Omaha daily bee., 1905-12-19

the city had pledged that all depositor.
would be paid in full on demand relieved
the tension however. Around the Chicago
National bank there was no disturbance
during the day There was run on tho
bank but it was Of the quiet order. Bust
ness men who called at the hank to i'm
quirc-1nto the condition of affairs we're told
that they could withdraw 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 makius
loans. All checks that were presented AT
the window Of the paying teller were
promptly paid in cash. and many other
balances were drawn cut by deposit IN
other banks passing through the clearing
house in the ordinary way.
Hun on savings Hank.
The saving depusiturs OF the Home Sg''
ings bank did net take the situation as
calmly as did the customers of the Ma
tIonal bank. and 10y the time tho doors were
thrown open there was line Of 500 men
waiting to withdraw their accounts Ample
provision had been made to meet the run
and all accounts were liqudated as soon = 9
presented. Within an hour after the open
| ing of the hank the excitement had died al
most completely away, and although a limo
/ Of depositors stood in front Of the bank
1 until the close there was not the slightest
disturbance The paying off of depositors
| will continue as long claims are pre-
scented aid the statement is made ON the
| authority of the allied banks of the city
that there is ample money to pay every
thing. Shortly after noon it was announced
! that all of the officers and directors of the
]
designations with the exception of C. Il. q.
| Billings, who is out of the city. The place
of Mr.. Walsh was filed by the selection OF
! following committee was selected by the
| clearing house to act as directors in the
place of those who had resigned:
James b. Forgan. president of the First
! National bank: John ]. Mitchell, president
/ OF the Illinois Trust and Savings bank
Loan and Trust company; James II. Eckels,
president of the Commercial National bank
Byron l.. Smith, president of the Northern
| Trust company c. *. c. Billings. c. II.
| Bosworth.
/ origin OF Trouble.
| Local hnancers place all of Mr.. Walsh g
! troubles at the door of the Southern In
/ diana railroad. A number of years ago he
! purchased the Bedford stone quarries in In
| diana. The shipping outlet for the quarries
was not as good as he desired and he soon
| became involved in arguments with the
| Monon and Chicago & Eastern Illinois rail-
roads. declaring that they were charging
him a rate of freight that was arbitrarily
high. He practically constructed the South
! crn Indiana road. line of which lay near
his quarres, and ultima tcly secured by
means of 1t an outlet which brought his
quarry product TO Terre Haute, Ind. and
there again he came In contact with the
/ Eastern Illinois for transportation north
! and south He determined TO build for his
road terminal into Chicago and bent all
his energies to this end. The fight that en-
sued continued through several years, and
it bitter and expensive, especially 10
Mr.. Walsh. At one time the capitalists in
control of the Chicago & Eastern Illinois
bought up all of the coal mines along the
line of the road Mr.. Walsh was proposing to
build into Chicago, and he was completely
shut out of all prospect of the profit of
| hauling the coal and was put in the posi-
ton Of being compelled TO transport his own
fuel. He at once bought up an immense
acreage Of coal lands which had not been
developed. and this sunk large amount OF
money that he intended TO use for the con-
struction Of his railroad. The proposed line
from Terre Haute to Chicago has not yet
been built but Mr.. Walsh has never lost
faith in his ability to construct 1t.
! Public Deposits Withdrawn.
Another heavy drain upon the resources
Of the Chicago National bank has been the
| change in political conditions in Chicago
The officers of the Chicago National bank
have always been active in local politics
and the bank has handled large sums Of
money for the city, county, the drainage
canal and the different park boards. TIT
Chicago National was also depository fo
state funds to large amount. After thu
last state election, a man was elected al
state treasurer who was not friendly to thu
Chicago National bank and he prompt!
withdrew over 100000 which the state ha,
in the institution. Then Vice Presiden
Blount, who was treasurer of the Yves
Park board went out of Office and it wa
generally expected that the funds which h
had secured by virtue of his position woui'
be withdrawn This money amounted L
81, 600, 600. The newly elected officers of tn
drainage canal were also expected TO pull
. out all the money which the sanitary dis
triCt had placed in the bank and tht
; amounted to s2,5DO0O. The bank was un
, able TO count on these funds just at tn
time it needed them most, and Mr.. Walsl
was compelled to seek in the east for as
sistance, but failure of his efforts Their
brought on the suspension OF the ban
e here.
{ He appeared at the bank during Tia
E afternoon, and, although he has not bee
t in good health of late, appeared cheerfu
= and confident of the future.
h There is nothing ! can say he sal
e | when asked for statement OF the AFFAIR
{ leading up to the suspension OF the bank
[ II am out of the bank entirely, and Nj
4 Bosworth is in control. All statement
g that are made regarding the condition c
I | the bank must come from those who al