The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-12-22

flash of lightning out of cloudles
sky, or like sudden squall on Lab
Michigan which lashes the water
mountain high for short time an
then as quickly subsidies. leaving moth
ing but ground swell" is a good
simile as showing the effect of the un.
expected failure of the two banks and
one trust company dominated by John
r. Walsh, a Chicago fiuancier who is
known in every large city in the Unit
ed States almost as well as he is
known in financial affairs of this. city
The failure of the Walsh concerns
was the topic of comment all day; not
only among bankers and in business
houses, but wherever two people met
for the exchange of few words the
first question was
What do you think of It? and what
effect it may have upon the confidence
of depositors in other banks? Do you
think it is likely to start runs on the
other banks that may spell disaster to
| them?"
There was absolutely no fear, how
ever, of anything of the kind happen
ing. Every one of the other big finan-
cial institutions placed the funds they
controlled at the disposal of the men
| who were to guide the affairs of the
wrecked concerns although at the op-
ening of banking hours there was
quite a crowd of depositors in waiting
| and considerable excitement manifest
thaf,n nc 4hn ~
and every one who wished to do so re-
ceived all the money that belonged to
them. the excitement cooled down and
conditions assumed the aspect OF SIM
ply a very busy day at the Walsh
banks
Nearly six million dollars had been
paid to depositors of the defunct Chi
cago National Bank at o'clock this
afternoon when the doors were closed.
During the same time the Home Saw
ings Bank had put out over S1,000.000
of the nearly four millions OF savings
deposited by nearly eight thousand
people.
Several hundred persons were still
in line, patiently awaiting their turn
W lGbSlNt llCll lloity dl " tlOGh.
Those within the building, nearly 800
men. women and youths, were allowed
to remain until the busy tellers could
reach them. Those outside were turn
ed away until tomorrow.
The overworked tellers and clerks
will have to remain at their posts un-
til late tonight to clear up the days
business.
OF the money paid out approximate
ly $5,000,000 went out of cages in the
commercial department something
like S4,0O0,0OO in checks and 81 ,000,0O
in currency.
Because of the situation the New
York sub-treasury transferred $780,
900 in currency to Chicago. Large
shipments were also made direct toI
Chicago banks.
Every depositor Will be paid every
dollar he has in these banks" said
John r. Walsh. "No one will lose
cent by the failure"
Mr.. Walsh had denied himself to
men all morning. However,
after the meeting of bankers held in |
his private Office came to a close, he
emerged and was instantly surrounded
by press representatives. He shook
hands with acquaintances in the crowd |
He laughed as though not
care weighed upon him. There was
no trace in face or manner of the ter
rible nervous strain through which he
was passing,
"The bank is open and every one is
being paid as fast as his claim is pre-
sented," he continued. "The entire in
debtedness of these institutions will
be liquidated in a little while"
He waved his hand at the long files
of men and women passing slowly by
the cashiers windows.
"Things are moving along smooth
ly," he said. There need be no scare.
Every one will be paid. But | have
no formal statement to make. The
clearing house committee will do all
the talking"
''Will you not say what causes un-
derlie the failure?" he was asked.
mo, will not talk now"
did politics have anything to do
with the closing OF the banks?"
mo"
"Have any large creditors started
suit for their claims?"
81 have heard of none"
This was all that could be gotten
from him. He backed away, waving
his hand and laughing and so passed
again into his Office.
A syndicate was formed today to
take over the business of the three
financial institutions, the
Chicago National bank, the Home Saw
ngs bank, and the Equitable Trust
AS the first step all the
Did directors of the Chicago National
bank retired. Mr.. Walsh resgnIng as
president and a complete re-organiza-
lion was effected
The bank will be conducted by Ma
+ional Bank Examiner G. III. Bosworth