1.
June 12, 1914
The Detroit Times
Detroit, MI
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La Salle Street Trust, Known as Lorimer Bank, With $4,648,070 Deposits. and Three Smaller Institutions Suspend DEPOSITORS IN STREET CLAMOR FOR THEIR MONEY Twelve Injured When Unknown Man Kicks Out Window Pane Above Crowd CHICAGO, Ill., June 12.-The LaSalle-st. Trust & Savings bank, popularly known as the William Lorimer bank, and one of the largest state banks in Chicago, closed its doors to day and was placed in the hands of the state auditor. Bank Examiner Markin has been placed in charge. The institution has a paid-up capital of $1,000,000. Within half an hour. 1,500 excited depositors jammed LaSalle-st. in front of the bank, clamoring for admission. A man appeared at the twelfth floor of the building in which the bank is located and deliberately kicked out a large pane of glass. The glass fel: into the crowd in front of the door and a dozen persons were cut and injured. Detectives searched the building in a vain attempt to find the man. Daniel D. Harkin, state bank examiner, who closes the Lorimer bank under instructions from State Auditor Brady, at the same time closed three smaller banks. correspondents of the Lorimer bank. These were the Broadway State bank, 4613 Broadway: the Ashland-Twelfth State bank. 1600 West Twelfth-st., and the Illinois State bank. of Chicago, 350 North Clark-st. Harkin said he might permit these smaller banks to reopen within a few days. "I was directed to make an examination of these banks and found con ditions such that I thought it not safe for them to open this morning," said Harkin, who would not state other reasons for this action. William Lorimer, ex-senator, is president of the LaSalle-st. bank. The vice-presidents are: C. B. Munday. I. L. Bacchus, and J. M. Logan. None. of the officers could be found to make a statement, though one was expected later in the day. The deposits of the LaSalle-st. bank are said by Harkin to total $4,648.070. The deposits of the two other banks are not known. "The LaSalle-st. bank has been under surveillance for six months," said Harkin. "Six months ago, the officials were notified that they must get $1,000,000 in cash for emergency purposes. They replied that their collateral consisted of long-time, nonnegotiable securities. "I came here yesterday and found conditions so bad that I gave the offlcials until 9 a. m. today to produce the $1,000,000. The Corn Exchange bank would no longer handle their checks, and I took charge this morning when they failed to obtain the money." The directors of the bank were in session this afternoon, and it was una derstood they were preparing statement. On behalf of the bank. Thomas McDonald, assistant cashier. made this statement: 'Mr. Harkin decided we ought to have $1,000,000. The directors called a meeting and discussed the matter, but didn't think it necessary. as the bank funds were invested in securities of unquestionable value. though they were long-time securities. 'The action this morning came as a surprise. We expect to have matters in such shape in three days that the The out bank bank has may paid reopen three $1,500,000 its doors. weeks. to and depositors in the last is now is seabout ors. This $3,100,000 amount invested due deposit- in curities worth their face value or more." "The closing of the LaSalle-st. bank should not have the slightest effect upon any other down-town bank," said James B. Forgan president of the First National bank The bank that closed its doors is not associated with any other down-town bank. It is not a member of the Clearing House association."
2.
June 12, 1914
The Hattiesburg News
Hattiesburg, 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, 1914
The Daily Star-Mirror
Moscow, 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, 1914
The Broad Ax
Chicago, 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.
5.
June 13, 1914
South Bend News-Times
South 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.
6.
June 13, 1914
Las Vegas Optic
Las Vegas, NM
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FIFTH BANK SHUTS ITS DOORS IN CHICAGO LAST OF THE LORIMER-MUNDAY INSTITUTIONS CLOSED IN EXAMINERS LORIMER A PHYSICAL WRECK STATE BANK OF CALUMET IN AS BAD CONDITION AS ALL THE OTHERS LITTLE CHILDREN BESEIGE IT PRIVATE.BANKER ALSO CLOSES DOORS AND SUSPENDS PAYMENT Chicago, June 13.-A fifth bank was closed today by the state bank examiner in connection with the disclosures of conditions in La Salle Street Trust and Savings bank. This bank, the State Bank of Calumet, according 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 audtor'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 24 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 controll ed institutions. Scores of children today besieged the State Bank of Calumet with hand bnaks in hand, seeking money which they had deposited IOT a Christmas fund. They crowded about the doors, but could not get their money. An echo of the closing of the La Salle 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 the bank was closed he suspended business. Krejci, however, declared he 'had sufficient means to meet the demands of his depositors.
7.
June 13, 1914
Daily Kennebec Journal
Augusta, ME
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One Has Wm. Lorimer, Unseated Senator, As President= Deposits Rumors That a Receivership Will Be Asked Chicago, 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 today. Representatives of the department immediately began a close examination into the affairs of the institutions. Rumors are current that a receivership will be asked. The four banks were the LaSalle Street Trust and Savings Bank, Broadway State Bank, the Illinois State Bank and the Ashland-Twelfth State Bank, known as the LorimerMunday chain of banks. 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. Chief Bank Examiner Daniel Harkin, who took personal charge of the downtown bank and sent deputies to the smaller ones, said late today that he expected to see the La Salle Trust and Savings Bank open for business next week. He declared that he sent examiners to the smaller institutions as a precautionary measure. The state officials declare that the financial condition of the La Salle street bank had caused them to fear the possibility of a disastrous run.
8.
June 14, 1914
The Washington Herald
Washington, 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.
9.
June 15, 1914
The Madison Daily Leader
Madison, SD
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CORIMER'S BANK CLOSED BY STATE Chicago Institution in Hands of Examiners. DEPOSITS OF FIVE MILLION blod ni Official in Charge Says That Its Con dition Is Such as to Warrant Action Taken-Mild Run in Effect for Sev. Past. eral Days Chicago, June 13-The La Salle Street Trust and Savings bank, of which former Senator William Lorimer is president, was taken in charge by the state bank examiner. No busi ness was done in the bank during the day and the examiner reported that conditions are such as to warrant the closing of the bank A mild run started on the bank two days ago, according to the secretary of the bank, and more and more depositors had gathered in Front of the institution, which is a few, doors from the Board of Trade building. An hour after the arrival of the state bank examiner the doors of the bank were closed. In the last statement issued by the bank its capital stock was placed at $1,000,000, with a surplus of $250,000 and undivided profits of $93,631. Its stock was then held at par. The statement gave the deposits as $5,058,586 and placed the loans at $4,363,398. The state bank examiner announced that he had sent examiners to three banks in Chicago classed as subsid. iaries of the La Salle street institution, The examiners caused a suspension of business in the three, the Broadway State bank, on the North Side, the Ashland and Twelfth in the West Side Ghetto district, and the Illinois State bank of Chicago in North Clark street.
10.
June 16, 1914
The Sun
New 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.
11.
June 16, 1914
The Madisonian
Richmond, KY
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TWO MORE BANKS FORCED TO QUIT Concerns Affected by Closing Up of La Salle Street Trust & Saving. FINANCIAL FLURRY IS OVER Bankers Do Not Anticipate Further TroubleDepositors Are Flocking to Office of Postal Savings in the Federal Building Chicago, June 15.-Two more banks closed their doors here as a result of the financial troubles of the LaSalle Street Trust and Savings bank, bringing the total now closed up to six. The State Bank of Calumet, one of the so-called "string" of Munday-Lorimer banks in Illinois, failed to open and the South West Savings/bank, a private concern, closed its doors and applied for a receivership. Both banks had deposits in the LaSalle street 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 follow: List of Banks Closed. LaSalle Street Trust & 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 South West Savings bank. Local bankers however do not anticipate further trouble here. Bank Examiner Harkin, who has taken charge of the LaSalle Street bank, declared today that every other state bank in Illinois.with the exception of those already in the hands of the state banking department is absolutely sound in every respect. Twelve private and state banks in Chicago have either 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. Flock to Postal Savings Bank. Nearly five hundred persons flocked to the office of the postal savings bank in the Federal building to open accounts there. Within two hours $40,I 000 had been received and amounts t 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 exi ceed $500. Many persons were turned I away because of the size of the accounts they desired to open. The four downstate banks domi3 < nated by C. B. Munday, vice-president of the Lorimer institution, opened : their doors as usual this morning and 3 announcement was made that they would weather whatever financial I storms they might encounter. No Other Banks Will Be Closed. Springfield, III., June 15.-From statements made at the auditor's office it is believed that no other banks will be closed as a result of the Lorimer incident. The closing of the Calumet bank was anticipated from previous reports. The condition of the Farmers' bank at Bethalto, the Citizens' t State bank at Alhambra, the Bank of Marine at Marine and the State bank : at Oconee, connected with the Munday institutions, are all said to be in t no good condition. The auditor has one at any of these banks today, former investigations having satisfied him that they are not involved.
12.
June 20, 1914
The Theocrat
Zion, IL
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A TRIANGLE of politics, a woman, and bad banking are declared to be responsible for the wrecking of a string of banks in Chicago since our last issue. The banks, which at this date it is estimated will return 25 cents on the dollar to depositors, are four in number: LaSalle St. Trust & Savings, Ashland - 12th, Broadway State Bank, and Illinois State Bank. The institutions were founded and run by William Lorimer, ex-U. S. Senator from Illinois, and C. B. Munday, who has made a phenomenal leap in "high finance" within a period of a few years. Lorimer took a seat in the United States senate from the I1linois legislature in 1909. The following year, charges were brought against him to the effect that the election of Mr. Lorimer to the senate had been procured by corruption, and he lost his seat July 14, 1912. It was in 1910 that the La Salle St. National bank opened its doors, with Senator Lorimer as its first president. The fall of the string of banks was precipitated by a woman's suit against State Auditor Brady, which brought about disclosures. National bank officials say the closing of the banks will have no general effect on other Chicago banks.
13.
July 1, 1914
The Sun
New 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, 1914
The Daily Gate City
Keokuk, 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.
15.
July 3, 1914
Tulsa Daily World
Tulsa, OK
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LORIMER BANK HAD VIOLATED THE LAW The Deposits in the Year 1912 Did Not Come Up to the Required Standard. CHICAGO, July 2 Government accountants today edported they had discovered the La Salle Street National bank had violated the national banking law in September, 1912, by not having the required amount of deposits on hand. In that month, the accountants said. deposits were approximately $3,000,000 and the books showed the cash on hand was $230.000. The law requires that the bank keep 25 per cent of deposits in its vaults. It is exected receivers will be appointed Monday for the four neighborhood banks which falled with the La Salle Street institution. Officers of the Illinois State bank, one of the five closed, told the state's attorney that bonds and notes it owned, valued at $75,000. hod 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 cashier of the bank sent the note to the La Salle Street bank for collection, he says, and with them the collateral to be returned to the borrowers. It is charged that officials of the La Salle Street bank added about $55,000 worth of other paper to this collateral and obtained on it a loan of $100,000.
16.
July 6, 1914
Evening Times-Republican
Marshalltown, 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, 1914
The Chronicle=news
Trinidad, 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 7, 1914
The Pensacola Journal
Pensacola, 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.
19.
July 7, 1914
East Oregonian : E.O
Pendleton, OR
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Receiverships Asked. CHICAGO, July 7.-Receivers have been asked for the State Bank of Calumet, the Illinois State Bank of Chicago and the Ashland Twelfth State Bank, Lorimer institutions, which closed when the parent concern failed.
20.
July 7, 1914
Omaha Daily Bee
Omaha, NE
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Receivers Asked for Three Other Banks in Lorimer Chain CHICAGO, July 6. Receivers were asked for three of the lesser of the Lorimer-Munday string of banks today. These banks closed with the failure of the parent bank, the LaSalle Street Trust and Savinsg 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 Freeman, 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, 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 double liability act is required.
21.
July 7, 1914
The Sun
New 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.
22.
July 7, 1914
Alexandria Gazette
Alexandria, 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.
23.
July 9, 1914
The Citizen-Republican
Scotland, Parkston, 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 Lorimer-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 Calumet, 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 Ks further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act is requested.