Lincoln State Bank (Chicago, IL)

Article Text

THREE BANKS IN CHICAGO CLOSE THEIR DOORS TODAY

(By CHICAGO, Chicago closed bringing the total for the week to 22. They the Trust and Savings, the Second Northwestern State, Milwaukee and the Lincoln state in the black on South State street. Their $350,000 and $400,000. closings today coincident with the unrest which developed the and other The Northwestern Trust and had $16,948,000: Second Northwestern $4,510,000, and the Lincoln $2,410,000. Bright spots in the neighborhood banking an by John Bain that his 12 closed banks able to pay full: and consolidation of the State Bank and Liberty Trust and Savings total resources of $13,500,000.

Article Text

CHICAGO

United more Chicago neighborhood banks closed today, bringing the total for the week

They were the Northwestern Trust and Savings, the Second Northwestern State, both on waukee avenue, and the Lincoln State in the black belt South State street. Their capitalization was, respectively, $350,and $400,000. The closings today were laid to heavy withdrawals coincident with the unrest which developed over the week-end with three big and the other closings. The closings tied up approximately in deposits. The Northwestern Trust and Savings had Second North$4,510,000, and the

Article Text

Three Chicago Banks Closed

Heavy Result in Suspension

Northwestern Trust one largest northwest open its doors morning the result of heavy withdrawals the two days Deposits of March 25 were $14,The bank one of the chain affiliated with the group, whose absorbed Monday by the First National Within few minutes of this anword the auditor's office that neighboring northwest bank and one south Negro district voluntarily as the result of withdrawals. These Northwestern State bank, with $3,Lincoln State bank, deposits The Chicago House assothrough leading memTuesday adopt off" policy in the caused by the locking up 19 outlying banks on Monday and Tues-

Article Text

THREE MORE BANKS CLOSED IN CHICAGO

Total for Week Is Brought to Twenty-Two.

CHICAGO June 10 U.P closed bringing the total for the 22. They the Northwestern Trust & Savings the Second Northwestern State, both on Milwaukee avenue and the Lincoln State South State street respectively and laid to heavy withdrawals with the unrest over the The closings tied up The Northwestern Trust Savings had 000: the 000 and the

Article Text

DIARY THROWS 5 MORE BANKS NEW LIGHT ON SHUT DOORS IN DEATH OF GIRL CHICAGO AREA

Held to Support Faithful Murder Theory; Examiner Says She Was Drowned

Mineola, June 10-(P)-A diary by Starr Faithful, whose body washed ashore at Long Beach Monday, has been found DistrictAttorney Elvin E. Edwards announced tonight He declined to reveal Its contents. but said they were "very important and strengthened his theory that the 25-year-old beauty been slain. Edwards declined to say where the diary was found. but said it not been turned over to police the family of the girl. having been obtained by Lieut Theodore Magee of the missing persons bureau of the Nassau police Family Questioned

On returning from Boston tonight, the spent several hours questioning members of the Faithful family, Mr. and Mrs. Stanley E. Faithful and particularly another daughter, Sylvia Tucker Faithful. At late hour tonight they were permitted to turn to their home in New York The attorney also an, nounced that Martin W. Littleton. assistant district-attorney and Detective Joseph Culkin had obtained tion from two Coast Guardsmen He declined to disclose the nature of the information. Edward's medical advisor How ever. announced that the girl died of drowning and that she was neither drunk nor drugged when Edwards took extradition papers and confession blanks to Boston with him, but when he left again for New York the blanks were still blank and his medical advisor's report seemed to indicate that the whole theory on which he had been working was faulty While Edwards in Boston was questioning Francis Peabody Ham lin. steamship company man who had known Miss Faithfull and who volunteered to tell what he knew of her recent movements Stanley gave an interview to reporters here.

Denies Naming Bostonians He acknowledged having given police information that turned their attention to Boston, but denied he had mentioned any politician or physician in connection with the During the Interview the names of several Bostonians were menFaithfull said he did not know and Mrs. Faithfull's first husband, Frank Wyman. A reporter remarked that the City Department of Hospitals confirmed the report that Miss Faithfull had been taken to the psychopathic ward of Bellevue Hospital 1930. the records showing that she was detained one day for Mr. Faithfull late today. after sttending his daughter's funeral services, explained he had denied statement that Start had spent night in Bellevue Hospital in the hope of preserving her reputation. He added that he mixed four drinks for Starr and young woman friend in the Faithfull apart ment on March 30 and then left The next afterthe apartment. noon Starr was in Bellevue and he and Mrs Faithfull went there take her home He later learned from the other whom he declined young name, that Starr drank all four cocktails and was later introduced by her friend to a Joseph Collins Mr. Faithful added he had sought Collins in vain ever since. He said the drinks were diluted with water the strength of about three or dinary Dr. Means S. Gregory head of the psycropathic department Bellevue, said today that Miss Faithful was in the hospital overnight March 30-21 1930 She had been found in a hotel in West 60th Street in the presence of man who identified himself an ambu lance surgeon as her husband Records showed her listed at the hospital as Marie Collins. later corrected to Starr Faithfull. Dr. Gregory said "Helen Faithfull her mother her father Stanley E. Faithfull, came in the next morning an in sisted they take her She discharged in the custody of her parents. The diagnosis was "alcoholism acute," and under the notation was written tusions face, jaw and upper lip. Miss Faithfull made statement in which she said was drink gin as far as know This first time have drunk any thing in six months and had nothing until yesterday I don know had. don't how many remember suppose someone knocked me around bit.

Large Institutions Provide Ample Funds; Uneasiness Reported on Decline

Chicago, June -(Special Dispatch)- Five more outlying banks today closed their doors, yielding wave of uneasiness among depositors which has swept the city in the last few days. Since Monday 24 banks either have been closed by the state auditor, or have merged with other institutions. There were six closings or mergers Monday 13 yester day and six today. The banks closed today are: Northwestern Trust and Savings Bank, Second Northwestern State Bank (affiliated with the above). Italian Trust & Savings Bank, Cragin State Bank and Lincoln State Bank The suspension of the two Northwestern banks was an aftermath of the absorption of the ForemanState Banks Monday by the First National Bank These outlying institutions had been affiliated with the Foreman-State Banks and were "orphaned" when the big downtown institution was taken over

Many other smaller banks in various parts of the city and suburbs were withstanding heavy runs, bolstered up by cash from downtown banks of larger capitalization which so far have not felt the pinch of lack of public confidence. The larger banks have sent truckload after truckload of money to their smaller contemporarie and it was said in various financial quarters that they would continue so far as is consistent with good banking principles. "We are supporting the outlying banks to the fullest extent possible, said Arthur Reynolds chairman of the Continental Illinois Bank & Trust Company the larg. est financial institution in the ity "We have sent out millions and will continue to do so until public confidence is restored. It is curious thing that some of the strongest neighborhood banks in Chicago have been subjected to the heaviest withdrawals But conditions today seem to be improving and there are signs that uneasiness is lessening Both today and Tuesday It appeared that several of the banks had closed their doors, following application to the state auditor, rather to conserve their assets than because they were in an unsound Loans on "frozen curity. good eventually but not immediately turnable into cash, reported to be the general

Article Text

FINANCIERS BACK 25 FAILING BANKS

CHICAGO, June 11 (AP)—Loop bankers moved today to reassure depositors of their confidence in outlying banks, 25 of which locked their doors in the last three days.

Six closed yesterday. On March 15 they had total deposits of approximately $19,000,000.

The largest was the Northwestern Trust and Savings Bank, with deposits of $14,600,000. Others were the Second Northwestern State Bank, the Italian Trust and Savings Bank, the Cragin State Bank, the Lincoln State Bank, and the West Town Bank.

Both Melville A. Traylor, president of the First National-First Union Trust group, and Arthur Reynolds, chairman of the Continental Illinois Bank and Trust Company, announced that they were backing outlying institutions.

Article Text

COIN IS STACKED OF CUSTOMERS

Douglass National Bank Weathers Storm which Closed 24 Others.

400 IN LINE

Savings Clause is Invoked.

CHICAGO. cago suffered the worst financial flurry in its history last week. white banks, several of them with heavy deposits, closed their doors within a space of three days. The Douglass National, the only remaining colored bank in Chicago, withstood the storm. interview President Anthony Overton stated to the Associated Negro Press that the depositors of the Douglass National need have no fear to the stability of their instituaddition to the bank's liquid condition, it has back of it the Federal Reserve System well as its correspondent the Continental and Commercial, which the largest bank west New York and the strongest banks the world,' said erton. The disthe merof the Foreman National banks, $300,000,000 institution, First Half dozen important outlying institutions which the controlled were forced close the city became panicky Runs began the smaller institutions. of which closed in Southside Close

Colored people, scarcely recovering from the Binga, Banker's State, Citizens Trust crashes, suffered verely The Lincoln State, 31st and State Streets. with deposits, good portion which said to belonged colored people, closed voluntarily when threatened with run. The Southside Trust and Savings, 43d and Cottage Grove Avenue, with $4,000,000 deposits and the Washington Park National with $9,000,000, both of which heavily populated districts and the dustrial 47th and State Street, smaller institution. were whose cessation of business affected colored people In most the banks affecting colored people plans foot open. Lincoln State in which Alderman Louis B. Anderson rector, and number Negroes stockholders, including Charles Jackson, and Dr. Williams, announce plans for early reopening

Van Load of Money The Douglass showed remarkable strength. van load of money sent by the Continental and Commercial through which it clears. The money stacked up in sight the depositors on Tuesday gathered in numbers. At one time there four hundred people in the bank intent upon making withdrawals. Finally after assuring speech, President Overton invoked the clause on savings and the run rapidly subsided. Only Bank Open The Douglass National the only bank open from 22d Street 63d Street and Cottage Grove to Wentworth Avenues, territory comprising some 400 square blocks and including most the colored inhabitants of the city Within the year ten banks have closed this trict. The directors are said to be considering plans capturing as much of this business as possible.

Article Text

LOAD OF MONEY PILED IN FRONT OF CUSTOMERS the past two weeks Chicago suffered the worst financial flurry in its history. Twenwhite banks, several of them with heavy deposits, closed their doors within space three days. The disaster began with the merof the State National banks, institution, with the First National. Half dozimportant institutions which the Foremans controlled were foreed to Depositors throughout the city became panicky. Runs began on the smaller institutions, twenty-four of which closed. in Southside Close Colored people, scarcely recovering from the Binga, Banker's State, and Citizens Trust crashes, suffered severely. The Lincoln State, and State Streets, with $1,000,000 deposits, a good portion of which said to have belonged to colored peo(Continued on Page

Article Text

Van Load Of Money Halts Run On Bank

(Continued from Page closed voluntarily when ened with run. The Southside Trust and Savings, 43rd and Cottage Grove Avenue with deposits, and the Washington Park National with $9. 000.000 both of which touch heav. ily populated colored districts, the Industrial at 47th and State Street, smaller institution, were among those whose cessation of business affected colored people most The Douglass National the only remaining colored bank in withstood the Van Load of Money The Douglass showed remarkable strength. load money sent out by the Continental and Commercial through which it clears. The money was stacked up in sight of the depositors who on Tuesday gathered in At one time there were four hundred people the bank intent upon mak ing Finally after reassuring speech, President Overton invoked the sixty-day clause on sav ings withdrawals and the run rapidly subsided

Only Bank Open The Douglass National the only bank open from 22nd Street 63rd Street and Cottage Grove to Wentworth territory comprising some 400 square blocks and cluding most of the colored inhabitants of the city Within the year ten banks have closed in this district. The are said to be considering plans for capturing as much of this business as possible. In an interview President Anthony Overton stated to the Associated Ne. Press that the depositors of the Douglass National need have no fear to the stability of their institution. "In addition to the bank's liquid condition, it has back of the Federal Reserve system as well its correspondent bank the Continental and Commercial. which is the largest bank west of New York and one of the strongest banks in the world, said Mr. Overton. In most of the banks affecting colored people plans are on foot to reopen. The Lincoln State. in which Alderman Louis B. Anderson director. and number of Negroes stockholders. including Charles S. Jackson, and Dr. Wilberforce Williams. announce plans for early reopening. are prominently identified with the activities of Portland and will be greatly missed Mr. Troutman clerk of the Vestry board of St Philips church and has been Taithful in attendance. Mrs. Troutman an active member the church and Guild and of staunch members of Mt. Hood Chapter S. Their daughter, Miss Virginia Avery, has completed business course at the Commercial High and is also proficient at the art dressmaking. William Duncan Allen, Jr., Rob. ert Allen and Miss Nellie Allen are expected home this week from school. W. D. Allen, is instructor of music at Howard University, where "Bob" is student, majoring business administration. Miss Allen has completed the music course at Oberlin College. W. D. Allen, well known business man of Port land, the father of these talented young folks. They spend the with their father. Mr. R. Blackburn has returned from trip to Colorado and Kansas. Everyone looking forward to the first boat excursion of the season July fourth on the boat Swan. Given the Rose City Lodge No. E. of Mr. R. Blasingame the Exalted Ruler and Mr. A. Jones heads the entertainment committee. Mr. and Mrs. Robert Fagan of St. Paul are visiting in the city and enjoying visit with their friends, Mr. and Mrs. Berrie Tinseley. Mr. and Mrs. M. Chesley, cent arrivals from South Orange, were guests of Mrs. G. Randall for motor drive to many points of interest about the city and VancouWashington. Mr. and Mrs. Chesley are in the employ of R. R. Adams, new manager of the Meier and Frank's department store.