1254601555 125460
national
80ae2080e636c638Accommodated withdrawals, Borrowed from banks or large institutions
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BANKS CLOSED DAYTONA BEACH. July 12. The Merchants Bank and Trust company, and the Atlantic Bank Trust company here closed today. Runs were made on the Daytona Beach Bank and Trust company the First tional bank, the other two financial here. but they to meet the demands of depositors' withdrawals
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Two Banks Close At Daytona Beach DAYTONA July 12. The Merchants Bank Trust company the Atlantic Bank Trust company here closed their doors Runs also made on the Daytona Beach Bank Trust company First National bank, the institutions here. but they were able to meet the demands of depositors withdrawals. The bank failures here brought to five the number of banks that closed their doors in Florida the two The Volusia County Bank Trust company and the National bank in DeLand the Colonial Bank Trust company of Miami closed yesterday. Notices posted doors of the Beach institutions stated been closed by the aminer for protection the depositors pending The notices bank. which identical wording, stated that efforts would made pay all depositors in full Officials of the Atlantic National bank and the Barnett National bank of Jacksonville wired officials the two closed institutions, offering them financial
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RUNS CLOSE BANK AT DAYTON BEACH, FLA. DAYTONA BEACH, Fla., July 12.-(P)-The Merchants Bank and Trust company and the Atlantic Bank and Trust company here closed today. Runs also were made the Daytona Beach Bank and Trust company and the First National bank, the other two finanetal institutions here, but they were able meet the demands of depositors' withdrawals
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TWO MORE FLORIDA BANKS CLOSE DOORS Bring Total to Five to Fail Within Two Days. Heavy Runs Made on Two Daytona Beach Institutions, but They Withstand Strain. JACKSONVILLE, Fla., July 12 (AP).—Failure of the Merchant's Bank and Trust company and the Atlantic Bank and Trust company at Daytona Beach today, brought to five the number of financial institutions to close in Florida within the past two days. The Volusia County Bank and Trust company and the First National bank, both of Deland, and the Colonial Bank and Trust company, of Miami, closed yesterday. Meanwhile, pending re-organization or liquidation, John L. Fouts, president and director of four central Florida banks, which failed recently, was at liberty under $10,000 bond, following his arrest on charges of violating the state banking laws. Failure of the two Daytona Beach banks today was followed immediately by runs on the Daytona Beach Bank and Trust company and the First National bank of that city, but they were able successfully to meet the demands. Notices posted on the doors of the two closed institutions stated that they had been closed by the state banking department for the protection of depositors, pending reorganization. Fouts, who was president and director of the State Bank of Bartow, the First National bank, of Lakeland, the First National bank, of Auburndale, and while plumbing, heating and electric wiring will make the total cost about $91,000. The school board met at the home of Charles O. Vaughn, chairman, who is still sick. All the members were present except V. Z. Cline, who is under injunction not to participate in its sessions. Contract for the electric wiring went to the Tennessee Plumbing and Electric company, of Etowah, while the plumbing and heating job was awarded to John Cuneo, of Chattanooga. The contracts were signed and approved within a few minutes after the successful bidders had been determined, and Christmas & Murphy announced work would begin Monday morning. They hope to have the building ready for use by Jan. 1. Spring City's school was destroyed by fire several months ago and the school has been conducted in churches and the gymnasium, which was not damaged by the fire. The board of education's committee on buildings is composed of Chapman Wasson, Creed F. Cunnyngham and W. C. Day. FORD WRITES CHECK, FIRST IN FIVE YEARS, FOR TWO-CENT LOAN NEW YORK, July 12 (AP).—Henry Ford, with his personal check, has redeemed a 2-cent loan. When he found he had no money in his pockets to purchase a 2-cent stamp commemorating Thomas A. Edison's invention of the incandescent light, Mr. Ford at the recent jubilee celebration of the light at Atlantic City borrowed two pennies from J. F. Quinlan, secretary of the jubilee committee. Quinlan has received in payment the first personal check Mr. Ford is said to have signed in five years, but Mr. Ford's check book will be forever out of balance, for Quinlan does not intend to cash the check, he said today.
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JACKSONVILLE, Fla., July 12 (AP).—Failure of the Merchant's Bank and Trust company and the Atlantic Bank and Trust company at Daytona Beach today, brought to five the number of financial institutions to close in Florida within the past two days. The Volusia County Bank and Trust company and the First National bank, both of Deland, and the Colonial Bank and Trust company, of Miami, closed yesterday. Meanwhile, pending re-organization or liquidation, John L. Fouts, president and director of four central Florida banks, which failed recently, was at liberty under $10,000 bond, following his arrest on charges of violating the state banking laws. Failure of the two Daytona Beach banks today was followed immediately by runs on the Daytona Beach Bank and Trust company and the First National bank of that city, but they were able successfully to meet the demands. Notices posted on the doors of the two closed institutions stated that they had been closed by the state banking department for the protection of depositors, pending reorganization. Fouts, who was president and director of the State Bank of Bartow, the First National bank, of Lakeland, the First National bank, of Auburndale, and the State Bank of Winter Haven, was arrested at Winter Haven on a charge that he had unlawfully "lent" himself $5,000 from the funds of the State Bank of Bartow without consent of the board of directors. He also was charged with altering the minutes of the board to make the "loan" appear regular, and with having taken the money when the resources of the institution were not up to legal requirements. Officials of the two closed Daytona Beach banks would make no statement. The Merchant's Bank and Trust company at Daytona Beach was the largest banking institution in that city. The notice on its doors was signed by E. R. Conrad, president, and F. J. Niver, secretary. The wording of the directors' notice at the Atlantic bank was identical. F. N. Conrad, president of the Atlantic bank, is chairman of the board of the Merchant's bank, and was president of the latter institution until a few weeks ago when he resigned. He was succeeded by his nephew, E. R. Conrad, who also is a director of the Volusia County Bank and Trust company, that failed at Deland yesterday. Niver, who is executive vice-president and secretary of the Merchant's bank at Daytona Beach, also is secretary of the Atlantic bank there. The Merchant's bank had resources of $3,749,984.46; deposits of $2,921,030.53; capital stock of $100,000, and surplus of $250,000. The Atlantic bank had resources of $785,719.94; deposits of $461,934.70; capital stock of $100,000 and surplus of $31,330.24.