Word: loops
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...banks last October with deposits of $10,000,000, loans of $13,000,000 and only $321,832 on hand in cash. By the end of the week the city was far more bank-conscious. During the preceding three days, 22 outlying banks had closed their doors. Into the Loop, stronghold of Chicago finance, marched a small army of worried depositors, some of them foreigners, most of them poor, practically all of them owners of small savings accounts. They seemed to select no particular bank for their activities. For two days withdrawals were heavy. The largest Loop houses, Continental Illinois...
...Monday the Loop was once more quiet. But behind closed doors there was great todo. Central figure in a long bankers' conference was Charles Gates Dawes, lately resigned from Reconstruction Finance Corp.'s presidency to assume the chairmanship of his Central Republic Bank & Trust Co. Since his return to Chicago during the Republican Convention, speculation had run high as to why he had resigned from R. F. C. at what seemed like the peak of the corporation's activities...
...lend money to liquidating banks. Thus smart Banker Dawes & advisers had found a polite formula that allowed the bank the option of buttressing its capital and staying in business or giving depositors the opportunity to withdraw their funds when, as if they saw fit, without undue haste, while other Loop banks remained unaffected by the perturbations of quick liquidation. Meanwhile Central Republic was reported to be making no new loans. The Loop was calm...
Still fresh and cheerful last week in the Loop was news issued a few days before from Northern Trust Co., long a model of conservatism among the five large Loop institutions. Northern Trust announced payment of its regular quarterly dividend of $4.50, thus maintaining its $18 annual rate (raised two years ago from $12). It was the only Loop bank failing to cut its dividend rate...
...found nothing important happening. Wrote he: "Hello everybody! Chicago looks like it might be going to a picnic. And Chicago ought to be picnic enough for anybody. Why, you can take a taxi and in a few minutes you're out of the heat and crowds of the Loop. Out passing green trees, beautiful parks, smooth drives? right out to the Edgewater Beach Hotel...