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The Florida Land Boom was not wiped out by the stock market crash of 1929; it reached a climax in the summer of 1925 and ended before the year was out. Unfortunately, SAL officials pressed on with plans for the Miami extension just when the Florida economy plummeted, which badly hurt the company's finances; when the national depression struck four years later, there were no cash reserves and the company was bankrupted, as you note in this article.

For verification, see the Wikipedia article on the land boom, as well as the book Miami Millions by Kenneth Ballinger, 1936, available at Internet Archive.