FLORIDA LAND BOOM.

Timaru Herald, Volume CXXIII, 23 August 1926, Page 9

FLORIDA LAND BOOM.

Evidence of Bursting.

MANY MILLIONS INVOLVED. By Cable—Press Ass(t6lf.tfo=— Copyright. Australian. and N.Z. Cable AssoclaMr-'A (Received August 22, 5.5 p.m.) NEW YORK, August 20. A telegram from Jacksonville says that two important announcements have boon .made indicating the bursting of the J’lorida land boom, in which millions have been niado and lost. First the Federal authorities stated that forty-two persons had been indicted on charges of using the mails for the .purpose of defrauding men in the sale of Florida lands, from which several million of dollars bad boon realised, and worthless tracts foisted upon purchasers. Several arrests have been made. Post Office inspectors spent n yonv in investigating the conditions ‘nvolvod in the promotion of tho towns ot Fnllord and Arcadia Gardens. Two wealthy American families, promoters of tho defunct Florananda colony, designed for tho exclusive use of affluent Americans and members of the European Royalty, have agreed to reimburse the stockholders from their private fortunes, following the collapse of the project, entailing losses ostimatfed in excess of 30,000,000 dollarm.