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DEPOSITORS PANICKY AS FOUR
BANKS ARE CLOSED
Billy Lorimer was finally "gotten."
Pour of the banks operated by the
former Senator and, dictator of the
Republican party inMllinois were
closed up by Bank Examiner Daniel
V. HaiMn yesterday.
The banks involved were the La
Salle sL Trust & Savings Bank, the
Illinois Stte Bank, the Broadway
State' Bank and the Ashland-Twelfth
It is said that approximately $4,
000,000 of depositors' money is tied
-up by the closing of the banks.
The crash came yesterday morn
ing, following the demand made by
City Treasurer M. J. Flynn for $650,
000 of the city's money on deposit in
the four banks. It was not forth
coming. Before the 'closing of the banks
was announced yesterday, Lorimer,
Harkin and C. B. Munday, Tice presi
dent of the bank; held a long confer
ence. It is said that Harkin only
found $50,000 Cash on hand in the
La Salle Bank to cover deposits of
$3,000,000. He demanded $1,000,000
more security. Lorimer and Munday
could only raise $850,000. And then
whatever chance they had to open
their doors was swept away when
Flynn knocked on the door and de
manded the city's cash. Lorimer
threw up his hands. Harkin took
charge, and the La Salle Bank was
Most people seem to blame C. B.
Munday. He has involved himself
and Lorimer in several business ven
tures, and these are said to have been
a heavy drain on the bank.
Munday is interested in the Rose
hill Cemetery, Truax, Greene & Co.,
Litchfield (El.) Mill & Elevator Co.,
Grace Hospital Co., Sidney Long &
Co., Schillo Motor Sales Co.,., Com
mercial Bond & Investment Co. and
many others. ,
One of the big drains on the -bank
has been, the Southern Traction Co.
on the lower Mississippi. TJiisjs.nQW'i
in- the hands of a "receiver. Lorimer"
recently made artip to London to in
terest British capital in'the project .
The crashing of the banks is traced
by some to the sensational story told
by Mrs. Mary Kuhns Brady, who
charged that State Auditor Jim Brady
married her in Detroit within a year
after her divorce from her first hus
band, and then refused to remarry
She made many charges, including
one that Brady was a political pal of
Lorimer. It is Brady's office that
closed Lorimer up.
Harkin says he found the La Salle
St. Bank in bad shape last January,
and turned in a report to Brady. The
latter says he didn't think the bank
was in a failing condition.
An investigation will be made'to
see if the bank took deposits after its
insolvency became known. If so,
criminal action could be started.
Larimer's friends are of the opin
ion he will make good "dollar for dol
lar" all deposits.
Many pollticans and backers of pol-
iticians are among the stockholders.
Among them are John P. Jelke, butr
terine man, recently convicted in the
federal court; W. J. Moxley, former
Senator Hopkins, Dave Shanahan,
Elbridge Hanecy, Rep. Curran, Tony
Cermak, Judge Jesse A. Baldwin,
Judge Uhhr, Judge Newcomer, Sen.'
John F. Denvir and Paul Hazard of
the sanitary district, who is president
of the Broadway State Bank.
Crowds of tearful depositors
stormed the four banks this morning
and cried out for their money.
The State Bank of Calumet, which
is also a Lorimer subsidiary, will be
SOCIALIST PRESS PICNIC
Charles H. Moyer, president of the
Western Federation of Miners, will
speak at the Socialist press picnic to
morrow afternoon at . Rivervfew.
John H. Walker, president of the Lli-
nois Federation of Labor; Seymour
Stedman, member of the Illinois leg
islature; William A. jCunnea andN. D.