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Three Florida Banks Close Up By United Press Leased Wire MIAMI, Fla., July 2-Three banks closed their doors today in the greater Miami district. They were the Bank of Cocoanut Grove. the Bank of Buena Vista and Little River bank. The first two institutions closed. according to announcement of directors, to effect reorganization. The closing of the two suburban banks caused a run on the Little River bank which forced it to suspend operations.
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REFUSED Large Amount Sent to Protect Bank But Fund Was Sent Back; Loans on Property Blamed July (AP) Three Miami financial Bank Cocoanut Grove the the Vista and the Bank Little River operations today loans on which could not liver by reasons for suspension of activiBoth the Bank of Cocoanut Grove and the of Buena Vista failed open their doors while the bank of Little River opened for the regular hour but was forced close actly an hour later due to by residents that the failure the Buena Vista bank and at the hour poured into withdraw squads maintain order armored from large downtown bank sent amount but directors chose to suspend operaOfficials of the Buena Vista and both Cocoanut limited capital and decided order readjust porarily fairs the banks and stable tions, augmented possibly by The local officers of the Cocoaand the Buena Vista nut Grove Banks said have been were in out their handicapped plans because of out town conthe lack trol and interest in both institutions by Miami capitalists and Organization the bank Cocoanut in March and the bank opened the capistock was deposits tal Antotalling formerly of board directors, and acted capacity with Sanders of Cocoanut Grove bank Buena Vista opened October with capistock of slow but steady when totalled bank started three The officers included Anthony and John Grice, tice vice president. July Dania closed its doors shortly noon today following heavy by depositors. vice president of the bank announced readjustment would noon made immediately that will enable the bank reopen shortly and meet its obligations. bank of Hollywood weath determined today which began at 11 and lasted until after noon. After patron seeking withdrawal funds been served. Bowie. president issued statement. saying bank had satisfied every demand made upand that its cash reserve adequate to meet the situaBeginning at patrons the probably influenced at Little where the bank forced close morning following determined thronged the bank quarters withdraw their deposits. While height Young. and developbrief speech in which made that the Hollyassured patrons Bank prepared meet wood was and asking that confidence evidence by refusing make further sums of currency are have been rushed the Bank an armored Miami. when the from subsided shortly after noon, said they had more bank officials cash reserve to satenough deposit.
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THREE BANKS AT MIAMI SHUT DOORS By United Press MIAMI, Fla., July 2 Three banks closed their doors today in the Greater Miami district. They were the Bank of Cocoanut Grove, the Bank of Buena Vista and the Little River bank. The first two institutions closed, according to announcement of directors, to affect reorganization The closing of the two suburban banks caused run on the Little bank, which forced it to suspend operations. WIII of the late Mathilda Fruehwald, probated Friday, bequeaths $600 to Roberta Fruehwald Pfeifer and the balance to be divided among Louisa, Walter, Michael and Irvin Fruehwald and Mathilda Herke and Emma Schwartz. Independent Habits Exasperated Sister: "D'you know, Granny Jack's simply hopeless at bridge. He simply won't follow his partner's lead.' Granny: "Yes, my dear, he doesn't change. recollect that even as a child he was most independent! Show, London. She's Glum First Humorist: "So you always Next One: "Yes, and when she doesn't laugh, know they're good -Stockholm Kasper.
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4 FLORIDA BANKS CLOSE AFTER RUN 3 Miami Institutions Close Doors; Another Weathers Raid. MIAMI, FLA., July 2.-A. P.)Three Miami banks suspended operations, a financial institution in Dania closed its doors and bank weathered a heavy withdrawal of funds today. The Bank of Coconut Grove and the Bank of Buena Vista failed to open for business and the Bank of Little River closed after a run of an hour's duration. The Bank of Dania, a short distance form Miami, suffered a similar withdrawal of funds and ceased operations before noon. At the same time the Bank of Hollywood, also short distance north of this city in Broward county, withstood a brief run. The run on the Bank of Hollywood was precipitated after receipt of news of the previous bank closings, but was met through the receipt of funds from Miami banks. The run subsided shortly after noon when officers received funds sufficient to cover every deposit. George Romfh, president of the Miami Clearing House Association, in commen on the suspension of three suburban banks, declared outside control and loans on outside paper were responsible.
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FLORIDA BANKS SUSPEND BUSINESS Miami, July Three local banks suspended operation, financial Institution Dania closed its doors and Hollywood Bank heavy withdrawal funds today. The Bank Coconut Grove, and the Bank Buena Vista failed open for business and the bank Little River closed after run of hour's The Bank Dania, short distance from Miami suffered of funds and ceased operations shortly before noon. the same time the Bank of also short distance north this city in Broward county, withstood brief run. The Bank of Buena Vista and Bank Coconut allied institutions, made the following announcements: Bank has decided to suspend operations for the and will therefore, not open for business today. actuated In this cause by desire and to protect its depositors to the fullest extent." The Bank of Buena Vista opened October 1920, with capital stock $15,000, which had been raised Bank of Coconut Grove openin March 1920 with cap!On March 10, the bank announced of deposits totalling
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BANKS CLOSE DOORS WITHDRAWAL OF FUNDS AFTER Head of Clearing House Asso. Says Outside Control and Loans Responsible for Present Conditions— Depositors Protected, Heads Say July local banks suspended operation, financial institution at Dania closed its doors and Hollywood bank weathered heavy withdrawal of funds toThe Bank of Coconut Grove, and the Bank Buena Vista failed business the Bank Little River closed hour's duration. The Bank Dania, short distance from funds ceased before noon. At the same time the bank short distance north of this city Broward County, brief run. of Buena Vista and the Bank allied made the following bank has decided suspend operations the and will, therefore, not open for actuated in this by desire protect its depositors the fullextent, local citizens are will announce the details in few organize locally controlled for speedy liquidation and to relieve the The Bank of Buena Vista opened October 1920, with capital stock $15,000, which has been raised $50,000. The officers include Anthony, head the board of direcwith Sanders, president. The Bank of Little River, through President Teed feel visable operations for the present. bank sound good We have excess of $200,000 in and forty per think the will He his intention of fecting an President Parker, the Bank Dania, immediately closing that readjustment would enable the bank reopen shortly and meet all obligations. The run the Bank of precipitated of the previous bank closings, but through receipt funds Miami Banks. The noon when ficers found funds sufficient to cover deposit President George Romfph 'of the Miami association commenting the suspension three suburban banks, that outside control loans outside paper solely responsible for the
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Three Miami Banks Close Their Doors Suspend Speedy Re-Organization Promised; Run on Hollywood Bank Miami, Fla., July (Associated local banks suspended operations, financial Dania closed its doors and Hollywood bank heavy withdrawal of funds The Bank of Cocoanut the Bank Buena Vista failed to open for business, and the Bank of Little River closed after run an hour's duration. The Bank near Miami, suffered similar withdrawal funds and ceased the same time the Bank of noon. Hollywood, also near here, withstood brief run. The Bank of Buena Vista and the Bank of tions, made the following separate announcements: bank has decided to suspend operation for the present, and, not for business today. open actuated desire conserve protect its depositors the fullest Local citizens are plan and the few days, organize institufor and to lieve the Opened in 1920. The Bank of Buena Vista opened on which had been raised $50,000. Local officials declined to announce deposits either The Bank March. with $15,000 March the bank capitalization of $30,000 and deposits The Bank of Little River. through Teed have $200,000 vaults and reserve greatcent. think per will lose dollar. He intimated his intention of effectearly Parker the Bank Dania be made the bank shortly and meet The on Bank of Hollywood receipt of news precipitated the previous funds through The funds sufshortly ficient every deposit. Romfph of the President George clearing house commenting the suspension the banks, declared that outside burban paper solely responsible for the embarrassment.
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4 FLORIDA BANKS CLOSE DOORS IN MIAMI SUBURBS (Continued From Page One) speedy liquidation and to relieve the stiuation." Present Deposits Not Announced. The Bank of Buena Vista open. ed October 19, 1920. with capital stock of $15,000. which has been raised subsequently to $50,000. In July, 1925, when deposits totalled $1,150,000 the bank started work on $100,000 building The officers included J. A. Anthony. of Jacksonville, president, Food for and John L. Grife, vice president. Officials declined to announce present deposits for either institution. The Bank of Coconut Grove opened March. 1920. with a capital of $15,000. On March 10, the bank announced capitalization of 4th $30,000 and deposits totaling $1,605,977. R. Anthony headed the board of directors with A. W. Sanders as president. The Bank of Little River, through President B. C. Teed, anDown 43c nounced: To-Lb. the circumstances we feel it advisable and desirable to suspend operations for the present The bank is sound and in good 25c shape. We have in excess of $200.000 in cash in our vaults and serve greater than forty per cent. 15c do not think the depositors will lose dollar." He intimated his intention of ef2 lbs. 21c fecting an early reorganization. To Crowd Awaits Opening 9c At the opening hour a crowd awaited to the Little 9c River bank an hour and within an hour the number had increased 23c for making withdrawals Two squadrons of police were dispatched to prevent. disorder. and an Down 25c armored truck bearing funds from To-Lb. down town banks was sent. President T. Parker, of the 9c Bank of Dania. announced im20c mediately after closing that readjustment would be made that would enable the bank to reopen shortly and meet all obligations. The run on the Bank of HollyGinger 2 Bots. 27c wood was precipitated after reAle ceipt of news of the previous bank Deposit. closings, but was met through the receipt of funds from Miami 20c banks. The run subsided shortly after noon when officers announc18c ed funds sufficient to cover every 55c deposit. Miami Banks Sound. Claim. President George Romfh, of the 49c Miami Clearing House associaSize--Doz. tion. in commenting on the suspension of three suburban banks. 75c declared that outside control and $1.00 loans on outside paper solely were responsible for the embarrass36c ment. "The banks of Miami today are 7c in an impregnable position,' Clark B. Davis, president of the 24c City National Bank and Trust company, declared, "Each of the downtown banks today is operating entirely on its own capital, a thing of which few banks in any part of the country boast. And although such condition is inconceivable, if there was demand of depositors made upon these banks we could pay every dollar of the liabilities faster than the depositors could carry it FATTY HARPER IE MARBLE WINNER (Continued From Page One) and a boy marble shooter. The victory Willis Harper, of Bevier, Muhlenberg county, places him in the championship class entered recently by Miss Pauline Bell. Clarkson, Grayson county. Their homes are forty miles apart on an airline. Her home folks burned all the old straw hats in town when the thirteen year old girl out-spelled everything in sight at Washington in the National Spelling contest. via Harper is to get ride on the biggest fire truck in Owensboro, which city he represented in the marble tournament at Atlantic City, when he arrives there next week. There is telling yet what they will do for him when he reaches the mining town called home.
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SALOON LEAGUE SPENT SEVEN MILLIONS IN 22 STATES TO AID PROGRAM ASHINGTON, July of more than $7.000,000 by the Anti-Saloon League in 22 states during the past six years were disclosed by additional reports filed today with the senate campaign funds committee by Wayne B. Wheeler, counsel for the national dry organization. These states include New York, Maryland and Rhode Island, which alone have no local dry enforcement statues, as well as Pennsylvania, Illinois, Indiana, Wisconsin, Iowa, Missouri and Kentucky. While the state organization contribute certain of a part their income to the national Anti-Saloon league, it was deWANT UNIFORM veloped from Mr. Wheeler who occupied the stand nearly five hours, that both the national PENSION LAWS and state do their own financing independent of Teachers Approve Demand each other. at National Education Accountants who audited books of the Convention tion at Westerville, Ohio, had furnished July Senator Reed, Democrat, Missouri, National Educational Association, in the chairman with those who conthe closing moments its annual conventributed more than $500 to parent but Wheeler tion, today inaugurated campaign organization, Mr. objected to the names being made pubile. obtain uniform pension laws for teachAsks Reasons ers. This action was taken by the rep "Well, you can state your reasons resentatives' assembly in approving the snapped Senator Reed. report of Miss E. Pyrtle, Lincoln, "Wheeler insisted he would like present the matter to the whole com- Neb., chairman of the committee of 100 mittee the chairman announced the problem retirement allowances. decision would be deferred. The association adopted resolution Wheeler presented also number affirming its faith in the value of other reports, including one from Andrew Wilson, treasurer of the league's petitive athletic sports campaign committee, showing expendibelief that public recognition tures since should be given distinguished achieveOctober 1924. This did not include ments in scholarship as to avoid the expenditures primaries. giving athletics first place After concluding his examination in school life." Senator Reed announced the committee would seek further light the activities dry organization tomorMIAMI BANKS from Dr. Ernest H. Cherrington its general secretary and meantime would inquire tonight in its "campaign chest" raised the Republican and Democratie national committee for the atorial and congressional fights year. Senator Reed subjected Mr. WheelOne at Davia Also Shuts long and examination. Loses Patience Doors in Face of Big The chairman several times lost tience length of the replies and Run finally exclaimed "Now listen here, Doctor, when man flat statement in front your banks finanand quibble about time institution Dania closed its doors for even patient man bank weathered heavy patience You are going funds today. questions and answer them without The bank of Cocoanut Grove and the making speeches if have to stay bank Buena Vista failed until the snow flies" business and the bank Little River I'm ready to stay here," Wheeler retorted The dry leader said closed after run The bank Dania, short distance from Miami, the organization had spent in Pennsylvania suffered similar withdrawal of funds money during the $3,000,000 ceased operation shortly before noon. ent Republican primary contest because dry leaders had been the same time the bank of brief run. to agree candidate oppose Representative William Vare, The bank of Buena Vista and the bank avowed who defeated Governor Pin- Cocoanut Grove, allied institutions, chot Senator Pepper, both counted made the following announcethe dry side. ments: Denies Writing Act Makes Announcement. Wheeler denied he had written the bank has decided to suspend celebrated Volstead act and picked Vol- erations for the present and will stead to champion the measure in for business today. actuated gress. Declaring that the dry organiza- by desire to conserve its tion was willing quit the fight before resources protect its depositors congress prohibition question if the the fullest extent. Local citizens wets would. said, working and will announce stay here the Volstead act would the details days to organize wiped locally controlled institution for speedy Senator Reed then wanted to know liquidation and to relieve the situation." what league President Parker the bank exerted in appointment of enforcement Dania announced after closing that officers. Wheeler conceeded that the re-adjustment would be made that would league enable the bank to re-open shortly and interfere with the appointment all obligations. meet these asked. run on the bank of Hollywood was interfere when think there precipitated after receipt of news of the effort across crooked put previous bank elosings, but was met the dry leader retorted with show the funds from Miami through receipt The subsided shortly after Then Senator Reed read into the series letters touching the services Representative Upshaw, Democrat, Georgia. These showed that Upshaw sought $75 for delivery speech 1924. but finally to deliver the address for plus taxi Chairman made matter record that Pearson Hobson, member the house and hero the Merrimac sinking Santiago the Spanish war received $171,249 league from 1914 to 1922 and that the late Williams was for lecturing for the league 1010. find that Willis drew the year 1919" Reed pursued. "Is that Wheeler replied, adding that this was before Willis was elected the senate.
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FLORIDA BANKS CLOSE DOORS: ASSURE DEPOSITORS NO LOSSES July suspended financial institution Dania closed its doors and Hollywood bank weathered heavy withdrawal of funds today. The Bank of Coconut Grove and the Bank of Buena Vista failed for and the Bank of Little closed an hour's duration. The Bank Dania, short distance from suffered similar withdrawal of funds and ceased shortly before noon. At the time the Bank Hollywood, also short distance north of this in Broward county. withstood brief The Bank of Buena Vista and the Bank of Coconut institutions, made the following separate announcements: "The bank has decided to suspend operations for the present and will. therefore, not open for business tois actuated in this cause desire conserve resources and protect Its depositors to the fullest extent. local citizens are now working plan and the details organize locally controlled for speedy liquidation and to relieve the situation." The Bank of Buena Vista opened on 19. capital stock $15,000. has raised $50,000 The officers include who headed board of with Sanders president. The Bank of Little River, through President the we visable and desirable to ations for the present. The bank sound and In shape. (Continued on Page Two)
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Three Banks In Miami Closed Doors Today (Special to News by United Press.) Miami Fla Today-Three banks in the Miami district closed today 'n the greater Miami district They were the bank or Cocoanut Grove, The bank of Buena Vista and the Little River bank The first two institutions closed according to announcement to directors. to effect reorganization The closing of two suburban banks caused a run on the Little Bank which forced It to suspend operations
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BANKS CLOSE, 'RUN' ON FIFTH Florida Institutions Face Crisis; "Readjustments" Are Announced. Miami, Fla., July the AsPress local banks suspended a financial institution at Dania closed its doors and a Hollywood bank weathered a heavy withdrawal of funds today The Bank Cocoanut Grove the Bank of Buena Vista failed open for and the Bank of Little River closed after run of an hour's duration. The Bank of suffered similar withdrawal of funds and ceased operations shortly before noon. At the same time the Bank of also short distance from this city, withstood a brief Make Statements. The Bank of Buena Vista and the Bank Cocoanut allied the following arate bank has decided to suspend for the present and therefore not open for business day. in this by desire and to its the citizens are working and the details days organize tution speedy liquidation and re The Bank of Buena Vista opened October with stock had present deposits for either The Bank Cocoanut Grove March March 10 the bank announced and deposits Has $200,000 Reserve. The Bank of Little River the feel advisable pend sound good have excess of and reserve than 40 President Parker of after closing that would be made the bank reopen shortly and meet the Bank receipt news of receipts funds Romfh of the Clearing suburban control solely ble for
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BANKS CLOSINGS Flowed Florida Money Banks into Georgia Causing the Trouble The story of banking failures is of and in Florida one Georgia it involves the same terest because the downfall that worked principles where one in other states of banks bank trust dominating or lot of subordiunder its wing drew which to operate nate banks were feeders to the mother institution. banks as such are Florida But for the sound. and conof Georgia orgin bank system trol there would have scarcely been ripple on the financial sea of Florhas and that the calm come ida. Now more clearly the are seeing people Banks review the situation. well to entirely free locality being in this Georgia entanglements from the tained the confidence of the home ple whose institutions they are. of all banking the criterion From the Washington comes institutions at of Governor Crissinger, statement that Florreserve board, the federal fundamentally, and Georgia are ida W. McIntosh, sound. And attributes the trolled of the currency, the long chain of recent losing and Georgia to banks in Florida methods of that banking like ticular Florida, and troller Amos, state banking Bennett, that these Gorgia, predicts ent of will for the most part banks in the chain that banks not and be affected. not Can Be Told with his Sir Phillips Gibbs, Like after of the great war inside story be told" to "now it can the armistice, ready for reason. quiet minds Why the banks in Georgia and to close banks in Florida came the 27 the Bankers' is laid to their doors which of Atlanta, Trust Company for these banks acted fiscal agent as federal receivership and for whic ha jury in granted. A grand has been court in AtlanFulton county superior the of ordered to investigate ta has been Trust Com< of the Bankers' "failure instructed to and has been pany" its duty if violation of the state laws, is found." note the steps interesting to It is through which the series of closing Florida the first closing In passed. bank in Daytonia Beach, that of was the result of run which was of the ioned by the gathering their for to withdraw money teachers home during the for their departure An excitable months. summer of teachers lined the handful saw up to get their small deposits few and the bank!" In cried run on and an actual hours the news spread did result. of run West Palmi Followed closings at Beach, Palm Beach Buena Vista, Cocoanut Grove, Homestead and Dade City. The scene shifted to the town of loctaed bank where was Umatilla, capital of $30,000, with reported delesurplus of $20,000, and deposits of $430.00 and $480,000 placed with the Bankers' Trust Company of Atlanta. Hotel it shows that If the report be true, the entire bank's capital, surplus all placed with the deposits were ent organization in Georgia. On Page Eight Continued JULY TIDES Local tides are approximately earlier than the hours below which is for the table given nearest standard port. Water Water High Day 3:01 25 26 10:34 11:27 4:45 27 5:45 6:50 0:31 1:14 6:50 1:14 2:00 2:18 8:02 30