The Florida débâcle of banks (TIME, July 12) spread last week like slithering protoplasm into adjacent neighborhoods, even beyond the bounds of the state, into Georgia. There more than four score banks also failed during the week.
The interrelation of these banks, latest to fail, was intimate. They belonged to a chain of 120 banks, financed and supported by the Bankers' Trust Co. of Atlanta, Ga. (W. D. Manley, president; Paul J. Baker, treasurer). Part of its policy was to insure the deposits of allied institutions. Therefore when the Umatilla (Fla.) Bank discovered...
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