gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c54b0134adaab675
Response Measures
None
Description
Closed by the state examiner as part of the Lorimer–Munday chain; later receivership petitions were filed.
Events (2)
1.June 12, 1914Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by the state bank examiner due to ties to the LaSalle Street Trust & Savings Bank and problematic collateral/asset conditions uncovered in the parent institution
Newspaper Excerpt
the Illinois State bank of Chicago, on North Clark street...was taken in charge by the state bank examiner
Source
newspapers
2.July 6, 1914Receivership
Newspaper Excerpt
Receivers were asked for three of the lesser of the Lorimer-Munday string of banks today...the Illinois State Bank of Chicago was among them.
Source
newspapers
Newspaper Articles (24)
1.June 12, 1914The Fargo Forum and Daily RepublicanFargo, ND
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LORIMER BANKS ARE CLOSED UP Chicago, June 12. - The LaSalle Street Trust & Savings bank of which former Senator William Lorimer is president was taken in charge by the state bank examiner. No business was done in the bank today. The examiner reported that conditions were such as to warrant the closing of the bank. A mild run on the bank was started two days ago, according to the secretary of the bank, today more and more depositors gathered in front of the institution which is a few doors from the board of trade building in LaSalle street. An hour after the arrival of the state bank examiner, doors of the bank closed. An examination of subsidiaries of the LaSalle Street bank, it was announced, will be taken up by the bank examiner. Lorimer, president of the bank. was in conference with the directors of the institution through the morning. Later, the state bank examiners caused a suspension of business in three subsidiaries of the La Salle street institution. These were the Broadway State bank on the north side, the Ashland bank on the west side in the ghetto district, and the Illinois State bank of Chicago, on North Clark street. The Broadway State and Ashland banks were organized within a year. In financial circles it is reported that the Corn Exchange bank yesterday refused to allow the La Salle street institution to clear through it. A rough estimate of the amount withdrawn by depositors is $1,000,000.
2.June 12, 1914The Hattiesburg NewsHattiesburg, MS
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EXAMINER CLOSES CHICAGO BANK William Lorimer's Institution Taken Over by Official. Chicago, June 12.-The LaSalle St. Trust & Savings Bank of which former Senator William Lorimer is the president, was taken in charge today by the State Bank Examiner. The Examiner declared that conditions warranted the closing of the bank, but would not make any further statement at this time. Later the examiners closed three subsidiary banks-the - Broadway State Bank, the Twelfth and Ashland bank and the Illinois State Bank. There had been a run on the La Salle bank for two days.
3.June 12, 1914The Daily Star-MirrorMoscow, ID
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r LORIMER BANKS CLOSE DOORS LA SALLE TRUST AND SAVINGS BANK AND TWO SMALLER INSTITUTIONS SUSPEND. State Auditor Takes Charge-Many Depositors Gather at the DoorsMan Kicks Out Window. CHICAGO, June 12.-The LaSalle Savings and Trust bank, generally known as William Lorimer's bank, one of Chicago's largest institutions, has closed its doors and placed its affairs in the hands of the state auditor. Bank Examiner Harkin is responsible for its closing. The bank had a paid up capital of $1,000,000. Immediately after the doors . were closed 1500 excited depositors jammed LaSalle street and clamored for entrance. A man on the twelfth floor of the bank building deliberately kicked out a large pane of glass. The glass fell on the crowd in front of the door and a dozen or more persons were cut and injured. The police were unable to find the man. The bank closed on orders of State i Auditor Brady. Examiner Harkin also closed the Illinois State bank and the Broadway State bank, smaller institutions affiliated with the Illinois Savings and Trust bank. Ex-Senator William Lorimer was president of the V La Salle institution. Harkin said the i deposits of the three banks totalled in $4,648,000. e
4.June 13, 1914New-York TribuneNew York, NY
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SECURITY QUESTIONED ON $1,200,000 LOANS Combined Deposits Exceed $6,000,000 and Cash Means $1,400,000. WHEAT MEN SUSPEND Bank Troubles Partly Attributed to Politics-State Examiner Now in Charge. [By Telegraph to The Tribune. Chicago, June 12.-Four of the banking enterprises built up in Chicago by Charles B. Munday and William Lorimer were closed to-day by the State Banking Department. When the crash came the values remaining were of such a negligible character that none of the solvent banks could be induced to extend a helping hand. According to the records. there had been extracted from the La Salle Street Trust and Savings Bank about $1,200,000 in the way of loans on collateral said to be unmarketable. The banks forced by D. V. Harkin. the State Bank Examiner, to close their doors were the La Salle Street Trust and Savings Bank, the Ashland-Twelfth State Bank, the Broadway State Bank and the Illinois State Bank. The State Bank of Calumet, a fourth subsidiary, was not closed. These sums have been drawn within the last few days by the La Salle Street Trust from the four subsidiary banking institutions, evidently to tide over the larger bank: Ashland-Twelfth Street State Bank, $180,000; Broadway State Bank, $175,000; Illinois State Bank, $170,000: State Bank of Calumet, $115,000. Total, $640,000. Securities Called "Bad." The state bank examiner took possession of the banks after Lorimer and Munday acknowledged to him that it was impossible for them to clear up certain securities and collateral carried in the assets of the bank classed as "bad" by the State Auditor's office. The State Auditor had been insistent that these securities be replaced by "good" collateral ever since the first and only examination made of the bank by the new Democratic administration, in January. Action of the state officials comes soon after the legal proceedings against James J. Brady, State Auditor, and the suit filed by John H. Coyne, in which the names of C. B. Munday, vice-president of the La Salle Street Bank, and others were mentioned. Rumors of a receivership are current. The Ashland-Twelfth Bank was the centre of a riot when its depositors learned of the closing. Men and women clamored for their money. Refusal was met by excited cries, and before the police arrived a stone was thrown through a window and a rush was made on the locked door. Policemen restored order. The banks were known as the Lorimer-Munday chain of banks. The La Salle st. bank was the main institution, the others being outlying concerns, whose balances and reserves were carried to a great extent by it. Combined they have deposits of $6,411.997 and reported cash means of $1,434,692. Of their deposits, $966,000 consists of city funds. The bulk of this amount, $650,000, is on deposit with the La Salle Street Trust and Savings Bank. The sanitary district of Chicago has $75,000 in the La Salle st. bank. An examination of the La Salle Continued on page 2. column 6
5.June 13, 1914The Broad AxChicago, Salt Lake City, IL
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Early Friday morning the four state banks under the control of ExUnited States Senator William Lorimer failed to throw their doors open to the public for several weeks there had been a very heavy run on them. The banks which he controlled were as follows and which closed at the same time were the LaSalle Street Trust and Savings Bank 233 South LaSaile street. The Broadway State Bank, 4618 Broadway, the Illinois State Bank, 350 North Clark street and the Twelfth Ashland State Bank, 12th and Ashland Boulevard. The history and stockholders of the four Lorimer's busted banks follows: Ex-Senator Lorimer's financial instition was first organized as a national bank in 1910 and styled the La Salle Street National bank. Two years ago the bank was reorganized into a state institution, which was done for the purpose of giving the bank a wider scope in the handling of all branches of business. On April 4 the last report made to the state auditor showed the La Salle Street Trust and Savings bank to have total deposits of $5,389,000 of which $3,595,978 were individual deposits and $1,462,089 was due to other banks and $331,519 was savings deposits subject to notice. The resources of the bank were given as follows: Loans and discounts, $4,255,817; bonds and stocks. $1,193,325; cash on hand, $115,325; due from other banks, $275,010; checks and other cash items, $613,135. The liabilities were given as follows: Total deposits, $5,389,586; capital stock paid in, $1,000,000; surplus and undivided profits $343,632. La Salle Street Trust and Savings stock was sold originally at 125. During the last six weeks the stock has been poorly supported around 95. Yesterday one share was sold at 85, and there were no bids in the market for any more. There are two outlying banks under the domination of the La Salle Street Trust and Savings, both banks being organized within the last year. The Ashland and Twelfth State Bank and the Illinois State, the latter located in the new John R. Thompson building, North Clark and Kinzie streets.
6.June 13, 1914South Bend News-TimesSouth Bend, IN
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TWO MORE BANKS IN CHICAGO ARE CLOSED SATURDAY Calumet State and Southwest Savings Institutions Are Added to "String" of Failing Lorimer Banks. CHICAGO, June 13.-Two more banks closed their doors here today as a result of the financial troubles of the LaSalle St. Trust and Savings bank, bringing the total closed in the past twenty-four hours up to six. The State bank of Calumet, one of the so-called "string" of MundayLorimer banks in Illinois failed to open and the Southwest Savings bank, a private concern, closed its doors and applied for a receivership. Both banks had deposits in the LaSalle St. institution, the Calumet having $100,000 there, and the other bank $4,000. The banks now closed as a result of the financial difficulties of the Lorimer institution were: LaSalle St. Trust and Savings bank, head of the Munday-Lorimer string of banks. The Broadway State bank. The Illinois State bank. The Ashland-Twelfth State bank. The State bank of Calumet. The Southwest Savings bank. Local bankers, however, do not anticipate further trouble. All Other Banks Safe. Bank Examiner Harkin, who took charge of the LaSalle St. bank, declared today that every other state bank in Illinois, with the exception of those already in the hands of the state banking department, was absolutely sound in every respect. Twelve private and state banks in Chicago have closed their doors themselves or been closed by the state banking department within the past three weeks. A majority were small institutions in the outlying districts. Five hundred persons flocked to the office of the Postal Savings bank in the federal building today to open accounts. Within two hours $40,000 had been received and amounts refused could not be computed. According to the law governing the postal banks. not more than $100 can be deposited by any one person within one month and no account shall exceed $500. Many persons were turned away because of the size of the accounts they desired to open. The four down state banks dominatel by C. B. Munday, vice president of the Lorimer institution, opened their doors as usual this morning and announcement was made that they would weather whatever financial storms they might encounter.
7.June 13, 1914The Nome Daily NuggetNome, AK
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CHEASTY OF SEATTLE SUICIDES FULL PASSENGER LIST THREE CHICAGO BANKS STEAMSHIP SENATOR CLOSE THEIR DOORS examiners are solvent and will pay doors of these banks created intense Special Nugget Service. dollar for dollar and the public to excitement throughout the city and CHICAGO, June 12.-Three of the assured by statements through the depositors are clamoring at the doors largest banking institutions in this of the banks seemingly unconscious of Chicago papers that depositors of city closed their doors today by order other banks have no occasion for an the fact that it is impossible for them of the bank examiner who has been alarm but such assurances does not to get their money. The effect on the conducting an investigation of their other banks was immediately felt and seem to allay the the general feeling affairs for some time. The banks of distrust which exists among the there was a general rush of deposi whose doors were closed today are the tors to withdraw their money. It is depositors who it is feared will pre. Lasalle Trust and Savings Bank, also cipitate a real panic. The excitement feared that a real crisis will be preciknown as the Lorimers bank, and the is growing in intensity and vast pitated unless the feeling of distrust Broadwater State and Illinois State crowds of depositors are besinging the which seems to be general, can be a. banks, both of which are closely asdoors of the closed banks. layed. sociated with the Lasalle. The three banks have a total deposit exceedirs The statement is made that the
8.June 13, 1914The Evening HeraldAlbuquerque, NM
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FIFTH BANK GOES DOWN IN LORIMER EXPLOSION Former Senator Said to Face Physical Collapse as Result of Disclosures of Past Twenty-Four Hours. [By Leased Wire to Evening Herald.] Chicago, June 13.-A fifth bank was closed today by the state bank examiner in connection with the disclosure of conditions in the La Salle Street Trust and Savings bank. This bank, the State Bank of Calumet, ac. cording to the bank examiner, completes the chain of what were known as the string of Lorimer-Munday banks in Chicago. Two bank examiners from the state auditor's office in Springfield arrived today to assist in the examination of the five banks now in the state banking department's hands. William Lorimer, president of the La Salle Street bank. was said to be near a physical collapse from the strain of developments of the last twenty-four hours. The bank examiners worked steadily on the books of the La Salle Street bank, the Broadway State bank. the Illinois State bank. the Ashland-Twelfth State bank and the State Bank of Calumet. Approximately $4,000,000 of deposits are tied up in the state controlled institutions. Scores of children today besieged the State Bank of Calumet with bankbooks in hand, seeking money which they had deposited for a Christmas fund. They crowded about the doors, but could not get their money. An echo of the closing of the La Salle Street Trust and Savings bank was heard in the federal court today when a receiver was appointed for the Southwest Savings bank, owned by Louis J. Krejci. The private banker had $4,000 deposited in the La Salle Street bank and when he heard 1 the bank was closed he suspended business. Krejci, however, declared he had sufficient means to meet the demands of his depositors.
9.June 13, 1914The Times DispatchRichmond, VA
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FOUR*ILLINOIS STATE BANKS ORDERED CLOSED Investigation Into Affairs of Most Important, Which Has William Lorimer as President. RECEIVERSHIP MAY BE ASKED Combined, the Institutions Have Deposits of $6,411,997 and Reported Cash Means of $1,648,692-State Department in Charge. Chicago, III. June 12-Four State banks, the most important having for its president, William Lorimer, unseated from the United States Senate, were closed by the State Banking Department here to-day. Representatives of the department immediately began an examination into the Institution's affairs. Rumors were current that receivership would be asked. The four banks were the La Salle Street Trust and Savings Bank, the Broadway State Bank, the Illinois State Bank and the Ashland-Twelfth Street State Bank, known as the LorimerMunday chain of banks. The La Salle Street bank was the main Institution. Combined, the banks have deposits of $ 6,411,997. and reported cash means of $1,643,692. Of deposits $966,000 consists of city funds. The bulk of this amount $650.000, is on deposit with the La Salle Street Trust and Savings Bank. Daniel Harkin. chief bank examiner, who took personal charge of the downtown bank and sent deputies to the smaller ones, said he expected to see the La Salle Street Trust and Savings Bank open for business next week. He declared he sent examiners to the smaller institutions as a precautionary measure. He insisted there was no political phase to the action of his department. An examination of the La Salle Street Trust and Savings Bank by Harkin, two months ago, disclosed he said, a quantity of what he regarded as slow assets. State officials say the bank officials pleaded for time to change that condition. In the last three weeks, according to Harkin and the cashier of the bank, there has been what was termed a mild run on the bank, causing n depletion of about $1,000,000 in deposits. OFFICERS DECLINE TO COMMENT ON SITUATION Former United States Senator Lorimer, president, and C. B. Munday, vicepresident, refused to comment on the situation. James B. Forgan, president of the First National Bank, and chairman of the cleàring-house committee, said: "The closing of the La Salle Street Trust and Savings Bank should not have the slightest effect on any other banks in the Chicago district. The banks are not associated with other downtown banks. The La Salle Street Trust and Savings Bank 18 not a member of the Clearing-House Assoclation. and has had none of the privileges of the clearing-house." State officials declared the financial condition of the La Salle Street bank had caused them to fear the possibility of a disastrous run. The Ashland-Twelfth Street State Bank was the centre of a riot when its depositors learned of the closing. Men and women clamored for their
10.June 14, 1914The Washington HeraldWashington, DC
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SIX BANKS CLOSED IN LORIMER CRASH State Bank of Calumet and Southwest Savings Added to List of Affected Institutions. Chicago, June 13.-The State Bank of Calumet. affiliated with the La Salle Street Trust and Savings Bank-the Lorimer bank-which was closed yesterday. did not open its doors for business today and State Bank Examiner D. V. Harkin took charge. A receiver also was asked for the Southwest Savings Bank. This institution had a deposit of about $5,000 in the La Salle Street Bank. The failure of these two banks to open brought the number of Chicago banks closed during the last twenty-four hours following action by the State banking department to six. They were: The La Salle Street Trust and Savings Bank, the State Bank of Calumet, the Illinois State Bank, the Broadway State Bank. the Ashland-Twelfth State Bank, and the Southwest Savings Bank. Crowds of depositors besieged the doors of the La Salle Street Bank early today, struggling to get inside. Outside the Ashland-Twelfth State Bank and the Illinois State Bank crowds collected, shouting to the bank officials to open their doors and give them their savings.
11.June 16, 1914The SunNew York, NY
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FIVE OF SIX LORIMER BANKS MAY REOPEN Were Dragged Down by Failure of the La Salle Street Institution. ONE SHUT TO PREVENT RUN Loan of $203,000 on Louisiana Swamp Lands Said to Be in the Tangle. CHICAGO, June 15.-The affairs of the collapsed La Salle Street Trust and Savings Bank were reported to be such by Chief Bank Examiner Daniel Harkin tonight that the examination of the books cannot be completed until Wednesday or Thursday, possibly later. The examiner had expected to complete his report today. Possible criminal action against officers of the bank and the matter of an application for a receiver, the bank examiner said, were things which the State Auditor would have to decide. "All I can say to-night," Mr. Harkin said, "is that we have found much more work for us to do than was at first anticlpated." The bank examiner said that the offer of Charles B. Munday, vice-president of the La Salle Bank and actively in charge of Its affairs before It was closed, to advance $1,000,000 to put the bank on its feet could not be considered at this time. None of the subsidiary banks will be opened at present, Mr. Harkin said, although one may be opened late in the week. "The La Salle Street Trust and Savings Bank is the only one that really failed," Mr. Harkin continued. "The other banks were caught only as they were involved in this bank. The Ashland-Twelfth State Bank, the State Bank of Calumet, the Illinois State Bank and the Broadway State Bank will be the first to be reopened. These Institutions apparently are sound. The only trouble is that their funds are tied up in the La Salle." The Marine Bank of Marine, III., sixth of the Munday institutions to be closed, was taken over by State bank examiners who have been Investigating its affairs since Friday. The directors issued a statement saying the institution was closed to prevent a run. Loans on Louisiana swamp lands amounting to $203,000 were reported today as part of the financial tangle beIng unravelled in the La Salle Street bank by Examiner Harkin. The loan was made on about 45,000 acres of undrained land held by the Louisiana Land Company. Ex-Governor Sanders is head of the company and the stationery of the company mentions his erstwhile title.
12.June 19, 1914The Ocala BannerOcala, FL
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FOUR CHICAGO BANKS IN TROUBLE The four Chicago state banks that have been closed by the state comptroller will add to the business depression. One of the said banks has for its president William Lorimer, the lately deposed United States senator. The four banks were the LaSalle Street Trust and Savings Bank, the Broadway State Bank, the Illinois State Bank and the Ashland Twelfth Street State Bank, known as the Lorimer-Munday chain of banks. The LaSalle Street Bank was the main institution. Combined the banks have deposits of $6,411,997, and reported cash means of $1,643,692. Of deposits $966,000 consists of city funds. The bulk of this amount, $650,000 is on deposit with the LaSalle Street Trust and Savings Bank. An examination of the LaSalle Street Trust and Savings Bank by Harkin two months ago, disclosed, he said, a quantity of what he regarded as slow assets. State officials say the bank officials pleaded for time to change that condition. In the last three weeks, according to Harkin and the cashier of the bank, there has been what is termed a mild run on the bank, causing a depletion of about $1,000,000 in deposits.
13.July 1, 1914The SunNew York, NY
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RECEIVERS FOR THREE BANKS. Hope for Disentangling Lorimer Institutions' Affairs Is Given Up. CHICAGO, June 30.-Hope of solving the difficulties of the Calumet State, Broadway State and Illinois State banks, three institutions in the Munday-Lorimer chain carried down with the collapse of the La Salle Street Trust and Savings Bank, was abandoned to-night. Indications are that receivers will be asked for the three institutions possibly to-morrow According to the State bank examiners the stockholdersand depositors of the three institutions have not been able to come to an agreement. The Ashland Bank, the fourth in the Lorimer-Munday string. will receive further time to try to adjust its affairs.
14.July 3, 1914The Daily Gate CityKeokuk, IA
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OTHER BANKS ARE WOBBLY Receivers May be Asked for Broadway State and Calumet State. TWO ABLE TO REOPEN All Institutions Affiliated With Lorimer Banks Are Having Rough Plowing These Days. [United Press Leased Wire Service.) SPRINGFIELD, III., July 3.-Receivers may be asked by Attorney General Lucey next week for the Broadway State bank, and the Calumet State bank of Chicago, two of the institutions affiliated with the LaSalle Street Trust and Savings bank of Chicago, closed three weegs ago, State Auditor Brady admitted today. The Ashland-Twelfth Street bank and the Illinois State bank in the same group have indicated that they expect to be able to open next week, and the auditor stated they will be permitted to do so upon reorganization and showing the soundness of their condition. Officials of the other two have made no statement as to their intentions. Reports on the condition of the four institutions, subsidiary to the bigger Lorimer-Munday LaSalle Street bank, were received by Auditor Brady from examiners today. These were submitted to Attorney General Lucey who said several days would be required to examine them carefully enough to determine on receiverships. Bank Closes Doors. PINE BLUFF, Ark., July 3.-The bank of Pine Bluff failed to open for business this morning, following a decision reached at the meeting of directors last night. State Bank Examiner Alvin Read is in charge. Inability to realize on securities is given as the cause. A run WAS made on the bank a month ago, soon after J. N. McDonnell succeeded W. D. Hearn as president, and since then many accounts have been withdrawn. The last statement of the condition of business March 4, showed capital of $100,000 and a surplus of the same amount, with individual deposits of $516,440 and public funds totaling $227,365. Other banks here are not affected.
LORIMER BANK SAID TO HAVE VIOLATED LAW (BY MORNING JOURNAL SPECIAL LEASED WIRE) Chicago, July 2.-Government accountants today reported that they had discovered the La Salle Street National bank violated the National banking law in September, 1912. by not having the required amount of deposits on hand. E. J. Potts, vice president of the defunct Ashland Twelfth State bank, one of the Lorimer-Munday banks, is said to have admitted today to the state's attorney he borrowed $23,000 from the La Salle Street bank to buy stock in the Ashland Twelfth State bank at which was then being organized and that he gave the stock as security for the loan. He was formerly credit manager of the La Salle Street bank. It is expected that receivers will be appointed Monday for the four neighborhood banks which failed with the La Salle Street institution. Officials of the Illinois State bank, one of the five which have been closed, told the state's attorney that bonds and notes it owned valued at $75,000 had been appropriated by those in charge of the La Salle Street institution and pledged as security for a loan to help stem the run. The prosecutor said they possessed just the evidence he had been looking for and that "the case proved itself.
16.July 6, 1914Evening Times-RepublicanMarshalltown, IA
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want RECEIVERS FOR BANKS. Depositors Apply to Court For Relief From Present Uncertainty. Chicago, July 6.-Receivers were asked for three of the lesser of the Lorimer-Munday string of banks today. These banks clased with the failure of the parent bank, the LaSalle Street Trust and Savings Bank. They are the State Bank of Calumet, the IIlinois State Bank of Chicago, and the Ashland-Twelfth Street State Bank. The application was made by William Freedman, attorney for certain depostiors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits allotted to the Calumet bank and smaller city deposits allotted to the other two branch banks never reached them, but were deposited in the LaSalle street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Asessment of stockholders under. the double liability act is requested.
17.July 6, 1914The Chronicle=newsTrinidad, CO
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rical TRINIDAD, COLO., MONDAY EVENING, JULY 6. 1914. RECEIVERS ASKED FOR LORIMER BANKS FOUR SLAIN WITH STRIKERS WANT Chicago, July 6.-Receivers were asked for three of the lesser of the AX--SLAYER ESCAPES Lorimer-Munday string of banks today. These banks closed with the Chicago, July 6.-A family of four ND TO WORK BUT failure of the parent bank, the La were wiped out by blows from an Salle Street Trust and Savings bank. axe in their home in the German They are the State Bank of Calumet, settlement of Blue Island, a suburb, the Illinois State Bank of Chicago last night. SAYS CTION UNION and the Ashland-Twelfth State bank. The victims were Jacob Neslesia, The application was made by Wila German laborer, aged 52 years, his ade by an liam Freedman, attorney for certain wife, their daughter, aged 25 years, member of depositors. It is alleged that no one and the latter's infant child. NO at represenis now in possession of the properWhether the butchery was the les, superinties. It is charged that $75,000 of work of a maniac or of a person ners had asthe city deposits alloted to the CaluStrikers who want to go to work seeking revenge was not disclosed in they were met bank and smaller city deposits and thus manifest their independthe cursory investigation. It was on the conallotted to the other two branch ence of the starvation benefits doled learned that the young mother had It was statbanks, never reached them, but out by the union, have been preventbeen living away from her husband lved in the were deposited in the La Salle Street ed from doing so by the union leadfor a year, and efforts to find him ed. bank. It is further alleged that cerers. A number of strikers who live were begun. at Monterey tain stockholders in the banks never close to the Model land have sought The murderer, according to Ben, to Carranpaid for their stock. Assessment of employment as farm hands but the jamin Knirsch, chief of police of igation. stockholders under the double liabilunion leaders have instructed them Blue Island, proceeded with great by General ity act is requested. not to go to W ork unless they are deliberation. given $0.50 e des for niche Potosi and
18.July 6, 1914Las Vegas OpticLas Vegas, NM
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RECEIVERS FOR THREE BANKS CITY DEPOSITS INTENDED FOR SMALL INSTITUTIONS DIVERTED TO LORIMER'S OWN Chicago, July 6.-Receivers were asked for three of the lesser LorimerMunday string of banks today. These banks closed with the failure of the parent bank, the LaSalle Street Trust and Savings bank. They are the State Bank of Calumet, the Illinois State Bank of Chicago, and the Ashland Twelfth State Bank. The application was made by William Freedman, attorney for certain depositors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits allotted to the Calumet bank and smaller city deposits allotted to the other two branch banks never reached them but were deposited in the LaSalle Street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the SYSTES double liability act is requested.
19.July 7, 1914The Pensacola JournalPensacola, FL
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RECEIVERS FOR LORIMER BANKS Chicago, July 6.-Receivers were asked for three of the Lorimer-Manday string of small banks today. These banks closed with the failure of the parent bank, the LaSalle Street Trust and Savings Bank. They are: The state bank of Calumet, the Ilnois State Bank of Chicago and the Ashland-Twelfth State Bank. The application was made by William R. Freedman, attorney for certain depositors. It is charged that $75,000 of city deposits allotted to the Calumet bank, and smaller city deposits allotted to the other two branch banks, never reached them and were in fact deposited in the La Saltle street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act IS requested.
20.July 7, 1914The SunNew York, NY
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Ask Receivers for 3 Lorimer Banks CHICAGO, July 6.-Applications were made to-day for the appointment of receivers for the State Bank of Calumet. the Illinois State Bank of Chicago and the Ashland-Twelfth State Bank, three smaller institutions of the Lorimer-Munday string. The applications were made by counsel for groups of depositors. All three banks closed at the time of the failure of the La Salle Street Trust and Savings Bank, the parent bank. The petitioners allege that city deposits allotted to the three banks never reached them, but were deposited in the La Salle Street Bank, and that certain of the stockholders in the institutions never paid for their stock.
21.July 7, 1914Alexandria GazetteAlexandria, VA
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WANT RECEIVERS FOR BANKS. Depositors Take Action Against Lorimer-Munday Institutions. Chicago, July 7.-Receivers were named for three of the LorimerMunday string of small banks yesterday. These banks closed with the failure of the parent bank, the La Salle Street Trust and Savings Bank. They are the State Bank of Calumet, the Illinois State Bank of Chicago and the Ashland-Twelfth State Bank. The application was made by William Freedman, attorney for certain depositors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits alloted to the Calumet Bank and smaller city deposits allotted to the other two branch banks never reached them and were in fact deposited in the La Salle Street Bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act is requested.
22.July 7, 1914Daily Capital JournalSalem, OR
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At Chicago.-Receivers were asked for the State Bank of Calumet, Illinois State Bank of Chicago and Ashland Twelfth State bank, Lorimer institutions, which closed when the parent concern failed.
23.July 9, 1914The Tabor IndependentTabor, SD
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TO NAME RECEIVERS FOR LORIMER BANKS Three Subsidiaries of La Salle Street Institution Hopelessly Entangled. Chicago, July 7.-Receivers were asked for three of the Lesser of the Lerimer-Munday string of banks today. These banks closed with the failure of the parent bank the La Salle Street Trust & Savings bank. They are the State Bank of Chlumet, the Illinois State bank, of Chicago, and the Ashland-Twelfth State bank. The application as made by William Freedman, attorney for certain depositors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits alloted to the Calumet bank and smaller city deposits alloted to the two other branch banks never reached them, but were deposited in the La Salle street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act is requested.
THREE LORIMER BANKS SAY THEY CAN MAKE GOOD (BY MORNING JOURNAL SPECIAL LEASED WIRE Springfield, III., July 10. - When the application for receivers for the Broadway State bank, the AshlandTwelfth State bank and the Illinois State bank comes up for hearing next Monday, before Judge John M. O'Connor, of the superior court of Cook county, State Auditor James J. Brady will appear and ask that an extension of time of a week or ten days be given the three Institutions in which to make good their impaired capital. This announcement was made today by the state auditor, following receipt of word from the three banks that they could "make good," If given a few more days' time. Reports received by the auditor from the Calumet bank, another of the Lorimer-Munday institutions hit by the failure of the La Salle street Savings bank. indicate that it will not be able to reopen and that a receivership is inevitable.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
