Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1905-12-27


tne examiners had concluded their re
port, Walsh asked for little time.
81 ing he could raise the money TO
lstraighten oGt everything. He was not
successful anu when Comptroller
Ridgely was informed of the fact nc
meeting of the Chicago clearing house
and stated the situation The meeting
continued from Sunday afternoon un'
til 5 yesterday morning. 1t was Thea
announced by the comptroller that TIE
banks had practically suspended and
that all depositors would be paid in
full by other banks of the citl, The
statement to this effect was also made
by the clearing house.
The Chicago National bank had de
posts of $14,4S3, 900 md there are due
to other banks S2,03S,S51. The Home
Savings bank had savings deposits OF
1850, 600 The Equitable Trust com
pany has outstanding certificates oil
deposit and accrued interest Of 1889,
900 and deposits in trust of $2,096,600.
There is no question of the availability
of any of the assets of the two latter
institutions, and only doubt as to the
value of the bonds of the Southern In
diana railroad among the securities
held by the Chicago National.
Quiet at Chicago National.
Around the Chicago National bank
there was no disturbance during the
day. There was a run on the bank
but it was of a quiet order. Bust,
ness men who CALEB at the bank to
inquire into the con 1itions were told
that they could withdraw their mon
ey 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
presented at the window of the pay
ing teller were promptly paid in cash,
any many other balances were drawn
out by deposit in other banks, pass
ing through the clearing house in the
ordinary way.
Long Line at Home Savings
The savings depositors of the
Home Savings did not take the stu
alton as calmly and by the time the
doors were opened there was a long
line waiting TO withdraw accounts.
All accounts were liquidated as soon
as presented. Within an hour of the
opening of the bank the excitement
had died almost completely away, and
although the line of depositors stood
in front of the bank until the close
there was not the slightest disturb
ance. The paying of depositors will
continue as long as claims are pre-
scented. Shortly after noon it was
announced that all of the officers and
directors of the Chicago National had
resigned, with the exception of C. X.
G. Billings, who is out of the city
Walsh's place was filled by the selec-
ton of Bank Examiner Bosworth and
committee was selected by the
clearing house to act as directors in
place of those resigned.
Blame Trouble on Railroad.
Local financlers place all of
Walsns troubles at the door of the
Southern Indiana railroad. num-
Der of years ago he purchased the
Bedford stone quarries in Indiana
The shipping outlet for the quarries
was not as good as he desired and he
soon became involved in arguments
with the Monon and the Chicago &
Eastern Illinois railroads, declaring
that they were charging him a rate
of freight arbitrarily high. He prac-
tically constructed the Southern In
diana road, the line of which lay
near his quarries, and ultimately Sc
cured by means of it an outlet which
brought his quarry product to Terre
Haute, Indiana. Here again he came
in contact with the Eastern Illinois
for transportation north ard south.
He determined to build for his road
terminal ir Chicago and bent all
his energies 10 this end The fight
following continued several years.
and it was bitter and expensive, espe,
cially to Walsh. His opponents
bought up the coal lands upon which
he depended fer profits in hauling
coal. Then he bought other coal
lands, which required large sums.
The Chicago National was a depos-
itory for state, city county, drainage
canal and park boards. The new
state treasurer withdrew over 1000.
goo. Changes in the park board and
drainage canal officers presented the
probability Of the withdrawal Of ST.
100000 more. Thus the bank was
unable to count on these funds when
it needed them most It was then
that he sought assistance in the east
and the failure Of his effort there
brought on suspension here.
PR0RE WASHTnHT0M ItEE