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13 MORE CHICAGO BANKS SUSPEND
12 In Bain Neighborhood Chain Voluntarily Close
[By the Associated Press] Chicago, 9-Thirteen Chicago neighborhood closed today, bringing the total in two days nineteen. The leaders in the Chicago Clearing House Association held series of conferences to discuss the situation. but finally agreed informally that there was nothing they could do. Twelve of the banks closed today in chain controlled by John Bain, South Side Republican leader. He said the closings were voted "to conserve the interests of depositors and stockholders." 4,000,000 In Deposits These banks had total deposits of $13,000,000. The thirteenth bank, the Elmwood Park State, with $1,000,000 in deposits, was closed by the State auditor. Three neighborhood banks affiliated with the Foreman-State National, which merged the First National, closed yesterday, awaiting determination of their positions. Three others, were closed to prevent runs. One Closed Bank Taken Today $2,500,000 deposits of the State Savings Bank and Trust Company, formerly affiliation were guaranteed by the Liberty Trust and Savings, the neighborhood group in which the First National is interested. In statement, Bain said the closing of his chain was due "to the inability of the banks to readily disof assets undue due prevailing conditions," and it that the depositors and stockholders be paid in full. John Bain, the closings to the "general public uncerfollowing absorption the Foreman Bank group by the First National Bank.