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BY ASSOCIATED PRESS Chicago, June 13.-A fifth state bank, the State Bank of Calumet was closed today by the state bank examiner in connection with the disclosure of conditions in the LaSalle Street Trust & Savings bank According to the examiner, the State Bank of Calumet was the last in the chain of what were known as the string of Lorimer-Munday banks in Chicago. In addition another state bank was forced to endure a run and a private bank went into the bands of a receiver Two examiners from the state audiin tor's office arrived today to assist the examination of the five banks now in the department's hands. William Lorimer, president of the Salle street bank, was said to be near a La physical collapse from the strain of the developments of the last twenty-four hours. The examiners worked steadily on the books of the LaSalle Street bank, the Broadway State bank. the Illinois State bank, the Ashland-Twelth State bank and the State Bank of Calumet. Approximately $4,000,000 of deposits tied up in the institutions, are Deposits in the State Bank 0.5 Calumet amounted to $144,924.93 according stock to its latest report. Its capital is $200,000 and its surplus $10,000. Scores of children were depositors this institution. They had organized in a "Christmas fund. Early today bank books in hand. they crowded about the doors, but of course could not get their money STATEMENT BY EXAMINER. Daniel V. Harkin, state bank examiner, said: "The Calumet bank has considerable money on deposit in the LaSalle street bank. We gave it an opportunity to seek assistance elsewhere, and this was refused." An ecno of the closing of the LaSalle street bank was heard in the federal court when a receiver was appointed today for the Southwest Savings bank, owned by Louis J. Krejoi. The private banker had $4.000 deposited in the LaSalle street bank and when he heard that was closed, he suspended business Krejoi declared that he had sufficient means to meet all demands. Depositors in the International Trust Savings bank, a state institution, in and in the North side residence district, a steady stream withdrew their money. The bank officials. who with examiners had gone carefully over the securities last night, met all demands. Downbanks supplied the institution with town currency. More than $22,000 of the funds of the International concern were deposited in the LaSalle street bank. but its securities were said to be ample. FACTS STAND OUT. These facts stand out in connection with the closing of the banks: Closing of the banks has had no effect on other Chicago financial institutions, according to clearing house officials. The LaSalle street bank's suspension will affect only the few small banks which had their reserves tied up in it, it was said The banks are: The LaSalle Street Trust & Savings bank, capital $1.000,000. The Illinois State, capital $200,000. The Ashland-Twelfth State, capital $500,000. The Broadway State, capital $200,000. The Calumet State (ordered closed today), capital $200,000. The LaSaile Street bank had about $4,000,000 in deposits. Validity of about $1,200,000 of its collateral is said to have been questioned by the bank examiner. LORIMER IS PRESIDENT. William Lorimer. whose seat in the United States senate was declared illegal, is president of the LaSalle Street bank. He and his sons own, however, but 920 of its shares. C. B. Munday, president of the bank owns 2.606 of its shares and is declared to be its leading spirit. Munday has interests in a score of undertakings ranging from banks to cemetery companies. Daniel V. Harkin. chief state examiner for the Chicago district. said the direct causes of the LaSalle street bank's crouble were failure to dispose of a half million dollars in securities of the Southern Traction company and cash advances of nearly $100,000 made the Lorimer- Gallagher Construction to company. which had the contract for building the Southern Traction road. a line which was building in the termiContinued en Page Nine.
