BURST BOOM.

Press, Volume LXII, Issue 18777, 23 August 1926, Page 9

BURST BOOM.

LOSSES OF MILLIONS. ARRESTS MADE. (bv cable—press association—coftbight.) (ATTSTBAHAW AKD K.Z. CABLB ASSOCIATION.) NEW YORK, August 20. A telegram from Jacksonville says that two important announcements have been made, indicating the bursting of the Florida land boom, In which millions were made and lost. The first, on Federal authority, states that fortytwo persons have been indicted for using the mails for the purpose of defrauding men in tbo sale of Florida lands, from which several million dollars were realised, for a worthless tract which was foisted upon the purchasers. Several arrests have been made. Post office inspectors spent a year in investigating the conditions involved in the promotion of the towns of Filllord and Arcadia Gardens. The second announcement is that two wealthy American families, promoters of the defunct Florananda Colony, which was designed for the exclusive use of affluent Americans and members of European Royalty, have agreed to reimburse the stockholders from their private fortunes, following tho collapse of the project, which entailed losses estimated to be iu excess of thirty million dollars.