Durant weekly news. (Durant, Choctaw Nation, Indian Territory [Okla.]) 190?-1944, 1905-12-22
THREE HAVE VlILED.
TIVE Chicago Banks and a TFnst
Company Go Under.
RIDGELEY Is ON HAND
Clssring Hease Asssciation win See
- IL That ths DspssltSrs Are
nsinsurssa Yer Every
Cent Bspssitsa.


Chicago National bank. the Home Saw
ings hank, and the Equitable Trust
company, an ~ Chicago was announce
Cd at s:ae o'clock Monday morning by
representative Of the Chicago Clear
Ing House association after q session
lasting eighteen hours. James b. Ho-
sen. president OF the First National
bank. as head OF the Clearing House
Committee OF the Chicago Associated
banks gave forth the statement. The
assets Of these institutions, It was as
serted, were involved in coal and rail-
way properties OF John r. walsh, pres
ident Of the Chicago National bank
John r. Walsh, president of the insti-
tutions which have been declared in
solvent, was not at the meeting.
John r. Walsh was very busy at his
residence Monday morning and de-
clined to be disturbed when called up
over the telephone. His daughter, how
ever quoted Mr.. Walsh as stating that
all inflrmation concerning the failures,
for the present at least would be given
out by the Clearing House association.
The Chicago National bank was or
ganized In November. 1881. with an au-
thorized capital stock of 100000, in
creased 20 s5OO,OO0 IN 1887 and to
s1,000.000 In 1901. Its resources, ac-
cording to the latest report made to
the comptroller OF the currency, were
s21,OOO,0OO. Of which nearly $1,000. 900
was loans and discounts; $4,000, 900
cash on hand. Liabilities include near
ly $14,O00.00 In individual deposits and
$4700.000 due to other banks
The Home Savings bank was organ
lied originally in 1867 with a capital
izatlon of 100000. A late statement of
resources shows an aggregate OF s4,-
2S2,271, OF which sS,7S2,000 are report
ed as being held in municipal, railway
and other bonds. Savings deposits ag-
gregate s3;9S2.65s.
The Equitable Trust company was
chartered by the state of Illinois Aug
2s. 1887, to act as executor, administra-
tor. trustee, guardian, assignee or re-
ceiver to receive and execute every
character of estate. The capital stock
Is $500,000. It's resources are $4,612,3S1.
Liabilities include $2.707,563 deposits,
trusts $454,323. certificates of deposits
$491,574 through various trusts.
The following statement concerning
the failure Of the Chicago National
bank, Home Savings bank. and Equita-
BILE Trust company has been given out
by Comptroller of the Currency VIII
liam w. Ridgeley:
"The action of the Clearing House
banks in coming to the aid of the Chi
cago National bank, Home Savings
bank and Equitable Trust company, re-
lieved a most critical situation, which,
II 1t had not been taken promptly in
hand might have led to very serious
consequences, not only In Chicago but
elsewhere.
''The act OF the Clearing House
makes 1t absolutely certain that all
creditors will receive their money i'm
mediately, and should thus relieve any
apprehension on the part of the pub
lie In regard to financial troubles in
Chicago The critical situation in
which these three concerns have been
placed has been due to large loans
made to railroad. coal mining and 9TH
er enterprises owned and controlled by
John r. Walsh This again empha-
sizes the danger OF managing officers OF
banks being interested in outside in
stitutions requiring large amounts of
money. The comptroller's office for
some time has been criticising the
methods of the Chicago National bank
and calling ON officers and directors to
reduce the amount of these loans and
investments in bonds of Mr.. walsh's
corporations. In spite OF repeated
promises that this would be done, these
items have been continued in the bank,
and In order to prevent encroachments
1t was necessary for the comptroller TO
take radical action. The comptroller's
office for some time has been endeavor-
ing to make an examination OF the Chi
cago National bank simultaneously
with examination of state institutions
by state bank examiners, but has not
been able to bring this about until a
few days ago. The result Of these ex-
aminations revealed such a condition
that It became necessary to take Inn
mediate action. The comptroller tele-
phoned from Washington instructing
Examiner Besworth 10 bring the mat
ter at once to the attention OF the
Clearing House committee and left for
Chicago on the first train TO be on
hand personally TO take whatever ac-
tion was necessary. on the arrival OF
the comptroller In Chicago a confer
ence was Immediately held with the
state authorities and the Clearing |
House contents, which continued from |
10 o'clock Sunday until5 o'clock Mon
day, In addition to the Clearing House
committee, representatives OF all Clear
ing House banks were called into con-
ference about o'clock Sunday even
ing. The comptroller feels great credit
is due not only to the Clearing House
committee, but all other Clearing House
banks for the prompt and vigorous ac-
tion and broad minded spirit shown
In meeting the emergency
Three Cases During Month.