The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1905-12-21

Chicago. Doc. 20.-All officers n
dIrgctprS az the Chicago National
have resigned and their places were
taken by men selected By the clear
ing house association. q PIT. anu
Mrs. Walsh have turned over To
tho officials OF the clearing u
all OF their property.
New York. Dec. is-News OF tho
Insolvsnclcs OF important CHICAGO
trading Institutions came Win a
great shock TO Wall street this
morning and convulHive liquidation
OF. stocks made Wild work WIN
tain stocks were thrown over Tor
any price they would BRING. a de-
cided panicky feeling prsvahywv'
lawson. Amaigamatcd Copper do
ciincd ~ points: Union Pacific. rs.
and almost the entire LIST shoSsa
losses OF l 10 J points. The market
was enormously active during the
FIRST hour but by that time iiquldaf
ton had spent It's first fury anu
there were some wide recoveries'
Chicago. Dec. sO.-Action has been
taken by Comptroller OF the Currency
RIdgely that will compel the Chicago
National and Homo Savings banks and
the Equitable Trust company. domi-
mated by John Il. Walsh, OF this city,
10 wind up their aFflirr-s Other pa
fionnl banks OF the city have como To
The rescue. and IL II declared ON au-
thority OF the clearing house nssocln-
ton. the comptroller and also by oih-
GERS OF the Chicago National bank that
not n Single deposition VIII lose a cent.
Difficulties OF the three banks. which
ara, practically eEsSSess Of ~, the cs s%me
frolIer 10 largo loans made by the Chi
caso National, bank 10 railroad. coal.
miningsand other private enterprises
controlled by walsh
Warned by Ridaeiy.
Sous time ago the cothptrCller called
attention OF the Officers Of the .bank
tofhe fact that they were making loans
toShesc enterprises II Y?lshy which, In
hia opinion. we've too largk for the sale
Rrpeatcd promises ,Mere niQde that
fht~s situation should be rectined. but no
achon satisfactory to the comptroller
was taken. Three days ago he came TO
CIvcago for the purpose of .making an
Investigation int the and Of the
ihkee banks and found them in such
cokaition that lac judged immediate at
ti9n to be necessary, 81. Ia.
a. Other Banks 70 the ReseeeST" .
bnicIals OF different Chicago banks
WIRE told OF the situation and u hur-
rlsf call was sent out for : meeting OF
REPRESENTATIVES, OF Inc Chicngp-Clenr.
ing. House association and officers of
citS banks. The meeting " 'csNed 20
otfshr nj . o'clock yesterday afternoon
adj was In continuous session nrtH 3
otlock thi" morning.
careful chNs6f-r or the Stuarnn re-
vaaled the Chicago National bank had
esposIts i9an anouss oi Si5.OOOGoO and
tfc HpaE savings had deposits 'of
ssOoOtFE 1fytdss among 5000 derosis
EstSxfe Of the Failure. Z
Srhe,iRanAtss&lxlE two Gapks, and
or the Equf@lge Trust. were roughly
a@ i&ss DDS. Sa.ss.ssc.6euS $50.
900. Oc0 Of this amount and TNf d~lrcNors
and ontcInis Of the Chicago National
bank. sIme e 70 the SHa, - snils sesp mors'
sThN ieft q d.neitkN about s3.O0ofoQ6
Go be- faced. and Chicago banks rcpRe-
scented At the meeting dcClarsg at onSe
they would meet the situ,tHs'and chfe
sassssSSs 1870 49, ssrSsss 1890.
ID5ysslS &1sZS18ks % the amount.
taSht he. -.
81 <sTsEsS9Nr WsIsh.S Property. 49,
II. wnS. Gfso. gEIangcd in addition 20
p NINA .Sip >1lN@ Hriirs Of the three
: fnstItuuonS ,nhdaas aitf baukSrt
eish6uId.tRkG nll OF walsh's pE!ratc en-
gterpriefH. including coal misses, rail-
roads and stone quarrics.
Al he'cioSe Of the meeting, Comp
trollsr RjdsAy LIs.sued the following
- Ridgsl,'s st,a.cmcst." "
''The atSiou OF the clearing horF"
banks ia coming tn the aid ~ the ia
solvent Institutions has relieved a
most critical sltpation. which. " Il had
not bccn,i.fEcn svS3siysn I~xZLxynssht
have lei to1kgSsfbttouF oSrgrNss
not only iu rNNe'Eo but elsewhere. Tho
action of the clearing house banks
mak.s iCnhg,.s ccly-, rrtaiU aI creditors
will receive their money Immediately
md should mus relieve any upprearur
sioU ON the part "f the public in rcrNri
81 financial lruull Ia Chicago. The
critical situation in which these three
concerns has h"rh placed has been IN"
10 large loH'fE mad" Ia rNtl"UHu, cont
mining nud other enterprise owned
and controlled hy Walsh. THIS grtil
emphasis thu danger 90 managing uf-
ficcrs OF buUFv lsiar - ,.slfl ON ug;-
side institutions requiring large
amounts Of money, Tt" yuWp,rnllsr's
office has 20 some TIN" irru yrifl.laiHg
the Chicago National D calling uppn
It's officers SO directors to reduce the
amount ~ these loans"
Analysis Of Condition.
Chicago. Tee. iE.Thc Chicago Nj
tIonal bau was o!g tnized Ia Nnycm-
Der. 1881, y has z -lpitalynf 81 600. 600.
It's resource. a~ccordtaggo the latest re-
port. made to th. tbmptrolier. are SCI
O00. coo. OF which nearly 81. CoO.0 600 are
loans and discounts, with $4,000 600 cash
on hand. The liabilities include nearly
si4.OcO.0OO ia Individual deposits and
si.T50,OOO due Efbthcr banks.
The Home Savings bank was organ
tzed In lS61. with "A capital OF 500. 600.
Late reports SHOW it's Go be
3i.232. coo. Of which 81. IS. 900 " report
ed ns being reid In municipal. railroad
and other bonds. Savings deposits az
grcgate S3.gS3. 600.
The Equitable Trust company was
eharterad I'm lSsI cnDital 400 OO0- re-