Article Text
THREE NORTH SIDE BANKS CLOSE DOORSLANDIS MEETS WITH BIG LOOP BANKERS The vicious attack of the trust occur to the owners of these banks." Before the banks had been closed press, led by the Chicago Tribune, on an hour thousands of angry depossmall neighborhood banks closed itors gathered at the places. Hurthree more this morning whose deried calls were sent in to the police posits totaled $280,000. They are and squads were rushed to the buildthe Summerdale Savings bank, 5203 ing to prevent frenzied folk from N. Clark st.; the Edgewater bank, rioting. 5545 Broadway, and the North Shore According to some sources, the Savings bank, 3802 Broadway. All trust newspapers and the big loop are said to be solvent. banks are playing snooks to chase the little banks out of business and The banks closed voluntarily and the co-partners filed a bill in the suforce the people to deposit their savperior court a few hours after the ings in loop banks. places closed asking that a receiver The Republican newspapers of the Tribune variety are also said to be be appointed. It was in this bill that the press of Chicago was accused of pushing the little banks out of busibank breaking. ness, SO that the Wilson and Dunne Oliver F. Paisley, who, with, his administrations may be blamed, The bank failures will be used as a cambrother, James T., and his father, Wm. H. Paisley, is owner of the three paign issue over the whole country. banks, asked for the receiver. He These G. O. P. papers will also contend that the Democratic adminissaid he wanted the protection of the law that would give him time to pay tration has opposed the passage of laws to control private banks. A off depositors slowly, so that all the assets of the banks could be full repromise to remedy banking conditions will undoubtedly be a plank in alized upon. the local Republican platform. The court bill, filed by Att'y LeRoy Richards, outlines the trust press attack on small banks in this manner: While the newsies were yelling to"Certain newspapers published in day three more private banks' go smash, there came before Judge Lanthe city of Chicago have been critidis in federal building, men from four cising private banks and banks conducted by co-partnerships very sebig downtown banks. All four admitted doing business with the Silverely during the past two weeks. ver, Ginsburg, Michniuk or other They have created a feeling that these instiutions are únsafe. banks lately gone up in smoke. No system, no inspection, no "Depositors have been drawing out their money and the banking busiscrutiny, no regular thorough way ness under these conditions has been of examining small banks for protecrendered unprofitable. tion of depositors or protection of "Because of, the criticisms of prithe banking public of Chicago was vate banks and banks conducted by shown by the spokesmen for the big banks. ,co-partnerships appearing daily in the leading newspapers, it would be The big Continental & Commercial impossible to liquidate or wind up bank, the biggest in Chicago, adthe affairs of these banks without mitted through its attorney, Isaac H. Mayer, that money was loaned by it sacrificing their assets and prejudicing the interest of depositors. to Ginsburg & Sons and as security "Unless a receiver is appointed a for the loan the big downtown bank headed by Geodrge M. Reynolds, with great and irreparable damage will