Peoples Bank (East Alton, IL)

Episode Information

Episode UID
70126771374
Episode Type
Run → Suspension → Closure
Bank Type
private
Bank ID
7012677 routing
Routing Number
70-1267
Start Date
June 15, 1914
Location
East Alton, Illinois (38.880, -90.111)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a06dad47622fb357

Response Measures

None

Description

Bank was part of the Munday chain and closed with a federal receiver appointed.

Events (2)
1. June 15, 1914 Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed collapse/financial revelations tied to the Lorimer-Munday banking collapse and related institutions.
Newspaper Excerpt
There has been a run on the bank since Monday.
Source
newspapers
2. June 18, 1914 Suspension
Cause
Government Action
Cause Details
Federal court appointed a receiver and the bank was closed following insolvency linked to the Munday/Lorimer failures.
Newspaper Excerpt
The People's bank in East Alton, Ill., ... was closed today by a receiver appointed by the federal district court at Springfield, Ill.
Source
newspapers

Newspaper Articles (19)
1. June 18, 1914 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, June 18, 1914

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Lorimer-Munday Concern Is Found to Be Hopelessly Insolvent. FALSE VALUE ON BONDS Loans, Improperly Secured, Are Made to Various Enterprises Prompted by Owners. Chicago, Ill., June 18.-Application for a receiver for the LaSalle Street Trust & Savings bank, the LorimerMunday institution, was made today by Attorney General Lucey in the Cook county circuit court. The petition is based on a report of a bank examiner showing depleted conditions in the bank assets. The petition, filed in the name of State Auditor Brady, is set for hearing tomorrow. In his report on the bank Examiner Harkin declared it "wholly and irretrievably insolvent" and the appointment of a receiver necessary to conserve the remaining assets for the benefit of depositors and stockholders. The document states the book values accorded the assets, particularly bonds held and outstanding loans, greatly exceed their actual value. Of bonds listed by the bank as worth $917,000 the petition declares only $255,000 are of value. Out of $3,291,000 in loans $1,746,000 is declared of no value. Cash items listed at $137,000 the petition asserts to be only $32,000. Particular attention is directed to loans to various Lorimer-Munday enterprises which the examiner found largely financed by the LaSalle Street bank and to which the petition declares large loans, improperly secured, were made. The petition sets forth that President Lorimer and Vice President Munday have been in active control and management of the bank since its foundation. Two More Failures. Alton, III., June 18.-The People's bank at East Alton, one of the Munday chain, has closed and a receiver has been appointed by the federal court at Springfield. The capital stock is $25,000. Litchfield, III., June 18.-A receiver has been appointed for the Litchfield Mill & Elevator company, a Munday institution.

2. June 18, 1914 Las Vegas Optic Las Vegas, NM
Article from Las Vegas Optic, June 18, 1914

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tion of the bank its president and vice president and have exercised the active control and management. Further, the bill declares the securities set forth of doubtfur value or of no value are largely securities of corporations owned or controlled by Lorimer and Munday, or either. The bill names the stokholders as party defendants and asks the court to enforce their stock liability and declares that the officer and directors of the bank were culpably negligent and therefore liable to the depositors and creditors for all losses sustained. The People's bank in East Alton, III., one of the chain of Munday banks, was closed today by a receiver appointed by the federal district court at Springfield, III. The bank. is capitalized at $25,000. There has been a run on the bank since Monday.

3. June 18, 1914 The Chronicle=news Trinidad, CO
Article from The Chronicle=news, June 18, 1914

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Alton. III.. June 18.-The People's Bank in East Alton. III.. one of the chain of Munday banks. was closed today by a receiver appointed by the federal district court at Springfield, III. The bank is capitalized set $25.000. There had been a run on the bank since Monday.

4. June 19, 1914 The Washington Herald Washington, DC
Article from The Washington Herald, June 19, 1914

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LORIMER AND MUNDAY FACE CRIMINAL ACTION Will Be Prosecuted for Handling of Affairs of Bank, Says State Official. MORE FAILURES PILE UP Chicago, June 18.-Immediate investigation of the criminal liability of William Lorimer, C. B. Munday, and other officals of the closed La Salle Street Trust and Savings Bank, will be commenced following the proposal of the civil proceedings now pending," said Attorney General Lucey this afternoon. Mr. Lucey admitted that discrepancies set forth in the suit for receivership will, if verified, bring the matter under section 37, of the State banking laws, which provides for punishment for false reports on bank assets. Attorney General Lucey filed a petition for a receiver for the La Salle Street Trust and Savings Bank, the Lorimer institution this morning. The petition alleges that the bank was insolvent, its capital stock impaired, and that its affairs generally were in bad shape. Springfield. III., June 18.-As a result of the investigation of the affairs of the La Salle Street Trust and Savings Bank and other Lorimer institutions, State Superintendent of Insurance Potts this afternoon ordered an investigation of all surety companies doing business in the State. These surety companies guarantee the Insurance company deposits and their affairs are closely related to the welfare of the underwriting companies. Only a few of the surety companies have head offices here, and for this reason Superintendent Potts has called upon the New York insurance department to assist in the investigation. Alton, III,, June 18.-The People's Bank, located at East Alton, one of the chain of Munday banking houses, was closeo today and placed in the hands of a receiver. There has been a run on the bank since Monday. Litchfield, III., June 18.-The Litchfield Mill and Grain Company, a Munday institution, was placed in the hands of a receiver today.

5. June 19, 1914 Tulsa Daily World Tulsa, OK
Article from Tulsa Daily World, June 19, 1914

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TWO MORE MUNDAY COMPANIES CLOSED COURT TAKES RECEIVERSHIP FOR BANKS UNDER ADVISEMENT. CHICAGO, June 18.-Two more companies headed by Charles B. Munday, vice president of the La Salle Street Trust and Savings bank, closed their doors today just as Patrick J. Lucey, attorney general, was filing a petition in the courts here asking the oppointment of a receiver for the La Salle Street bank and charging the bank was irretrievably insolvent. His petition was taken under advisement until tomorrow. The latest institutions hurt by the bank crash here last Friday were the People's bank of East Alton and the Litchfield Mill and Elevator coinpany. The bank was a private concern, with Munday its president. Its capital was $25,000, and it has experienced a run all week. J. G. Munday was president of the Litchfield mill. Judge Humphries of the United States district court appointed receivers for both properties after they had filed voluntary petitions in bankruptcy, He also named a receiver for the C. B. Munday bank of Smithboro, Ills. Judge O'Connor, in superior court, *refused to consider the application for a receiver made before him yesterday by Desider L. Tarjan as receiver for a syndicate with deposits in the bank while the petition filed by Lucey is pending in another court.

6. June 19, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, June 19, 1914

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Phree.) Arizona: Showers in the north portion. (Contin Two More Companies Close Following Big Bank Crash [ASSOCIATED PRESS DISPATCH] and the Litchfield Mill and Elevator CHICAGO, June 18. -Two more company. companies headed by Charles B. MunThe bank was a private concern with day, vice president of the La Salle Munday as its president. Its capital Street Trust & Savings bank, closed was $25,000 and it experienced sometheir doors as Patrick Lucey, attorthing of a run all week. J. G. Munney general was filing a petition in day was president of the Litchfield court asking the appointment of a reMill and Elevator company and Judge ceiver for the La Salle Street bank, Humphries of the United States discharging that the bank is wholly and trict court appointed a receiver for irretrievably insolvent. both properties after they filed a VOIThe latest institutions to be hurt by untary petition in bankruptcy. He also named a receiver for the C. B. the bank crash here of last Friday were the People's bank of East Alton Munday bank at Smithboro, Ills.

7. June 19, 1914 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, June 19, 1914

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TWO MORE MUNDAY BANKS CLOSE DOORS Action Taken As Petition Asking Receivership Was Being Filed Chicago, June 18.-Two more companies headed by Charles B. Munday, vice president of the LaSalle Street Trust and Savings bank, closed their doors today, just as Patrick J. Lucey, attorney general. was filing a petition in the courts here asking the appointment of a receiver for the LaSalle Street bank and charging that the bank was irretrievably insolvent, His petition was taken under advisement until tomorrow. The latest institutions hurt by the bank crash here last Friday were the People's bank of East Alton, and the Litchfield Mill and Elevator company. The bank was a private concern, with Munday its president. Its capital was $25,000 and it has experienced a run all the week. J. G. Munday was president of the Litchfield mill. Judge Humphries of the United States district court appointed receivers for both properties after they had filed voluntary petitions in bankruptcy. He also named a received for the C. B. Munday bank of Smithboro, III. Judge O'Connor in the superior court refused to consider the application for a receiver made before him yesterday by Desider L. Tarjan, as received for a syndicate with deposits in the bank, while the petition filed by Lucey is pending in another court.

8. June 19, 1914 The Sentinel=record Hot Springs, AR
Article from The Sentinel=record, June 19, 1914

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TWO MORE MUNDAY CONCERNS CLOSED PEOPLES BANK OF EAST ALTON AND LITCHFIELD MILL AND ELEVATOR COMPANY. Chicago, June 18.-Two more companies headed by Charles B. Munday, vice president of the La Salle Street Trust and Savings bank, closed their doors today just as Patrick J. Lucey, attorney general, was filing a petition in the courts here asking the appointment of a receiver for the La Sale Street Savings Bank and charging that the bank was irretrievably insolvent. His petition was taken under advisement until toforrow. The latest institutions hurt by the bank crash here last Friday were the Peoples Bank of East Aiton and the Litchfield Mill and Elevator Company. The bank was a private concern, with Munday its president. Its capital was $25,000 and it has experienced a run all week. J. G. Munday was president of the Litchfield mill. Judge Humphries of the United States district court, appointed receivers for both properties after they had filed voluntary petitlons in bankruptcy. He also named a receiver for the C. B. Munday bank of Smithboro, Illinois. Judge O'Conner, in superior court, refused to consider the application for a receiver made before him yesterday by Desider L. Tarjan as receiver for a syndicate with deposits in the bank white the petition filed by Lucey is pending in another court.

9. June 19, 1914 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 19, 1914

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ANOTHER MUNDAY BANK CLOSED BY RECEIVER ALTON Iil., June 18.-The People's bank of East Alton, III., one of the chain of Munday banks. was closed today by a receiver appointed by the federal district court at Springfield, III. The bank is capitalized at $25,000. There had been a run on the bank since Monday.

10. June 19, 1914 The Times Dispatch Richmond, VA
Article from The Times Dispatch, June 19, 1914

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TWO MORE COMPANIES CLOSE THEIR DOORS Private Bank and Litchfield MIII Hurt by Recent Crash In Chiengo. Chicago, 111., June 18.-Two more companies headed by Charles B. Munday, vice-president of the La Salle Street Trust and Savings Bank, closed their doors to-day while Patrick J. Lucey, Attorney-General, was filing a petition in the courts here asking the appointment of a receiver for the LaSalle Street Bank, and charging that the bank was irretrievably insolvent. His petition was taken under advisement until to-morrow. The latest institutions hurt by the bank crash here last Friday were the Peoples' Bank of East Alton. and the Litchfield Mill and Elevator Company. The bank was a private concern, with Munday as its president. Its capital was $25,000, and it had experienced it run all week. J. G. Munday was president of the Litchfield Mill. Judge Humphries, of the United States District Court, appointed receivers for both properties after they had filed voluntary petitions in bankruptey. He also named a receiver for the C. B. Munday Bank, of Smithboro, 111.

11. June 19, 1914 New-York Tribune New York, NY
Article from New-York Tribune, June 19, 1914

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TWO MORE MUNDAY COMPANIES CLOSE Attorney General Files Petition for Receiver of La Salle Street Bank. Chicago, June 18.-Two more companies headed by Charles B. Munday, vicepresident of the La Salle Street Trust and Savings Bank, closed their doors today, just as Patrick J. Lucey, Attorney General, was filing a petition in the courts here asking the appointment of a receiver for the La Salle Street Bank and charging that the bank was irretrievably insolvent. His petition was taken under advisement until to-morrow. The latest institutions to be hurt by the bank crash here last Friday were the People's Bank of East Alton, and the Litchfield Mill and Elevator Company. The bank was a private concern, with Munday its president. Its capital was $25,000 and it has experienced something of a run all the week. J. G. Munday was president of the Litchfield mill. Judge Humphries, of the United States District Court, appointed receivers for both properties after they had filed voluntary petitions in bankruptcy. He also named a receiver for the C. B. Munday bank of Smithboro, III. Judge O'Connor in the Superior Court refused to consider the application for a receiver made before him yesterday by Desider L. Tarjan as receiver for a syndicate with deposits in the bank while the petition filed by Lucey is pending in another court. The petition which was filed in the name of. State Auditor James J. Brady, was taken before Circuit Judge Windes, who set the hearing for to-morrow, Based on the report of D. V. Harkin, the bank examiner who closed the La Salle Street Bank last Friday, the petition recites that the institution was "wholly and irretrievably insolvent" and that immediate appointment of a receiver was necessary to conserve the remaining assets for the depositors and creditors. Springfield, III, June 18.-Rigid investigation of the financial condition of all surety companies doing business in this state was ordered to-day by Rufus H. Potts, insurance superintendent. The action was due to the practice of issuing bonds to guarantee bank depositors, many large bonds having been issued to depositors in the Lorimer-Munday banks. Companies which lost heavily in the recent bank difficulties had guaranteed large deposits of insurance companies In the Lorimer banks. They are the Illinois Surety Company, of which ex-United States Senator A. J. Hopkins is president; the Chicago Bonding and Surety Company, headed by Congressman A. J. Sabath, of Chicago, and the New England Casualty Company, of Massachusetts. The investigation will cover twentythree surety companies. The Illinois Department of Insurance will have the cooperation of the New York department in making the inquiry, it was announced to-night.

12. June 19, 1914 The Anderson Daily Intelligencer Anderson, SC
Article from The Anderson Daily Intelligencer, June 19, 1914

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OTHERS DRAWN UNDER La Salle Bank Called Hopelessly In. solvent-Other Dors Close. Chicago, June 18.-Two more companies neaded by Charles B. Munday, vice-president of the La Salle Street Trust and Saving Bank, closed their doors today, while Patrick J. Lucsey, attorney general, was filing a petition in the courts here, asking the appointment of a receiver for the La Salle street bank and charging that the bank was irretrievably insolvent. His petition was taken under. advisement until tomorrow. The latest institutions hurt by the bank crash here last Friday were The People's Bank of East Alton, and the Litchfield Mill and Elevator Company. The bank was a private concern, with Munday as its president. Its capital was $25,000 and it has experienced a run all week. J. G. Munday was president of the Litchfield mill. Judge Humphries, of the United States district court, appointed receivers for both properties after they had filed voluntary petition. in bankruptoy: He also named a receiver for the C. B. Munday bank of Smithboro, III.

13. June 19, 1914 The Sun New York, NY
Article from The Sun, June 19, 1914

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LORIMER DEPOSITS GUARANTEED IN EAST Charles J. Heath of N. Y. Insurance Department Investigates Failed Banks. 4 MORE CONCERNS CLOSE Bills Filed Charge Systematic Looting and Ignoring of Law. CHICAGO, June 18.-Financial difficulties enguifed four more down-State institutions of C. B. Munday. executive head of the collapsed La Salle Street Trust and Savings Bank, to-day when Federal Judge J. Otis Humphrey at Springfield appointed receivers for the Litchfield Mill and Eievator Company at Litchfield. of which J. C. Munday is president : C. B. Munday & Co., the Bank of Smithboro and the Peoples Bank of East Alton, III. It deevloped also that deposits of the closed banks had been guaranteed by Eastern surety companies, and Charles J. Heath of the New York Insurance Department arrived here to-day to take part in the investigation. Action in the Federal court came coincidently with the filing of a receivership petition in the Circuit Court in Chicago to close up the affairs of the wrecked La Salle Street bank. The petition was filed by Attorney-General Patrick Lucey. In it allegations are made by the State Auditor and bank examiners that indicate a dissipation of the assets of the bank, involving heavy losses to the depositors and ceditors of the bank, as well as a disregard of the banking laws of the State. The revelations. if borne out, point to Grand Jury investigation of the management of the failed bank.

14. June 20, 1914 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 20, 1914

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MORE LORIMER COMPANIES FORCED INTO BANKRUPTCY CHICAGO, June 19-Two more companies. headed by Charles B. Munday. vice president of the La Salle Street Trust Savings bank, closed their doors just as Patrick J. Lucey, attornel general was filing a petition in the courts here asking the appointment of a receiver for the La Salle street bank and charging that the bank was wholly and Irretrievably insolvent. The latest institutions to be hurt by the bank crash here last Friday were the People's bank of East Alton and the Litchfield Mill and Elevator company. The bank was a private concern with Munday as its president. Its capital was $25,000 and It has experienced some of a run all week. In a bill for the receiver of the La Salle Street bank, its president, William Lorimer was listed as having loaned $832,209 to concerns in which he was interested. Munday was listed as having loaned $610,572 to companies in which he was interested.

15. June 20, 1914 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, June 20, 1914

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CHARGE LORIMER WITH CROOKED BANK DEALS Attorney General Claims Crim inal Code Was Violated INSTITUTION LOST $2,700,793 Receivership Proceedings Make Trouble for Three More Chicago Financia Concerns Chicago, June 18.-Direct charges that William Lorimer and Charles B. Munday violated the criminal code as officials of the La Salle Street Trust and Savings Bank, resulting in a prob able loss of $2,700,793 in the funds of the institution, were made today by Attorney General Lucey, following the filing of his petition for the RDpointment of a receiver for the bank. The receiver will be named tomorrow. The filing of the receivership petition was followed by financial difficulties for three more down-State institutions of C. B. Munday, executive head of the La Salle Street Bank. Receivers were appointed for the Peo ple's Bank of East Alton, and the Bank of Smithboro, owned by C. B. and J. G. Munday, and the Litchfield Mill and Elevator Company, also a Munday property. A thorough investigation of the financial condition of the bonding and surety companies doing business in Illinois was instituted today by State Insurance Superintendent Potts. The inquiry is a direct result of the disclosure in the closing of the La Salle Street Bank that bonding and guaranty companies are issuing bonds to guarantee the money of depositors in banks. The petition for receivership, a syn opsis of the report of Bank Examiner D. V. Harkin, alleges that the affairs of the La Salle Street Bank were conducted in an "illegal, fraudu lent, and unsafe manner" and that its directors were "grossly and culpably negligent in the performance of their duty." The basis fd: the proposed criminal action against Lorimer and Munday is laid in paragraphs which bristle with figures. One of these paragraphs charges that loans of $832,209.40, carried on the books of the bank in various guises, were really all made to the Southern Traction company, but were covered up on the books, "for the purpose of evading the statute which limits the total 11ability of any person to 15 per cent of the amount of the capital stock of the banking association."

16. June 25, 1914 Audubon Republican Audubon, IA
Article from Audubon Republican, June 25, 1914

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Domestic The American Academy of Medicine, an organization that specializes in medical sociology, began its thirtyninth annual meeting at Atlantic City, N. J. Twenty-two election officials were sentenced for frauds in connection with the special constitutional convention amendment election, in the Twelfth assembly district of New York. Six of them, inspectors, were sent to the penitentiary for six months. The others, including inspectors and poll and ballot clerks, were fined $100 each. William Lorimer and Charles B. Munday are charged with looting the LaSalle Street Trust & Savings bank of Chicago of from two million to two million seven hundred thousand dollars by the report filed by D. V. Harkin, bank exeminer, with State Auditor Brady at Springfield. Criminal prosecution of both was decided upon following a conference between Mr. Harkin and Attorney General P. J. Lucey. Delegates to the biennial convention of the General Federation of Women's Clubs held in Chicago completed the federation's $100,000 endowment fund. Mrs. Pennybacker was elected president. ... More than ten thousand womenand a large number of men-stormed the Auditorium theater in Chicago in a desperate struggle to gain admittance to the already filled theater and hear Miss Margaret Woodrow Wilson, daughter of President Wilson, speak at the closing session of the twelfth biennial convention of the General Federation of Women's Clubs. Miss Wilson suggested turning every public schoolhouse into a council chamber for citizenship. ... The will of the late Adlai E. Stevenson, filed for probate at Bloomington, distributed an estate of $100,000. There are but three heirs, his daughter, Letitia, in Chicago, his second daughter, wife of Rev. Martin Hardin, Chicago, and son, Lewis. The People's bank in East Alton, III., one of the chain of Munday banks, was closed by a receiver appointed by the federal district court at Springfield, III. There was a run on the bank since Monday. ... Tom Hargin and Miss Pauline Eversole, members of rival factions which for years have participated in bitter feuds in the mountains of eastern Kentucky, were married at Winchester, Ky. Men, women and children of Charlestown, Mass., aided by thousands of visitors, celebrated the one hundred and thirty-ninth anniversary of the battle of Bunker Hill. Public buildings were gally decorated with the-national colors. Taking of testimony in the second trial of Robert Owen, charged with nine others with the abduction and robbery of Rev. Otis L. Spurgeon of Des Moines, Ia., was begun at Denver, following the completion of the jury.

17. June 25, 1914 Audubon Republican Audubon, IA
Article from Audubon Republican, June 25, 1914

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The People's bank in East Alton, III., one of the chain of Munday banks, was closed by a receiver appointed by the federal district court at Springfield, Ill. There was a run on the bank since Monday.

18. June 26, 1914 The Liberal Democrat Liberal, KS
Article from The Liberal Democrat, June 26, 1914

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Domestic Items. Charging. on information said to have been officially obtained, that the rupture between General Carranza and General Villa is the result of financial help and political intriguing on the part of Standard Oil and American Smelting and Refining Company interests as the basis of a gigantic scheme to dominate the oil and mineral wealth of Mexico through concessions by Villa. United States officials in San Antonio have wired Washington details that are expected to prove the sensation of the revolution. + + + A remark about a woman neither man knew led to a quarrel, following which S. R, Trammell, a policeman, shot and killed Jesse Wright, another policeman, in a drug store at Dallas, Tex. A charge of murder was placed against Trammell. + + + The People's Bank, in East Alton, III., one of the chain of Munday banks, has been closed by a receiver appointed by the federal district court at Springfield, Ill. + + + Pilot Roy Donaldson and Aide Henderson who handled the balloon Springfield in the balloon race starting at Portland, Ore., are safe in the Zigzag Pass, along Bull Run river, near Mount Hood, according to telephone advices. They had been given up as lost. Mr. and Mrs. W. A. Ralston of Ralston, Mont., and Clarence Trowbridge of Wisdom were drowned near Ralston when their machine skidded into a creek, overturning and pinioning the three beneath in several feet of water. Count Johann von Bernstorff, ambassador from Germany to the United States, narrowly escaped death when a special policeman fired at the motor car in which the ambassador was being driven to the commencement exercises of the University of Illinois at Champaign. + t + A sight-seeing dirigible balloon has been aded to Chicago's air fleet. A party of eight persons was carried above the city and for a trip over the lake. The dirigible is 150 feet long and is driven by a gasoline motor. * * Application of Harry K. Thaw for release under bail from custody in New Hampshire in his habeas corpus proceedings to make permanent his escaped from Matteawan asylum, was denied by the supreme court. + + With business entirely suspended and the city draped in mourning, Bloomington, Ill., turned out to pay final honors to the memory of former Vice President Adlai E. Stevenson. The body lay in state in the rotunda of the court house for two hours, while thousands marched past.

19. June 26, 1914 The Liberal Democrat Liberal, KS
Article from The Liberal Democrat, June 26, 1914

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The People's Bank, in East Alton, Ill., one of the chain of Munday banks, has been closed by a receiver appointed by the federal district court at Springfield, Ill.