Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1905-12-21
THREE FAIL BUT NO LOSS,
Chicago National and Home Saw
ings Banks, and Equitable
Trust Closed.
HOUSE ACTS.
Takes Over Assets of John R. Walsh,
Whose Outside Interests Involved
Institutions Under Him.

CHICAGO, Ill, Dec. disclosing of
the Chicago National bank, the Home
Savings bank and the Equitable Trust
company, all of Chicago, was announced
at $3.50 o'clock this morning by represen-
tatives of the Chicago Clearing House
association after a session lasting eight
cen hours
Every dollar asked OF the institutions
by depositors was paid today Early ex-
element had subsidized by II o'clock.
when there was no evidence at all, out
wardly, that there had been a failure
Ridgley Makes Statement.
Tue following statement was issued Inv
Comptroller Ridgley at 11:45 a. m. to-
day:
A misunderstanding seems to exist as
to what has happened to the Chica 90
National bank. This bank has not failed
or closed its door. 1t has been embar-
raised by the investment of a large
amount of its assets in unavailable Sc
curltles, but the banks of Chicago have
come to the relief and have guaranteed
the payment in full on demand, of all
the creditors of the Chicago National
'bank: The bank is open for business. as
usual, today, with these guarantees be-
,hlnd 1t, that it will meet all of its OBJ
"AtH pay every uuIIdE dI ONCE.
J. R. Walsh Involved.
James B. Forgan, president of the
II lfst National bank, as head of the
Gearing house committee of the Chicago
Associated Banks gave the statement
announcing the closings.
Inc assets of these institutions, it was
asserted, were involved in coal and rail
way properties of John r. Walsh, presi-
gent of the Chicago National bank.
w ash was not at the meeting
Deposltors will be protected in full by
banks OF the Chicago Clearing House
association said the statement.
AT noon it was announced that all the
ohcers and directors of the Chicago Ma
tlonaI bank had resigned and their places
taken by men selected by the Clearing
House association.
Mrs. Walsh to the Rescue.
In order to make secure as far a. nos
>slble. all claims against the bank, Mr..
W alsh today turned over to the officials
OF the clearing house ali of his property.
Mrs. Walsh also made over to the clear
ing house all the property standing in
her name. 1t is expected there will be
enough of this to make the amount to be
paid out by the other banks of the city
comparatively small. when the accounts
are fully balanced.
Mr.. Walsh left his home about noon
and came direct to the presidents office
OF the Chicago National bank, where he
was cioseted for time with the clearing
house committee. He protested. saying
that he could straighten out his affairs
without loss if he was left untrammeled
lie was overruled in this.
Bankers TO the Rescue
Officials of the different Chicago banks
were told of the situation and a hurried
call was sent out for a meeting of rep
resentatives of the Chicago Clearing
House association as we'll as the officers
of the city banks The meeting was
called to order in the office of President
Forgan of the First National bank at 3
O'Clock Sunday afternoon and was in
continuous session until ) O'Clock this
morning.
\ careful canvas of the situation re-
ycaied that tie Chicago National bank
had deposits 10 the amount of $4,000
900, the Home Savings bank had saw
ln@s deposits to the extent Of S4,000,000
divided among about 5000 depositors
The liabilities Of the two banks and of
the EGuita Bile Trust company We're es+i-
mated at 100000.
Millions Given to Assist.
The assets of the three institutions
made up about 100000 of this
amount, ana the directors and officials
OF the Chicago National bank came to
the front with securities amounting to
about $3,000,000 more This left de-
felt Of about S3000.O00 to be faced and
the Chicago banks represented at the
meeting declared at once that they would
meet the situation and care for the
deficit.
Good for Any Amount.
If it proved necessary to advance any
more than 100000 to meet all de-
mands, the banks pledged themselves to
make up the amount whatever it might
be.