gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
29887313fe9217c8
Response Measures
None
Description
Closed by the state examiner as part of the Lorimer (LaSalle) failure; depositors later sought receiverships.
Events (4)
1.June 12, 1914Other
Newspaper Excerpt
Crowds collected, shouting to the bank officials to open their doors and give them their savings.
Source
newspapers
2.June 12, 1914Run
Cause
Local Banks
Cause Details
Depositor agitation and runs were precipitated by the failure/closure of the LaSalle Street Trust & Savings Bank (parent), which dragged down affiliated banks.
Newspaper Excerpt
Immediately after the doors . were closed 1500 excited depositors jammed LaSalle street and clamored for entrance.
Source
newspapers
3.June 12, 1914Suspension
Cause
Government Action
Cause Details
Closed by State Bank Examiner D. V. Harkin on June 12 as part of action against the Lorimer (LaSalle Street) banks; examiner announced conditions warranted closing.
Newspaper Excerpt
the examiners closed three subsidiary banks ... and the Illinois State Bank.
Source
newspapers
4.July 6, 1914Receivership
Newspaper Excerpt
Receivers were asked for three of the Lorimer-Munday string of small banks ... the Illinois State Bank of Chicago.
Source
newspapers
Newspaper Articles (23)
1.June 12, 1914Brownsville HeraldBrownsville, TX
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LORIMER'S BANK CLOSED AFTER A SMALL RUN EXAMINER ANNOUNCES SIMPLY THAT CONDITIONS WERE SUCH AS TO WARRANT CLOSING OF ALL FOUR BANKS. FORMER SENATOR SPENT MORNING IN CONFERENCE WITH DIRECTORS OF LA SALLE BANK--TWO BANKS A YEAR OLD. (By Associated Press). Chicago, III. June 12.-The state bank examiner today closed the LaSalle Street Trust & Savings Bank. and three local subsidiary banks, the Broadway State, the Ashland & Twelfth street bank, and the Illinois State Bank. Former United States Senator Lorimer was president of the LaSalle Trust. There had been previously a small run on this bank. The examiner simply announced that conditions were such as to warran a elosing of the banks. The LaSalle bank is but a few doors from the Chicago Board of Trade. Lorrimer was in conference with the bank directors throughout the morning. Lorimer's bank's last statement gave the capital stock of the institution at $1,000, 000; surplus, $250,000; undivided profits, $93,631; deposits, more than $5,000,000; loans, over $4,000,000. The Broadway State and the Ashland and Twelfth banks were organized less than a year ago. William Lorimer Jr. is listed as the heaviest stockholder in the Illinois State bank.
2.June 12, 1914The Hattiesburg NewsHattiesburg, MS
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EXAMINER CLOSES CHICAGO BANK William Lorimer's Institution Taken Over by Official. Chicago, June 12.-The LaSalle St. Trust & Savings Bank of which former Senator William Lorimer is the president, was taken in charge today by the State Bank Examiner. The Examiner declared that conditions warranted the closing of the bank, but would not make any further statement at this time. Later the examiners closed three subsidiary banks-the - Broadway State Bank, the Twelfth and Ashland bank and the Illinois State Bank. There had been a run on the La Salle bank for two days.
3.June 12, 1914The Daily Star-MirrorMoscow, ID
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Article Text
r LORIMER BANKS CLOSE DOORS LA SALLE TRUST AND SAVINGS BANK AND TWO SMALLER INSTITUTIONS SUSPEND. State Auditor Takes Charge-Many Depositors Gather at the DoorsMan Kicks Out Window. CHICAGO, June 12.-The LaSalle Savings and Trust bank, generally known as William Lorimer's bank, one of Chicago's largest institutions, has closed its doors and placed its affairs in the hands of the state auditor. Bank Examiner Harkin is responsible for its closing. The bank had a paid up capital of $1,000,000. Immediately after the doors . were closed 1500 excited depositors jammed LaSalle street and clamored for entrance. A man on the twelfth floor of the bank building deliberately kicked out a large pane of glass. The glass fell on the crowd in front of the door and a dozen or more persons were cut and injured. The police were unable to find the man. The bank closed on orders of State i Auditor Brady. Examiner Harkin also closed the Illinois State bank and the Broadway State bank, smaller institutions affiliated with the Illinois Savings and Trust bank. Ex-Senator William Lorimer was president of the V La Salle institution. Harkin said the i deposits of the three banks totalled in $4,648,000. e
4.June 13, 1914The Broad AxChicago, Salt Lake City, IL
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Early Friday morning the four state banks under the control of ExUnited States Senator William Lorimer failed to throw their doors open to the public for several weeks there had been a very heavy run on them. The banks which he controlled were as follows and which closed at the same time were the LaSalle Street Trust and Savings Bank 233 South LaSaile street. The Broadway State Bank, 4618 Broadway, the Illinois State Bank, 350 North Clark street and the Twelfth Ashland State Bank, 12th and Ashland Boulevard. The history and stockholders of the four Lorimer's busted banks follows: Ex-Senator Lorimer's financial instition was first organized as a national bank in 1910 and styled the La Salle Street National bank. Two years ago the bank was reorganized into a state institution, which was done for the purpose of giving the bank a wider scope in the handling of all branches of business. On April 4 the last report made to the state auditor showed the La Salle Street Trust and Savings bank to have total deposits of $5,389,000 of which $3,595,978 were individual deposits and $1,462,089 was due to other banks and $331,519 was savings deposits subject to notice. The resources of the bank were given as follows: Loans and discounts, $4,255,817; bonds and stocks. $1,193,325; cash on hand, $115,325; due from other banks, $275,010; checks and other cash items, $613,135. The liabilities were given as follows: Total deposits, $5,389,586; capital stock paid in, $1,000,000; surplus and undivided profits $343,632. La Salle Street Trust and Savings stock was sold originally at 125. During the last six weeks the stock has been poorly supported around 95. Yesterday one share was sold at 85, and there were no bids in the market for any more. There are two outlying banks under the domination of the La Salle Street Trust and Savings, both banks being organized within the last year. The Ashland and Twelfth State Bank and the Illinois State, the latter located in the new John R. Thompson building, North Clark and Kinzie streets.
5.June 13, 1914Bismarck Daily TribuneBismarck, ND
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BILL LORIMER BANK CLOSED FOR REPAIRS CHAIN OF CHICAGO INSTITUTIONS TAKEN IN CHARGE BY EXAMINER. MILD RUN FOR A WEEK Chicago, III.. Juhe 12.-Four state banks in Chicago, with aggregate deposits of $6,411,997 and reported cash means of $1,434,692, were taken in charge today by the state banking department, which closed the bank's doors to begin a close examination of their affairs. The four were: The LaSalle Street Truss and Savings bank. the Broadway State bank, the Illinois State bank and the Ashland-Twelfth State bank, known in financial circles as the Lorimer-Munday chain of banks. Lorimer's Banks. The LaSalle Street Trust and Savings bank, the president of which is William Lorimer, who was unseated from the United States senate, is the main institution, the three others being outlying banks, whose balances and reserves were carried to a great extent by the LaSaile Street bank. Chief Bank Examiner Harkin said he expected to see the LaSalle Street bank open for business next week. He insisted there was no political phase in the closing of the banks. For the last three weeks, it is said, there has been a mild run on the main bank.
6.June 13, 1914Daily Kennebec JournalAugusta, ME
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One Has Wm. Lorimer, Unseated Senator, As President= Deposits Rumors That a Receivership Will Be Asked Chicago, June 12.-Four state banks the most important having for its president William Lorimer, unseated from the United States Senate, were closed by the state banking department today. Representatives of the department immediately began a close examination into the affairs of the institutions. Rumors are current that a receivership will be asked. The four banks were the LaSalle Street Trust and Savings Bank, Broadway State Bank, the Illinois State Bank and the Ashland-Twelfth State Bank, known as the LorimerMunday chain of banks. Combined they have deposits of $6,411,997, and reported cash means of $1,434,692. Of their deposits $966,000 consists of city funds. Chief Bank Examiner Daniel Harkin, who took personal charge of the downtown bank and sent deputies to the smaller ones, said late today that he expected to see the La Salle Trust and Savings Bank open for business next week. He declared that he sent examiners to the smaller institutions as a precautionary measure. The state officials declare that the financial condition of the La Salle street bank had caused them to fear the possibility of a disastrous run.
7.June 14, 1914The Washington HeraldWashington, DC
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SIX BANKS CLOSED IN LORIMER CRASH State Bank of Calumet and Southwest Savings Added to List of Affected Institutions. Chicago, June 13.-The State Bank of Calumet. affiliated with the La Salle Street Trust and Savings Bank-the Lorimer bank-which was closed yesterday. did not open its doors for business today and State Bank Examiner D. V. Harkin took charge. A receiver also was asked for the Southwest Savings Bank. This institution had a deposit of about $5,000 in the La Salle Street Bank. The failure of these two banks to open brought the number of Chicago banks closed during the last twenty-four hours following action by the State banking department to six. They were: The La Salle Street Trust and Savings Bank, the State Bank of Calumet, the Illinois State Bank, the Broadway State Bank. the Ashland-Twelfth State Bank, and the Southwest Savings Bank. Crowds of depositors besieged the doors of the La Salle Street Bank early today, struggling to get inside. Outside the Ashland-Twelfth State Bank and the Illinois State Bank crowds collected, shouting to the bank officials to open their doors and give them their savings.
8.June 16, 1914The SunNew York, NY
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FIVE OF SIX LORIMER BANKS MAY REOPEN Were Dragged Down by Failure of the La Salle Street Institution. ONE SHUT TO PREVENT RUN Loan of $203,000 on Louisiana Swamp Lands Said to Be in the Tangle. CHICAGO, June 15.-The affairs of the collapsed La Salle Street Trust and Savings Bank were reported to be such by Chief Bank Examiner Daniel Harkin tonight that the examination of the books cannot be completed until Wednesday or Thursday, possibly later. The examiner had expected to complete his report today. Possible criminal action against officers of the bank and the matter of an application for a receiver, the bank examiner said, were things which the State Auditor would have to decide. "All I can say to-night," Mr. Harkin said, "is that we have found much more work for us to do than was at first anticlpated." The bank examiner said that the offer of Charles B. Munday, vice-president of the La Salle Bank and actively in charge of Its affairs before It was closed, to advance $1,000,000 to put the bank on its feet could not be considered at this time. None of the subsidiary banks will be opened at present, Mr. Harkin said, although one may be opened late in the week. "The La Salle Street Trust and Savings Bank is the only one that really failed," Mr. Harkin continued. "The other banks were caught only as they were involved in this bank. The Ashland-Twelfth State Bank, the State Bank of Calumet, the Illinois State Bank and the Broadway State Bank will be the first to be reopened. These Institutions apparently are sound. The only trouble is that their funds are tied up in the La Salle." The Marine Bank of Marine, III., sixth of the Munday institutions to be closed, was taken over by State bank examiners who have been Investigating its affairs since Friday. The directors issued a statement saying the institution was closed to prevent a run. Loans on Louisiana swamp lands amounting to $203,000 were reported today as part of the financial tangle beIng unravelled in the La Salle Street bank by Examiner Harkin. The loan was made on about 45,000 acres of undrained land held by the Louisiana Land Company. Ex-Governor Sanders is head of the company and the stationery of the company mentions his erstwhile title.
9.June 17, 1914The Day BookChicago, IL
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THE LORIMER BANK TROUBLE Bank Examiner Harkin intimated he might ask receiver for LaSalle street bank. State Auditor Brady refused to talk about Harkin's report. State's Attorney Hoyne says he will not interfere unless actually called upon to do so. "I've received no complaints from depositors," he said. Bank Examiner Harkin will present report on Lorimer-Munday banks to State Auditor Jim Brady today. All city funds deposited in the closed banks are safe. Bonding companies sending checks. A report has been spread that the bank will only pay 40 cents on the dollar. Depositors of the Illinois State Bank met in Callahan & Callahan's law office to discuss plans for reorganization. May join clearing house. William H. Tholen, Jr., cashier of Illinois State Bank, asserted that Wm. Lorimer, Jr., paid for all his shares. Attorney General Lucey arrives today.
10.June 19, 1914Highland RecorderMonterey, VA
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LORIMER'S BANK IN CHICAGO CLOSED State Examiner Takes Charge of Institution. The La Salle Street Trust and Savings bank, in Chicago, who was or. ganized by William Lorimer five years ago, when he was United States senator from Illinois, and of which he has since been president, was closed by the state bank examiner. Coincident with this action, the bank examiners also closed three state banks which had heavy deposits with the larger institution. No statement of what the closing of the La Salle street bank actually means in dollars was made by the ex. aminer. Recent reports to the stat auditor placed the deposits at more than $5,000,000. For the last three weeks, according to officials, there has been a mild run on the bank and more than $1,000,000 of deposits have been withdrawn. The smaller banks which were clos ed weer the Illinois State bank. o Chicago; the Broadway State bank and the Ashland and Twelfth Street State bank. Daniel V. Harkin, state examiner for Cook county, expresse the opinion that the smaller banks would resume business in a few weeks. He said they were closed for their own protection.
11.June 19, 1914The Ocala BannerOcala, FL
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FOUR CHICAGO BANKS IN TROUBLE The four Chicago state banks that have been closed by the state comptroller will add to the business depression. One of the said banks has for its president William Lorimer, the lately deposed United States senator. The four banks were the LaSalle Street Trust and Savings Bank, the Broadway State Bank, the Illinois State Bank and the Ashland Twelfth Street State Bank, known as the Lorimer-Munday chain of banks. The LaSalle Street Bank was the main institution. Combined the banks have deposits of $6,411,997, and reported cash means of $1,643,692. Of deposits $966,000 consists of city funds. The bulk of this amount, $650,000 is on deposit with the LaSalle Street Trust and Savings Bank. An examination of the LaSalle Street Trust and Savings Bank by Harkin two months ago, disclosed, he said, a quantity of what he regarded as slow assets. State officials say the bank officials pleaded for time to change that condition. In the last three weeks, according to Harkin and the cashier of the bank, there has been what is termed a mild run on the bank, causing a depletion of about $1,000,000 in deposits.
12.July 1, 1914The SunNew York, NY
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RECEIVERS FOR THREE BANKS. Hope for Disentangling Lorimer Institutions' Affairs Is Given Up. CHICAGO, June 30.-Hope of solving the difficulties of the Calumet State, Broadway State and Illinois State banks, three institutions in the Munday-Lorimer chain carried down with the collapse of the La Salle Street Trust and Savings Bank, was abandoned to-night. Indications are that receivers will be asked for the three institutions possibly to-morrow According to the State bank examiners the stockholdersand depositors of the three institutions have not been able to come to an agreement. The Ashland Bank, the fourth in the Lorimer-Munday string. will receive further time to try to adjust its affairs.
13.July 3, 1914The Daily Gate CityKeokuk, IA
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OTHER BANKS ARE WOBBLY Receivers May be Asked for Broadway State and Calumet State. TWO ABLE TO REOPEN All Institutions Affiliated With Lorimer Banks Are Having Rough Plowing These Days. [United Press Leased Wire Service.) SPRINGFIELD, III., July 3.-Receivers may be asked by Attorney General Lucey next week for the Broadway State bank, and the Calumet State bank of Chicago, two of the institutions affiliated with the LaSalle Street Trust and Savings bank of Chicago, closed three weegs ago, State Auditor Brady admitted today. The Ashland-Twelfth Street bank and the Illinois State bank in the same group have indicated that they expect to be able to open next week, and the auditor stated they will be permitted to do so upon reorganization and showing the soundness of their condition. Officials of the other two have made no statement as to their intentions. Reports on the condition of the four institutions, subsidiary to the bigger Lorimer-Munday LaSalle Street bank, were received by Auditor Brady from examiners today. These were submitted to Attorney General Lucey who said several days would be required to examine them carefully enough to determine on receiverships. Bank Closes Doors. PINE BLUFF, Ark., July 3.-The bank of Pine Bluff failed to open for business this morning, following a decision reached at the meeting of directors last night. State Bank Examiner Alvin Read is in charge. Inability to realize on securities is given as the cause. A run WAS made on the bank a month ago, soon after J. N. McDonnell succeeded W. D. Hearn as president, and since then many accounts have been withdrawn. The last statement of the condition of business March 4, showed capital of $100,000 and a surplus of the same amount, with individual deposits of $516,440 and public funds totaling $227,365. Other banks here are not affected.
LORIMER BANK SAID TO HAVE VIOLATED LAW (BY MORNING JOURNAL SPECIAL LEASED WIRE) Chicago, July 2.-Government accountants today reported that they had discovered the La Salle Street National bank violated the National banking law in September, 1912. by not having the required amount of deposits on hand. E. J. Potts, vice president of the defunct Ashland Twelfth State bank, one of the Lorimer-Munday banks, is said to have admitted today to the state's attorney he borrowed $23,000 from the La Salle Street bank to buy stock in the Ashland Twelfth State bank at which was then being organized and that he gave the stock as security for the loan. He was formerly credit manager of the La Salle Street bank. It is expected that receivers will be appointed Monday for the four neighborhood banks which failed with the La Salle Street institution. Officials of the Illinois State bank, one of the five which have been closed, told the state's attorney that bonds and notes it owned valued at $75,000 had been appropriated by those in charge of the La Salle Street institution and pledged as security for a loan to help stem the run. The prosecutor said they possessed just the evidence he had been looking for and that "the case proved itself.
15.July 6, 1914Evening Times-RepublicanMarshalltown, IA
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want RECEIVERS FOR BANKS. Depositors Apply to Court For Relief From Present Uncertainty. Chicago, July 6.-Receivers were asked for three of the lesser of the Lorimer-Munday string of banks today. These banks clased with the failure of the parent bank, the LaSalle Street Trust and Savings Bank. They are the State Bank of Calumet, the IIlinois State Bank of Chicago, and the Ashland-Twelfth Street State Bank. The application was made by William Freedman, attorney for certain depostiors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits allotted to the Calumet bank and smaller city deposits allotted to the other two branch banks never reached them, but were deposited in the LaSalle street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Asessment of stockholders under. the double liability act is requested.
16.July 6, 1914Evening StarWashington, DC
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REQUEST FOR RECEIVERS. Depositors of Three Lorimer-Munday Banks Appeal to Court. CHICAGO, July 6.-Receivers were asked for three of the Lorimer-Munday string of small banks today. These banks closed with the failure of the parent bank -the Lasalle Street Trust and Savings Bank. They are the State Bank of Calumet, the Illinois State Bank of Chicago and the Ashland Twelfth State Bank. The application to court was made by William Freedman, attorney for certain depositors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits allotted to the Calumet Bank and smaller city deposits allotted to the two other branch banks, never reached them, and were, in fact. deposited in the Lasalle Street Bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act is requested.
17.July 7, 1914The Pensacola JournalPensacola, FL
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RECEIVERS FOR LORIMER BANKS Chicago, July 6.-Receivers were asked for three of the Lorimer-Manday string of small banks today. These banks closed with the failure of the parent bank, the LaSalle Street Trust and Savings Bank. They are: The state bank of Calumet, the Ilnois State Bank of Chicago and the Ashland-Twelfth State Bank. The application was made by William R. Freedman, attorney for certain depositors. It is charged that $75,000 of city deposits allotted to the Calumet bank, and smaller city deposits allotted to the other two branch banks, never reached them and were in fact deposited in the La Saltle street bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act IS requested.
18.July 7, 1914East Oregonian : E.OPendleton, OR
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Receiverships Asked. CHICAGO, July 7.-Receivers have been asked for the State Bank of Calumet, the Illinois State Bank of Chicago and the Ashland Twelfth State Bank, Lorimer institutions, which closed when the parent concern failed.
19.July 7, 1914Omaha Daily BeeOmaha, NE
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Receivers Asked for Three Other Banks in Lorimer Chain CHICAGO, July 6. Receivers were asked for three of the lesser of the Lorimer-Munday string of banks today. These banks closed with the failure of the parent bank, the LaSalle Street Trust and Savinsg bank. They are the State bank of Calumet, the Illinois State bank of Chicago and the Ashland-Twelfth State bank. The application was made by William Freeman, attorney for certain depositors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits alloted to the Calumet bank and smaller city deposits allotted to the other two branch banks never reached them, but were deposited in the LaSalle Street bank. It is further alleged that certain stockholders in the banks never paid for their stock, Assessment of stockholders under the double liability act is required.
20.July 7, 1914The SunNew York, NY
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Ask Receivers for 3 Lorimer Banks CHICAGO, July 6.-Applications were made to-day for the appointment of receivers for the State Bank of Calumet. the Illinois State Bank of Chicago and the Ashland-Twelfth State Bank, three smaller institutions of the Lorimer-Munday string. The applications were made by counsel for groups of depositors. All three banks closed at the time of the failure of the La Salle Street Trust and Savings Bank, the parent bank. The petitioners allege that city deposits allotted to the three banks never reached them, but were deposited in the La Salle Street Bank, and that certain of the stockholders in the institutions never paid for their stock.
21.July 7, 1914Alexandria GazetteAlexandria, VA
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WANT RECEIVERS FOR BANKS. Depositors Take Action Against Lorimer-Munday Institutions. Chicago, July 7.-Receivers were named for three of the LorimerMunday string of small banks yesterday. These banks closed with the failure of the parent bank, the La Salle Street Trust and Savings Bank. They are the State Bank of Calumet, the Illinois State Bank of Chicago and the Ashland-Twelfth State Bank. The application was made by William Freedman, attorney for certain depositors. It is alleged that no one is now in possession of the properties. It is charged that $75,000 of city deposits alloted to the Calumet Bank and smaller city deposits allotted to the other two branch banks never reached them and were in fact deposited in the La Salle Street Bank. It is further alleged that certain stockholders in the banks never paid for their stock. Assessment of stockholders under the double liability act is requested.
22.July 7, 1914Daily Capital JournalSalem, OR
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At Chicago.-Receivers were asked for the State Bank of Calumet, Illinois State Bank of Chicago and Ashland Twelfth State bank, Lorimer institutions, which closed when the parent concern failed.
THREE LORIMER BANKS SAY THEY CAN MAKE GOOD (BY MORNING JOURNAL SPECIAL LEASED WIRE Springfield, III., July 10. - When the application for receivers for the Broadway State bank, the AshlandTwelfth State bank and the Illinois State bank comes up for hearing next Monday, before Judge John M. O'Connor, of the superior court of Cook county, State Auditor James J. Brady will appear and ask that an extension of time of a week or ten days be given the three Institutions in which to make good their impaired capital. This announcement was made today by the state auditor, following receipt of word from the three banks that they could "make good," If given a few more days' time. Reports received by the auditor from the Calumet bank, another of the Lorimer-Munday institutions hit by the failure of the La Salle street Savings bank. indicate that it will not be able to reopen and that a receivership is inevitable.
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