A BIG REFUND

Wanganui Chronicle, Volume LXXXIII, Issue 19844, 19 May 1927, Page 3

A BIG REFUND

WOMEN’S ACTION SEQUEL TO LAND BOOM. Two millionairesses, Mrs E. T. Stoles bury, of Philadelphia, and Mrs. Hugh Dillman, formerly Mrs. Horace Dodge, of Detroit, have decided, at a cost tc themselves of £lOO,OOO, to refund to English and American investors thamounts invested on their advice ir Florida land. Their act of restitution is the sequel to the collapse of the great land boom and the bankruptcy of the magnificent ly advertised Floranda Club and its 40( acres of highly priced plots. The twe women invested in the scheme mor< than £200,000. Its glittering adver tisement that the King of the Hellenes had purchased lots and was about to establish a summer home there, occupied for a season the principal pages of all the newspapers, together wit l : notices in big type of the interest manifested in the scheme by the Coun tess of Lauderdale and her son, Lord Thirlestane.

When the depression came the tre mendous overhead expenses and the cost of the land, more than £1,600,000, made bankruptcy inevitable. Now Mrs. Dillman and Mrs. Stotesbury have decided to make good any losses by investors who might have been influenced b} the free use of their names in Great Britain and the United States.