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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.
