations the new officers the bank. Lynn H. Dinkins. president of the Trust and Banking and M. president Marine Bank and Trust both New Orleans, were added to the rectorate the new president of the First American.
17.
May 25, 1927
The Birmingham Post
Birmingham, AL
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BANK WILL RE-OPEN
West Palm Beach Institution To Resume Business.
By United Press Leased Wire WEST PALM BEACH, Fla. May 25.-After remaining closed for two months as the result of heavy runs last March, the First American Bank and Trust company has announced it will reopen for business here today. Ed Cornish, of Little Rock, Ark. will head the new Institution in the place of E. M. Brelsford, who becomes chairman of the board. The First American bank has increased its capital to $500.000 and will carry surplus of $100,000. it was announced.
18.
May 25, 1927
The San Diego Sun
San Diego, CA
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Bank is Reopened With New Capital
By United Press WEST PALM BEACH, Fla. May 25.-The First American Bank & Trust Co., closed after heavy runs last March, reopened Its doors for business here today.
The bank increased Its capital to $500,000 and will carry a surplus of $100,000. it was announced. Three new directors were added.
19.
June 1, 1927
The Palm Beach Post
West Palm Beach, FL
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FIRST AMERICAN HERE ADDS GRATIFICATION
Twenty-five Banks Closed In State Are Reopened In Last Nine Months
BANK OPENS May thority has been granted the People's Bank, St. Cloud to reopen was announced today the state banking department. The bank pended operations sometime ago.
By the Associated Press May by the state banking the rapid succession of bank reopenings taking Reopening of the Bank of Orange Trust and the American Bank and of West Palm the latest of the institutions announce resumption of business satisfaction here by the department officials. The was declared. has due largely operative efforts extended among banking department officials and heads the institutions, and excellent prevailing among the public Particularly the latter, such progress could not be accomplished, was stated. Since banks had have reopened. according to revised list compiled by banking department heads. Two other institutions and later closed Following list of the reopened banks of the state, their location. and the date their repoening: Citizens Bank of Bushnell, Bushnell, Feb. 1927 Delray Bank and Bank and St. Oct. Bank County Sept. 14. Bank Dade City, Dade City, Palatka Bank and Trust company, Palatka, Bank GroveDec. Bank of Umatilla, Umatilla, 1926: First State Bank Clermont, ClerSept 28, 1926 Citizens Bank Eustis, Oct. 1926: Bank Mount Dora, Mount Dora, Sept. 1926: Bank of Aug. 24, 1926 Bank of OakOct. Bank of Live Oak. Live Oak, Sept. Bank Sept. 13, 1926 Lake Butler, Dec. Bank of Monticello, 14, 1926: Polk County Trust Lakeland. 28, State Bank. Lake 1926: East Florida Stuart Bank and Trust company. Stuart, Oct. 1926: People's Bank Sept 1926: Palmetto State Bank. Palmetto, May 19. 1927: Bank Orange and Trust company. Orlando, May 23. 1927, and First American Bank and Trust company. West Palm Beach, May