Trust Company of Florida (Miami, FL)

Episode Information

Episode UID
63044471584
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
6304447 routing
Routing Number
63-0444
Start Date
December 1, 1931*
Location
Miami, Florida (25.774, -80.194)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8318c0dd7b2cca9b

Response Measures

None

Description

Dates are approximate from article contexts; later receivership litigation described in 1933.

Events (3)

1. December 1, 1931* Suspension
Cause
Macro News
Cause Details
Part of widespread bank closings in Miami during the banking crisis; article states all banks and trust companies in Miami had closed.
Newspaper Excerpt
Every bank in Miami has finally closed ... All the trust companies have closed too. The Trust Company of Florida ... were the last to go a few days ago.
Source
newspapers
2. November 23, 1933 Other
Newspaper Excerpt
testimony ... in the Trust company litigation ... Selden testified the receivers would let liquidators examine any of the Trust company's books ... receipts ... Cisco, Eaton, Stearns listed fees ... receivership expenditures more than $100,000 during the seven months under Ritter's jurisdiction.
Source
newspapers
3. November 23, 1933 Receivership
Newspaper Excerpt
Hunt said ... brought the receivership against the company federal court ... Judge Ritter ... appointment of receivers ... testimony produced that total the $19,807 and that office salaries were $26,643 ... receipts ... $183,539 and $156,396.
Source
newspapers

Newspaper Articles (2)

Article Text

WATCHING THE PLAY A PAGE OF EDITORIAL COMMENT FOR WHICH RESPONSIBILITY IS ASSUMED "All the world's a stage, and all the men and women merely players." -Jacques in "As You Like It." Christmas Presents for the Boys EARLY THIS MORNING-before the South was pink, (the sun doesn't rise in the East anymore, it comes up out of the South about where Miami, Florida ought to be), Midland Review watching the light come, suddenly caught a short wave radio conversation from the land of Santa Claus. It carried Santa Claus' instructions to his helpers. Above the noise of the wind and the antics of the eager reindeers and the jangling of the sleigh bells his kindly old voice came quite distinctly: "Be good to Billings," he said, "fill all the stockings with candy and presents." "To Mayor Tilton, give lower taxes, keen good-judgment-results to match his earnest desires. "To the Commercial Club, be sure and leave a full budget and a check from Gas-co for $50,000 to help the Commercial Club get the freight rates down. "To the committee for the reduction of gas rates, send a just decision from the Public Service commission, reducing gas rates 50 per cent. "In old Gas-co's huge stocking put actual operating expense-depreciation at the rate of 8.28 per cent-and earnings at 8 per centbut no more. Give the other $300,000 to all the people of Billings. In every stocking hanging before a gas fireplace. put a check for $600 representing ten years saving on gas bills, payable $60 each year. "To Champertous' Fowler, give a reasonable fee for his work. Success for his big venture and the kindly regard of his neighbors whom he is trying to benefit. "To Leon Shaw, give an advertising department that won't leave out the ads for the Sunday mass meetings of the gas consumers. "To Editor MacKinnon give a toy cannon to replace the big one he has been using to shoot at "Champertous" that won't go off at the wrong time and hurt the whole town." Five Hundred Clean Years COMMENTING on the reports of the Federal Reserve board showing that a total of 1,345 bank suspensions took place in the year 1930. a clever commentator calls attention to the fact that for 500 years of recorded history there is said to have been no record of a bank failure in China. And for aught the records show to the contrary for 500 years further back the same remarkable state of things persists. Musing aloud he wonders if, an ancient Chinese custom has any bearing on this situation. which is that the offending officials of a failed bank should be beheaded in the public square and that the graves of his revered ancestors should be defiled. Probably not, legend runs to the effect that the Chinese are fundamentally honest; that a Chinaman never forgets the difference between what belongs to him and what the public has entrusted to him relying upon his integrity. Agitation for "Community Profit" "GAS"-ETTE COULDN'T QUIT without one last yelp at the Committee for Reduction of Gas Rates. The heading of what it indicates is to be its last editorial on the gas rate situation reads: "Agitation for Profit?" That's a good head! "Gas"-ette might have made it read, "Agitation for Community Profit!" If out of this effort Billings and her sister cities can save during the next ten years $3,000,000-less whatever it may cost for expenses and a reasonable fee for "Champertous" Fowler-from money now going out of Montana it is difficult to see how any agitation could be for greater community profit. By C. W. FOWLER Peace and Good Will Nยฐ THAT THE ENEMY'S batteries have been silenced-now that the clang of the anvils where chains are being forged, has subsided-now that there is a moment of armistice-we can pause, on the firing line, to give gratitude for safe and kindly guidance through all the storm-gratitude for the knowledge that truth-always final victor-still points the way. We can pause long enough to remember that this is the season of "Peace on earth, Good Will toward men." These kindly thoughts across the harp strings of the mind, are as soothing as the music of a wind harp afloat on the lazy breeze of a sunny day in spring. "Peace on earth, Good Will toward men." Down the long hallways of time, through all the centuries since the midnight journey of the three wise men; have echoed the strains of the soul satisfying music of these thoughts. They are the very heart of the Christian religion. They reach us now-in this time of great international danger, this time of bitter discord, this time of world wide economic sickness and headache from years of over-indulgence in greed, avarice and selfishness-with all their original healing power. Let us be grateful for these sweet thoughts which can-for the few days we keep them upermost in our minds-blot out all the hatred of a misguided world. Three very wise men traveled all night once toward the birthplace of immortality, guided by a shining star. A few wise men through the centuries have followed the same path made bright on the first night of the Christian era. Why not all of us be wise men! Why not keep Christmas with us all the year! School of Hard Knocks HARD KNOCKS are good teachers. Billings learned in that school. Billings, struggling upward from the relapse of the war, had no taste for the monkey-dance of 1928 and 1929 nor the wild debauch of the Florida land boom. Just how fortunate our knowledge gained in the school of hard knocks may have been is illustrated by a letter just received from the president of an ex-financial institution in Miami, Florida which says: "Every bank in Miami has finally closed except the First National (First National leading seven other banks in 1925, one by only two millions was a sixty-two million dollar institution). All the trust companies have closed too. The Trust Company of Florida and all G. L. Miller's subsidiaries were the last to go-a few days ago. "I have a job with the city; my salary is $2,100 per year with a 10 per cent depression reduction. It gives me a meal ticket while I wait." Then he adds, with a note of optimism. "The dog races started here tonight, and the horse races begin on the 26th. We expect the city to fill up with people but everything is SO cheap that not much profit is made by anyone. A few homes are selling but no lots to speak of-BUT WE HAVE THE SAME PERFECT CLIMATE and you must plan to run down this winter." Let us tuck in snugly, remember our lessons in the school of hard knocks and be grateful. "To thine own self be true: and it must follow, as the night the day, thou canst not then be false to any man." -Laertes in "Hamlet" A Shining Light THE APPOINTMENT of Arthur L. Hewett to be Superintendent of the Billings Water department and successor to J. F. Willet, who had been at the helm of the Municipal Water department since its inception, is occasion to congratulate the city administration and the Board of Water Commissioners upon what would seem to be a splendid decision. Mr. Hewett's long service in kindred lines, his broad experience as an executive and his excellent reputation and character should equip him well to direct the further destinies of the City Water department. The City Water department is a splendid illustration of successful municipal ownership, and its success is due in no small measure to the late J. F. Willett. Mr. Willett was a kindly man, filled with sympathy for the public; honest and determined to do his duty. Under his careful direction splendid service has been given the people of Billings. Once upon a time muddy and disease-tainted water from the Yellowstone was served them to drink. Now these waters are delivered to our people in pure and sparkling form through a thoroughly modern plant valued at approximately one million dollars. The City owes only $120,000 in bonds on the plant. These will soon be eliminated. Then we can have water at cost of operation and upkeep. Willett was like a candle blazing brightly at noon-dark at night-fall. But the light of his labors will go on down through the years. His is the lasting reward due a man for simple, honest, unselfish service to his common kind. His reward extends beyond the grave. Let us say "Splendid Predecessor-Worthy Successor. May time justify our confidence "Riding" to the Poor House WILL ROGERS recently said: "We are the first nation in the history of the world to go to the poor house in an automobile. Our potters fields are surrounded with grana es full of grain. Now if there ain't something cock-eyed in an arrangement like that then this microphone in front of me is a mousetrap." In the same radio talk he further said, "The working classes didn't bring this on, it was the big boys that thought the financial drunk was going to last forever, and over-bought, overmerged, and over-capitalized." Will Rogers was urging us to give to help our less-fortunate neighbors, and he said at the wind up, "I don't know anything about America being fundamentally sound and all that after-dinner "Hooey," but I do know that America is "Fundamentally Generous. I have seen lots of audiences and heard lots of appeals but I have yet to see one where the people knew the need and the cause was there. that they didn't come through." Greater Than City Taxes CITY TREASURER STOLTZ has just announced that taxes amounting to a total of $245,295.94 have been collected at the end of the long first heat of the race to keep ahead of the sheriff. This figure sets forth in bold relief the importance of the present movement for a reduction in gas rates. If gas rates can be reduced 50 per cent,as seems proper from the figures taken by certified accountants. from the gas company's sworn reports over a period of nine years the reduction would amount to more than the entire amount including improvement district assessments paid into the tax coffers of the City of Billings SO far this year and thats the big end of the tax bill.


Article Text

(Continued from Page One) that Judge Ritter had knowledge such actions by plaintiffs. Judge Ritter acted injudiciously in receivers he by his reversal by the circuit court appeals. Judge Ritter appointed Cisco, United district attorney (who fomenting litigaposition attorneys receivers, stating would Cisco earned salary which had been receiving assistant United States district attorney. Judge Ritter stated atorney complainant that wanted Trust Company made suggestions effort to involve the Trust subsequent appointment ceivers had reversed by District Judge Akerthe of whom (Ritter) desired to appoint. Judge his sister-in-law, be appointed of the Julia Tuttle hotel, the hotels comunder of Judge Ritter's court through the equity which Messrs. Eatand Stearns appointed sister-into little experience in hotel work and manager name ing necessary hire assistant the which should have been by the manager. Judge Ritter caused fees paid his receivers from doing by the circuit court appeals Judge Ritter promised sign order by the circuit appeals, appeal would taken his allowfees attorneys." Occupying prominent part the day's testimony sented Richard H. Hunt. Miami, secretary for bondholders committee the Trust company litigation sentative of State Comptroller In his efforts combine actions the two bondholders committees, Hunt said had conversation Henry Gibson. brought the receivership against the company federal court. Hunt quoted Gibson saying he an "inside track" Judge He Gibson told "many Ritter he included in the bill complaint. Gibson Hunt said, that Judge Ritter crack Trust Company of Florida' and that (Gibson) pected file the bill of complaint Judge Alexander Akerman obtain appointment of notice. Hunt Judge Ritter had nied request hearing the expenditures Stearns and Eaton, which claimed was more than $100,000 during the seven months the under Ritter's jurisdiction. He said approval been given the receiver's and that submitted for review the and the latter's liquidator, Smih auditor for state liquidator, testimony produced that total the $19,807 and that office salaries were $26,643. Selden said receipts from the various during the ceivership $183,539 and $156,396. Cisco, for the clerk. Selden Eaton $373 for rent law and fee of Stearns listed as having $13,- show that Robineau Bart Riley, other torneys given lump of $11,000. Palmer. estate man, who claimed assisted the some the records submitted the listed having $4,900. Selden testified the receivers would let liquidators amine any of the Trust company's books for 30 days after the court ordered that they In answer question, Selden that his opinion don't think receivers preserved any properties. Frank Herbert, present manthe Tuttle hotel here, the Trust company properties, testified that while in force, Mrs. Wickard, sister-in-law Judge Ritter, manager hotel given salary week addition living suite. He her appointment made by Herbert said Mrs. Wickard had that Judge He his that had and that ager he did most of the work. testify Glen Skipper, republican national committeeman from Florhimself now "one the forgotten men. He said Eaton and Cisco told him he had spent time the state politically and had ten nothing out Skipper said Eaton and Stearns offered position that would him year expenses that declined the offer. The former national said had opposed appointment Ritter the bench 1929. George Raymond Butler, Miami men; George Langford, Lee Gerstel, estate they Eaton, and which they said asked advance Trust company They said they declined the The hearing enterits final night virtual completion the prosecution's and an nouncement Judge Ritter that he "most expects take the witness before clusion case, probably Thursday Prosecution they finished introduction with the exception testimony one witness and possibly that one other, and Attorneys for Judge Ritter indicated that in all probability they witnesses except the judge. night session, the evidence swung back the Whitehall hotel bankruptcy which occupied the first two days the Rankin of West Palm Beach, former law partner Judge Ritter, has testified he received $90,000 fees attorney for complainants the Whitehall case from them paid Judge Ritter $5,000 recalled the witness. Rankin furnished the committee with had requested concerning Ritter's interest in their office furniture fixtures the when Ritter pointed the bench, for which Rankin owed the Judge $5,000. Rankin he was unable estimate the amount Ritter's interest the library and equipand again was the committee compile the figures and present them Thursday. CROP REPORT Orlando, Nov. the in November weather conditions general unfavorable for growth vegetable crops the southeastern states, federal reporting bureau said "Torrential rains practically destroyed the crops limited area the coast Florida from Fort Lauderdale, report this going the the country, part, suffering from dry DIVIDEND IS PAID Sebring, Nov. perbeing tributed the Highlands County Martin, The was the third paid the bank April, and brings percent, mately paid positors. The had deposits of $125,000 closed. FRAUD CASE CONTINUED Augustine, Nov. trial Charles Stein, charged with fraud the operation alleged race horse betting game. tinued until the term. after called for hearing Wednesday.