The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1905-12-22
ing ~, 5es. Of which amount ssol'oW
are deposits IN trust and Sooo'9u' :"
certificates of deposit.

rLNHfMHL 4
ing s2.7o7,scs. Of which amount s4si'o0
are deposits III trust ana Sooo'au' :"
certificates of deposit.
Mixed UP in Politics.
The Chicago National bank has been
an active factor III local politics lot
several years, and enormous iuNds re,
ceived from taxation for bulldihg anu
maintenance of the drainage canal nave
been a. part of its deposits ana lluve
been available for Investment ny ene
bank.
A change was recently made in the
political complexion of the board ana
it was understood those WOULD
not relmaip for ATTY length OF tlne us
deposits in the Chicago NATIONAL. Ihelr
impending withdrawal had much 10 &c
with the fear of other banks of a tar
reaching collapse if they did not come
to the aid of the weakened institutions.
Where He Lost His Money.
The enterprises which are generally
credited with being the indirect nus
of the financial troubles of Walsh. are
the Bedford Quarries company, OF IN
diana, md the Southern Indiana Ran.
road company, which was constructed
by Walsh for the purpose OF get,lhs
, stone from his quarries to the market.
Walsh was a heavy s~tockholder IN
the Akron Gas company, Illinois
Southern Railway company, Rand NC
Nally Southern indiana aN-
| press and half a score OF gas
electric lighting and coal mining COM
panies. F-.
Ridsely Was Patient.
To the stone quarries n Southern
Indiana railroad, Walsh made repeated
heavy loans of funds of the bank, n
it was these to which objection was
made by Comptroller Ridgely. Ie-
peated assurances by officers OF the
l .a,,1- t1,nt t1,A-A lnoy1c lNn1lld he called
in or at least largely cuttailed, We're not
fulfilled. Finally Ridgely determined
on u personal investigation. The &C
ton last night followed his determine
ton.
Ii is declared by local flnanciers that
Walsh has invested all the way from
$4,000 goo to $4,000, 600 in the quarries
and railroads.
Public Was Surprised.
News of the difficulties surrounding
the banks came as a tremendous sur
prise to the public. The first infor,
nation of any trouble was conveyed
to the people by extra edltlons OF lhe
morning papers. Two hours before
time for opening the banks large
crowds were gathered in front OF the
Chicago National and Home savings
banks, waiting for the doors to open
so they might Withdraw their funds.
Money Lay in Heaps.
Inside the banks ample provision had
been made for the impending run ana
money was laid out in large piles. Adj
ditional clerks We're stationed at pay
ing windows and arrangements We're
made in other parts of the bank TO pay
out honey as fast as it was called TOR.
The Home Savings has a tight under
4 the state law to demand sixty days no.
tice OF Withdrawal from all deposltors,
but it was decided not to invoke this
rule. -,
John r. Walsh kept to home this
morning and declined to see anybody.
He has not been we'll for a number OF
days.
Excitement Subsidies.
Excitement over the suspension of
the two banks largely subsidized by II
O'Clock. There was no longer a crowd
around the Chicago National. Offices
of the Home Savings are in the same
building as the Chicago National. Here
a line of depositors formed reaching
out to Monroe street II fifty feet west
to the corner of LaSalle.
A large detail of policemen was in
evidence and assurances of those VINO
had received their money that officials
4 of the bank declared everybody would
be paid allayed all excitement. All
claims were paid as quickly as pass
books were presented.
In the Chicago National there was no
outward evidence of a run, although
g. ItCIlCN WAS DtlllS "a N-L SIce1s
rapidity. Many business men who
called were old thai checks for the
amount of their balances would be ac-
4 cepted as deposits at other and
they departed without drawing out the
actual currency. small depositors
asked for their money II in every in
stance it was handed to them.
AT other bank there was no apparent
excitement and no evidence of a run
upon any of them.
All Other Banks Sound.
Charles G.. Dawes. former comptrol-
Ter of the currency, now president OF
the Central Trust and Savings bank
declared there was absolutely no an
ger of any other Chicago bank being
involved, nor is there any other bank
in financial difficulty.
Walsh's Bank Holds Up.
Bedford, Ind, Dec. 1S.-The Bedford
National bank, of which John r. Walsh
of Chicago is president, is doing bust.
ness, as usual today.
Secretary Shaw Gets News.
Washington, Dec. 1S.-Secretary Shaw
received the following telegraphic re
port from Comptroller Ridgely, Chi
cago. in reference to the failure of the
banks this morning:
The clearing house guaranteed pay.
ment of all liabilities OF the three
banks. which will liquidate and pay
everything in full. Officers and di
rectors will resign and he replaced by
a clearing house committee and Ex.
banks and conduct the liquidation. Thi!
should relieve the situation and pre-.
vent further trouble here or elsewhere.'
~ TOLD YOU sO"--T. r.