"All shares of the Universal State Bank, the first Lithuanian state bank, have already been subscribed for, and most of the subscribers have paid for their shares. As soon as all of the shares will have been paid for, the new bank will be opened for business. All shares must have been paid for on or before December 14 in order to comply with the order of the court, that all shares must have been paid for by that date. Any shares that are not paid for by December 10 will be sold to other subscribers."

All money received for the shares is being deposited in the State Bank of Chicago, 135 West Washington Street, where the state auditor will count the money and will the issue a charter to the Universal State Bank.

A total of two thousand shares, at $112.50 a share, have been sold to about 2six hundred Lithuanians.

The first name selected for the new bank was "Illinois Reserve State Bank"; later this was changed to "Reserve State Bank," and finally to "Universal State Bank".

The Universal State Bank was formed by reorganizing the former private bank of A. Olsauskas [also known as Olsevskis and Olszewski], located at 3252 South Halsted Street, into a state bank. Immediately before the opening of the Universal State Bank, a meeting of all depositors of Mr. Olsauskas' bank will be called. At that meeting, the deposit books of the old bank will be taken up, and new deposit books of the Universal State Bank will be issued in their stead.

"Mr. Olsauskas opened his private bank in 1892--twenty-four years ago. During all those years there was a total of nine runs on his bank, all of them instigated by his enemies. Recently, unfriendly Lithuanian newspapers have 3employed various methods to alarm the people and incite them against his bank. These newspapers incited the people not only against the bank of Mr. Olsauskas, but also against all other Lithuanian banks. These agitators attempted to wreck the bank of Olsauskas much as they succeeded in wrecking the bank of John Tananevicius and others, but they failed in their attempt. There is no evil from which some good cannot result."

The bank of John Bagdziunas, located on the West Side, and the bank of Joseph Elias, located in Town of Lake, will be merged with the new Universal State Bank. Therefore, this bank will become the largest Lithuanian bank in America.