Bankruptcies

"Where Kings, Lords and Financiers have Decided to Build their Homes."

That delectably ballyhooed place, a community by the sea near Palm Beach, Fla., called the Floranada Club, has failed for $6,000,000. Last week, bankruptcy proceedings began against the promoters-- the American-British Improvement Corp., of which the president is young James H. R. Cromwell, son of Mrs. Edward T. Stotesbury of Philadelphia and son-in-law of Mrs. Horace E. Dodge of Detroit.

King George II (deposed) of Greece figured in the ballyhoo. The Floranada Club had offered to him a house with "cool rooms overlooking tropical gardens," if he would buy a plot of ground in the community. Among the questions asked Promoter Cromwell by the bankruptcy lawyers was: "Had you ever considered that the King might turn the place into a Greek restaurant?"

The list of investors in the Floranada Club was indeed polite: Mrs. Stotesbury, Mrs. Dodge, the Countess ef Lauderdale, Mrs. Alexander Biddle, Samuel Matthews Vauclain (president of the Baldwin Locomotive Works), John Sargent Pillsbury (vice president of the Pillsbury Flour Mills Co.).

Another bankruptcy, last week, was the Mason Tire & Rubber Co. of Cleveland.