RUN ON BANKS.

North Otago Times, Volume CVII, Issue 17748, 16 March 1927, Page 5

RUN ON BANKS.

(Australian and N.Z. Pi^ss Association.)

-Prws Assooistion—

PANIG FOLLOWS SMASH.

(Csble—

-Oopyrijrht.)

NEW YORK, March 14. A message from West Palm Beach states that Florida is faeed with a serious financial panijc following on the closing of three more banks. The Farniers' Bank and Trust Company, long regarded as one of the strongest banks in Florida, failed to open to-day, causing 'the immediate failure of two others without previous announcement. Six banks in the district have now closed within a week, and nine in less than a year. Frenzied depositors are clinging in groups about the streets, and runs are feared on the remaining banks. Cjther institutions are attempting to import funds from Miami and Jacksonville to check the panic. No chartered bank is open in Palm Beach as the result of failures, and it is indicated that members of the millionaire eolony may be compelled to take a hand in the situation.