Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-18
e23 certificates Of deposit, and $491.574
through various trusts.
A Tremendous Surprise

acquainted with the Elasnlluus VI WI.
Walsh's enterprises. the news of the diff
cuIties surrounding his banks came as n
tremendous surprise. Not word of the
difficulty had reached the public Saturday
night and the first informa ton was con-
veyed by extra editions of the morning
Papers.
Two hours before the time for the OPEN
Ing of the bank large crowds of persons
who had money in the Chicago National
and the Home Savings Bank gathered IN
front of the bank waiting for the doors 20
open that they might withdraw their iuncs.
Inside the banks ample provision had been
made for the impending run Money W.
laid out in large piles, additional clerks
were stationed at the paying WINDOWS am
arrangements were made in other parts OF
the bank TO pay out the money as fast as
II was called for.
Rush Began at 10 O'Clock.
G. C. johnson, a messenger for another
bank, who had $40 in the Home Savings
Bank. was the first at the door. He held
the head of the line when the doors were
opened, and the rush began at 10 o'clock
1t was announced by Vice President
BIount of the Chicago National Bank that
all demands would be paid as FAST as they
were made, both at the Chicago Nationai
Bank and the Home Savings BANK. me
latter has the right under the state law TO
demand sixty days notice before with
drawal from all depositors, but 1t was de-
Cided not TO invoke InuS rule una 10 pay
every account as soon as called for.
Personnel of Institutions.
John r. Walsh has been for years a con-
spicuous figure in the life of Chicago. He
was born in Ireland. August 22. 1887, and
came with his parents to the United States
when ten years of age, settling in Chicago
He soon found employment with ]. McNal-
ly, a news dealer, proved very energetic
&al1y To-, octn hi q
news business of his own, including book
and stationery store on one of the most
prominent corners of the city.
Later he consolidated his news business,
which consisted of the circulation of daily
and weekly newspapers and periodicals,
with the American News Company, Mr..
Walsh becoming president of the western
News Company, which was animated with
the American News Company of New York.
Mr.. Walsh was also director of the
American News Company. The business
proved exceedingly profitable and MI.
Walsh achieved a large fortune. He be-
cane a director of the National Bank OF
Illinois, and in 1889 founded tie Chicago
National Bank, of which he has been presi-
dent down TO the present time. In 1872 he
also purchased a controlling interest In the
Chicago Herald which some years later
he sold to his associate. James w. Scott.
Upon Mr. Scott's death the paper passed
into the hands of II. H. Kohlsaat, and was
subsequently reorganized as the Chicago
Record-Herald. Nir. Walsh tfen founded
the Chicago Chronicle, of which he has
been the controlling spirit Tor nine years
Mr. Walsh is a man OF inpulsive tenDera-
merit and extraordinary energy. His banks
passed safely through the financial panic
of 1893, and were regarded as institutions
of great strength.
Tne officers of the Chicago National
Bank are:
President, John r. Walsh vice presi-
dent, Fred NJ. Blount; cashier, I. NJ. Jack
son. The directors are: F. g. MeNalIy,
John r. Walsh, +. NJ. Blount. John M.
Smyth. w Best. c. X G. Billings, Maurice
Resented.
are: w. J.. Onahan, president; Charles e.
Schick, cashier. The directors are; c. K.
G. Billings. Maurice Rosenfeld, John NJ.
Smyth: w; J. onahan; William Best, =. e.
The officers and directors of the Equi-
table Trust Company are practically the
same as those of the two banks.
Walsh Declined Interview.
Mr. Walsh stayed home this morning
and declined to see anybody. He has not
been well for number of days, and
neither yesterday nor today would he
leave his room. Callers at his residence
were referred to the bank for informa-
ton, and to the request for a statement
which was sent to him Mr.. Walsh sent
back word:
Il have nothing to say. Any statement
that is to be made will come from the
Clearing House Association"
The excitement over the suspension of
the two banks had largely subsided by
IL o'clock. There was no crowd around
the Chicago National Bank, and except
for the number of visitors and possibly a
larger number of people in the lobby of
the bank than usual it would not have
been known that any but the regular con-
ditions existed.
The Offices of the Home Savings Bank
are in the same building as the Chicago
National. and here line of depositors
was formed reaching out to Monroe street
Sale street. A large detail of policemen
was present and the assurances of those
who had received their money that the
officials of the bank declared that every
body would be paid allayed excitement.
All claims were paid as quickly as pass
books were presented.
Money Withdrawn Rapidly.
In the Chicago National Bank there was
no outward evidence of run, although
money was being drawn out with great
rapidity. Many business men who called
were told that checks for the amount of
their balances would be accepted as de-
posits at other banks, and they departed
without drawing out the actual currency.
The small depositors asked for their
money. and In every instance 1t was handed
to them at once. 1t was announced at II
| O'Clock that Controller Rldgely would In
short time issue a statement declaring
| that the Walsh assets would be liquidated,
| and should cover the indebtedness"
At other banks there was no apparent ex-
| citeyuent and no evidence of run upon
| them. The statement was made at all of
! the banks that they were guaranteeing the
deposits of the Chicago National and Home
| Savings, and there was not the slightest
| ground for apprehension.
Dawes on the Situation.
Charles G. Dawes, former controller OF the
currency, and now president and manager
| of the Central Trust and Savings Bank OF
| this city. said this morning there was abso-
| lutely danger of any other Chicago
| bank being involved nor is there any other
| bank in financial difficulty. Similar state
nieilts were made by Charles l.. Hutchin-
1 soR, vice president of the Corn Exchange
National Bank; Jilmes III. Eckels, president
| of the Commercial National. and ID. r
| Forgan, president of the First National.
| The city of Chicago had s2,500.e0Q on de-
| post with the Chicago National Bank and
| the Equitable Trust Company No official
| information was given the city treasurer
| f, W. Block, of the difficulty although
| nearly every bank in the clearing house Ii
| on his bond. As soon as he read the morn.