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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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FLORIDA BANKS IN FINANCIAL TROUBLE TWO More Fail in Daytona Beach-Probe Continues Jacksonville, Fla.. July 13 (AP) Approximately $9,000,000 in depositors' money was tied up today as state and federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday, The latest to fail were two in Daytona Beach. the Merchants Bank and Trust company and the Atlantic Bank and Trust company, which suspended business vesterday. Both were closed. according to notices on their doors, by state bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land. in the same county, suffered closing of the only two banks in the city, the Volusia County Bank and Trust company and the First National bank. Thursday, while the Colonial Bank and Trust company of Miami failed to open on that day. The Peoples' bank of Jacksonville nad closed last Friday morning. While banking department officials from the state and federal government audited the books of the six banks. John 1.. Fouts. president of four other closed central Florida banks. prepared for preliminary hearing on three charges involving violation of state banking laws. Fouts 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.
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Authorities at Work on Reorganization or Liquidation of Institutions. ONE OF TWO IN SANFORD CLOSED DOORS TODAY Seven Now Have Suspended, Two at Daytona Beach Going Out of Business Yesterday. By the Associated Press. JACKSONVILLE, Fla., July 13.-App.oximately $9,000,000 in depositors' money was tied up today as State and Federal banking authorities worked toward the reorganization or liquidation of six Florida banks which have closed within the last eight days, five of them since Thursday. The latest to fail were two in Daytona Beach, the Merchants' Bank & Trust Co., and the Atlantic Bank & Trust Co., which suspended business yesterday. Both were closed, according to notices on their doors, by State bank examiners pending reorganization for the protection of their customers. The failure of the Daytona Beach banks brought a run on the two remaining institutions in the city, which continued business despite heavy withdrawals. De Land, in the same county, suffered closing of the only two banks in the city, the Volusia County Bank & Trust Co. and the First National Bank, Thursday, while the Colonial Bank & Trust Co. of Miami failed to open on that day. The People's Bank of Jacksonville closed last Friday morning. While banking department officials from the State and Federal Governments audited the books of the six banks, John L. Fouts, president of four other closed Central Florida banks, prepared for preliminary hearing on three charges involving violation of State banking laws. Fouts 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. Fouts is alleged to have loaned himself $5,000 from one of the banks without the consent of the directors, at a time when the bank was not in a position to make the loan, and to have altered minutes of a directors' meeting to show that the loan was approved. Sanford Bank Closes. SANFORD, Fla., July 13 (AP).-The First National Bank, oldest banking : institution in Seminole County, was closed today with a notice on the doors that its affairs had been placed in the hands of the controller. The notice read: "In order to protect the interests of all its depositors, this bank is closed by its directors and its affairs have been placed in the hands of the controller of currency." The First National was more than 40 years old. It had resourcesof $2,200,000 and deposits of $1,800,000. Only one other bank remains here, the Sanford Atlantic National Bank.
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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.
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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.
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14 SOUTH FLORIDA BANKS ARE CLOSED Total Failures in Past Two Weeks Reaches 22, With Collapse of Chain. By the Associated Press. TAMPA, Fla., July 17.-Fourteen State banks in Southwest Florida closed their doors today, bringing to 23 the number of financial institutions to fail within the State in the past two weeks. Following the closing of the Citizens' Bank & Trust Co. of Tampa and nine subsidiary institutions here and in nearby counties today, it was learned that five other banks in this territory also had failed. Total deposits in the Tampa banks involved was $17,347,968.15, of which the Citizens' Bank & Trust held $13;695.870.78. Total assets of the Tampa banks were $22,927,003.36. The institutions placed in the hands of the State banking department today were: The Citizens" Bank & Trust Co., Tampa Franklin Bank, Tampa. The Lafayette Bank, Tampa. American State Bank, Tampa. The Citizens' Nebraska Avenue Bank, Tampa. The Bank of Ybor City, at Ybor City, on which there was a run Monday. The Bank of Plant City, Plant City. The Bradenton Bank & Trust Co., Bradenton. The First Bank & Trust Co., Sarasota. First State Bank of Fort Meade. The Bank of Pasco County, Dade City. First Bank of Port Tampa City. Bank of Mulberry, at Mulberry. Ellenton State Bank, Ellenton. Other institutions which have closed their doors within the past two weeks are: Peoples State Bank, Jacksonville. Volusia County Bank & Trust Co., Deland. First National Bank, Deland. Colonial Bank & Trust Co., Miami. Merchants' Bank & Trust Co., Daytona Beach. Atlantic Bank & Trust Co., Daytona Beach. First National Bank, Sanford. Merchants' Bank, Melbourne. Capital and surplus of the 15 institutions that closed today, according to figures released by the State banking department, totaled $3,890,000. Deposits aggregated $22,283,963.61 and assets $29,679,107.51. Deposits of the eight banks which failed during the two weeks prior to today were estimated at $10,800,000, bringing the total deposits tied up in bank failures to date at $33,083,963.61. E. P. Jackson, State examiner, has been here since Monday checking up on condition. Capt. R. A. Gray, assistant to the State controller, was expected from Tallahassee at noon to take charge. The board of directors of the Citizens' Bank & Trust Co. predicted that all depositors would be paid in full and that the depositories would go out of business. EXPLAINS BANK FAILURES.
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races, which promise to be very excitthis year In consideration of the interest shown during many years in the motion of the development of this summer resort, and also in promoting sports and the regattas held here during the past five years, motion was made by Dr. Hand that Egbert Platt, H. Riford and Thayer be made life members of the society It was carried by unanimous vote. was further voted that each year person should be elected. the one who had done the most during the past to promote the best interof Highgate Springs, and of course this included sports, etc. Mr. Thayer expressed his deep appreciation the honor. though he thought it hardly deserved in his case. Florida Banks in Trouble especially from Ran dolph and vicinity. many have spent winters or sojourned. have property interests in near De Land. Fla., learned with surprise of the failure of the two banks in that city last week. the Volusia County bank and the First National. Law rence Stockwell, of Mr. and Mrs. Stockwell of Randolph. has been cashier of the latter bank. following several years service in the institu tion subordinate capacity His of its directors. news despatch reports the closing these two banks follows: DeLand, July Volusia CounBank and Trust company. oldest financial institution in this county, failed open its doors at o'clock this morning. and an hour later the First National bank closed temporari ly, run on that institution notice. signed by George White state bank examiner. was posted the door the Volusia County Bank and Trust company. announcing that the suspended business and is now in the hands of the state bank ing Another notice on the door stated that the institution the protec tion of all depositors has been closed by order of the board of directors Plans been discussed and fur action contemplated looking of the bank with the purpose in view the deposit in full. concluded the announcement. which not signed. Dr. Lincoln Hulley. president of Stetson university here recently bepresident the Volusia County Bank and Trust company. The First National bank. the only other bank in DeLand. experienced heavy run during the morning business hours and shortly after 10 o'elock the doors were closed. notice posted the door of that institution stated that the unantici oated run has exhausted the supply of ash on hand. necessitating business pending arrival of federal bank B Tuten is president of the First National bank The DeLand failures were preceded the closing of four banking institu tions located in the central part of the which took place May 13th These State Bank of Bartow. First National Bank of Lakeland. First National Bank of Auburn and State Bank of Haven John Fouts president and director these four banks, arrested July 11 Winter Haven. charged with violated the banking 'aws in loaning himself $5,000 of the funds of the Bartow bank without the approval of the board of directors and with altering the minutes of the board make appear that the loan was regular the resources of the bank up to the legal requirement. Last Friday. the day following the DeLand failures. two of the four the neighboring city of Day Beach. the Merchants' Bank and Trust company and the Atlantic Bank and company. closed. Runs made the remaining sanks but they were able to meet the lemands depositors withdrawals The Colonial Bank and Trust bany Miami closed Thursday
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races, which promise to be very exciting this In consideration of the interest shown many years in the promotion of the development of this summer and in and the regattas held here sports during the past five years, motion was made by Dr. Hand that Egbert Platt. H. Riford and Thayer be made members of the society. was carried by unanimous vote. It was further voted that each year one person should be SO elected, the one who had done the most during the past year to promote the best interests Highgate Springs. and of course this included the sports, etc. Mr. Thayer his deep appreciation of the honor, though he thought hardly deserved in his case. Florida Banks in Treuble Vermonters. especially from Randolph and vicinity. many of whom have spent winters or sojourned, or have property interests in or near DeLand. Fla., with surprise the failure of the banks in that city last the Volusia County bank and the First National. Law rence Stockwell, of Mr. and Mrs. Stockwell of Randolph, has been cashier of the latter bank. following several years' service in the subordinate capacity His is one of its directors. news despatch reports the closing these two follows: July Volusia CounBank and Trust company, oldest financial institution in this county. failed open doors at o'clock this morning, and an hour later the First National bank closed temporari following run on that institution. notice. signed by George White, state bank examiner. posted on the door of the Volusia County Bank and Trust company. that the bank suspended business and is in the hands of the state banking department. Another notice on the door stated that the institution the protection of all depositors has been closed by order of the board of directors. "Plans been discussed and ther action contemplated looking reorganization of the bank with the purpose in view of the depositors in concluded the announcewhich not signed. Dr. Lincoln Hulley. president of Stetson university here. recently came president the Volusia County Bank and Trust company The First National bank. the only other bank in DeLand. experienced heavy during the early morning business hours and shortly after 10 o'clock the doors closed. notice posted on the door of that stated that 'the pated run has exhausted the supply of cash on hand. necessitating suspension of pending arrival of federal bank authorities. D. Tuten president of the First National bank. The failures were preceded the closing of four banking institutions located in the central part of the state, which took place May 13th. These were State Bank Bartow. First National Bank of Lakeland. First National Bank of Auburnand State Bank Winter Haven John Fouts, president and director these four banks. was arrested July 11 Winter Haven. Fla., charged with violated the state banking laws in loaning $5,000 of the funds of the bank without the approval of the board of directors and with the of the board make appear that the loan was regular the of the bank not to the legal Last the day following the failures, of the four banks in the neighboring of DayBeach. Merchants' Bank and Trust company and the Atlantic Bank and Trust company. closed. Runs made the remaining banks. but they able to meet the lemands depositors The Colonial Bank and Trust company of Miami closed Thursday.
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BANK JOHN USES IN FLORIDA CLOSED Ormond, Fla., 26 The Bank Ormond, this Winter home John closed yesterday to depositors. Officials of the institution not disclose whether the millionaire kept deposit here during the Summer months. Officers the bank said deposits in the Merchants' Bank and Trust Company Daytona Beach, and the institution failed the was adversely affected."