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BANK RUNS
Ended In Chicago Hectic Week Sees 27 Institutions Close Doors-Depositors Back.
Chicago, June 11-(UP)-Chicago bankers announced today that they had weathered successfully a series of frenzied runs on outlying banks, runs which they believed will make the week of June 7 go down as their most exciting in two decades. There was much evidence to indicate the bankers were correct in their supposition that the worst was over. Probably best of this was the fact that people on street cars, in stores and at soda fountains were thinking of the run in terms of the past. No longer long-faced and wor ried, they were relating anecdotes or telling of tragedies of the run. The Garfield State Bank, a West Side bank that had deposits of $7,836,000 at the last call, was closed today at the request of its Board of Directors. It was the second to close today. The State Bank of Beverly Hills, with deposits listed at $900,000, had been placed in the hands of State Auditor Oscar Nelson earlier in the day. Twenty-seven institutions closed their doors this week, many of them temporarily, however. About 200,000 accounts and possibly $100,000,000 in deposits were involved. Dozens of other small banks invoked rule requiring 60-day written notice before honoring savings account drafts. Meanwhile, the Postal Savings Bank and some of the larger Loop banks, like the billion-dollar Continental and Illinois were packed and jammed with people wanting to deposit their money. They were afraid to keep the money at home because of bandits and fire hazards. Wednesday the run was about over and todeposits easily outnumbered withdrawals. Bankers believed that much good may come from the run, even though the failures undoubtedly will work much hardship. "People who have been hoarding cash," said one, "now are beginning to turn their attention to investing it, realizing that after all money itself is no good unless put to work."
