Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-12-19
THREE CHICAGO BANKS.
CONTINUED from Page One.)

| from Washington instructing Bank Elk
| amiiier Bosworth to bring the matter
al once to the attention of the clearing
house committee and left for Chicago
on the first train to be on hand person.
ally to take whatever action was neces-
| sary. On his arrival in Chicago a con-
| ference was Immediately had with the
state authorities and the Clearing
House committee, which continued
| from 10 o'clock Sunday morning until
5 o'clock Monday morning. In addition
| to the Clearing House committee. rep
| resentatives of all the Clearing House
bank, were called into the conference
| about o'clock Sunday morning. The
comptroller feels that great credit is
due not only to the Clearing House
| comrnittee, but to all the other Clear
| ing House banks for the prompt, vigO-
| rous action and the broad minded spirit
| shown in meeting this emergency"
Officers of the Chicago National
Bank We're:
| President, John r. Walsh; vice pres
ident, +. NJ. BlOunt; directors, John r.
Walsh, F.. NJ. Blount, John M. Smyth,
G. x. G.. Billings, Maurice Rosenfeld,
| f. G. McNally, William Best.
The deposits in the bank were $14,-
| 4S3, 900 and there is due to other banks
| s., O2S,7 51.
Officers of the Home Savings Bank:
President, William J. Onahan: vice
president, Maurice Rosenfeld; dircc-
| tors, c. x. c.. Billings, Maurice Rosen-
| field, John NJ. Smyth, w. J. Onahan,
| John r. Walsh, William Best.
The officers and directors Of the EGui-
| table Trust Co. were the same as those
| of the Home Savings Bank, with the
| exception that Mr.. Walsh was president
| in place Of Mr.. Onahan. The Home
Savings Bank had savings deposits of
| s., $50, 600 The Equitable Trust Co
outstanding certificates Of deposit and
accrued interest amounting to Sl,2Sa0Oo
and deposits in trust valued at $685.
| 900. There is no question Of the avail
ability of any Of the assets Of the tW"
latter institutions, and only doubt as
| to the value of the bonds Of the South
ern Indiana Railroad among the secu-
rites held by the Chicago National
Bank.
The Chicago National Bank was
publicly supposed to be one of the
strongest and most cOnSerVatl|ely
managed institutions in the West. EX-
| citcmcnt ran high when it was an
nounccd in extra editions of the morn
| ing papers that the banks We're in
| vOlVed. The statement of Comptroller
| Ridgely and the published announce
ment of the Chicago Clearing House
to the effect that the other banks of
the city had pledged that all depositors
would be paid in full on demand re-
| lieved the tension. however.
Around the Chicago National Bank
| there was no disturbance during the
| day. There was a run on the bank,
but it was Of the quiet order. Bust
ness men who called at the bank to
| inquire into the condition of affairs
were told that they could withdraw
| their money at any time they pleased.
All checks that were presented at
| the window Of the paying teller We're
promptly paid in cash, and many other
| balances We're drawn out by deposit in
other banks. passing through the
Clearing House in the ordinary way.
| Savings depositors of the Homo
Savings Bank did not take the situa-
! sion as calmly as did the customers
If the National Bank and by the time
| the doors We're open there was a line
Of 500 men waiting to withdraw ac-
counts. Ample provision had been
made to meet the run, and all ac-
counts were liquidated as soon as pre-
| scented.
The following committee was select
| I'd by the Clearing House to act as
directors in the place of those who had
| resigned:
| James e. Forgan, president of the
| First National Bank: John j. Mitchell
president of the Illinois Trust and
Savings Bank; Orson Smith. president
of the Merchants Loan & Trust Co.;
James H. Eckles, president of the
| Commercial National Bank: Byron l..
| Smith. president Of the Northern Trust
Co; {. X. G. Billings, and Z. Fl. Bos-
worth.
| Chicago financiers place all of Mr..
Southern Indiana Railroad. A number
of years ago he purchased the Bed
ford stone Quarry in Indiana. The
shipping outlet for the quarries was
not as good as he desired and he con-
structed the Southern Indiana Rail-
road to afford an outlet for his quarry
products to Terre Haute. where he
came in contact with the Chicago and
| f.iStti1l ItllllOlS ISdlllosiu Iol lldHSpol
tation north and south. He SUISSE
quently determined 10 build for his
road Il terminal to Chicago, and bent
all his energies to this end. The fight
that ensued continued through several
years at great cost and tied up a large
amount OF money that Mr.. Walsh had
Originally intended to use for the con-
struction of his railroad. The line
from Terre Haute to Chicago has not
yet been built. Another heavy drain
on the resources of the Chicago Ma
tional Bank has been the change in
political conditions in Chicago. The
officials of the Chicago National Bank
have always been active in politics
and the bank has handled large sums
Of money for the city, the county, the
drainage canal and the different park
boards.
The Chicago National Bank was also
la depository for state funds to large
Iamount.
| At the last state election q man was
elected rs state treasurer who was moi