Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-06-13
uuNpAY. MAJORITY sTockHoLp-
ERIk CHICAGO BANKS, CON.
TROLLING FACTOR.
WITHDREW TRUST COMPANY
FUNDS FOR PRIVATE USE
Dseuritiss Assrssatins Nearly $780,.
600 Of Doubtful Value - Clearing
Heuss Banks Of Chicago Not A.
fsetsd BY Failure - Smaller Banks
May es Permitted to Reopen.

value OF the securities held by the
closed LaSalle Street Trust and Saw
ings Bank ana three small neighbor-
hood banks which were closed, possibly
temporarily. as q result Of the suspen-
yion Of the Lasalle Street bank.
These facts stand out In connection
with the financial sensation caused by
the closing yesterday of the banks by
Daniel v. Harkin, chief state examiner
eor the Chicago district.
Closing Of the banks had no effect on
Other Chicago financial institutions. ac-
cording to high authorities here.
The LaSalle street bank was never
admitted to membership in the Chicago
clearing house association. Its suspen-
sion will affect only the few small
banks which had their reserves tied up
In 1t, It was said.
The banks closed are:
The LaSalle Street Trust and Saw
lngs Bank, capital. $1.000.000.
The Illinois State, capital. 100000.
The Ashland Twelfth State, capital.
100000.
100.
100000 In Deposits.
The LaSalle street bank had about
Il. 600 900 in deposits. Validity Of about
n 200 600 Of III collateral Is said to
have been questioned by the bank ex-
aminer.
William Lorimer. unseated United
states senator. u president OF the L.
Halle street bank. He and his sons own
howeyee. but go Of its shares. =. .:
Nunsiay, Vice president, owns 2.sos o.
IL shayss. and il declared % % Hs
\ loading sDtrat. Y, Y
1GunAay has interests u aeoGle :. =
undertakings, fAnging nom pam - ].
csmstAry companies. = soecsas - S .
e 'Iarees ii. FUrxau, president of the
E,r.t national Bank, and chairman OF
~. claarinx house COMMITTEES sa1d:
s.,rhe.e banks are not connected Win
80 chicago clearing house banks ana
II - know nothing about, them. me
Ch,caro banking situation ID DesseF
than Il has been for years
e.;led 70 Meet Requirements
rha action OF state Bank ExamineI
,,arr,n A. taking possession Of tue
sH-.L. waa taken after Mr. AoFame1
Ssa Ar. Muuday acknowledged TO nm
A :. ,,aa impossible for them to Clear
s.-.atn securities and collateral car. /.
ia q the assets Of the bank csasseu
:. 4" by the state auditors ONCE.
rn".e securities are eaid to aggre-
rate nearly s1,2o0.oo0.
NJ. .t.ta auditor had been insiseant
.h.t these securities be repiaceo ~
.."eoa. collateral ever since the nrst
|a.,v examination made OF the oank
A'a. A'.N s-..- Aenn ocratic administration
AsI .a".d.x,s Activities Widssprsad.
.s..nvhile Mr.. Munday's activities
~.,,s .xfanded to q number OF smaii
,,,,,a,. hanks and business enterprises
a...sA. Chicaso, and these Will De
rss-S from today. The outlook 10 not
- -. -haa for them az officers OF num-
-. - +ham refused to permit the Lor-
...s.S Mnnday combination to exchange
,s,,na.v-Iorimer securities for tnel1
deposits. .v NAV
SO danoaites in the La Sale - foi-
Rank Of Marine at Marine. $4,000.
atate Bank OF Oconee. $4,000.
r.rmersc Bank 1T Bethalto, $4,000.
p.onle.. Bank, East Alton. rev
hundred. =. "a.
Rank 81 smithboro, less than $1,000.
Finds $4,000 Cash on Hand.
ss r.rsminer Harkin expressed the opin-
,nn yhat the La Sale Street Turst and
aavinss hank win not be able to reopen
a. doors. He found cash on hand ap-
nroximafely totaling $4,000 to- onset
dApoaits : shade under $4,000. 900.
The smaller banks, Mr.. Harkin thinks
sw,ill Sbe able 20 weather the storm. He
z closed them. he said. when he found
that they had cash accounts at the IA
ssalis street bank. which. II realised In
adjusting the Affairs Of the downtown
concern, will 30 far toward paying out
fka depositors OF the outlying institu-
Ttions.
His object, he explained. was to stop
runs ON the little banks and to AFFORD
equal protection to all concerned.
Fifth Bank Closed.
a 6fth hank was closed today by the
state hank examiner In connection with
the disclosure Of conditions In the LIZ
Sale Streat Trust and Savings Bank.
This bank, the state bank Of Calumet.
according to the bank examiner. COM
pletes the chain Of what were known
iSas tho string OF Lor;ncr- -Adunday
banks Ia Chicago.
Two bank examiners from the state
auditors Office In Springfield arrived
today to assist In the examination of
the hve banks now In the state bank
Z ihg departments hands.
4 William L0rimeT, president OF the La
! Sale Street Bank, was said to be near
4 physicA collapse from the strain OF
! the developments Of the last twenty
\ tour hours, *
pspesiss 4 n, 100000 Tied Up.
Ne bank examiners worked steadily
"a sho books ef the Ia Sale Street
asylssslZ elA 8r6adMay 0tate Bank thu
i 1lllnef1 ~ 9anlk Aenianl