The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1914-06-18
LOR|MER'S BANKS
| CLOSED BY STATE
Institutions in Chicago in Hands
of Bank Examiner.
100000 ON DEPOSIT
Majority Of Dsposltors Are Business
Men and Little Excitement Re-
sulted-Munday Heavy
i Stockholders,

chicago, June lo!-rOriner oonatoi
William Lorimer's bank-the LaSalle
Street Trust & Savings-was closed
by Bank Examiner Daniel V. Harkin,
owing despositors nearly $4,OOO,O0O
which it was unable to pay on demand,
The action disclosed that since
June / nearly $l,500,000 has been
drawn out by depositors who had
suspicion of the condition OF the In
stitution, while very little money has
been deposited.
Three other state banks outside the
loop, fostered by the Lorimer insti-
tuition. also were closed pending an
examination by the auditor
They are the Ashland twelfth bank,
at 1900 West Twelfth street; the
Broadway State bank, at Broadway
and Wilson avenue, and the Illinois
State bank. at West Kenzie and North
Clark streets.
Money In the Institution.
The board of trade firm of Sidney
Long & Co. also failed to meet its
obligations as a direct result OF the
closing Of the Lorimer bank. c. B.
Munday, vice-president of the LaSalle
Street Trust & Savings, and John X.
Seagravs, chief clerk In the state
auditors office, are partners Of Sidney
Long in the firm and all its money
was in the LaSalle street institution.
Recent disclosures concerning the
investment of funds of the LaSalle
Street Trust & Savings bank In the
Rosehill Cemetery company and Vari-
Gus concerns in which c. B. Munday,
vice-president OF the bank, Is heav-
lily interested, and the various politico-
business deals which were barred fol-
lowing the sensational charges made
by Mrs. Mary Quinlan Kuhns Brady
against State Auditor Brady, who she
claimed married her in Detroit more
than a year ago, are said to have
caused the heavy withdrawal of de-
posits which forced the issue.
Bank Examiner Harkin, in charge
of the Chicago branch of the state
auditors Office, declared there was no
political angle to the closing of the
bank.
Bank Under Surveillance.
81 have had the bank under surveil-
lance for six months" he said. Il
found that 1t did not have enough
quick assets, and told its officials they
would have to clean up. ] think the
institution is solvent, and that depos-
itors will be paid In full but ! did
not consider 1t safe to permit the bank
to open today.
Il closed the other banks for their
own protection until an examination
can be made. | thtink they will re-
open very soon. What the LaSalle
Street bank will do ! cannot say un-
til we complete the examination,
which will not be before Monday"
Yesterday morning Mr.. Harkin was
in the bank at eight o'clock. He
called the officials of the institution
into a conference. Former Senator
Lorimer fastened to the bank early,
and Mr.. Harkin informed him, Vice
President Munday and the other Off
cials that unless they could show
him $l,000000 in cash ready to be
handed over to depositors he would
not permit them to open.
Deny Receiving Money.
They told him it would be impossi-
BILE TO meet his demands, and the
bank did not open.
Other depositors waited until the
locking of the doors convinced them
that Mr.. Harkin's statement was cor
rect. Then they slowly drifted away,
but their places were rapidly taken by
others, and all day long a constant
stream of depositors jammed and
pushed into the narrow entrance.
There was little excitement. Most
of the depositors were business men.
There were few women and two
of them wept as they declared that
all their small savings were in the
bank. One of them declared that she
lost all she had in the Paul o. Stems
land crash few years ago.
Munday Heavy Stakeholder.
A list of the stockholders of the
bank shows that Vice-President Mum
day is the heaviest stakeholder with
1905 shares. William Lorimer holds
900 shares; John r. Jelke, the but
terine millionaire, recently convicted
of "moonshining," $50; Thomas M.
Jett, Hillsboro, ILL.,, 500; l.. l.. Bac-
chus, former chief clerk in the state
auditors office. who resigned to be-
come vice-president Of the bank, 1870;
ID. /. Felsenthal, 179; H. w. Huttig,
Muscatine. Ia, president of the Rose
hill Cemetery company, 100; John X.
Seagrave, chief clerk In the state aud
itor's Office, 20; former Congressman
William ]. Moxley, 404; Elbridge
Hanecy, so; Shearson, Hammill &
Co., 200; George o. Gunderson, father
of Mrs. Leonard Lorimer daughter.
in-law of the former senator, 50, and
former Senator Albert j. Hopkins, de.
feated by Lorimer for the senate, 10.
Former Senator Hopkins also is hit
by the suspension In another direc.
ton. his bonding company, the I'LL
nois Surety company. having guaran.
teed the city's deposits to the extent
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