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BANK CLOSES, WEST PALM BEACH (By Associated Press) WEST PALM BEACH, Fla., June 28-The Palm Beach Bank and Trust company closed shortly before noon today following heavy run precipitated by the failure of the Commercial Bank and Trust company open its doors this morning.
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PALM BEACH BANK CLOSES DOORS TODAY ST. PETERSBURG INSTITU. TIONS IS FORCED OUT OF BUSINESS BY HEAVY RUN MADE (By Associated Press) WEST PALM BEACH, June 28. The Palm Beach Bank and Trust Company closed its doors shortly before noon today following a heavy withdrawal of funds precipitated by the failure of the Commercial Bank Trust Company to open for business this morning.
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RUN ON BANK WEST PALM BEACH, June 28-Following the close of the Commercial Bank and Trust company here today, for the conservation of resources and the protection of depositors, run on the Palm Beach Bank and Trust company forced it to close its doors just before noon. Depositors milled about the outside of the bank.
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Run Closes Bank At Palm Beach WEST PALM BEACH. June (By Associated The Palm Beach Bank and Trust company closed shortly before noon today. following heavy withdrawal of funds, precipitated the failure the Commercial Bank and Trust to company open this
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ON BANK CAUSES DOORS TO CLOSE "Borrowed Religion" from the Associated WEST PALM BEACH, June quotation of the Ten Virgins. Palm Beach Bank and closed its doors say that when the car Trust Company shortly before following around and tipped heavy withdrawal of funds crawled cipitated by the failure of the mercial Bank and Trust Company around for business this morning. that
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Florida Banks Close After a Heavy Run West Palm Beach, Fla., June Palm Beach Bank and Trust Company closed its doors short before noon today following heavy withdrawal of funds precipitated by the failure of the Commerc/al Bank and Trust Company open for business this morning. Both banks, was announced. would be closed until reorganization plans now under way are completed. According officers of the two banks they will as soon as all depositors have been seen. This. they believe. will require thirty to sixty days time.
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HEAVY RUN CAUSES FAILURE WEST PALM BEACH. Fla., June 28 (By A. P.)-A heavy withdrawal of funds caused by failure of the Commercial Bank and Trust Company to open for business today was declared responsible for the closing of the Palm Beach Bank and Trust Com pany here shortly before noon.
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Heavy Run Closes Palm Beach Bank Failure of One Responsible for Withdrawal of Funds from Second. WEST PALM BEACH. Fla., June 28-(AP) heavy withdrawal funds caused by failure the Commercial Bank and Trust Company open for business today declared responsible for the closing the Palm Beach Trust Company here shortly before noon. Despite the run the Palm Beach Trust city light that unnecessary for them touch cash. will be closed until officers that they would opened as depositors have been visited.
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DEPOSITORS STORM CLOSED of City's Largest Institutions Suspend; State Takes Charge Heavy Cash Reserves Save Two Others Experiencing Similar Demands Special Inquirer WEST PALM June of the largest banking institutions West Palm the Commercial Bank Trust and the Palm Beach Bank and Trust Combusiness today. The the Commer cial Bank that would not for open business today. to allow for reorganization of its resulted the other banks. The Palm Beach Bank and Trust Company, unable meet the heavy demands its deposi forced close its doors State Bank Examiner attached Ernest arrived the scene and posting notice the that the the State Hundreds depositors the morning the closed. demanding their money. made that the bank had suspended. positors compelled leave building. They gathered outside, ing for hours, hopes that had been would have opportunity to withdraw their money. Reserves Save Other Banks Other banks simi lar the Palm Beach Bank and Trust but heavy cash reserves piled behind the tellers' appeared reassure depositors ficials the First American Bank Trust Company and the Citizens' Bank West Palm Beach announced that they prepared meet all mands. stated that but slight dents their reserve had been made today's withdrawals. and that sufficient cash was hand pay positors dollar for dollar without vice president the Palm Beach Bank and Company. stated that the bank will reorganize reopen for business within thirty sixty "Heavy from the time the bank opened its doors they closed noon the taken only thing could sixty days, Bank Company closed plans
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CASH RUSHED TO FLORIDA BANKS By International News Service WEST PALM BEACH, Fla., June 29.-The movement of $10,000,000 in cash in armored motor cars from Miami to West Palm Beach during the night became known today when all banks in the city, with the exception of Palm Beach Bank and Trust Company and the Commercial Bank and Trust- Company opened their doors in the faces of crowds through which excitement ran high. With the emergency supply of cash available, bank officials were confident the near-panic among depositors would rapidly subside. The Palm Beach Bank and Trust Company, it was announced today, probably will reopen within 60 days.
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2 FLORIDA BANKS CLOSE West Palm Beach, Fla., June heavy of funds caused by failure of the Commercial Bank and Trust Company for today was declared responsible for the closing of the Palm Beach Bank and Trust Company here shortly noon. Despite Palm Beach Bank and Trust Company other and that for them touch two banks will be closed plans com-
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TWO FLORIDA BANKS CLOSE THEIR DOORS WEST PALM BEACH, Fla., June 28 heavy withdrawal of byb of the ComBank and Trust for today, responsible for the closing Palm Beach Bank and Trust pany shortly Despite on the and Trust Company, banks in drawals necessary for them The two was answered answered drive his had foud the car. wasn't the Martin, of $40 North to relatives in Kansas
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Run On Bank Causes Closing Of Doors Of West Palm Beach West Palm Beach Fla. June 28.(AP)-A of funds caused by failure of the Bank and Trust to open for business today was declared respon. sible for the closing of the Palm shortly Bach and Trust company here Despite the run the Paim Beach Bank and Trust other banks in the city withdraw als light and that was unnecessary for them to touch their cash.
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PALM BEACH BANK CLOSES. West Palm Beach, Fla., June 29 (AP) heavy withdrawal of funds caused by failure of the Bank and Trust company to open for business Monday was declared responsible for the closing of the Palm Beach Bank and Trust company here shortly before noon. Despite the run on the Palm Beach Bank and Trust company. other
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Florida Collapse Is Hitting Banks; Run for Palm Beach Cash WEST PALM BEACH, Fla., June 29 -The movement of $10,000,000 in cash in armored motor cars froni Miami to West Palm Beach during the night became known this morning when all banks in the city, with the exception of Palm Beach Bank and Trust Company and the Commercial Bank and Trust company opened their doors in the face of crowds thru which excitement ran high. With the emergency supply of cash available, bank officials were confident the near-panic among depositors would rapidly subside. The Palm eBach Bank and Trust company, it was announced today, probably will reopen within 60 days.
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By the Associated Press. WEST PALM BEACH, Florida.—The Palm Beach Bank and Trust Company closed its doors shortly before noon Monday following a heavy withdrawal of funds precipitated by the failure of the Commercial Bank and Trust Company to open for business Monday morning.
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WEST PALM BEACH BANK APPOINTED RECEIVERS Aug. Central Farmers Trust Company has appointed for the Palm Beach Bank and Trust West Palm Beach, Comptroller Amos This is the sixth bank to have receiver appointed this week and the ninth the suspended banks reopen. Three have opened outright, four new banks have been ganized to take over suspended banks and liquidate deposits, and two have had regular receivers appointed.
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AMOS APPOINTS LOCAL ATTORNEY BANK RECEIVER Continued One pointment follows: Tallahassee, Fla., Sept. Palm Beach Answering telegram tendered receivership Palm Beach Bank and Trust to O. Myers West Palm in lieu of Central Farmers Trust company reThanks Ernest Amos, Comptroller ORIGINAL APPOINTEES CO-OPERATION When of the Orel ceiver of the Palm Beach Bank and Trust of the Central Farmers' ated a statement they made to Hon Ernest Amos. state comptroller at the time they withdrew from the ceivership to the effect that was their desire to the full. est with the in the speedy liquidation of the affairs of this bank
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INQUIRY STARTED INTO AFFAIRS OF CLOSED BANK HERE Receiver's Books to Be Inspected by State Bank Examiner A. W. Saarinen, state bank examof 2315 South ave. has been ordered by Ernest nue, Amos, comptrollèr. inspect the books of the closed Palm Beach Bank and Trust company with the to furnishing the city of West Palm Beach with report of during the receivership of the instiThe comptroller yesterday informed the of fact that he had instructed Mr. Saarinen to undertake this following request from the city under of February for full information the bank's status. The bank has been ordered to inspect the and to report what has been made on the collection of assets, as what cash on hand, together with summary of the status of preferred claims and any other of He also asked to be ascertain divi. dend may be expected and how much of dividend will be declared. According to the comptroller at the the receiver has lowing the anhouncement that the city was seeking mation from the comptroller, O. Myers, that he able to not 10 percent. in June He stated that the bank's books open at all times to inspection by the city The city was one of the largest depositors in the Mr. was in Miami yesterday. was that he would not return before Wednesday.
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Bank Receiver Issues Statement WEST PALM BEACH, Sept. 7.A statement of the status of affairs for the closed Palm Beach Bank & Trust Company, made by 0. J. Myers, receiver, to the city commission, showed to date approximately $200,000 recovered in cash and a similar amount in real estate. Twenty-two suits for preferred claims totaling $326,316.78 are now pending against the bank, it was reported, and others are likely to be filed, the receiver said. Collections are difficult due to conditions in the real estate market, the receiver declared. At the same time he expressed the belief that conditions are improving The receiver explained that other closed banks, which had paid dividends had more assets on hand when closed than the Palm Beach Bank
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Bank Receiver Issues Statement WEST PALM BEACH, Sept. statement of the status of af fairs the closed Palm Beach Trust Company, made by Myers, receiver, to the city showed to date approximately $200,000 recovered in cash and similar amount in real estate. Twenty-two suits for preferred claims totaling $326,316.78 are now pending against the bank, it was reand others are likely to be filed, the receiver said. Collections are difficult due to conditions in the real estate market, the receiver declared. At the same time he expressed the belief that conditions are improving. The receiver explained that other closed banks, which had paid dividends had more assets on hand when closed than the Palm Beach Bank & Trust Company.
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CITY-BANK PROPOSAL PLACED BEFORE COURT Settlement Plan Submitted to Chillingworth; Decision Expected Soon Proposed settlement between the city of West Palm Beach and the defunct Palm Beach Bank and Trust Company was submitted Monday to Judge C. E. Chillingworth in circuit court. Decision is expected within the next day or two. According to the petition filed Monday by P. Cochrane, liquidator for the banking institution, the city would relinquish all claim to its approximate $614,000 in deposits in the bank, in exchange for right to retain $82,000 in collateral already realized on, and for the property now occupled by the Young Women's Christian Association, title to which is held by the bank. In the event the settlement is approved by the court, the liquidator agrees to withdraw the suit now pending by which the defunct institution is attempting to regain the collateral. The Y. W. C. A. property is 08timated to be worth approximately $14,000 and with the $82,000 would give the city about 15 per cent on its deposits. City Attorney J. Mark Wilcox has advocated the exchange. The W. A. property is located on the southwest corner of Okeechobee Road and Olive avenue.