Miami Beach Bank & Trust Company (Miami Beach, FL)

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FIVE BANKS IN CLOSE

Miami Institution And Three Of Its Subsidiaries Hurt By Withdrawals

MIAMI. Fla June 11 (AP) The of Bay Biscayne, with deposits of and three affiliated fiinstitutions, failed to for today. statement by directors of the bank attributed the closing to "recent substantial withdrawals.' The affiliated banks were the Biscayne Trust Company, the Miami Beach Bank and Trust Company and the Bank of Coral of Bay Biscayne in its quarterly showed of $15,037 198 and total resources of J. H. Gilman is president of the bank. The Bank of Bay Biscayne is Miami's oldest It has one of the finest buildings in the city, structure in 1925.

HOMESTEAD BANK CLOSES HOMESTEAD, Fla., June 11 (AP) The Bank of closed its doors today after opening for short time. was made by Assistant Cashier H. Grady Smith saying the was in good condition and of business was but tempororaly taken for the of local bank on account of bank failures today in Miami. Smith said the L nk expects to open in few days.

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MIAMI. Fla., June 11

Nervousness among depositors in five local banks decreased late today with the arrival of 000 cash by airplane from Jacksonville and optimistic ports from city and State bank ing officials. Failure to open for business today the city's largest and oldest financial institution and three branches sent depositors for information and their money and caused an other bank to shut down to avoid run. Bank of Bay Biscayne with its affiliated Biscayne Trust Company. Bank Coral Gables and Miami Beach Bank and Trust Company stood closed behind the notice officials that action lowed consultation with State comptrollers. heavy withdrawals recently and reported "frozen The Bank of Homestead shut down early with the expressed purpose of avoiding The Bay Biscayne Bank. capitalized at holds $15,000.in deposits.

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4 Florida Banks With Millions on Closed Deposit,

MIAMI, June 11 The Bank as March and three failed open for business ment by directors the bank, tributed closing to "recent substantial withdrawals." Gilman president of the bank. The affiliated banks were Trust Company ami Beach and Trust Company, and the Bank of Coral GaThe Bank of Bay Biscayne Miami's oldest has one finest buildings the $400,000 structure, erected 1925.

HOMESTEAD. June Bank its doors day, after opening time Cashier Grady Smith said that the ness taken for the avoiding local bank run count bank failures today Miami, and the bank would open few days.

Black Atlanta today ing from sonville branch the Federal Re This would banks that are members the Federal

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$2,000,000 FUND CALMS DEPOSITORS OF MIAMI BANKS

Situation Not Acute, State Officials Declare-Uncertain On Losses

Miami. (UP) among five local banks decreased arrival of $2,000,000 by from optimistic reports from city and state banking officials. open for business Wednesday of the est and its three branches for and their caused another bank to shut down to avoid stopped abruptly the padlock on the AIBank Bay with its affilTrust Company, Bank Coral Gables and Miami Beach Bank and Trust Company stood closed behind notice officials that followed withdrawals and reported frozen assets.' The bank Homestead shut down early the expressed purpose of avoiding run. The $1,000,000, holds $15,000,000 in deposits State banking officials at Tallahasblamed bearish around frozen assets for failure the Biscayne and added the in St. Bank (Continued On Page Six)

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MORE FLORIDA BANKS SUSPEND

Total Closures Recently Reach 12; Rush Money to In-

June Bank of and the Guaranty Title and Trust smaller also bringing 12 recent bank in Florida. Clearwater on the Florida west Arrival Miami of by airplane and several reassuring statements state banking officers helped allay the who had funds in five banks which closed Wednesday In addition to the plane shipment 000,000 expected by rail to aid in restoring confidence. The which the Bank Bay Co., 148; the Miami Beach Bank Trust Bank Coral Gables, and the Bank of Homestead.

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PLANE CARRIES AID 5 BANKS

Fla., June Bank of Clearwater, capitalized $250,000, and the Guaranty Title and Trust Company, a smaller stitution, also of closed their doors today, bringing to twelve the number of recent bank in Florida. Clearwater is on the Florida west near Tampa.

MIAMI, Fla., June are $2,000,000 in cash by airplane and several reassuring statements state banking officers helped today to allay the uneasines depositors who had funds in five banks which closed here yesThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with the Miami Beach Bank and Trust Company, with $2,593,the Bank of Coral Gables, with $743,759, and the Bank of Homestead Local bankers said they were confident normalcy would stored when the public understood the cause of the heavy run made on the institutions. They had the of from the Federal Reserve were needed, they said.

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IN FLORIDA SHUTS DOORS

Subsidiary Institutions Suit Following Heavy Runs

MIAMI, FLA., June Bank Bay Biscayne, oldest nancial institution South Florida, and three in metropolitan Miami failed to open for business today. the Miami Beach Bank Trust company, the Bank Gables, and the BisTrust Notices posted on the doors of the said the had been taken by depositors" and because of "recent fifth banking house, the Bank Homestead, after being open hour, with the statement would few days. Homestead south Miami. Officials said the closed The Bank of Bay Biscayne listed total and of March in its last Capital listed and surplus and profits at $1,145,Other banks in the city and in the heavy during the

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MONEY FLOWS IN FIRE LOSS IS HEAVY REGISTERED QUAKE

Refineries of Texas Oil Company Are In Flames

PORT ARTHUR. Tex., June 12.the refineries the Texas Company near here billows of sending flame and feet of the air and taking toll of life property. Starting undeterminer origin the plant, fire destroyed refining unit and vastated an eight blocks square Damage estimated at between $3,000,000. Hatch, died in hospital here today from burns when tanks of and exploded in the terrific heat. Eleven other were burned when flaming oil and for pitals. Another slight bruises. Physicians all the injured The fire started in of the one treating units, where, oil treated by chemicals, spread quickly to nearby structures. Employes were unable escape before the three tanks exploded. As uninjured employes clothing of the fire spread to the huge The oil-soaked ground and buildings caught fire easily, and the blaze spread 80 fast that feremen could not cope 200 feet away from the Employes and officials alike labored construct fire breaks keep the flames from spreading. was thought they had fire to the unit in which Damage to the refinery was mated K. Holmes, plant superintendent. An engineer the company that the loss might mount as high as before the The pumphouse, fertilizer plant, three tanks of oil and gasoline and six batteries of treating units were destroyed.

Disturbance Believed Not Far From Puget Sound hour duration, which at 1:51 and was 'not far was described today seismoregistered graphs at the University of Washington.

THREE SHOCKS REGISTERED earthquake were registered the St. Louis university today on Father Joseph Joliet The disturbances about miles distant. first 1,140 few The second. lasted 45 minutes third short. All the were of medium intensity.

Rush On Southern Florida Banks Believed at End

MIAMI. Fla., June arrival $2,000,000 in cash The airplane and several reassuring state banking offistatements by cers helped allay the of depositors funds in which yesterday. In addition the plane ship$4,000,000 was expected by rail today to aid in restoring confidence. One the banking officials inthe situation not that conditions which closures would have adjusted themselves there had not unfavorable "talk," bankers The closed were the Bank Biscayne, with resources of the Biscayne Trust Company, with and Miami Beach Bank and Bank Coral Gables, with and the Bank of Homestead. Local bankers said they were confident be stored the public the the heavy made the institutions. They the assurance of additional aid from the federal reserve if it were needed, they said.

FAIL TO OPEN Fla., June small financial instituthe Bank of Clearwater Guaranty Title Trust failed today. Notices pany. stated the had been asked to take charge to protect depositors.

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MIAMI RECEIVES MONEY BY PLANE

$2,000,000 Rushed to City Where Five Banks Closed.

By United Press MIAMI, Fla.-The arrival of $2,000,000 in cash by airplane and several reassuring statements by state banking officers helped today to allay the uneasiness of depositors who had funds +n five banks which closed yesterday. One of the banking officials insisted the situation was not acute, and declares the conditions which led to closures would have adjusted themselves if there had not been unfavorable "talk," some of it by bankers themselves. It was said today that an additional $4,000,000 was being rushed Into the Miami district by mail. It will arrive this afterThe banks which closed were the Bank of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Co., with $1,962,148; the Miami Beach Bank & Trust Co., with $2,593,281; the Bank of Coral Gables, with $743,759, and the Bank of Homestead. Local bankers said they were confident normality would be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance of additional aid from the Federal Reserve if it were needed, they said.

CLEARWATER BANK FAILS By United Press Bank of Clearwater, capitalized at $250,000 and the Guaranty Title and Trust Company, smaller institution, also of Clearwater, went into the hands of the state banking department today and closed their doors.

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$2,000,000 BY AIR FOR FLORIDA BANKS

Five in Miami Open Relieved. ness depositers in five local banks with the arrival in cash by airplane from and optimistic reports from and offici. als.

Failure to for business the largest oldest finanand three branches depositors scurrying for information their money, caused another bank to shut down to run, stopped abruptpadlock heading the residence of Scarface, Chigang leader. Bank Bay Biscayne with its Biscayne Trust Bank Gables and Miami Beach Bank Trust Co. stood closed hind notice officials that tion followed consultation heavy recently and reported "frozen The Bank of Homestead shut down with the expressed puravoiding The Bay Biscayne Bank, capitalized at $1,000,000 hold State banking officials at Talla. blamed around the and frozen assets for failure the Biscayne banks and the assets failure of five recently erican Bank the Ninth Street Bank Trust, Fidelity, First First National. with capital of President Romfh of the Miami First National of the brought by plane would be used other the closed houses.

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FUNDS RUSHED FIVE BANKS

State Officials Allay Fears of Miami Depositors

Miami. Fla. June The arrival of $2,000,000 in cash by airplane and several reassuring statements by State Banking offihelped today to allay the easiness had funds in five banks which closed One of the banking officials insited the not acute and the conditions which led to the closures would have adjusted themselves if there had not unfavorable "talk," some of it by bankers The banks which closed were the of Bay Biscayne, with resources of $17,182,292; the Biscayne Trust Company, with $1,962,148; the Miami Beach Bank Trust Company, with $2,593,the Bank Coral Gables, with $743,759, and the Bank of Local bankers said they were normalcy be restored promptly when the public understood the cause of the heavy run made on the institutions. They had the assurance additional aid from the Federal Reserve it they said.

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$8,000,000 in Cash Stems Heavy Runs on Banks in Miami

Miami area bankers tonight believed they seen the end of the financial flurry caused yesterday by the closing of the Bank Bay Biscayne and its three subsidiaries. The subsidlaries are the Biscayne Trust company, the Miami Beach Bank and Trust company and the Bank of Coral Gables. Arrival here yesterday and this morning of $8,000,000 in cash from Jacksonville and Atlanta was believed to have stemmed the tide of anxious depositors who formed in line at the city's larger banks yesterday to withdraw their accounts. Only the First National bank reported continued withdrawals today.

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AMOS LOSES IN WITNESS POINTS FIGHT ON MIAMI TO PRISONER AS RECEIVER

Ritter Denies Motion To Dismiss Suit

MIAMI, July attorneys for Comptroller Amos dismiss petition fedfor defunct Bank Bay Biscayne denied today Federal Judge Ritter Attorney General Davis, representfiled notice of appeal the United circuit court appeals. Judge morning for fixing bond for the appeal. Ritter motion by Bank of Bay Biscayne several days ago.

Suit By Depositors

The petition for federal receiver brought Mrs. Rosa Hankins husband Cook county, Illinois, after closing the bank and three subsidiaries Miami June The petitioners alleged officials of bank known was insolvent June when Mrs. Hankins deposited $1500, that Comptroller Amos had been negligent his duty in connection with the closing. While the hearing was going on in federal court. committee deposiBay Biscavne addressing County Solicitor McCaskill and State Attorney Hawthorne, written request that posed county investigation of the affaird and conditions responsible for its insolvency be pushed. Another representing smaller stockholders, request the list all stockholders of the bank. that suits could be instituted once force immediate payment stock

New Bank Planned

In Miami Beach, plans going forward for the of bank known the Miami Beach the Miami Beach Bank Trust company. subsidiary to Bank Cleary, head the depositors committee of this bank. said Comptroller Amos plan pay immediately deposits, for percent in to freeze remaining 25 percent. committee depositors in the defunct Bank Coral Gables, second Bank of Bay sub(Continued Page

Another Sentenced for Carrying Weapon

CHICAGO, July war on gangland, started after the assassination of Jake crime reporter, today gunman jail for carrying concealed weapons and another hoodlum pointed out the actual slayer of Lingle. This new in the drama George Hurley, gambler and said picture had been by witness Lingle's that the killer the reporter and led the theory allied with the Capone gang. Hurley to have been affiliated the gang with the Wave which, Lingle stopped, leading to his

Make Denial

Both Pat Roche, state's attorney's chief and Charles special state's torney charge of Lingle quiry. denied Hurley been named the killer. Rathbun declined to say whether Hurley's name had been drawn inquiry. but Roche admitted had been arrested though released. after denying he ever had heard of ley. Newspaper investigators working the Lingle said that state's office deavoring keep Hurley's plication Hurley resided the hotel which twice has been raided in the last three Search for Jack Zuta, another Morgangster fired by gunmen Tuesday night while under police escort across the loop. went today, police seeking find him for questioning about the identity of the gunmen. Believe He Knows

Zuta had been arrested in connection with Lingle killing but leased. Police now think knows more than wherefore the attempt ambush him in the heart downtown business district, attempt which life of wounded another spectator. Governor Emmerson Springfield today signed extradition papers returning Frank Foster to Chicago from Angeles. Foster, fugitive gangster, indicted for Lingle murder. He had been (Continued on Page

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BANKERS TRUST IN PHILA FAILS, ALSO MIAMI CITY NAT'L

Withdrawals Are Blamed For Closing of Big Institution in East

DIVIDENDS FOR ST. PETE

One Receiver is Paying Off in Full and Another 15 Per Cent

PHILADELPHIA, Dec. 22. (/P)The Bankers Trust Company and its branches in this city closed today by order of Peter Cameron, secretary banking. "Steady seepage" of deposits, due to withdrawals the past few days, was given as cause of the State's action. The bank was said by its president to be solvent but it had been harrassed by withdrawals the 19 branches scattered throughout the city. The last statement showed deposits of more than $45,000,000 and assets of $55,000,000.

ST. PETERSBURG, Dec. 22. Depositors in two banks closed here last summer today were receiving payments from the receivers. Depositors in the First Security Bank are being paid in full and depositors in the First National are receiving checks for 15 per cent of their deposits. The first security was reopened with 75 per cent of the deposits frozen until January 1932. The new bank, Union Trust Compony, took over the reopened bank today and is paying the frozen deposits sooner than was promised. The First National receiver is paying a total of $622,000 in his first dividend.

MIAMI, Dec. 22. ment of the closing of the City National Bank, Miami's second largest financial institution, was made early today board directors. The board resolution said that heavy withdrawals "due to malicious rumors" regarding the bank's condition, were responsible for the closing. It was announced that the City National Bank of Miami Beach, the City Trust Company and the Guardian Trust Company, subsidiaries of the City National Bank in Miami, will not be affected by the closing. The statement dated September 24 gave resources of $7,000,000; deposits $5,800,000, with a surplus of $500,000. The bank was capitalized at $500,000. The Comptroller of the Currency has been requested to assume charge of the institution. Heavy runs developed on three other local banks but the erowds were orderly Officers said they had sufficient money in their vaults or on the way here to meet the demands of the depositors.

MIAMI, Dec. D. Keefer, liquidator of the Miami Beach Bank and Trust Company, has received state comptroller's warrants in payment of second 5 per cent dividend, be announced today. They will be paid to the closed bank's depositors presenting liquidator's ertificates of

Flor500,000 contri-

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Miami Beach Bank Closes.

The Associated Fla. City Bank of Miami underwent heavy run following the closing of the City National Bank in Miami, did not this open

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Beach Dividend Check Payments Not Disturbed

Keefer Makes Arrangements for Cashing Them at First National

Closing of the City Bank of Miami Beach will delay payment of dividend checks to more than thousand depositors the suspended Miami Beach Bank Trust nounced today. The dividend is for five per These the second dividend be paid by E. D. Keefer, liquidator, were to been honored by the City bank wwhich failed to open today Shortly before Mr. Keefer had made with Ernest Amos, state comptroller. to have the checks honored at the First National bank. Miami. Efforts of the liquidator to have the dividend paid before Christmas appeared have been balked today when the City bank failed open its but telephone communications with Mr. Amos led arrangements the Miami bank was instructed by the comptroller honor the dividend checks. All depositors the suspended Miami Beach bank will find their checks waiting for them the First National. Mr. Keefer said. The ready to be paid the City bank yesterday. but cause of run the bank. few positors

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BANK AT BEACH TO PAY IN FULL

PAGE ONE)

City Bank of Miami Beach. 304 First National Bank building. Miami. hereby waive notice of meeting of the directors of the City Bank Miami Beach which was held Dec. 1930. said bank and hereratify and approve all the acts and things done performed said meeting by said directors.' your information this necessary secure funds to prevent failure of bank open this morning stop Under resolution bank borrowing Eighty Tousand Dollars terms conditions the adopted meeting stop Approval of all other dieretors Richardson "Having failed to out our affairs at Tuesday, only one turn the bank over state banking depart ment until and plans could be out. plan the bank and certainly have saying that feel that every positor will be paid in full within very reasonable length of time. Clements." The bank was closed the order state bank examiner to protect its assets. The following notice posted on the this morning: "Pursuant to authority from the state and for the all City Bank of Miami Beach has this day been suspended. (Signed) "L. FENN. "State Bank Examiner." The City Bank Miami Beach opened Aug. entirely institution around the Miami Beach Bank & Trust Co., which closed last took over certain assets of the bank closed and made available 50 per cent of depositors' money under the reopening plan. Officers of the City National bank the old Miami Beach Bank Trust represented in the personnel of Officers are Richardson Saunders. chairman the board of the City National. president: Clements. vice president and cashier: Directors Hugh Gordon. Louis Max Orovitz. G. Retalick. The bank at $100.000 surplus of $50,000. The last the City bank Miami Beach. Sept. listed. among the assets. $155,624.58 cash: $210,472.96 in governbonds: state and municipal bonds at and other market Deposits were listed capital and surplus, $150,000. FIRE KILLS AGED WOMAN Mrs. Barbara Stamp, 84. lighted her igniting her died in hospital She from the burns.

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MIDDLE WEST TO GET SNOW

Chicago, Dec white Christmas was for part of the Middle West in the government forecast Tuesday Snow predicted for Wiscon sin, upper Michigan, Minnesota, Iowa and North Dakota It may be snow and it may be rain in northern Illinois. Indiana and lower Michigan, the report ventured.

MIAMI BEACH BANK PAYS FIVE PER CENT per cent dividend checks for depositors in the defunct Miami Beach Bank and Trust were distributed Tuesday by E D. liquidator. The ready for distribution Monday Keefer said, from the City Bank of Miami Beach, but few depositors were served because of run that preceded the bank's failure to open Monday

FEDERAL RESERVE CUTS REDISCOUNT RATE TO 2

New Dec. 23 constructive step to help the recovery of business and industry the New York Federal Reserve Tuesday reduced its rate to per cent, the lowest in the history of the The action cutting the loaning rate to member banks from per cent, which has been in effect since June 19. was taken at a prolonged session of the board of di-

GROWERS LEAGUE ELECTS Orlando, Dec. 23.-(P)-L. B. Skinner, Tampa, was re-elected president of the Growers and Ship pers League of Florida in annual session here Tuesday Other officers named were E. L. Wirt. Babson Park, and R. B. Woolfolk Orlando, presidents; S. O. Chase, Sanford, treasurer and Randall Chase, Sanford, treasurer Curtis Robinson, Orlando, was reelected vice president and secretary Headquarters are maintained

The sheet anchor is the largest anchor on ship and is the chief dependence in time of storms.

Flavored ices wrapped in oiled paper, are just introduced by street venders in Porto Rico.

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CLOSED BANK'S PRESIDENT QUIZZED

Attorney Vernon said tonight he considered calling other of the closed City tional Bank President Hugh H. for questioning in statements tributed Penney. New York capitalist. that would stand the financial Action of the failing today the Bank of Miami organized August defunct Miami Beach Bank Trust Company. The banks although officers and interlocking privately toby questions to him attempt Penney held liable depositors published statements that "squarely behind the bank. vice president and the for closing the bank failure by telegraph absent the comply technicalities for assets into cash. Duncan, liquidator for placed charge the institution by State Amos. explaining his of Gordon, Hawthorne said Gordon said that since has the City Miami he stood Penney and also the behind the ready. and ing financial that on April an emerrequest made for financial was and with: that the closing the Bay another another request made, which also was fully and promptly complied with. Gordon on last Friday when he heavy from the he caused Mr. Gwinn York the situation and requested that money be placed the federal bank Atlanta Saturday morning this that the would be looked he the money not placed touch Mr. and immediately called Mr. Penney who him the matter had called to his atten tion that reason should not been placed to the great himself other the same was both Mr. Gwinn Penney that they would comply with meet the emergency by furnishing further funds

MIAMI BEACH, Fla. Dec. depositors the defunct Miami Beach Bank Trust distributed today by E. Keefer. liquidator. checks for distrithe Bank Miami Beach, that preceded the bank's failure to open

BANK AND TRUST CO. OF NEW YORK CITY CLOSES Chelsea Bank Trust Company, people, State Banks Joseph Broderick today following heavy withdrawals. Broderick said closed the bank to preserve assets for depositors. owned Chelsea Safe Company and Exchange firm. The developed this morning Broderick caused Police and banking officials an reports that malicious injure banks circulating false rutheir financial condition. When the notice closing the Bronx branch afternoon line 300 depositors stormed the Several patrolmen rushed through crowd with volvers and formed around Two squads dispersed the crowd. There disorder other branches. national state but not either the federal the New York talized had deposits and total resources $23,000,000.