By Raymond B. Vickers
Panic in Paradise is a accomplished examine of financial institution personal loan disasters in the course of the Florida land increase of the mid-1920s, throughout the years previous the inventory marketplace crash of 1929. Florida and Georgia skilled a banking panic in 1926 whilst, in a ten-day interval in July, after uncontrollable depositor runs, 117 banks closed within the states. Uninsured depositors misplaced hundreds of thousands, and several other suicides the monetary havoc. This quantity uses banking files that have been legally sealed for nearly 70 years and gives a stunning tale corruption and conspiracy."An notable and strange e-book that makes an incredible contribution to our knowing of banking heritage and the final financial historical past oof the Twenties. The banking cave in within the Southeast is nearly unknown, even to experts in banking and monetary historical past. nobody who's attracted to the banking historical past of the USA will wish to overlook this book." -- Eugene N. White, Rutgers University"An exhaustively researched pioneering research; exceptional investigative reporting." -- Jack Blicksilver, Georgia nation college
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Additional info for Panic in Paradise: Florida's Banking Crash of 1926
D. Manley and J. R. 22 Addison Mizner gladly took money, but not advice, from his high-powered partners. He relied primarily on his brother Wilson, Page 24 whom he appointed as the company's secretary and treasurer. When lot sales were generating millions of dollars, Addison entrusted the company's checkbook to Wilson, a "slick con man" and professional gambler with a criminal record. In complete control of the project, Addison and Wilson did not take long to squander the deal of their lifetime.
Mrs. Yerkes was the recent widow of Charles T. Yerkes, who at one time controlled Chicago's railway system. She was also the owner of a $4 million mansion on Fifth Avenue decorated with oil paintings by Rembrandt, Van Dyke, and other European masters. Wilson was a member of the leisure class for only a few months. The publicity generated numerous letters from California and Alaska warning the new Mrs. Mizner about her husband's past criminal activities. After her lawyers finished with Wilson, he agreed to dissolve the marriage and started looking for a new confidence game.
In 1919, the year of the great Red Scare and increased law enforcement activity, Wilson was convicted for gambling and received a suspended sentence. Trying to reverse his streak of bad luck, he went to Hollywood, where the nascent film industry was making millionaires out of many who had far fewer experiences to peddle. After working on a few movie scripts, Wilson rushed to Florida to join his brother at the great barbecue. "31 During World War I, Addison Mizner moved to Palm Beach, Page 27 following the wintering aristocrats of New York.