The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1905-12-22
WALSH CONCERNS
EMBARRASSED
John R. Walsh, the Chicago Multi
millionaire, Forced TO Assign.
TOO MANY IRONS IN THE FIRE
Three Financial Institutions In
voived, Hut the Other Banks Have
stepped Into the breach aud
Have Averted N Crash.


Chicago, Dec l9.-Three OF the high
est financial institutions in the west.
the Chicago national bank, the Home
savings bank and the Equitable Trust
Co. all Of them controlled by John r.
Walsh. OF this city, and in great meas
ure owned by him, suspended operations
Monday.
Mr.. Walsh, who was the president OF
the Chicago national bank and OF the
Equitable Trust Co. and all the other
officers and all the directors OF the
Chicago national bank have resigned.
Examiner Bosvorth I'm Charge.
National Bank Examiner Bosworth
has succeeded Mr.. Walsh at the head
OF the Chicago national bank. aud the
places OF the directors have been filed
by men appointed by the Chicago
clearinghouse. Back of the new man
agement stand the allied banks Of Chi
eago, who have pledged their resources
that every depositor shall be paid to
the last cent. and that no customer Of
any one OF the three institutions shall
lose anything by reason OF the suspen-
sion. Had not this action been taken
by the banks of the city a disastrous
panic must have followed in the finan-
cial world. As il was the only effect
in this city was the decline on the local
stock exchange Of 2iH in the price OF
National Biscuit common stock. which
has employed the Equitable Trust as
transfer agent, and had, besides. deal
ings with the Chicago national bank.
but is not affected by the failure IN the |
Slightest degree. The closing OF the |
two banks had the effect also of shut
ting OF all demand on the local ex-
chanse for bank stocks. none OF them
being purchased.
The Cause of the Collapse.
The immediate cause Of the COLLAPSE
OF the institutions controlled by Mr..
Walsh is said TO be the large amount
of money which they have loaned to
various private enterprises of his
notably the Southern Indiana railway
and the Bedford Quarries Co. OF In
diana. Mr.. Walsh claims that II he
could have had little more time and
been left untrammeled in his operations
he could have saved his banks and
made enormous profits for himself and
his associates. He bases this state
ment on his estimate OF the value OF
The bonds or the Southern Indiana Rail-
road Co The comptroller, the state
auditor and the members OF the Chi
,ago clearinghouse committee place the
value OF the bonds at one-half the valu-
alton OF Mr.. Walsh, and Il was their
refusal TO accept his valuation that
'aused the suspension of the banks.
The Aggregate Liabilities
The liabilities OF the three iustitu.
ions are estimated, in the aggregate. at
'26 100000 Against this amount the
'anks and the trust company have re-
ources that are on a conservative esti-
nate worth sl6.O0O.000. The bonds OF
ne Southern Indiana Railroad Co. are |
by Mr.. Walsh as being worth !
l6,VVo,oeo. They are considered by the
state auditor and the clear
nghouse committee to be worth n III
|
alue Is matter to be determined in !
he future, and the presidents of the =
zeal banks admit that IL the estimate u
I Mr.. Walsh is found 70 be correct IL
he TWO banks and the trust company .
III not only pay all of their debts hut =
ave surplus besides. The directors
the two banks and Mr.. Walsh who ie
IS turned over all his private proper- u
as wen as that standing in the name j.
Mrs Walsh, have pledged real es- u
te and securities valued at 81. 600 900
~ estimating the railroad bonds at U
iVvo.VV more making total OF s2e.-
1000 assets against S26, OO0. 600 liabili.
IS
Fersonnei of the Institutions.
The officers OF the Chicago national ID,
NIX were. President. John r. Walsh. tn
oe-president +. NJ Blount. and the TO
Tectors were: John r. Walsh. +. NJ. Of
cunt. F. G. McNally. John VI. Smith. an
lillian Best. c. X. G. Billings. Mau wi
e Rosenfeld. The deposits I'm the Sp
NIX were s14.493. 900, and there was Ju
to other banks s2.03s.s5l. eel
me officers of the Home savings cal
nix were: President. William ]. Ona-
q; yice-pres.dent, Maurice Rosenfeld. sui
G directors were: c. X G.. Billings.
urice Rosenfeld. John NJ. Smyth. w. MI
Onahan. William Best, John r.
ilsh. Jut
The officers and directors OF the dec
nitable Trust Co. were PARTIALLY the mil
ne as those of the Home savings live
*. with the exception of Mr.. Walsh. Cit
was president in place OF Mr.. Ona- pro
J. ago
TWO Shnf Ilrcrs