Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1905-12-19
Big BANK FAILURE
IN THE WINDY CITY
Assets Involved In Properties
of President.
pEPosIToRs TO BE FULLY pAlr

Chicago Clearing House Banks Have
Taken Matter in Hand and Have
Pledged Themselves to Pay All De
positors Upon Demand.
Chicago, Dec. 18.-Failure of the chi
cago National bank, the Home Savings
bank and the Equitable Trust company
| all Of Chicago, was announced at 3:3(
o'clock this morning by representatives
| of the Chicago Clearing House associa
ton after a session lasting 48 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 insti
tutions, it was asserted, were involved
in 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 the of
fees of the First National bank as
follows:
THE Chicago National bank, the
Home Savings bank and the Equitable
Trust company, which have been con
trolled, officered and managed by Jno.
r. Walsh, and his associates, nave con-
cluded to wind up their affairs and quit
business in the city of Chicago. After
thorough examination of their affairs
by the Chicago Clearing House banks
it is stated that all of the depositors
of these institutions will be paid in
full upon demand, the Chicago clearing
house banks having pledged themselves
TO this result"
The difficulty with the institutions
has been that these investments have
been made in assets connected with
the railway and coal enterprises of
Jonn r. Walsh Those assets were
not Immediately available to meet de-
posits and have been taken over on
terms which will enable the three in
stitutions to pay their depositors in
full.
Mr.. Ridgeley, comptroller of the cur
|rency, and captain Eubank, of the edi
tors department at Springfield, were
seen and expressed themselves as be-
ing agreeably pleased at the action of
the Chicago banks and stated that it
reflected great credit upon the associ-
ated banks of Chicago, as it indicated
their ability to meet any emergency
In a manner entirely satisfactory to
the public.
John R. Walsh, president of the fail
ed institutions, was very busy at his
residence this morning and declined to
be disturbed when called up over the
telephane. His daughter, however,
quoted from Walsh stating that all in
formation concerning the failures, for
the present at least, will be given out
by the Clearing House association.
The meeting at the Chicago Clearing
House association was begun Saturday
at noon. Clerks were notified and so
or more with ten stenographers, hur-
ried to the First National bank Behind
closed doors the Clearing House asso-
citation began it's work of finding
way that might enable them to ride the
financial sea in safety. That a panic
would be likely to follow was the first
were adopted and heads Of other banks
pledged themselves to give assistance.
All information concerning the meet
ing of the committee was kept secret
until O'Clock this morning, and half
hour later the association gave out the
statement to the press.
Directors of different banks were in
attendance, as were other bank officials
from nearby cities.
In addition to the formal statement
of the failure and announcement that
the banks involved would not open
their doors this morning, the following
announcement was made and signed,
the Clearing House being in effect tnat
the depositors of the Chicago Nation
al bank, Home Savings bank and the
Equitable Trust company are respect
fully advised that their depositors will
be fully paid on demand"
The Chicago National bank was or
ganized in November, 1881, with cap
ital stock of 100000, increased to
$500, 900 in 1887 and to $1000,000 in
1901.
It's resources, according to reports
made to the comptroller of the curren-
cy, are $21, 900, 900, of which >nearIy
$11, ,OO0000 are loans, and discounts of
81, 900 900 cash on hand. Liabilities
include nearly $14,0O000O of individual
deposits and $4,7OO,OOO due to other
banks