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BANK CLOSES, WEST PALM BEACH (By Associated Press) WEST PALM BEACH, Fla., June 28-The Palm Beach Bank and Trust company closed shortly before noon today following heavy run precipitated by the failure of the Commercial Bank and Trust company open its doors this morning.
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PALM BEACH BANK CLOSES DOORS TODAY ST. PETERSBURG INSTITU. TIONS IS FORCED OUT OF BUSINESS BY HEAVY RUN MADE (By Associated Press) WEST PALM BEACH, June 28. The Palm Beach Bank and Trust Company closed its doors shortly before noon today following a heavy withdrawal of funds precipitated by the failure of the Commercial Bank Trust Company to open for business this morning.
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RUN CAUSES FLORIDA BANK CLOSE DOORS TO (By Associated Press) WEST PALM BEACH, Fla., June Beach bank and Palm closed its doors Trust company shortly before noon today following withdrawal of funds preheavy by the failure of the Com cipitated mercial Bank and Trust company open for business this morning. ASKS DECREE Mrs. Josephine Burnett, Ben ton Harbor, today sued Arthur B.ir. nett for divorce in the circuit court charging cruelty and non-support. They married in October, 1924 and have one child. Mrs. Burnett by Attorney John represented Sterling. dance June Eagles Gents 75c, ladies Adv. 29. 6-28t1. Under New Management. Savoy Restaurant. Cor. 6th and Terr., Wall paper, paint. Try 35c merly Red Cross Drug Co. Adv. Adv. and 45c meals.
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ON BANK CAUSES DOORS TO CLOSE "Borrowed Religion" from the Associated WEST PALM BEACH, June quotation of the Ten Virgins. Palm Beach Bank and closed its doors say that when the car Trust Company shortly before following around and tipped heavy withdrawal of funds crawled cipitated by the failure of the mercial Bank and Trust Company around for business this morning. that
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Florida Banks Close After a Heavy Run West Palm Beach, Fla., June Palm Beach Bank and Trust Company closed its doors short before noon today following heavy withdrawal of funds precipitated by the failure of the Commerc/al Bank and Trust Company open for business this morning. Both banks, was announced. would be closed until reorganization plans now under way are completed. According officers of the two banks they will as soon as all depositors have been seen. This. they believe. will require thirty to sixty days time.
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PALM BEACH BANK CLOSES DOORS TODAY ST. PETERSBURG INSTITU- TIONS IS FORCED OUT OF BUSINESS BY HEAVY RUN MADE (By Associated Press) WEST PALM BEACH, June 28. The Palm Beach Bank and Trust Company closed its doors shortly before noon today following heavy withdrawal of funds precipitated by the failure of the Commercial Bank Trust Company to open for business this morning. PEOPLE'S BANK CLOSED DOWN ST. PETERSBURG, June Heads of the other banks in St. Petersburg today were trying to work out plan by which the People's Bank, which closed its doors Saturday following a run, can resume business. If it found that the bank cannot open, plan is being discussed to have one of the older banks take it over end work out the affairs. The People's Bank did not open today and is now in the hands of the state bank examiner, pending some decision of the other bankers at meeting this afternoon.
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TWO BANKS In Florida Are Closed. Heavy Withdrawals Said To Be Cause For Suspension at West Palm Beach. West Palm Beach. Fla., June 28 heavy withdrawal of funds caused by failure of the Commercial Bank Trust Company to open for business was declared responsible for the closing of the Palm Beach Bank and Trust Company here shortly Despite the run on the Palm Beach Bank and Trust other banks in city light and that unnecessary for them to touch their cash. The two banks will be closed until plans completed. announced. officers asserting that they would opened as soon all depositors have been visited. Offers of aid from Miami, Jacksonville, Atlanta and banks other banking institutions of the city were made, but none was reported necessary.
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HEAVY RUN CAUSES FAILURE WEST PALM BEACH. Fla., June 28 (By A. P.)-A heavy withdrawal of funds caused by failure of the Commercial Bank and Trust Company to open for business today was declared responsible for the closing of the Palm Beach Bank and Trust Com pany here shortly before noon.
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Heavy Run Closes Palm Beach Bank Failure of One Responsible for Withdrawal of Funds from Second. WEST PALM BEACH. Fla., June 28-(AP) heavy withdrawal funds caused by failure the Commercial Bank and Trust Company open for business today declared responsible for the closing the Palm Beach Trust Company here shortly before noon. Despite the run the Palm Beach Trust city light that unnecessary for them touch cash. will be closed until officers that they would opened as depositors have been visited.
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DEPOSITORS STORM CLOSED of City's Largest Institutions Suspend; State Takes Charge Heavy Cash Reserves Save Two Others Experiencing Similar Demands Special Inquirer WEST PALM June of the largest banking institutions West Palm the Commercial Bank Trust and the Palm Beach Bank and Trust Combusiness today. The the Commer cial Bank that would not for open business today. to allow for reorganization of its resulted the other banks. The Palm Beach Bank and Trust Company, unable meet the heavy demands its deposi forced close its doors State Bank Examiner attached Ernest arrived the scene and posting notice the that the the State Hundreds depositors the morning the closed. demanding their money. made that the bank had suspended. positors compelled leave building. They gathered outside, ing for hours, hopes that had been would have opportunity to withdraw their money. Reserves Save Other Banks Other banks simi lar the Palm Beach Bank and Trust but heavy cash reserves piled behind the tellers' appeared reassure depositors ficials the First American Bank Trust Company and the Citizens' Bank West Palm Beach announced that they prepared meet all mands. stated that but slight dents their reserve had been made today's withdrawals. and that sufficient cash was hand pay positors dollar for dollar without vice president the Palm Beach Bank and Company. stated that the bank will reorganize reopen for business within thirty sixty "Heavy from the time the bank opened its doors they closed noon the taken only thing could sixty days, Bank Company closed plans
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CASH RUSHED TO FLORIDA BANKS By International News Service WEST PALM BEACH, Fla., June 29.-The movement of $10,000,000 in cash in armored motor cars from Miami to West Palm Beach during the night became known today when all banks in the city, with the exception of Palm Beach Bank and Trust Company and the Commercial Bank and Trust- Company opened their doors in the faces of crowds through which excitement ran high. With the emergency supply of cash available, bank officials were confident the near-panic among depositors would rapidly subside. The Palm Beach Bank and Trust Company, it was announced today, probably will reopen within 60 days.
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TWO FLORIDA BANKS CLOSE THEIR DOORS WEST PALM BEACH, Fla., June 28 heavy withdrawal of byb of the ComBank and Trust for today, responsible for the closing Palm Beach Bank and Trust pany shortly Despite on the and Trust Company, banks in drawals necessary for them The two was answered answered drive his had foud the car. wasn't the Martin, of $40 North to relatives in Kansas
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PETERSBURG, BANK IN HANDS BANK EXAMINER Heavy Deposits in Banks at West Palm Beach Stops Run on Banks There. St. Petersburg. People's today in the hands State lowing after Its doors Saturday folPlans were discussed for Ing the bank, or, should be found that the bank could not be another bank of the city to take over the business. West Palm Beach, Fla., June suspension of two banks the six remaintoday reported good condition and general confidence Small deposit drawals were noticed during the but deposits of cash called quarters by business and leadhave more than counterbalanced the total. spirit of doubt which remained the run which caused the Palm Beach Trust Company suspend allayed when their deposit local banks would guaranteed by them. The situation reviewed called session the Assoclation and the pledged moral and financial supto the banks. Members of the Palm Beach ClearHouse after check Monday's business reported that all banks in shape weather The pledge entire strength bank which might assistance. Cash reserves during the night by consignment which from Miami in closely guarded Banks continued to meet mands today agreed that absolute confidence would return by closing time.
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Florida Collapse Is Hitting Banks; Run for Palm Beach Cash WEST PALM BEACH, Fla., June 29 -The movement of $10,000,000 in cash in armored motor cars froni Miami to West Palm Beach during the night became known this morning when all banks in the city, with the exception of Palm Beach Bank and Trust Company and the Commercial Bank and Trust company opened their doors in the face of crowds thru which excitement ran high. With the emergency supply of cash available, bank officials were confident the near-panic among depositors would rapidly subside. The Palm eBach Bank and Trust company, it was announced today, probably will reopen within 60 days.
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WEST PALM BEACH BANK APPOINTED RECEIVERS Aug. Central Farmers Trust Company has appointed for the Palm Beach Bank and Trust West Palm Beach, Comptroller Amos This is the sixth bank to have receiver appointed this week and the ninth the suspended banks reopen. Three have opened outright, four new banks have been ganized to take over suspended banks and liquidate deposits, and two have had regular receivers appointed.
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AMOS APPOINTS LOCAL ATTORNEY BANK RECEIVER Continued One pointment follows: Tallahassee, Fla., Sept. Palm Beach Answering telegram tendered receivership Palm Beach Bank and Trust to O. Myers West Palm in lieu of Central Farmers Trust company reThanks Ernest Amos, Comptroller ORIGINAL APPOINTEES CO-OPERATION When of the Orel ceiver of the Palm Beach Bank and Trust of the Central Farmers' ated a statement they made to Hon Ernest Amos. state comptroller at the time they withdrew from the ceivership to the effect that was their desire to the full. est with the in the speedy liquidation of the affairs of this bank
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THREE BANKS Added To Florida List. Runs in West Palm Beach Cause Further Closings. Officials of One Institution Say They Will Weather Others Remain Open three more County closed today officials of the Bank of Palm Beach to threatened that abated the the The at and half disappeared and throng of mained Arrival Miami at noon of of the Bank prompt ed the that the bank o'clock tonight to The three banks which failed open the Farmers' Bank and Trust West Palm Beach the First National Bank of Lake which that place without facilities and Ocean City Bank of other today and suffering They are the Company and the National Bank of West Palm Winter Residents Lend Support Farmers which closed today of the leading finanin this of the state Last standing prominent residents came reacue and would not deposits Among had de posit Atlantic City hotel he had than $40,000 the Others who support to Bank Anthony Drexel Biddle Philadelphia John the Phipps interests and Bessimer ment Company of Philadelphia E Stotesbury Philadelphia Hutton President F. Hutton & New York Edward Moore of the New York Trust Bader head of the Bader Securities Harry Hammond of New of the and Phoenix National Bank New York: Davies Warfield President of the Seaboard building F O. Butler President of the Butler Paper Company and George Mesker, of Evansville Ind The the closing of the follows: Statement Explains Tosing been forced doors in the interests our de positors The closing of the Amer can Bank and Trust the Bank and Trust together with the and of Palm this 60 and We had stall our and weathered the strenuous run our last and the sub Requent withdrawal of we have been pressed four more days and bank might have passed through this Mr Reese that the bank received as but had not had the necessary one said Total the are capital at $100,000 sur plus undivided profits 000 Little more the bank approximately $100,000 The of Bank of cent Citizens Bank We that present will be depositors that and city in the be the cured and RIVER STEAMBOATS THE LOUISVILLE AND Time) Main
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INQUIRY STARTED INTO AFFAIRS OF CLOSED BANK HERE Receiver's Books to Be Inspected by State Bank Examiner A. W. Saarinen, state bank examof 2315 South ave. has been ordered by Ernest nue, Amos, comptrollèr. inspect the books of the closed Palm Beach Bank and Trust company with the to furnishing the city of West Palm Beach with report of during the receivership of the instiThe comptroller yesterday informed the of fact that he had instructed Mr. Saarinen to undertake this following request from the city under of February for full information the bank's status. The bank has been ordered to inspect the and to report what has been made on the collection of assets, as what cash on hand, together with summary of the status of preferred claims and any other of He also asked to be ascertain divi. dend may be expected and how much of dividend will be declared. According to the comptroller at the the receiver has lowing the anhouncement that the city was seeking mation from the comptroller, O. Myers, that he able to not 10 percent. in June He stated that the bank's books open at all times to inspection by the city The city was one of the largest depositors in the Mr. was in Miami yesterday. was that he would not return before Wednesday.
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Bank Receiver Issues Statement WEST PALM BEACH, Sept. 7.A statement of the status of affairs for the closed Palm Beach Bank & Trust Company, made by 0. J. Myers, receiver, to the city commission, showed to date approximately $200,000 recovered in cash and a similar amount in real estate. Twenty-two suits for preferred claims totaling $326,316.78 are now pending against the bank, it was reported, and others are likely to be filed, the receiver said. Collections are difficult due to conditions in the real estate market, the receiver declared. At the same time he expressed the belief that conditions are improving The receiver explained that other closed banks, which had paid dividends had more assets on hand when closed than the Palm Beach Bank
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WHAT NOW? Today the the Palm Beach Bank Trust Company, the hands of Receiver Orel Myers, appointed supervised by Comptroller Ernest Amos, consist of approximately $400,000 in more less liquid form approximately $3,000,000 in paper Just how much that paper no not even the can say. He admit, that poor" collateral. The "good" paper held by the bank was New York banks when Receiver Myers took over the administration affairs for the and Myers sent more than $600,000 to York to redeem He got good share the money redeem that paper right out West Palm Beach merchants, busiand professional men who owed the bank. He says he paid about half he thought worth, but now seems the paper on hand isn't worth much. Of the $400,000 liquid assets there is $179,000 deposit with the treasurer the credit of the receiver. But that is subject to preferred claim suits which are settled against the receiver. The remainder of the $400,000 the receiver sunk real estate purchasing first mortgages. Just how much that is worth questionable. local debtors of the bank have been for all they could pay. Local depositors of the bank got nothing. Would not been better for the community the comptroller had simply locked the doors of the bank for year and declared sort of moratorium its affairs? That or good share of it would West Palm Beach the $113,000 which the has would still on the credit side for the instead being lost forever. The main fault administration of the affairs of the Palm Beach Bank & Trust Company can be right the feet comptroller, for appointed the receiver and he supervised his receiver's The bill in the legislature place appointment of bank receivers in the hands of the circuit judges of the state excellent one and should have the support deserves. every one the thousands who had money deposit in the Palm Beach Bank Trust Company will proper support this he may well assured that bank failures the future will mean much trouble for depositors than under the present system Depositors received nothing from this bank, one of the first to others paid something their depositors. Nothing could be worse than that. It appears any change in the system must for the better.
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CITY-BANK PROPOSAL PLACED BEFORE COURT Settlement Plan Submitted to Chillingworth; Decision Expected Soon Proposed settlement between the city of West Palm Beach and the defunct Palm Beach Bank and Trust Company was submitted Monday to Judge C. E. Chillingworth in circuit court. Decision is expected within the next day or two. According to the petition filed Monday by P. Cochrane, liquidator for the banking institution, the city would relinquish all claim to its approximate $614,000 in deposits in the bank, in exchange for right to retain $82,000 in collateral already realized on, and for the property now occupled by the Young Women's Christian Association, title to which is held by the bank. In the event the settlement is approved by the court, the liquidator agrees to withdraw the suit now pending by which the defunct institution is attempting to regain the collateral. The Y. W. C. A. property is 08timated to be worth approximately $14,000 and with the $82,000 would give the city about 15 per cent on its deposits. City Attorney J. Mark Wilcox has advocated the exchange. The W. A. property is located on the southwest corner of Okeechobee Road and Olive avenue.