Citizens Bank & Trust Company (Tampa, FL)

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TEN FLORIDA BANKS CLOSE THEIR DOORS; FRUIT FLY BLAMED Depositors : Will Receive Payment in Full, Directors of Closed Houses Say Tampa, Fla.,* July 17.-(P)-The Citizens Bank and Trust company, a state institution. and nine subsidiary banking institutions failed to open their doors today. Besides the Citizens bank, four of the depositories were in Tampa. Notices posted at the Citizens bank by a state bank examiner said the institution was in his hands. The branches affected were the bank of Ybor City on which a run was made Monday; the Lafayette bank; Citizens Nebraska Avenue bank; Franklin bank and the bank of Plant City: Bradenton Bank and Trust company: First Bank and Trust company. of Sarasota; First State Bank of Fotr Meade, and the Bank of Pasco county at Dade City. The board of directors of the Citizens Bank and Trust, at a meeting early today issued a statement explaining conditions as due to "unwise gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which was responsible for s feeling of unrest and fear developed on the part of the people." The directors predicted all depositors would be paid in full and that the depositories would so out of business. Among the larger banks were the Citisens Bank and Trust with paid in capital of $1,000,000 and deposits in excess of $3,000,000 and the bank of Yhor City, paid in capital $200,000 and deposits of $2,679,237.00.

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DOZEN FLORIDA BANKS CLOSE UP FOLLOWING RUNS Fruit Fly Disaster Is Blamed For Financial Collapse. TALLAHASSEE, Fla., July 17. (U.P)--Twelve banks with deposits totaling approximately $4,000,000 failed to open for business in South Florida today after runs on the institutions yesterday. Announcement of the closing was made by the state comptroller here. The announcement said the runs which caused the closings were started "entirely without reason." Nine of the banks were branches of the Citizens Bank and Trust Co., of Tampa, which also closed. TAMPA, Fla., July 17. (U.P)-The Citizens Bank and Trust Co., of Tampa and its nine branches failed to open for business today. The bank had a capital of $1,000,000 and deposits of more than $3,000,000. Four of the branches were located in Tampa and the remaining at Plant City, Bradenton, Sarasota, Foft Meade and Dade City. The Citizens Bank and Trust Co., was a state institution. The bank's board of directors is sued a statement today attributing the closing partly to "unwise gossip" and partly to popular unrest resulting from the presence of the Mediterranean fruit fly in Florida.

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Is Fruit Fly Caused

Bank and Trust company, Citizens' TAMPa. July institutions, to subsidiary banking state institution, and nine their doors today. open in Tampa. Notices of the depositories were Besides the Citizens, four said the institubank examiner Citizens' bank by state posted nt the was in his hands. affected were: The TO ROME? The Bank of Ybor City on which was made bank: Citizens' The Franklin braska Avenue the Bank of Flant City: Bradentown Bank and Trust company. First Bank and Trust company State bank of Fort Meade and Bank of Pasco coun-: Dade City. Jackson, state examiner, has been here since Monday checkup conditions. ing directors of the The board Citizens Bank and Trust, meetissued statement today conditions due to and continued adverse gossip following the appearance conditions Mediterranean which was the feeling of unrest responsible for on the part of and fear developed the people.'

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TWELVE FLORIDA BANKS CLOSE DOORS

Large Tampa Institution Newest To Fail; $6,500,000 Deposits

Tallahassee, Fla., July 17.-(INS)Twelve banks with forty million dollars in deposits failed to open in South Florida today, according to State Comptroller Ernest Amos. Amos also declared that many other banks had withstood heavy runs Tuesday. The failures, according to the comptroller, are not due to business conditions, but to "undue and uncalled for alarm.' The banks which failed to open today, according to Amos, are as follows: Citizens Bank and Trust Company of Tampa, parent of others, including the Citizens Nebraska Avenue Bank, Tampa, the Franklin Bank, Tampa, the Lafayette Bank, Tampa, the Bank of Ybor City, the First State Bank at Port Tampa, the Bank of Mulberry, the Bank of Pasco County at Dade City, the Bank of Plant City, the First State Bank at Fort Meade, the First Trust Company at Sarasota, and the Bradenton Bank and Trust Company. Run On Ybor Bank. The others are: the Bank of Pasco County at Dade City, the First Bank Trust Company of Sarasota, the First State Bank of Fort Meade, the Bradenton Bank and Trust Company,

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WRECKS NERVOUS SYSTEM HELPING HUBBY ON DIET New York, July she wrecked (her nervous system trying to help her 232 pound husband, Donald L. Samuels, stock exchange member, to reduce, Mrs. Charlotte Samuels, who weighs 120, wants divorce. She applied in the supreme court today for week temporary alimony and got

She states in her petition Samuels cheated on his diet.

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TWELVE FLORIDA BANKS CLOSE DOORS

Large Tampa Institution Newest To Fail; $6,500,000 Deposits

Tallahassee, Fla., July 17.-(INS)Twelve banks with forty million dollars in deposits failed to open in South Florida today, according to State Comptroller Ernest Amos. Amos also declared that many other banks had withstood heavy runs Tuesday.

The failures, according to the comptroller, are not due to business conditions, but to "undue and uncalled for alarm.' The banks which failed to open today, according to Amos, are as follows: Citizens Bank and Trust Company of Tampa, parent of others, including the Citizens Nebraska Avenue Bank, Tampa, the Franklin Bank, Tampa, the Lafayette Bank, Tampa, the Bank of Ybor City, the First State Bank at Port Tampa, the Bank of Mulberry, Fla., the Bank of Pasco County at Dade City, the Bank of Plant City, the First State Bank at Fort Meade, the First Trust Company at Sarasota, and the Bradenton Bank and Trust Company. Run On Ybor Bank. The others are: the Bank of Pasco County at Dade City, the First Bank and Trust Company of Sarasota, the First State Bank of Fort Meade, the Bradenton Bank and Trust Company,

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FLORIDA BANKS AFTER "RUN"

Citizens Bank of Tampa and Nine Subsidiary Institutions Taken Over by Examiner.

GOSSIP BLAMED FOR THE CRASH

Feeling of Unrest Following Appearance of Fruit Fly Responsible for Closing.

By The Associated Press. Tallahassee, Fla., July State Bank Department late today reported the failure of the Citizens Bank of Frost Proof, in Polk counbring to 23 the number of financial institutions to close their doors Florida in the past two weeks. The Frost Proof Bank had capital stock of $35,000; deposits of $311,and assets of

By The Associated Press. Tampa, Fla., July 17.-Fourteen state banks in Southwest Florida closed their doors today, bringing to 22 the number of financial institutions to fail within the state within the past two weeks. Capital and surplus of the stitutions that closed today, according to figures released by the state banking department, totaled $3,595,000, deposits aggregated $22,263,961.47 and assets $29,211,075.22. Deposits of the eight banks which failed during the two weeks prior today were estimated at bringing the total deposits tied bank failures to date to Money Arrives. A consignment of $1,000,000 from the Federal Reserve Bank at Atlanta to the First National Bank of Tampa arrived here shortly noon plane from Jacksonville. Meanwhile other banks in the city reported numbers of small depositors withdrawing their funds, but officials said there was plenty of cash on hand. Creed Taylor, deputy governor of the Federal Reserve Bank of Atlanta, who in the city, backed up statements of the bank officials, declaring that the institutions could have the money needed to meet the situation. Directors of the Citizens Bank later issued statement saying that reorganization plans for that institution under way.

Tampa, Fla., July Citizens Bank and Trust Company, state institution, nine subsidiary banking institutions failed to open their doors today. Besides the Citizens Bank four the depositories were in Tampa. Notice posted at the Citizens Bank by state bank examiner said the institution in his hands. The branches were: the Bank Ybor City on which run was made the Lafayette Bank; Citizens Monday; Nebraska Avenue Bank; Franklin Bank and the Bank of Plant City; Bradenton Bank and Trust Company; First Bank and Trust Company, First State Bank of Fort Sarasota; Meade, and the Bank of Pasco County Dade

Gossip Blamed. Jackson, state examiner, has been here since Monday checking up conditions. The board of directors of the Citiand at meeting zens Bank early today issued statement conditions as due to "unwise plaining gossip and continued adverse conditions following the appearance of the Mediterranean fruit fly which sponsible for feeling of unrest and fear on the part of the people." that all deThe directors predicted positors would be paid in full and that the depositories would go out of business.

Bank Capital. Paid in capital of the Citizens Bank Trust $1,000,000, according and was to the published statement of the of June 29 last. Deposits bank as in excess of $3,000,000. were given as cashier; Bize, John Bize is of the board, and Aney chairman president. Bank and Trust, assets Citizens John Bize. $18,412,064.89; cashier, Avenue, assets Citizens Nebraska cashier, $645,802.03; cashLafayette, assets McCord. ier, Franklin, assets ier, W. Jackson. Ybor City, assets cashier, Crowder. Total,

The United States supplies onethe world trade in chemifourth of cals.

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SAYS MR. AMOS TO BLAME FOR CRASH OF BANKS the history of the state, but look on darkened hour that comes just Property values still Florida. are While no market. the soil, the same sunshine peowill take with vigor that skies cleared in the financial circles the state. too much propa ganda, much and

Reserve much Bank Atlanta night should the ordinary channels

Tampa, July million dollars currency or route here from the Federal funds bolster rapidly increasing confi- of trade. The people dence the banking flurry caused like brought down the temple the closing the Wednesday and they the Citizens Bank and Trust Com- alize this they will change their alliliated banks and titude. two "With these bank failures Flor. million arrived by ex- ida still has money million banks our sister by and three As instance of unprecedented million their on $750,000 taken out the Citizens Bank Tampa one day BUTTERMILK DEATH Bank of Deland had $700,000 funds and PROBE IS STARTED the Daytona Beach had secured $500,000 funds, circumThe health sufficient carried them through the the four members family Houston "There had run the bank county after City for day drinking buttermilk from tin majority the banks that bucket. closed Tampa were The drunk last Friday filiated Citizens Bank and Odessa Hamilton, and Paul- Tampa closing made Sunday Hamil- necessary that account as prethe father his old cautionary year son, Erceal. died night. "Confiscation of fruit made it Mrs. and an infant were possible for growers to meet the only members the family obligations

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Twelve Banks In Southern Florida Fail Deposits of $4,000,000 in Institutions on Which Runs Are Nine Made: Are Branches of One Concern. TALAHASSEE, Fla., July 17. (U.P.) -Twelve banks with deposits totaling approximately $4,000,000, failed to open for business in south Florida today after runs on the institutions yesterday. Announcement of the closing was made by the State Comptroller here. The announcement said the runs which caused the closings were started "entirely without reason." Nine of the banks were branches of the Citizens Bank & Trust Co., of Tampa, which also closed. Four of the branches were located in Tampa and the remaining at Plant City, Bradenton, Sarosota. Fort Meade and Dade City. The Citizens Bank & Trust Co. was a state institution. The bank's board of directors issued a statement today attributing the closing partly to "unwise gossip" and partly to popular unrest resulting from the presence of the Mediterranean fruit fly in Florida.

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FLORIDA HAS 23

BANK FAILURES

IN TWO WEEKS

Usual Summer Depression and Fruit Fly Blamed for Crashes.

By United Press ATLANTA, Ga., July 18.-Bank failures in two southern states dur- ing recent weeks had reached a to- tal of twenty-eight today.

The closing Wednesday of fifteen institutions in southern Florida fol- lowed the failure of five banks in Birmingham, Ala., during the past mnoth. Two of the Alabama banks subsequently reopened.

The usual summer financial de- pression, accentuated by the effect of the Mediterranean fruit fly and quarantine was blamed by bank offi- cials for the failure of twenty-three Florida banks within the past two weeks.

Officials of the Citizens Bank and Trust Company of Tampa, whose ten branch houses were among the banks closing Wednesday announced its depositors would be paid in full, and indicated its subsidiaries would go out of business.

The First National Bank of Tampa, where most of the failures sulted, Wednesday received $1,000,- 000 by airplane from Atlanta, sent by the federal reserve bank here. Officials of other solvent Tampa banks said plenty of funds are on hand to meet all requirements and no further runs are expected. Ernest Amos, stote controller, was

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BANKING CRISIS OVER, BELIEF, AS SENDS HELP

Five Millions Sent Tampa and St. Petersburg Institutions

(Continued from Page financial institutions which closed today, according figures at the banking department, was $3,630,000; deposits $22,575,728.97 and Names of the defunct institutions, which the hands state bank department today, Citizens Bank and Trust company, Tampa. *Franklin bank, Tampa. Lafayette bank, Tampa. American State Tampa. *Citizens Nebraska Avenue bank, Tampa. *Bank of Ybor City, Ybor City. *Bank Plant City, Plant City. *Bradenton Bank and Trust Bradenton. *First Bank and Trust company Sarasota. *First State bank, Fort Meade. *Bank Citizens bank of Frostproof. bank Tort City. Bank Mulberry. Mulberry. Ellenton State bank, Ellenton. with Citizens Eight other banks have failed the past weeks, bringthe number of failures within time board directors of the CitiBank Trust company of Tampa today issued written stateexplaining that the present situation due to "unwise gossip continued adverse fol"lowing the appearance of the Mediterranean fruit fly. was sponsible for feeling unrest and fear developed on the part of the Directors of the Citizens bank predicted that all depositors would be full and indicated that its subsidiaries would go out of busibolster up public confidence, $1,000,000 cash was brought here airplane today from Atlanta and delivered the First National bank Tampa, member the Federal Reserve. Meanwhile, officials of other solbanks Tampa, where withdrawals by few depositors reported, issued statements plenty of been obtained demands. Creed governor the Federal Rebank Atlanta, arrived today, also declared that local bankers could all the money need with which meet the from Washington stated the shipment of from Tampa said by FedReserve officials to have been authorization by the for the establishment of two depots one in each million dollars would quick use by the member officials of the Bank Sarasota, the Ringling Trust and First Trust company. the three solinstitutions there, said of the First and Trust "company that city no effect their banks. The three under usual business today, they said. Ringling circus fame, the board the Bank Sarasota and the Ringling Trust Savings bank. officials has the entire fortune the late Charles Ringling. brother.

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AS NEW MONEY ENDS RUNS

Citizens Bank to Have Receiver In Few Days

Appointment of receiver to take over Citizens Bank and Trust company, which unexpectedclosed its doors yesterday, expected to be announced within few days by the state comptroller, and settlement of the bank with its depositors must await the completion of the receivership. Depositors, anxious about the time when they may expect to obtain some of their funds from the their first information today from Capt. R. Gray, assistant the comptroller, who in Tampa in charge of the auditing begun the bank yesterday corps of bonded auditors. Captain Gray requested through The Times that the people be patient until this audit of the bank's assets task which may several time of scope.

Receiver To Pay Off.

When assets are determined, receivership perfected, positors be paid off the will permit. Those having safety boxes the Citizens Bank and however, will given them within the coming week. The safety boxes being checked by examiners today termine belonging the funds which be stored their boxes. Citizens bank and the nine affiliated banks section the state which closed with selected by the state comptroller, and his pointment circuit judge. solvency of the institution, and the necessity for the appointment receiver.

Branches May Reopen.

Captain Gray declined to make the the and Trust but stated that his sible them reopen after the present situation clearAuditing crews sent out day under four which located Tampa. having accounts banks which closed will learn amount their deposits which final determined, according the examiners. Officials CitiBank and Trust company the however, may paid in full the final settlement made. Plans the Citizens and Trust the board Tuesday night, probably will compleexamination by the state authorities. Hampton, attorney for bank, stated public might the making for reorganization.

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OF CRIME AS FLURRY ENDS

Police Guard Against Underworld Uprising.

Fear that an epidemic of robberies would break out with the underworld element aware that thousands people withdrew deposits from the First National and Exchange National banks yesterday following the closing of the Citizens Bank and Trust company proved groundless, check by the police department this morning revealed. There were two breaking enterings last night and only instance was anything stolen and then only $10. The robbery occurred the Secafe, street. the thief removing screen from window the $10 from the cash register. The instance attempted robbery Nebraska avenue grocery store. insure against any such sibility beries, Chief Police James McCants the ber officers duty last night double strength today. The double duty means four hours extra for three reliefs shifts The duty fect noon crowdthe banks and the streets the vicinity.

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Quiet is Restored Strength Proved

The arrival of more than five million dollars in cash at the First National and Exchange banks in Tampa last night and yesterday, coupled with hard rain this morning, served to put definite stop the run started excited depositors on these institutions yesterday following the closing of the Citizens Bank and Trust company. When the national banks opened for today, huge piles currency sent the fedreserve banks of Atlanta Jacksonville were stacked the tellers' cages, and the sight of the currency stopped many depositors contemplated taking out their deposits soon possible. Run Over.

Police details were on hand both the First National bank and the Exchange National bank the opening hour today, and immediately formed the in line. At the First National bank, customers funds usual tellers' gathered savings today this institution were very light. perhaps 200 people the after by and the lobby of the bank occupied friends the called their success halting which began yesterday. bank in Ybor officials had foreseen the it, today supplied with more enough take demands made depositors. The run this bank was not considered seri-

Patrons Read Good News.

Patrons of the First National lobby building today either given insight into the strength the bank when they read telegrams posted bulletin board offers financial assistance, neded. bank, First National bank Chicago, the the United States: the Chemical and Trust the Irving Trust company, New York:

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Effort to Remove "Liquidator" Tests Florida Bank Law of the constitutionality of Florida's new banking law, growing out of the appointment of C. L. Knight, stockholder, as "liquidator" of the Citizens Ban't and Trust Company, of Tampa, a step nearer an end Thursday with the service on Mr. Knight warranto writ ordering him to show his right to hold his position. The was issued at the state capital Wednesday the Florida Supreme Court, based on information filed through Fred H. Davis, attorney general, by two Tampa attorneys representing certain depositors of the closed bank Mr. Knight was not prevented from carrying out his duties pending decision the merits of the case, but should his appointment be found invalid his actions might be questioned. according to the local lawyers. The Supreme Court was not in session, but Chief Justice Terrell called four members together, according to the counsel, and they directed issuance of the writ. returnable September 2. No evidence or argument was they said Mr. Knight explained that he was not party the action: that it was not his battle, as he took the job after vinced that he could the public. Liquidation under receiver would cost approximately $500,000 he pointed out, while his salary was about $6,000 year. other tests of the law were under consideration by depositors of other defunct banks, it was learned.

FEDERAL LAND BANK BONDS NEW YORK, Aug. 1929.) Bid. Asked. Land Bank Nov Land Bank May Band Nov Land Bank Jan Bank July Bank May 42 Jan 55 Jan Bank Land Bank Jan Bank tered its previous best price & fraction weak spot was Ford Motor of Canada "A" Gleaner Combined Harvester.

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A SERIES OF RUNS BROUGHT FLORIDA BANKS TO THE WALL

After Twenty-One Months of Continued Losses, the Fruit Fly Scare Finally Forced the Financial Crash in the State.

(By The Stor's Own Service.) IAMI, FLA., Sept. 14.-Florida banks, beginning with M the waning of the boom in 1926, consistently lost $100,000 an hour every banking business hour for twenty-one consecutive months, and gave up in actual cash 400 million dollars in the last four years. July 17. fifteen of these institutions broke under the strain and turned over their affairs to the state comptroller, Ernest Amos. Combined capitalization of the fifteen suspended banks was $3,630,000, deposits of more than 22½ million dollars, and assets of nearly 30 million The Citizens Bank and Trust Company of Tampa, parent for ten smaller banks in West Florida, surrendered to its depositors % million dollars in one day. It was one of the severest bank runs in Florida's

Lose $800,000 in Week. The State Bank of Orlando and Trust Company, which closed August 5. gave up million dollars out of total of 416 million in deposits in ninety days, $800,000 of which was withdrawn in the last week of its existence. The closing of this bank, one of Florida's outstanding financial institutions, followed consistent withdrawals of large accounts and was not precipitated by general run. It simply failed to open for business on Monday The Volusia County Bank of Deland. home of John B. Stetson university, fifteen miles west of Daytona Beach, and city with normal population of 15,000 to 20,000, obtained $700,000 in new funds early in the summer with which to carry on its operations, records at the comptroller's office further show. Under ordinary conditions. the amount would have been entirely adequate to support the institution through any reasonable amount of depression in the off-season. However. this reserve soon was wiped out and the bank closed its doors along wtih fourteen others in the mad rush July 17. Federal Reserve Aids. The complete breakdown of the entire financial structure of the state was perhaps only averted by the prompt measures taken by the Federal Reserve Board of Atlanta in forwarding 5 million dollars to Florida to bolster up cash positions of its member banks, and the establshment by the general board of two mil- lion dollar depositories in the state for use in case of emergency. For every effect there must be cause and should be of interest to go back and trace some of the causes which combined to break down the confidence of the people and create in their minds the idea that all banks were unsafe, resulting in widespread capitulations. It is human nature to become panicky when personal savings are endangered. The run on a Brooklyn bank August 15, caused by carbuncle on the neck of its president, is evidence of that idiosyncrasy. Reports prevailed the president had died from the effects of the boil and that a run on his bank followed his death. The rumor of run started a real run, and even the presence of the "dead" president at the head of the withdrawal line could not subdue the excitement. More than million dollars in cash was hurriedly withdrawn. Postal Savings Run. In 1926 report was spread about "dark town" in West Palm Beach, Fla., that the postal savings division of the United States government was going to fail. A wild run was started in the postoffice. Washington postal savings officials assured them the entire financial structure of the government was behind its postal savings but this had no effect upon them. In time the run played out. About the same time. reports were current from all parts of the state of severe bank runs, followed by numerous suspensions. Newspapers in many instances declined to publish any information regarding failures elsewhere in the state for fear of alarming their own citizenry. and for the added protection of their local institutions Nevertheless, the news was transported. one way or another, and the panic proved to be highly contagious. In almost every instance bank failures came in clusters, on the swell of a wave of unrest and broken faith which repeatedly swept the state. Came lull: business men met together and proclaimed prosperity and "good times just ahead. Fruit Fly Brings Depression. Then came the Mediterranean fruit fly, new and unheralded experience. As soon as the quarantine was announced and the lid clamped down, this enthusiasm turned into pessimism; prosperity, at least psychologically. became depression. The cycle had made another revolution and on July 17 a new wave of panic, of far

INDIANS SLAY A MEXICAN EXPLORING AN ANCIENT TEMPLE.

Seeking Hidden Gold in the Ruins of old Native Building. Party Is Attacked in the Night. greater force and proportions than DIE IN A TREASURE HUNT before, swept the state. Quiet withdrawals of large accounts were rumored Central and South Florida, and those withdrawals fed the flames of distrust into excited runs. Likewise, the failure of one bank was the signal for additional runs, and before these flames could be quenched, Florida had experienced oen of the worst financial scares in the nation's history. These suspensions, Amos says, were caused by combination of developBy JACK STARR-HUNT. ments, chief of which was the feeling (City of Mezico Correspondent of The Star.) of distrust and panic resulting from continued business depression, and THE CITY OF MEXICO, Sept 14.-A climaxed by the appearance of the tale of a treasure hunt in an ancient fruit fly. Among the contributing temple in Oaxaca that ended tragicfactors, in addition to the fly and ally is related in El Universal, Mexico general unrest, the comptroller points City newspaper. out, are hang-over real estate loans by banks from the boom period, and Four City of Mexico men, Jesus 'propaganda, probably originated by Rodriguez, Damaso Lopez, Humberto selfish interests and circulated for Diaz and Manuel Franco, after gainseveral weeks, about the banking sit- ing from the government, uation in South Florida.' searched for legendary wealth supVictim of Complex. posed hidden in the Tepescolula temple in the village with the same name That Florida has been the victim in the state of Oaxaca. of 'psychological complex" is adThe natives were hostile to them mitted by more than one responsible from the first, refusing to sell the official, and on which virtually all treasure hunters as much as & loaf the blame for the extensive bank failof bread. One night & band of Inures laid. A statement issued by the board of directors of the Citizens dians attacked their camp, killing Bank at Tampa. its % mil- Senor Franco and wounding his sislion dollar run and suspension of op- ter, who was with the party. eration said: The treasure. if any, is still conThe present situation is due to un- cealed in the ancient temple. wise and continued adverse conditions gossip following the appearance MORE ACCIDENTS IN KANSAS. the Mediterranean fruit which was responsible for feeling unrest and Labor Commission Announces Comfear developed on the part of the peoparative Figures. ple. At Tallahassee, the comptroller TOPEKA BUREAU placed most of the blame on the THE KANSAS CITY STAR people for lack of confidence in their (By Member The Staff.) own institutions, adding that, "SamTOPEKA, Sept. 14.-There were 1,488 son-like, they have brought down the industrial accidents in Kansas in Autemples upon themselves.' gust, 52 more than in July, according If Florida being shaken down to to the monthly bulletin today of G. solid foundation, as its senior UnitClay Baker. chairman of the commised States senator, Duncan Fletcher, sion on labor and industry. Every observes the situation, the rock bot employer in the state is required to tom must have been reached. and report regularly the accidents in inwill be found when the present dustrial institutions which cause any financial chaos is cleared. injury to workers. There were 1,441 And if, as every circumstance tends accidents which resulted in tempoto prove, that Florida's misfortunes rary total disability, 39 in permanent are purely mythical. public confidence total or part disability. and 8 remust be rebuilt on the foundation sulted fatally Of such accidents 159 that has survived.

In the Class of '68 at M. U. Own COLUMBIA, Mo., Sept. 14.-The oldest University of Missouri alumnus to accept an invitation to attend the institution's annual homecoming here October 26 is G. M. Horne of St Louis. Graduated from the university in 1868, Mr. Horne is now 87 years old. He formerly lived at Arrow Rock and served with General Sterling Price during the Civil War. A Stock Show at Newtown, Mo. The Star's Own County Stock Show here next Thursday. Friday and Saturday will bring together great agricultural exhibit from Sullivan, Putnam and Mercer counties. were sustained by minors, 157 resulting in temporary total disability. in permanent partial disability, and in death. There was an increase of 52 in the total number of accidents throughout Kansas over the month of July, with corresponding increase of 56 of those accidents resulting temporary total disability, an increase of over last month in permanent part disability, but decrease of five in the accidents resulting fatally. Of the accidents to minors there was an increase of 14 in the total number reported, which is an increase of 12 over last month in those classed as temporary total disabilities, also an increase of 2 in the permanent partial disabilities There was fatality listed among the accidents to minors in each month.

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REPLIES TO CRITICS ON BANK FAILURES

Says His Fitness Passed Upon by People

Ernest Amos, state comptroller, hit back yesterday his critics in long letter to S. C. McConnell, the committee of the Citizens Depositors association, which had called for his resignation in formal resolution. The question of his fitness, Amos said, had been passed upon "by the people in this state, God bless 'em, who gave me the largest vote of confidence ever given any man running for office in the history the state.' There was no general answer to the raft of questions put up to Amos and made public at the first meeting of depositors here. He took the position that attack on him was political and declared he. as head of the state banking department, was not responsible for bank loans and investments, which happened to turn up worthless. The text of the Amos letter follows: The communications with numerous questions about the closed state banks in Tampa are acknowledged. It was not deemed of sufficient urgency to cause me to lay aside other work to reply sooner, especially the situation would not be changed by my answers. While the main object of the head men in this movement manifestly to build up political organization of state-wide proportions possible, of the avowed purpose of doing me harm politically the disappointed ambition of one man, wishing to be liquidator with an axe to grind, imagine the rank and file of the depositors are really only interested in about four things, viz: of the failures. for same. they may hope for out of them. they may expect it. By way of introduction let me say, those who pay attention to such matters know that banks are places where the money of people in communities is placed to be drawn out on demand. Depositors know that banks do not keep the money so deposited locked up in their vaults to handed back when called for, but that is loaned out invested, as they are permitted by law to do. Causes of Failures

So when bank, state or national takes deposit from one person and lends it to another, it is not an unlawful transaction. It should also be borne mind that deposits are usually withdrawable on demand while loans are generally made for given period time and are not callable before maturity. which also legal. It is also fact that the comptroller is not consulted on loans investments of state banks and has no responsibility whatever with the making thereof Therefore, having no knowledge of any loan investment when made surely in all fairness should not blamed for the outcome With these matters clearly in mind let's consider the causes of the failFirst. the seed of most of this trouble was sown in 1925 when everybody was thought to be rich and enjoyed good lines of credit, real estate boom was in full swing and as result great deal of money accumulated in the banks of this state until on Dec. 31 of that year the deposits in state banks alone were $501,553,on June 30. 1929. state bank deposits had shrunk to $147,396,808.01. net decline of showing tremendous amount of liquidation must have taken place. The drop in the Citizens Bank & Trust company during that period being $20,000,000. the figures themselves much of the story. Since 1925 Florida has suffered from deflation, business depression, real estate stagnation, hurricanes, floods, bank failures, state and national, high taxes, and last but not least, the fruit fly aggravation with whispering propaganda in many quarters. Further legislative charter granted the Citizens bank years ago allowed to own other bank stock which did, causing their downfall when the parent institution went un-

Slow Collections Blamed It is generally conceded that if depositor of bank appeared at its windows at the same moment demanding payment scarcely none could stand up. It is equally true that if depositors' demands are faster than bank can liquidate its assets and its borrowing ability limited. it will be forced to suspend. In the cases at hand all of the features were contributing causes for the failure repeat. called for their money faster than the banks could realize on the assets, for violent runs occurred at several of the institutions there closing, bleeding them white and preventing orderly liquidation. Again let me emphasize and repeat that the greatest factor in bank suspensions usually is the failure of its debtors to take of their obligations. If everybody owing bank would pay up on demand seldom if ever would there be a bank failure. Second. Responsibility. Banks are managed by officers and boards of directors make and are responsible for the character of the loans and investments They are required by law to be substantial stockholders which proceeds upon the theory that they will look after depositors' interests since their own money is first at stake, capital structure takes first place in charging out losses. While officers and directors, or a committee of them, directly responsible for all loans and investments made it should be noted that during the last four years it has been almost humanly impossible under prevailing conditions to properly appraise values or peoples' ability to pay. Who has not suffered losses in one way or another during that period? "He that is without fault among you les him cast stone." Many loans thought to be gilt-edge when made have turned out to be slow. Doubtful if not worthless altogether. There are many ways to defeat the payment of obligations in this state that it has made collections very uncertain, until it would indeed be miraculous if no losses occurred. Since the outcome of the liquidation depends altogether on how well the people who owe pay up, little constructive work may be put in to good advantage by helping to bring it about. Now, if these fellows have such a mighty interest in the welfare of depositors, they will "come clean" and pay up now, which will not only set shining example others similarly situated but will help the cause in a substantial manner. There are others on your committee in the same boat. Liquidation Prolonged

My experience and observation is that it takes years under fair normal conditions to liquidate the average bank or under adverse such as exist now it would be prolonged. So that all the moral suasion that can be brought to bear on those who owe the banks to pay will be truly helpful. Can we count on you for assistance in that direction? An orderly liquidation of these banks will yield great deal more and much sooner for depositors than lot of publicity and agitation. Your organization can build up fine sense of moral obligation to pay the banks what is due them on which so much depends, by agitation and pronounced publicity break it down if not destroy it altogether and delay payment long, long time. No matter who is liquidator or who is comptroller conditions will not be changed.

Records Open

The records have been thrown open to state, county and federal authorities, who have the power to bring to account those who may have been guilty of shortcomings and every assistance will be rendered those clothed with authority to investigate the records The same fair and impartial treatment will be accorded each and every depositor. whether his deposit be one penny or thousands of dollars, and whether he belongs to or has contributed to your campaign fund will make no difference: square deal for all will be the watchword. Though personally unacquainted with Mr. Knight before his appointment learned from reliable that he was no newcomer to those parts but has been resident of Tampa for many years, business man of ability, honesty, and high purpose. In fact, he appeared to be the outstanding man recommended for appointment liquidator for the Citizens bank. He has received for the assets and liabilities of the bank, item by item. He is under heavy surety bond to give proper accounting He cannot settle any claim for less than par without my approval confirmed by circuit judge. His collections are paid into the state treasury and paid out only on proper bills by comptroller's warrant on the treasury. He has difficult task and his hands should be upheld. And now in conclusion, as to my fitness to hold this office, let me say that question has been passed on several times in the forum set up for that purpose The last time the very issues of which you are complaining were upon by the people of this state, God bless 'em. who gave me the largest vote of confidence ever given any running for office in the history of the state.

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22, charged with being one of seven men who held up the "welcome home" SECOND SUIT dinner to Magistrate Albert H. Vitale in the Bronx two months ago. IS FILED FOR for 79 years BANK RECEIVER

Out-of-State Depositor Enters Case

(Continued from Page 1) every document bearing on the Citizens bank from June 30, 1925, up to the present moment. The calling of Amos surprise move on the part of Judge James F. Glen and Judge William M. Gober, counsel for Sutton, and they want to dig out from his documents facts which they assert will have a direct bearing on the litigation and which they believe will support their claim for a federal receivership. It was said yesterday that Glen and Gober would interpose no serious objection to delay of one week, although they were unwilling to agree to delay prior to the actual presentation of the matter to Judge Akerman. Knight yesterday was formally summoned to appear. A summons similar to that served on Amos at Tallahassee Monday night also was served on Davis, but it was admitted generally that the lawyers for the receiver were more intent upon having Amos here and look at his books. is demand for his appearance which cannot be igShip Your nored.

Books Would Be Transferred

If the court should decide to embrace the Citizens bank in the receivership now in force with respect to its subsidiaries, all the books and reports in the hands of Amos would have to be turned over to the man acting under federal authroity. The same true of reports soon to be made by special auditors now at work on the books of the bank by direction of the department of justice at Washington.

None of the lawyers on either side was willing yesterday to discuss any phase of the proceeding. But it did not surprise lawyers not engaged in the case when they heard that depositor, living out of the state, had brought suit against the bank in the same way that bondholder, living out of the state, had brought suit months ago for appointment of federal receiver for the bond company, the bank's subsidiary. Meanwhile, as plans were under way for the court battle, Knight, the liquidator, went about his work, his temper unruffled by charges that he was incompetent serve solely because of his former association with the bank as director. He conferred with his attorneys about the proceedings before Judge Akermen and he conferred with them about bringing other suits against directors and stockholders for failure to meet his written demand that they come forward with an assessment in amount to the stock they actually held in the bank. In statement some weeks ago he pointed out that funds diverted from the bank for payment of preferred claims were by order of the circuit court. He said it was none his doing; he simply had to comply with the court's orders. Amos' Ouste. Asked

Amos, at Tallahassee, preparing to answer the Tampa saw by the papers yesterday morning that 300 telegrams had been laid on Governor Carlton's desk, sent and paid for by depositors of closed banks here asking that the governor call a special session of the legislature to oust him as head of the state's banking department. The depositors' association has called on Knight to resign on the ground that Mrs. Morales, New York depositor, and Sutton, the receiver of the subsidiaries, asked for it.

There was much comment yesterday to the effect that if the bank should be put in the hands of federal recelver there would be little demand for a depositors' association, but officers of that organization this with the statement that they would carry and keep on calling for a special session of the legislature. Davis and Amos left Tallahassee yesterday for Tampa, to be on hand in court this morning.

C. L. Knight as liquidator thereof, and others, are defendants, in which John B. Sutton has been appointed as receiver of certain property which your oratrix is advised and believes is actually the property of the said Citizens Bank & Trust company. Adopts Sutton's Report 3. That your oratrix adopts in full a report of the said John B. Sutton as receiver, filed in the said cause on the 7th day of February, 1930, and hereby incorporated in this bill of complaint all and singular the allegations of the said report as fully as if the same were herein set forth in haec verba: and your oratrix alleges in addition thereto the following other matters, vis.: That upon the filing of the said report this honorable court issued rule directed to the said C. Knight as liquidator of the said bank, to show cause why the receivership theretofore constituted in the said cause should not be extended to ambrace the affairs and assets of the Citizens Bank & Trust company; and your oratrix alleges that she is depositor of the Citizens Bank & Trust company, having had on deposit in the savings department at the time the said bank closed its doors, the sum of $5600, which is still on deposit in the savings department of the said bank and she has received no part thereof.

Holds Knight Incompetent

5. That C. L. Knight as liquidator "They had been here only a few of the said bank, as your oratrix is hours before went with them to the advised and believes, is wholly in- bank, introduced them to C. L. Knight, competent to administer the affairs the liquidator, and they went immeof the said bank for the reason, to work diately among others, that he was director cannot understand the attitude of the said bank prior to and at the of Mr. McCullough in such an time of its failure, as well as stock- statement. Mr. Hughes, holder therein, and that it has become the United States district attorney; necessary to the liability of Judge William M. Gober, former disstockholders to the full extent of their trict attorney, and John B. Sutton, stock in said bank, and it will also receiver for the Mortgage & become to the Bond company and Citizens Securiliability of the directors of the said ties company, have full knowledge of what did toward bringing the fedbank for and mismanageeral auditors here to investigate the ment thereof in order to create bank's affairs. fund for the payment of your oratrix should be definitely underand other depositors stood that my investigation is secret, 6. That the said C. L. Knight as the same as grand jury investigation, liquidator has been in charge of the and that my object is to determine if assets and affairs of the said bank the banking laws have been violated, for period of approximately seven and by whom, and then prosecute months, during which no dividend those responsible. My duties extend has been declared to deposino further than that." tors, and the amount they are likely to receive, if any, to the information and belief of your oratrix, Liquidator Asks Court will be trifling, and your oratrix is To Permit Compromises further and believes that the assets of the bank are being grossly mismanaged by C. L. Knight C. L. Knight, as liquidator, filed as liquidator thereof in that he is petitions in circuit court yesterday for allowing and paying out moneys on authority to compromise claims of the account of alleged preferred claims Citizens Bank & Trust which should not be paid out, and against the First Bank & Trust comthat since the bank closed and he pany of Sarasota, the Adams-Kentook charge of the affairs thereof, he nedy company and W. A. Adams, F. has delivered and turned over since B. Hull and J. A. Keith. The petitions the bank closed and he took charge were taken before Judge Harrison at of the affairs thereof, he has deBradenton. livered and over many securities held by the said bank to persons and corporations who were not entitled thereto. 7. That your oratrix is informed and believes that the extensions of the receivership heretofore constituted in the cause mentioned, so as to include and embrace the assets and affairs of the said bank, will result in the thereof, including your oratrix, receiving a greater dividend on account of their deposits and will result in fair administration of the bank's assets. 8. That the present administration is being so conducted as to conceal and cover up the bank's condition and the transactions that have taken place in connection therewith. and assets, as your oratrix is advised and believes, are being rapidly dissipated, to the prejudice of depositors and creditors of the bank. To the end, therefore, that the said defendants Citizens Bank & Trust company, corporation under the laws of the state of Florida, and C. L. Knight as liquidator thereof, may if they can show cause why your oratrix should not have the relief herein and hereby prayed, and that they may, but not under oath, answer under oath of the said defendants being hereby waived. according to the best and utmost of their several and respective knowledge, remembrance, information and belief. full, true, direct and perfect answer make to all and singular the allegations of this bill of complaint as fully as if the same were herein set forth as interrogatories and the said defendants specially interrogated in regard thereof. And in view of the promises may it please the court to order, adjudge and decree that a receiver appointed to take charge of all assets and affairs of the said Citizens Bank & Trust company and that the present receivership be extended SO as to embrace the same in the interest of all depositors and creditors of the sald bank. May it further please the court to grant unto your oratrix writ of subpoena, to be directed to the defendants Citizens Bank & Trust company, a corporation under the laws of the state of Florida, C. L. Knight as liquidator thereof, commanding them upon day certain and under a certain penalty therein to be prescribed, to be and appear before this honorable court, then and there to answer all and singular the premises and to stand to, abide and perform such orders and decrees therein as the court shall make in the premises. May it further please the court to grant unto your oratrix such other and further relief in the premises as the nature of the case may require and as unto the court shall seem meet and proper and agreeable to equity and good conscience. (Signed) FRANK T. PHILLIPS. (Signed) RICHARD D. MORALES. Solicitors for complaint.

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Memminger, Coronet Phosphate President, Dies Citizens Receiver Suit Hearing Set Memminger. president the Coronet Phosphate company and For September 25 prominent development

Florida. died last night summer home in Asheville,

Funeral services will be held Asheville tomorrow morning 10:30 o'clock Trinity Episcopal church. interment in Riverside Mr. Memminger had been in health several months and turned recently from trip abroad. taken hope that would improve his native pioneer in the phosphate dustry and founded town Coronet mines plant there. In years he spent most his time in New York Asheville. Word of Mr. Memminger's death received Willis rector Andrew's Episcowho formerly Memminger's Asheville and friend of the family. Mr. Memminger survived by his formerly Miss Mary King Charleston. and daughter, Christine Memminger.

FORT LAUDERDALE Aug depositors of the closed Citizens Bank Trust company, Tampa, against Comptroller Ernest and Treasurer W. Knott. heard here Sept. according order signed today Circuit Judge George Tedder. The depositors ask for the appointreceiver equity complete liquidation assets closed bank, that liquidation date has "indifferently, wastefully collusively, fraudulently and wantonly The suit John Newsom, liquidator, The state officials have pleaded lack the while protested that charge had been made him his by receiver of the court equity. Judge Tedder left immediately after signing convention the American Bar association.

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with its condition," Walker took collateral totaling $9000 to the Citizens Bank & Trust company in Tampa where, by endorsing the Avon Park bank notes, he got $5000 as a loan for the Avon Park State bank. The bill alleges Walker then cashed an Avon Park State bank draft for this total amount, which, according to the bill. was "for the purpose of saving from loss and preferring said Lake Byrd Citrus Packing company. The Avon Park bank failed to open the next day. It also alleged in the bill that Walker took up the note from the Citizens bank receiver about Sept. 15, had the remaining collateral, totaling $7498, assigned to him, and that he is negotiating to collect sell the collateral to the "irreparable injury and damage" of the depositors and creditors of the defunct bank.

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DIVIDEND OFFER MADE IN TAMPA BANK CASE

TAMPA. Dec. 10.-(P)-An offer to settle pending litigation proceedings before Circuit Judge Tedder for receivership the defunct Citizens Bank and Trust company on the basis of two dividends of per cent each within 90 days was made today by J. T. Watson. counsel for complainants, in letter to Ernest Amos, state comptroller, made public here. As basis of settlement Watson also asked for 90-day option $750,000 the Citizens building. in the belief that it could be turned over high class bankers who would operate here. Payment of per cent dividend was made this week. Watson proposed immediate payment of another for the same amount, with third dividend in 60 or 90 days. Sale of the building. he told Amos, would provide for still another dividend of 10 per cent.