Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1905-12-23
Astounding News From Three Chicago Institutions
Which Comptroller Orders Into Liquidation and
Which Was Begun This Morning.
OTHER BANKS TO RESCUE AND DEpONTORS SAFE
Had Loaned Walsh More Than Comptroller Would Stand
FOr..PTOduCed Furry In The New
York Stock Market.

Chicago. uoc. rs Action has been
taken by the comptroller OF the cur
renCy, VIM. n Ridglcy. which VIII
Chicago National bank. the HoG.o
Savings hank and the Equitable Trust
company, dominated by John a..
Walsh. " this city. 10 wind up theiF
Affairs.
Clearing House 10 Rescue.
Other national banks Of the city
have come 10 tho rescue. and it ~
/ declared on the authority OF me
Clearing House association. the comp
lrollor and also the officers OF the
Chicago National bank, that not
single deposition viii loao cent
The difficulties of che three lnsil.
tntipnH tho last two at which are
practically branches of The other IN
siitutinn. are attributed hy the comp
irollor Of the currency To large loans
made BY the Chicago National 20 rail-
road. coal mining and other private
eniefpriseg controlled by walsh.
Walsh Borrowed too Much.
Some Time ngo the comptroller cali
"a attention Of the officers " the bank
70 the fact that thoy we're making
loans To- those enterprises OF Walahs
which IN HE opinion were TOO large
for the safety III tho institution. re-
peated pronlieoa we're made that cic
situation should be- rectlfed. but 40
action satisfactory To the comptroller
was taken.
Three days ago the comptroller
came 20 Chicago for the purpo.c ~
making an Investigation into the at
fairs OF the three banks and Siund
theta IN snch condition that he Judged
immediate action necessary. Ofncefs
~ different Chicago banks were told
oi the situation and hurried cali was
sent ont Tor a meeting OF reprcson-
thtiNes Of The Chicago Clearing House
association, a. well NJ OF the officers
~ the city banks. Tho meet Ing was
called 10 order 10 The ONCE ~ Preal-
dent Forgan uf the First National
bank as o'clock yesterday afternoon,
and was continued until 3 O'Clock this
morning
Deficit Six Millions.
A careful canvass ~ tho situation
revealed that Che Chicago National
had deposits amounting 40 sis.O0O nOO
the Hpmp Savings hank uf $1,000 600.
while the liabilities of the two hanks
WIN those ~ the Equitable Trust
company were roughly estimated at
so 0no unH and the assets al t2e nU0..
Voh. Th's deficit vii be- iakcn care
81. one hall by the officers at The Chi
caen National and one hair by tho
banks reporeseatoj at the meeting
What Caused the Trouble
The enterprises which are generally
credited with being the Indirect cause
OF the financial troubles ~ MI Wash.
are the Bedford Quarries company. OF
Indiana, and the 8outhern Indiana
railroad. which was constructed by I
walsh for the purpose OF eeilinE a. .
market stone from his quarrles. 10 !
was unable 10 get a Chicago entrance .
for his rtalrnad and was msuccess-
M IN his efforts go sell % the Penn
sylvania road
IN addition 20 these two enterprises .
which he practically owns. Walsh "
a heavy stakeholder lu the Akron,
OHIO, gas company. the Illinois
southern railroad company. Rand.
NoNaily a Co, The southern Indiana
icxpEess. aud half a score or gas ps.e-
lric lighting and coal mining come
painless
Met the Run Promptly.
To The public IA large. which was
ont acquainted with the magnitude IN
Walsh'R enterprise. the news az any
iiheuities surrounding his hsnts
came as a tremendous surprise Two
hours before ihe time Tor opening the
bank. "a large crowd rnfhrrrf I'M
front Of the Chicago National ana flsr
Homo Haginas TANK Inside fhn hnnEa