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Loop Bank Closes June the first time during this period distress, loop bank failed to open its busiIt was the Chicago Bank of deposits of Among outlying banks close First National Willmette, with deposits about South Ashland National bank with deposits $125,000. The Northbrook State bank, with deposits which failed to its doors open for
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FOUR MORE CHICAGO BANKS ARE CLOSED Total for Month Is 40; Loop With. drawals Are Heavy By United Press CHICAGO. June Four more Chicago and suburban banks failed to open for business today, one of them a Loop bank with $5,000,000 deposits. Heavy withdrawals continued the big Loop banks where all depositors who wanted their money were given it. Extra forces of tellers were on duty. The closings today shade a total of 40 this month The banks which closed today were: Chicago Bank of Commerce South Ashland National First Na. tional of Wilmette. and North Brook 1953
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FOUR CHICAGO BANKS CLOSED One Is Big Loop Institution, Heavy Run on Others. By United Press Four more Chicago and suburban banks failed to open for business Saturday one of them Loop bank with 000 posits. Heavy withdrawals continued the Loop banks where all depositors who wanted their money were given Extra forces tellers duty The closings a total of 40 month The banks which closed Saturwere Chicago Bank Commerce capital South Ashland National (SouthFirst National of Wilmette, ital deposits unavailNorthbrook State (Suburban capital deposits $
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TRAYLOR CHECKS RUN ON HIS BANKS Plea for Faith Wins at Two Institutions.- Plot by "Enemies" Charged. By the Associated Press. CHICAGO, June 25.-Melvin A. Traylor, considered by many Democratic presidential timber, stemmed an incipient run on his $25,000,000 First National Bank and $10,000,000 First Union Trust & Savings Bank today by appearing on the banking floor and pleading for faith. Traylor, who is president of ooth banks-among the three largest in the city-declared a well-planned plot for a demonstration against the banks had been laid by "enemies" and said the banks had taken steps to put themselves in a more liquid condition than ever before. Able to Pay Off, He Says. Both banking floors were crowded with customers, a large number of whom aparently intended withdrawing accounts because of fear engendered by recent closings. Four closings today, one in the Loop, brought to 39 the number of banks here that have shut down this month. "The bank will be open during the usual business hours and will be open Monday morning," Traylor told patrons. "It will be willing and able to pay off any depositor who wishes to withdraw his funds." Referring to the alleged plot, Traylor said: "This was promoted by those who are not your friends or our friends. Fortunately, we are in the best position in our history. Please tell your neighbors that we will be open Monday morning and every morning at 9 o'clock." Crowds Disperse Quickly. The crowds quickly thinned after he had spoken and within an hour, bank attaches said, normalcy had been restored. The Loop bank to close was the Chicago Bank of Commerce with $5,200,000 deposits. It had absorbed the Union Bank of Chicago last September. Its assets are understood to cover deposits. Three other banks in outlying sections closed. two of them in North Shore suburbs-the First National Bank of Wilmette and the Northbrook State Bank The fourth was the South Ashland National Bank. These three together had about $1,000,000 deposits.
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Run on Chicago Bank Stemmed as Melvin Traylor Pleads for Faith Chicago, June 25.-(P)-Melvin A. Traylor, considered by many as Democratic presidential timber, stemmed an incipient run on his $25,000,000 First National bank and $10,000,000 First Union Trust and Savings bank today by appearing on the banking floors and pleading for faith. Traylor, who is president of both banks-among the three largest in the city-declared well-planned plot for demonstration against the banks had been laid by "enemies" and said the banks had taken steps to put themselves in a liquid condition than ever before. Both banking floors were crowd. ed with customers, large number of whom apparently intended withdrawing accounts because of fear engendered by recent closings. Four closings today. one in the loop. brought to 39 of banks here that have shut down this month. Referring alleged Traylor "This promoted by not your friends or our friends. tion in our history. Please tell neighbors that we will be open Monday morning and every morning at The crowds quickly thinned after he had spoken and within an hour. bank attaches said, normaley been The loop bank to close was the Chicago Bank of Commerce with $5,200,000 It had absorbed the Union Bank of Chicago last September. Its sets are understood to cover deThree other banks in outlying sections closed, two of them in North Shore suburbs-the First National Bank of Wilmette and the Northbrook State bank. The fourth was the South Ashland National These three together had about deposits.
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Chicago Loop Bank Closes Its Doors CHICAGO, June 25. Chicago Bank of Commerce, loop bank with deposits of $5,200,000, was closed today by State Auditor Oscar Nelson the request of its board of directors. This was the first change in loop banks year, neighboring institution Michigan boulevard, the Peoples Trust and Savings bank, closed for liquidation recently and asked its depositors to come for their money. The Chicago Bank or Commerce had $1,500,000 capital and $750,000 surplus. Others closed today were the Northbrook State bank, situated north side suburb, with $143,000 posits; the south Ashland National bank, with $110,000 deposits and the First National bank Wilmette, north shore suburb, with $800,000 posits.