The daily morning journal and courier., 1905-12-19

Officers of the Chicago National bank were: President, John R. Walsh; vice president, F. M. BIount; directors, John R. Walsh. F. M. BlOunt, John M. Smyth, c. K. G. Billings, Maurice Ro- senfeld. F. G. MeNally and William Best.
 The deposits in the bank were S14,- 4SS, S,0OO, and there is due to other banks $2,03S,S51.
 Officers of the Home Savings bank: President, William J. Onahan; vice. president, Maurice Rosenfeld; directors, c. K. G. Billings, Maurice Rosenfeld, John N. Smyth, W. J. Onahan, John R. Walsh and William Best.
 The officers and, directors of the Equitable Trust company were the same as those of the Home Savings bank, with the exception that Mir. Walsh was president in place of Mir. Onahan. The Home Savings bank had savings deposits of $3,560,000. The Equitable Trust company has outstand- ing certificates of deposit and accrued interest amounting to $1,289, 900 and de- posits in trust valued at $2,096,00 There is no question of the availability of the assets of the two latter institu- tions, and only a doubt as to the value of the bonds of he Southern Indiana railroad among the securities held by the Chicago National bank.
 The Chicago National bank was pub licly supposed to be one of the strong est and most, conservatiYely managed institutions in the west Excitement ran high when 1t was announced in ex-
 tra editions of mornig papers that the banks were involved. The statement of Comptroller Ridgely and the published announcement of the Chicago clearing house to the effect that the other banks of the city had pledged that all deposit ors would be paid in full on demand relieved the tension, however.
 Among the Chicago National banks there was no disturbance during the day. Business men who called at. the bank to inquire into the condition of affairs, were told that they could with
 draw. their money at any time they pleased that the bank was open for the transaction of all' business save that of taking in money or making loans.' All checks that were presented at the window of the paying teller were promptly paid in cash, and many other balances were drawn out by deposit in other banks, passing through the clear ing house in the ordinary way.
 Savings depositors of the Home Saw ings bank did not take the situation as calmly as did the customers of the rla- tional bank, and by the time the doors were open there was line of 800 men waiting to withdraw accounts. Ample provision had been made to meet the run, and all accounts were liquidated as soon as presented. Within an hour after the opening of the bank the ex- citement had subsided and although a line of deposftors stood in front of the bank until the close there was not the slightest disturbance.
 The paying of deposftors will con- tinue as long as claims are presented, and the statement is made on the au- ! thortty of the allied banks of the city that there is ample money to pay every thing.
 The following committee was selected by the clearing house to act as direc- tors in the place of those who had re- signed: 1z1$s. .&stt,.sf se2aa str& iSg James B: Forgan president of the First National bank; John orson Smith, president of the Merchants Loan and Trust company; James Fl. :. Hckels, president of the cornrnercial National bank; Byron L. iSmith presf- 3dent of the Northern Trust O.: 5C. K,1 G. Billings and c, IL Bosworth. ItI I Chicago fnaneiers place all of MT. Walsh's troiibles at the door of the southern Indiana railroad. A number of years ago he purchased the Bedford stone quarries in Indiana. The ship ptng outlet for the quarries was not as good as he desired and he constructed the Southern Indiana railroad to afford an outlet for his quarry products to Terre Haute, where he came in contact With the Chicago and Eastern Illinois railroad for transportation north and south. He subsequently, determined to build for his road a terminal to Chicago and bent all his energies to this end. The fight that ensued continued through several years at great cost At one time the Chicago and Eastern Illi- nois road bought all the coal mines along the line of the road MT. Walsh proposed to build to Chicago. Then Walsh. bought up an immense acreage of coal land which had not been sdevel- oped, and this tied up large amount of money that Walsh had originally intended to use for the construction of his railroad. The line from Terre Haute to- Chicago has not yet been built. An- other heavy drain on the resources of the Chicago National has been the change in political conditions in Chi cago. The officers of the Chicago Na- tional bank have always been active in politics and the bank has handled large l sums of money for the city, the county, the drainage canal and the different I park boards. The Chicago National was also a depository for state funds I to large amount. At the. last state election a man was l elected as state treasurer who was not l friendly to the Chicago National bank, 1 and he promptly withdrew $2,oO0, ,0OO l which the state had in the institution. | Then Vice-President Blount, who was l president of the West park board, went 1 out of office and it was generally ex- | pected that the $2,OOo,OOo deposit which l he had secured by virtue of his position | would be withdrawn. The newlv-eIact-