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