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TWO MORE BANKS CHICAGO, June The Garfield State bank, Westside bank that deposits the closed today the request its board directors. the second bank close today and the 27th outlying bank State bank Bevery Hills, with deposits listed $900,000 had been placed the hands of the State Auditor Oscar Nelson earlier in the day.
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Farms Acquired For Experiment June troit News says Henry Ford has quired large group of farms Lenawee county Michigan preparatory turning the property into a vast experimental farm. Fences separating the farms being demolished the land ing cleared but the old farm houses being carefully restored small school house. built ings at an tury ago, and blacksmith shop. which once church. are being restored to their former con- this suite. dition. The News says Mr. Ford is perto visit Romey's this sonally work of developing the farm. He quoted saying ought be run more like that "the farmer with the The two ought use nearly the ods and ought to help each other. BANK CLOSED CHICAGO, June The Garfield State bank. West Side bank that had deposits of at the last call. was closed today the request of its board of directors LINDY STUDIES COURSES June (AP) Col. Charles Lindbergh disclosed today was studying four different routes for his proposed aerial tour the orient, of which Main Street. would carry him again across the
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by Chicago Mayor Chicago, Associated banking situamade the mayor of Chicago break with the England Mayor Anton Cermak awaited his office visit from General Charles former vice president. The telephone Depositors, message said, their from the LawnNational bank, in which the director. run the bank and mayor's talk the depositors halted the he his office to find Dawes had gone. come Dawes told the came only The State Bank of Beverly Hills, on the south side of the city closed today by the state auditor the request the board of directors. Deposits amounted to $900,000. the Garfield State bank, west side bank that had deposits at the last call, was closed request of its board directors. 27th outlying bank close this Several of the institutions closed earlier the started plans for today and offihoped to have them reopened soon.
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BANK RUNS Ended In Chicago - Hectic Week Sees 27 Institutions Close Doors-Depositors Back Chicago June bankers announced today that they had weathered successfully of frenzied runs outlying banks runs which they believed will make the week of June 7 20 down as their most exciting in two decades. There was much evidence to Indi cate the bankers were correct in their supposition that the worst was over Probably best of this was the fact that people on street cars. in stores and at soda fountains were thinking of the run in terms of the past No longer long faced and wor ried, they were relating anecdotes or telling of tragedies of the run. The Garfield State Bank, a West Side bank that had deposits of $7,836,000 at the last call. was closed today at the request of its Board of Directors It was the second to today The State Bank of Beverly Hills, with deposits listed at $900,000 had been placed in the hands of State Auditor Oscar Nelson earlier the day Twent institutions closed their doors week, many of them and possibly $100,000,000 deposits were Dozens other invoked a rule quiring 60-day written notice before honoring drafts the Postal Savings Bank and some of the larger Loop banks like the billion-dollar Contin and Illinois, were packed and jammed with people wanting to deposit their money They were afraid, to keep the money at home because of bandits and fire hazards. Wednes day the run was about over and to day deposits easily outnumbered Bankers believed that much good may come from the run, even though the failures undoubtedly much hardship People who have been hoarding cash. said one, "now are beginning to turn their attention investing it. realizing that after all money itself is no good unless put to work."
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BANK RUNS Ended In Chicago Hectic Week Sees 27 Institutions Close Doors-Depositors Back. Chicago, June 11-(UP)-Chicago bankers announced today that they had weathered successfully a series of frenzied runs on outlying banks, runs which they believed will make the week of June 7 go down as their most exciting in two decades. There was much evidence to indicate the bankers were correct in their supposition that the worst was over. Probably best of this was the fact that people on street cars, in stores and at soda fountains were thinking of the run in terms of the past. No longer long-faced and wor ried, they were relating anecdotes or telling of tragedies of the run. The Garfield State Bank, a West Side bank that had deposits of $7,836,000 at the last call, was closed today at the request of its Board of Directors. It was the second to close today. The State Bank of Beverly Hills, with deposits listed at $900,000, had been placed in the hands of State Auditor Oscar Nelson earlier in the day. Twenty-seven institutions closed their doors this week, many of them temporarily, however. About 200,000 accounts and possibly $100,000,000 in deposits were involved. Dozens of other small banks invoked rule requiring 60-day written notice before honoring savings account drafts. Meanwhile, the Postal Savings Bank and some of the larger Loop banks, like the billion-dollar Continental and Illinois were packed and jammed with people wanting to deposit their money. They were afraid to keep the money at home because of bandits and fire hazards. Wednesday the run was about over and todeposits easily outnumbered withdrawals. Bankers believed that much good may come from the run, even though the failures undoubtedly will work much hardship. "People who have been hoarding cash," said one, "now are beginning to turn their attention to investing it, realizing that after all money itself is no good unless put to work."
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Friday, June 26, 1931. "FUNDAMENTALLY SOUND" Bowbells, N. D., Tribune, Farmers Paper "Chicago, June 12.-UP-The Illinois State Bank of Evanston was closed today by the state auditor's office due to depleted reserves. It was the 28th bank suspension of the week in the Chicago area and the second in the suburbs. "The institution capitalization was $100,000 and its deposits at the time of its last statement amounted to $650,000, making it one of the smallest banks to be affected. "The Garfield State Bank, with deposits of $7,836,000, was closed yesterday." The above bulletin sent out by the United Press explains itself pretty well You will notice, tho, that the Evanston bank had deposits of $650,000, and that it was one of the SMALLEST banks to "be affected." You'll notice further, that the Garfield State Bank, with a deposit account of nearly $8,000,000 was closed on Thursday of last week. Yet, in spite of the fact that TWENTYSIX banks closed in Chicago and vicinity in HALF A WEEK and two more very large banks went a couple of days later, making 28 closings in one week, the president of one of the large surviving institutions issues the following statement to the press: "Chicago.-Chicago's banking system-disordered this week by 28 closings and three mergersis in good condition, Melvin A. Traylor, president of the First National Bank and one of the nation's leading financiers, told the United Press today. ""Public confidence is being restored,' Traylor said. 'Financial interests are working to restore the small neighborhood institutions which have closed. "All of the closed banks were small ones. They were relatively unimportant in th ecity's entire banking picture, although their closing must, of course, be greatly regretted." The closed banks were "small ones." A bank with eight million dollars on deposit is a "small" bank. The unpaid C.VI.: employees of the city of Chicago may not agree with Mr. Traylor. But that is beside the point. The whole truth is that the financial system is breaking down and the thousands of depositors are the ones who suffer. But, though the people who lose their money may get a share of it back, and, in some cases, even a considerable portion of it, that "modern" way of liquidating the small banks is certainly the wrong way, even for the monster banking institutions. Yet Mr. Traylor seems to think this wholesale closing was fortunate, if the following statement, aiso given the United Press, means what it says: "The recent mergers have helped greatly the entire banking situation,' Traylor said. 'Even the (closing of the smaller banks was an aid to some extent. "The banks closed were the weaker of the ctiy's institutions and their removal from the field leaves the entire structure in a stronger position." The banking structure is in a "stronger position" than it ever was, if this financier is right. The big fish have swallowed the little ones, and the big fish feel just fine. They are "in a stronger position" to keep on preying on their species. The system is NOT in a stronger position. It is weakened so it can not possibly survive as it now exists. The few large banks will in a few years own all the wealth and the people will all be paupers if this system is not changed very soon. The people, through their own government, must own and control ALL the money. Private banking MUST GO. **** SMALL BANK DOOMED "The small bank owned and operated by & few individuals has no chance to survive. It can not possibly make sufficient profit to keep on operating and pay its way. It is not a matter of what we would like to have but what the system forces
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"FUNDAMENTALLY SOUND" Bowbells, N. D., Tribune, Farmers Paper "Chicago, Illinois State Bank of closed today by the state audioffice due to the of the week in the Chicago 28th bank the second in the suburbs. capitalization $100,000 and its deposits time its last statement mounted $650,000, making one of the smallbanks affected. Bank, with deposits of $7,"The Garfield State 836,000, was closed yesterday. The above bulletin sent out by the United Press will tho, that the Evanston bank had deposits $650,000, the banks to that was one You'll further, that the affected." State Bank, with deposit account of Garfield nearly $8,000,000 closed on Thursday of last week. Yet, in spite of the fact that banks Chicago vicinity in HALF A WEEK and two more very large banks went couple days later, making 28 closings in one week, the president large institutions issues the following statement to the press: banking this week by 28 closings and three is good condition, Melvin A. Traylor, president of the First National Bank the nation's leading told the United Press today. ''Public confidence is being restored,' Traylor working to restore the small neighborhood institutions which have closed. of the closed banks were small ones. They were relatively unimportant th ecity's entire banking picture, although their closing must, of course, greatly regretted.' The closed banks were "small bank with eight million dollars on deposit "small" bank The unpaid employees city of Chicago may not agree Mr. Traylor. But that beside the point. The whole truth is that financial system breaking down depositors are the who suffer. But, though the people who their money may get share it back, and, in some considerable portion of it, "modern" way of liquidating the banks certainly the wrong the monster banking institutions. Yet Mr. think this wholesale closing fortunate, the statement, aiso given the United Press, means what it says: recent mergers have helped greatly the entire banking situation, said. Even the (closing of the smaller banks was an aid to some extent. banks closed were the weaker of the ctiy's institutions and their from the field leaves the entire structure in stronger position.' The banking structure is in "stronger position" if this is right. The big fish the little and the big fish feel just fine. are position' to keep on on their species. The system NOT in stronger position. is it can not possibly survive as exists. few large banks will in few years all the wealth and the people will all if this system not changed very soon. The people, their must control ALL the money. Private banking MUST GO. SMALL BANK DOOMED The small bank owned and operated by a few individuals chance to survive. It can not possibly make sufficient profit to keep on operating and pay its way. not matter what would like to have but what the system forces us to do. Two of our neighborhood banks failed this Monday. The open bank in Columbus of three that were operating there ten years ago, closed. The one in Noonan failed open its door Monday. Crosby bank went last winter, and is no that there not single bank county expenses now, or having paid from its earnings for some years. Small private banks are not making profits never Why face that fact. again to. The big will never banking service to any small community. They will draw all the money out and ship where profits are large and money fluid. NOTE: The people here the great open spaces where we raise the wheat that feeds the world, are used to think of banks with five to eight millions of dollars in deposits small. Rather when bank has footing of million we feel that it's something to talk about, and that any money in such bank safe-absolutely safe. However, over in Chicago, the failure of 28 banks involving hundred million dollars is regrettable of course but nothing to worry about. They are the weaker ones only small part of the picture, their closing leaves the larger banks in SO much stronger position. Nobody worries about the thousands and thousands that stood in line all long to their bread workers that day get money; had worked toiled and saved for years. The great Chicago daily papers gave very little space to the failures, and the stories of the suicides following in their wake, were was all too gruesome. However, all of the banks that failed, everyone of them, in their own communities were "Gibraltars" would stand like the rock of ages against the tides of time just like the little tin box banks out here in the west with their $20,000 capital and three or four hundred thousand dollars of deposits-of which one smaller Chicago bank would make hundred. Capitalism is in state of collapse. course of time the small banks, of the farmers, all of the small business men will broke and in the bread is no hope for them, nothing can save but the orerthrow of capitalism and the social revolution. There be no relief for the farmers and workers in the frame of capitalism. There must be change.