Gainesville daily sun. (Gainesville, Fla.) 190?-1938, 1905-12-20
BIG BANK FAILURE
IN The WINDY CITY
Assets Involved In Properties
of President.
OEPosIroRs TO BE FULLY PAID
Chicago Clearing House Banks Have
Taken Matter In Hand and Have
Pledged Themselves to Pay All De-
positors Upon Demand.

Pledged Themselves to Pay All De-
poSitorS Upon Demand.
Chicago, Dec. 19--Failure Of the Cal.
IcagO National bank, the Home Savings
@bank and the Equitable Trust company,
all OF Chicago, was announced at $3.50
+ clock this morning by representatives
(. of the Chicago Clearing House associa.
ton after a session lasting 4S hours.
James b. FOrgan, president of the
First National bank, as head OF the
clearing house committee OF the Chi
cago ASSOCIATED banks, gave forth the
statement. The assets of these inst-
tutions, It was asserted, were involved
an coal and railway properties of John
R, Walsh, president OF the Chicago Ma
tional bank
John r. Walsh, head OF the institu-
-tions which have been declared insol-
vent, was not at the meeting.
The statement was issued at tae Of
does Of the First National bank as
follows:
"The Chicago National bank, the
Home Savings bank and the Equitable
Trust company, which have been con.
tTolled, Differed and managed by Jno.
r. Walsh, and his associates. nave con.
oluded to wind uptheiT AFFAIRS and quit
business in the city Of Chicago. After
a thorougd examination Of their AFFAIRS
by the Chicago Clearing House banks
It's stated that all OF the depositOrs
, OF these institutions will be paid 10
fullupOn demand, the Chicago clearing
2 house banks having pledged themselves
20 this result"
The difficulty witn the institutions
has been that tlese investments have
been made in assets connected with
the railway and coal enterprises OF
Joan r. Walsh. Those Assets we're
not Immediately await able TO meet de.
posts and have been taken over 90
terms which will enable the three In
stltutIOns b pay their deposItors In
full.
Mr.. Ridgeiey. comptroller OF the cur.
rency. and captain Eubank. Of the ed.
tors department. At Springfield. we're
4. seen and expressed themselves as be-
4n6 agreeAbly pleased at the action OF
che Chicago banks and stated that Il
RaRected great credit upon the assoc!-
led banks OF Chicago. as Il indicated
Or ability 70 meet any emergency
q manner entirely satisfactory 70
public
John r. WALSH, president Of the fail
institutions. was very busy - bis
idence this morning and declined to
disturbed when called up over the
phane. His daughter. however,
led from WalSa stating thht AL 10.
nation eopeerning the failures. for
prUsent IL least. will BE- given out
ne Cheering House association.
no meeting ~ the chicago Clearing
nse association Wa begun Saturday
aeon. Clerks we're notified and 81
none with ten stanOsraphsra. hui
20 the F1rst National bank. Bshind
pd doors the Clearing House aEno-
bon 6eERh It's Won % hnaihE q
that nigat enable them 70 Ti1s toe
ucld sea IN safety That q panic
We b nksiy % follow va ne hFst
punt % TIE Uommittee. Resolutions
10 adOptad ana hsadt u OtAeF hanks
gsa themss ves % give aaaistanes
b Information conesrnlng the meet
81 ne roar iftee vas kept tscret
: O'elec> tals mOTaiEE. and . bali
later tss i1eiation gave Oui tAe
maut % thr prpss
eciuFa % ,lAsFen1 hanka uers ia
ancs. 60 pt-e cher bank Oaicias
neRThJ cllisa
aafNiua - its fornel siatemeni
iniufs ana Eznouhcsmsnt shAi
antn inVc.rea uoald noi Or
6nuH tha hloruiaE tse ionsuinS
Ensnesf vas ma1s Esl aisnee.
FtFiag Hguae heibE iz eEaef thai
FresifzTr ~ ~ ctirnEs Naftoa-
-. 81 y 11Fngs haGk as ttS
t,s Itut eomsaaI arp Ftsseei-