New-York tribune., 1905-12-19
THREE BANKS SUSPEND.
Ce7ttnrr-d from nrst page.
hour session The Controller issued the following
statement:

Jo5Gtnucd from first EaEe
hour session The Controller issued the following
statement:
The action of she Chicago Clearing House bank banks
2 coming e The aid Of the Gheso & oafabe Saohd trust
so-npany has relieved most critical situation t1
night have led to very serious eonseqaenOes not
asrnr eps in aoase BANKS f makes bsoIatey
that slf the creditors OF the three institutions WI W
reieve any apprehension on the part Of the public
In regard TO the financial troubles IN Chcas0r
have boen pisced has been Que to the large loans
Prises owned and controlled By John R Walsh
,fcers Of banks being interested in outside instu
ions requiring large amounts OF money 4,,e teen
sng the condition Of the chesga b resore Na5Ions5 70
tank and Fe es qp 81 these l1e oens and the invest
tents in The bonds of MI Wslshs GorpSna pa he
0ne these items have been continued In p 6he
1 1d # aa R naeessary @ fo the controer
RADICAL action The Controllers office has for
5a9en Soe e ~ the been chosso %aaionsi Ba
sans 9nSy by wl The as state Bank Examiner but not
able to - rbs ing ss absat nn 4evaeG
condtion that it necessary TO take immeShase
tom instruct.ng Bank Examiner BoswoTt2h 2 to bring bring
hs 9ee a5ser oee @ mite 20 and left for chicago
first train, TO be on hand personally I 10 Ea ~ the
Controer & IN Ghose t at a9thorities and the Clear
O'clock Sunday morning until o'clock MONDAY d
Tftee represenfatiVes of all the clearing house
banks called into the the SnfosT feeo alo that
sreaf credit is due not only to the Ciearng se
Sotffes Gs fe4 the Ret pTop @ apt Vigorous action and the
bToad-1rinded spirit shown IN meeung this eihe
gency.
The following statement was issued p3 NoA-
trolIer Ridgely later in the day:
mas happe0ed to the chicago National Bank This
sbsrssed eas ss By the investment of large amount
Of it's assets in unavailable securities but me oa3 ar
5orS stsso So s the ccago National Bank The bank
IS open for business as usual to-day With these hes;
guarantees behind it that 1t will meet all It's obi
cations and pay every yWfffAM f9ti1IA n B. RIpGELY
Controller OF the Currency.
In addition to the announcement that the
banks involved would not open their doors TINS
morning the following announcement was made
signed by the Clearing House committee Oh Inc
Chicago Associated Banks
To the Public. Deposftors of the Chicago Na-
tionaI Bank. the Home Savings Bank ana ,sns sas
that their deposits viii be paid in full upon demand.
oficers of the Chicago National Bank were:
President John r. Walsh: vice-president F. M
Biount: directors John 3. Walsh. F. NJ. Blount.
John NJ Snyth, c. K. G. Billings. Maurice
Rosenfeldt, E. G. McNally and William Best
The deposits in the bank were $14.4S3,0o0 and
there is due to other banks S203SS51-
Officers Of the Home Savings Bank were: Pres
ident William J. Onahan; vice-president, Maui
rice Rosenfeldt: directors. C. K G. Billings,
Maurice Rosenfeldt John NJ. Smyth, ". ].
Onahan. John r Walsh and William Best
Officers and directors Of the Equitable Trust
Company were the same as those or the Home
Savings Bank. with the exception that Mr.
Walsh was president in place Of Mr. Onahan
The Home Savings Bank had savings deposits
of S3560oo0 The Equitable Trust Company
has outstanding certificates OF deposit and &C
crued interest amounting to S1,2S9oO0 and de-
posfts in trust valued at S2096600 There is
Io question of the availability of any of the
assets of the two latter institutions. and only
a doubt as to the value of the bonds of the
Southern Indiana Railroad among the securi-
ties held by the Chicago National Bank.
Chicago hnanciers place all of Mr.. Walsh's
troubles at the door Of the Southern Indiana
Railroad A number of years ago he purchased
the Bedford stone Quarries. in Indiana The
shipping outlet for the Quarries was not so good
as he desired, and he soon became involved in
arguments with the Monon and the Chicago and
Eastern Illinois railroads, saying that they were
charging him a rate arbitrarily high.
He constructed the Southern Indiana Railroad
and obtained an outlet for his quarry products
10 Terre Haute. Ind, where he came in contact
with the Chicago and Eastern Illinois Railroad
for transportation north and south. He deter
mined build for his road terminal to Chi T..
cago, and bent all his energies to this end The
fight that elisued continued through several
years, and it was bitter and expensive.
At one time the Chicago and Eastern Illinois
Railroad bought all the coal mines along the
line Of the road Mr Walsh purposed to build to
Chicago. This shut out all prospects of haul
ing coal and compelled the transportation of
fuel coal for the railroad. Walsh at once
bought I'D an immense acreage Of coal land
which had not been developed and this sunk
a large amount of money that Walsh intended
to use for the construction of his railroad The