Word: foremans
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Dates: during 1930-1939
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...alarm spread. By the end of the week 29 banks had closed, Evanston, Des Plaines, Washington Park and Beverly Hills had been added, along with other communities, to U. S. towns where bank failures have caused suffering. Biggest of these was North-Western Trust & Savings Bank, affiliated with the Foreman group, with $14,000,000 in deposits. Smallest was Industrial State Bank with only $265,000 entrusted to it. Total deposits in the 29 banks were almost $75,000,000. Talk of re-openings was widely heard...
Last Saturday morning the Foreman officers realized the frozen condition of many of their real estate loans had impaired the banks' liquidity, that disaster was near. The directors, including Albert Davis Lasker, William Wrigley Jr., John Daniel Hertz, and members of the Foreman family, raised sufficient funds to tide the bank through the day. An appeal was then made to other Chicago bankers...
...nightfall Sunday nothing definite had been reached. It had been rumored that Continental Illinois Bank & Trust Co. would take over the Foreman institutions. It had been rumored that a new bank would be organized. Newspapermen, lolling in the marble lobby of the Foreman Building, grew impatient for definite news of what was taking place on the 38th floor where James Barton McDougal and Eugene Morgan Stevens of the Federal Reserve Bank of Chicago were closeted with the city's biggest bankers...
Just before 2 a. m. Arthur Reynolds of Continental Illinois bank announced that First National Bank of Chicago would take over the assets of the Foreman institutions. To protect First National against loss, the Clearing House guaranteed a $10,000,000 indemnity fund, Foreman stockholders posted an additional $2,550,000. Yet even so the deal required courage and hero of the conference was Melvin Alvah Traylor, First National's able & active president. After the deal, First National will have resources of $883,000,000, ranking it as second in Chicago to only the $1,122,000,000 Continental...
...Republic Bank & Trust will have resources of $350,000,000. Its existence will please the Continental Illinois and First National Banks, both of whom are said to have long-wished for a third big bank in Chicago. Not included in the deal were six small banks connected with the Foreman system. Monday morning they promptly closed their doors until their status could be learned. Knowledge that the "trouble-spot" has been erased brought cheer to La Salle Street, also to Wall Street where stocks again rallied. But no rallier was Foreman stock which opened at $30 offered, nothing bid, against...