The Detroit times., 1914-06-12
La Sale Street Trust, Known as
Lorimer Bank, With S4.648.070
Deposits. and Three Smaller
Institutions Suspend
DEPOSITORS IN STREET
CLAMOR FOR THEIR MONEY
Twelve Injured When Unknown
Man Kicks Out Window Pane
Above Crowd

CHICAGO, Ill, June 12.-The La
Salle-st. Trust & Savings bank. popu-
iarly known as the William Lorimer
oahk, and one OF the largest state
banks IN Chicago. closed its doors to-
uay and was placed in the hands OF
lhe state auditor Bank Examiner
Markln has been placed In charge.
me institution has a paid-up capital
OF 81 .000. 900.
WITHIN half an hour 500 excited
depositors- jammed LaSalle-st. in front
OF the bank, clamoring for admission.
man appeared at the twelfth floor
OF the building In which the bank Is
located and deliberately kicked out
large pane OF glass. The glass fel.
into the crowd in front OF the door
ana dozen persons were cut and
injured Detectives searched the
Dullalng In a vain attempt TO find the
man.
Dahlel ID Harkin, state bank exam
lher' Nho closes the Lorimer bank un-
Ger Instructions from State Auditor
brHdy az the same time closed three
shallei banks. correspondents of the
I-oilmer bank. These were the
broadway State bank. 4613 Broadway.
tme Asnland-Twelfth State bank. 1000
west Twelfth-st, and the Illinois
state bank. OF Chicago. $50 North
NlarK'st Harkin said he might per.
mt these smaller banks To reonen
within few days
was directed TO make an axan.
nation or these banks and found con.
uluons such that | thought IL not safe
LOT them TO open this morning" said
| farkln, who would not state otner
reasons for this action.
william Lorimer ex-senator. Ia
president of the LaSalle-st. bank. The
j vlce-presidents are: c. Munday.
L. L. Bacchus, and J. NJ. Logan. None
OF the officers could be found to make
statement, though one was exnected
later in the day.
! The deposits OF the LaSaIle,st hank
are said by Harkin to total s4.s4S..
300 The deposits OF the two other
banks are not known.
Inc LaSalle-st bank has been
under surveillance for six months. -
said Harkin. six months AGO. the
ofieials were notified that they must
get Sl,OOO,0O0 In cash for emergency
purposes. They replied that their
collateral consisted OF longtime. nom
negotiable securities
! Il came here yesterday and found
conditions SO bad that | gave the on
! clals until a. m. today to produce
the Sl000,G00. The Corn Exchange
bank would no longer handle their
checks, and took charge this morn
ing when they failed to obtain the
money"
The directors OF the bank we're in
session this afternoon, and 1t was un-
I derstood they were preparing
statement On behalf OF the bank.
| Thomas Mcdonald, assistant cashier.
made this statement:
Mr.. Harkin decided we ought TO
have Sl,000,000 The directors called
! a meeting and discussed the matter,
/ but didn't think IL necessary. as the
bank funds were invested i'm secur-
! tiles OF unuuestionable value, though
1 they were longtime securities
The action this morning came as
a surprise. We expect TO have mat
ters in such shape in three days that
the bank may reopen its doors. The
| bank has paid out s1.j00.000 to de-
| positors in the last three weeks. and
about $3.100.000 is now due deposit
ors. This amount Is invested In Sc
curities worth their face value or
more"
"The closing OF the LaSalle-st. bank
should not have the slightest effect
tupon any other downtown bank said
James p. Forgan president OF the
/ First National bank The bank that
closed It's doors Is not associated
with any other downtown bank. re
Is not a member OF the Clearing House
| lassociation"