Depositors ran after the collapse/crash of the La Salle Street Trust & Savings and related Munday institutions.
Newspaper Excerpt
There has been a run on the bank since Monday.
Source
newspapers
+3 days
2.June 18, 1914Receivership
Newspaper Excerpt
The People's bank in East Alton, Ill., one of the chain of Munday banks, was closed today by a receiver appointed by the federal district court at Springfield, Ill.
Source
newspapers
Newspaper Articles (16)
1.June 18, 1914Las Vegas OpticLas Vegas, NM
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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.
2.June 18, 1914The Chronicle=newsTrinidad, CO
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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.
3.June 19, 1914The Washington HeraldWashington, DC
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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.
4.June 19, 1914Tulsa Daily WorldTulsa, OK
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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.
5.June 19, 1914Arizona RepublicanPhoenix, AZ
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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.
6.June 19, 1914The Birmingham Age-HeraldBirmingham, AL
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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.
7.June 19, 1914The Sentinel=recordHot Springs, AR
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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.
8.June 19, 1914Omaha Daily BeeOmaha, NE
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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.
9.June 19, 1914The Times DispatchRichmond, VA
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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.
10.June 19, 1914The Anderson Daily IntelligencerAnderson, SC
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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.
11.June 19, 1914The SunNew York, NY
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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.
12.June 20, 1914Omaha Daily BeeOmaha, NE
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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.
13.June 24, 1914Manchester DemocratManchester, IA
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LUCEY SEES FRAUD IN BANK Attorney General of Illinois Charges Officers of Lorimer Institution Violated Law. Chicago, June 20.-Fraud and other illegal and unsafe acts and "gross culpability" are charged against the management of the LaSalle Street Trust & Savings bank in a petition for the appointment of a receiver for the closed bank, which was filed in the circuit court in Chicago on Thursday by Patrick J. Lucey, attorney general of Illinois. Officers of the institution, it is alleged, made loans to members of a favored clique of borrowers far in excess of the legal limitations, in violation of the law limiting the amount to be loaned to any person, corporation or firm to 15 per cent of the total of the bank's unimpaired capital stock and its unimpaired surplus fund. Alton, Ill., June 20.-The People's bank in East Alton, III., one of the chain of Munday banks, was closed on Thursday by a receiver appointed by the federal district court at Springfield, III. There was a run on the bank since Monday.
14.June 25, 1914Wood County ReporterWisconsin Rapids, WI
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MUNDAY BANK AT ALTON, ILL., CLOSED AFTER RUN Attorney General Asks Receiver for LaSalle Trust Company in Chicago-Gross Culpability Charged. Alton, III., June 20.-The People's bank in East Alton, Ill., 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. Litchfield, III., June 20.-A receiver was appointed for the Litchfield Mill & Elevator company, a Munday institution. Springfield, Ill., June 20.-Rigid investigation of the financial condition of all surety companies doing business in this state was ordered by Rufus M. Potts, insurance superintendent. The action was due to the practise of issuing bonds to guarantee bank depositors, many large bonds having been issued to depositors in the LorimerMunday banks. As many of the surety companies are Eastern concerns, the New York insurance department has been asked to participate in the investigation. Chicago, June 20.-Fraud and other illegal and unsafe acts and "gross culpability" are charged against the management of the LaSalle Street Trust & Savings bank in a petition for the appointment of a receiver for the closed bank, which was filed in the circuit court in Chicago by Patrick J. Lucey, attorney general of Illinois. Officers of the institution, it is alleged, made loans to members of a favored clique of borrowers far in excess of the legal limitations, in violation of the law limiting the amount to be loaned to any person, corporation or firm to 15 per cent of the total of the bank's unimpaired capital stock and its unimpaired surplus fund.
15.June 25, 1914Audubon RepublicanAudubon, IA
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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.
16.June 27, 1914The Hays Free PressHays, KS
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Close Alton Bank. Alton, Ill.-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, III.
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