14984487Full suspension
Other: Receiver (Central Trust Company) appointed following involuntary bankruptcy petition by depositors.
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BANKS CLOSES DOORS. Chicago, June 13.-The Southwest Savings Bank closed its doors at noon today. Its closing was forced by depositors who, unable to withdraw their deposits, filed involuntary bankruptey proceedings in the United States court. Judge Carpenter appointed the Central Trust company receiver.
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DEPOSITORS CROWD ABOUT CLOSED BANKS IN CHICAGO CHICAGO, June 13.-Crowds of depositors, many of whom waited all night, surrounded the four Lorimer banks closed by the state examiner yesterday. Angry as well as anxious, the police had hard work controlling the crowds. Twice they used their clubs to drive them from the entrance of the Ashland and Twelfth streets institution. It was reported a meeting of the banks' directors was in progress with a view to rasing money to enable the concerns to re-open. At President Charles Nowaks' request the examiner was in charge of the State Bank of Calumet, whose cash is tied up by the Lorimer banks' suspension. It failed to open this morning. The deposits are under $150,000. CHICAGO, June 13.-The Southwest Savings bank closed its Joors at noon. The closing was forced by the depositors who, unable to withdraw their depositis, filed involuntary bankruptcy proceedings in the United States court. Judge Carpenter appointed the Central Trust company as receiver.
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Another Chicago Bank Closed. United Press Dispatch. Chicago, Ill., June 13-The state Bank Calumet the fourth smaller institution affected by the closing of the "Lorimer Bank", yesterday, failed to open today. State Bank Examiner Harkin is in charge. The deposits of the bank amounted to less than $150,000. President Novak today announced that the state officials were given charge of the Calumet Bank on request of the directors of the institution. He said that he was positive that the examination would be followed by a esumption of business. The available cash of the bank was tied up when the Lorimer bank, a reserve agent of the smaller bank, which was closed. Examiner Harkin has declared that no more banks will be closed on account of the Lorimer suspension. Crowds anxious, tearful depositors today surged about the iour Lesin.er banks. whose : wan millions in deposit were tied up seeking assurance from the officials that their savings were not swept away. The doors of the Southwest Savings Bank closed at noon today when several depositors, unable to withdraw funds, brought involuntary bankruptcy proceedings in the federal court. Judge Carpenter appointed the Central Trust Company of Illinois as receiver. Vice President Munday, of the Lorimer bank, issued a statement this afternoon declaring that every depositor in each six banks suspended will be paid in full.
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ANOTHER BANK f HITS THE WALL SOUTHWEST SAVINGS BANK IN CHICAGO CLOSED ITS DOORS AT NOON TODAY. Depositors Forced the Issue-Lorimer Directors Working Out Plan to Resume. CHICAGO, June 13.-The Southwest Savings bank closed its doors at noon today. The closing was forced by depositors who, unable to withdraw their deposits, filed involuntary bankruptcy proceedings in the United States court. Judge Carpenter appointed the Central Trust company as receiver. Crowds of depositors, many of whom waited all night, surrounded the four Lorimer banks closed yesterday by the state examiner. They were angry as well as anxious and the police hard a hard time controlling them. Twice they used their clubs to drive them from the entrance of the Ashland twelfth institution. It is reported that a meeting of the bank directors is in progress with a view of raising money to enable the concerns to reopen. At present, on Charles Nowak's request, the state examiner was in charge of the State Bank of Calumet, whose cash is tied up by the Lorimer banks suspension. It failed to open this morning. The deposits are under $150,000.
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(United Press Day Service) Chicago, June 13.-The Southwest Savings Bank closed its doors at noon. It was forced by depositors who were unable to draw their deposits and who filed involuntary bankruptcy proceedings in the federal court. A receiver was named.
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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.
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I FIFTH CHICAGO BANK o CLOSED BY EXAMINER Chicago. June 13.-A fifth bank . was closed today by the state bank examiner in connection with the dh. o cleaure of conditions in the La Salle h 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 r hanks in Chkcago. P Two bank examiners from the 1 state auditor's office in Springfield " arrived today to assist in the examinI ation of the five banks now in the state banking department's hands. , William Lorimer, president or the Las Salle street bank was said to be 11 near a physical collapse from the " strain of the developments of the last twenty-four hours. 1 The bank examiners worked stead. ily on the books of the in Salle street V bank. the Broadway State bank. the Illinois State bank. the AshlandTwelfth State bank. and the State Bank of Calumet. f Approximately $4,000,000 of deQ posits are tied up in thes tate controlled institutions. Scores of children today besiered the State Bank of Calumet with n handbooks in hand. seeking money 1 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 WAR heard in the Federal court today when a receiver was appointed for the Southwest Savings Pank. owned by Lonis J. Krejel. The private bank. er had $4,000 deposited in the La Salle street vank and when he heard the bank was closed he suspended business. Krejel, however. declared he had sufficient means to meet the demands of his depositors. a
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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.
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APPROXIMATELY $4,600,000 OF DEPOSITS TIED UP Approximately $4,000,000 of deposits are tied up in the institutions. Deposits in the State Bank of Calumet amounted to $144,924.93, according to its latest report. Its capital stock is $200,000 and its surplus $10,000. An echo of the closing of the La Salle Street Bank was heard in the Federal Court, when a receiver was appointed to-day 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 that was closed he suspended business. Krejci declared he had sufficient means to meet all demands.
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Examiner Intimates Next Move Will Be for Receivership. DOORS OF TWO MORE INSTITUTIONS CLOSED U. S. Court Orders District Attorney to Investigate Trust Fund Deposit. [By Telegraph to The Tribune.] Chicago, June 13.-The future of the Munday-Lorimer bank, the La Salle Street Trust and Savings, rests upon the disclosures which will be made by the report of Daniel V. Harkin, bank examiner, to be turned over on Monday to James J. Brady, State Auditor. Closely intertwined with the fate of the bank is the prospect of trouble for the men who were responsible for the bank's affairs until it was closed by the state authorities yesterday morning. Brady will reach Chicago to-morrow. The bank examiner's report will be completed after a session with the books and records, which, Harkin predicted, would require all of to-morrow to finish. "Not much hope," was the short comment of Harkin as he ended the first general survey of conditions to-night. The next step, he indicated, would be an application for a receivership, to be made by Brady in the Cook County courts on Monday. Opposed to this pessimistic outlook from the bank examiner was the statement of C. B. Munday vice-president of the suspended tank, that it would be reopened for business without loss to anybody. William Lorimer, the president, made no statement and remained at his residence the greater part of the day. Lorimer was expelled from the United States Senate in 1913. The State Bank of Calumet, another of the Lorimer-Munday subsidiaries, went into the custedy of the bank examiner to-day and took its place with the Broadway State, Illinois State and AshlandTwelfth State in the list of "subsidiary" banks which are suspended pending completion of the examination of the La Salle Trust and Savings. The Southwest Savings Bank, a private concern, was closed an hour later through an involuntary bankruptcy petition filed in the federal court. Louis J. Kfejel, the owner, had $4,000 in cash at the Lorimer-Munday institution, and when he couldn't get it he had to shut up shop. Its deposits ran about $35,000. Scores of children were depositors in this institution. They had organized a "Christmas Fund." Early to-day, bankbooks in hand, they crowded about the doors, but, of course, could not get their money.
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ANOTHER BANK CLOSED. Sixth ofMunday-Lorimer State Institutions "Blows Up." Chicago, June 15.-The sixth of the chain of Munday-Lorimer State banks was closed today. It was taken charge of by examiners from the State auditor's office this morning. The bank was the State Bank of Marine, capitalized at $25,000. The Barine Bank is the first of the string of down-State banks dominated by Munday and the La Salle Street Bank to close. The list of banks closed, following the crash of the La Salle Street Trust and Savings Bank, now stands: La Salle Street Trust and Savings Bank, AshlandTwelfth State Bank, State Bank of Illinois, Broadway State Bank, State Bank of Calumet, and the State Bank of Marine. In addition to these the Southwest Savings Bank, a private institution, of Chicago, has gone into the hands of a receiver. The officers of this bank has funds on deposit in the Munday-Lorimer Bank. and this made a receivership imperative.