Arizona republican., 1905-12-19

put IL was QuleG ana OrQerly. Men who
 called at the bank to inquire into the condition of affairs were 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 making loans. All checks that were presented
 at the windaw of the paying teller were promptly paid in cash, and many other balances were drawn out by deposi- tors.
 The savings depositors of the Home Savings bank did not take the situa- tion as calmly as did the customers of the national bank and by the time the doors were opened there was a line of 500 people waiting to withdraw their accounts. Ample provision had been made to meet the run, and all ac- counts were liquidated as soon as pre- sented. Within an hour after the opening of the bank the excitement had died almost completely away and although a line of depositors stood in front of the bank until the close there
 was not the slightest disturbance. The paying off of depositors will continue as long as claims are presented, and the statement is made on the author ity 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 Chicago National bank had ten dered their resignations with the ex- ception of C. K. G. Billings, who is out of the city. The place of Mr.. Walsh was filled by the selection of
 Bank Examiner C. H. Bosworth and
 the following committee was selected hV the c1agrincr fn tors in the place of those resigned: Jas.
 B. Forgan, president of the First Nat ional bank; John T. Mitchell, president of the Illinois Trust bank: Orson Smith president of the Merchants Loan asso- citation; Jas. H. Eckels, president of the Commercial National bank; Byron l.. Smith, president of the Northern Trust company; C. K. c. Billings.
 Local financlers place all of MT. 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 ship
 ping outlet for the quarries was not
 so good as he desired and he soon be-
 came involved in arguments with the
 MOnon and Chicago and Eastern rail-
 road. declaring they were charging him
 rate of freight that was arbitrarily
 high. He practically constructed the
 Southern Indiana line, and ultimately
 secured by means of it an outlet for
 his quarries, which brought them
 easily in access to Terre Haute, where
 they came in contact with the Eastern
 Illinois. He desired to build for his
 road a terminal into Chicago and bent
 all his energies to that end. The fight
 that ensued continued through years and it was bitter and expensive, es-
 pecially to MT. Walsh. At one time the capitalists in control of the Chicago and Eastern Illinois bought up the coal mines along the line of the road MT. Walsh was proposing to build to Chicago and was completely shut out of all prospect of the profit of haul ing 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 a large amount of money that he in- l tended to use for the construction of | his railroad. The proposed line from | Terre Haute to Chicago has not yet | been built, but MT. Walsh has never 1 lost faith in his ability to construct it. |
 CIRCUMSTANCES CONSPIRED.
 Another heavy drain on the resources of the Chicago National bank has been | the change in political conditions in | Chicago. The officers of the Chicago 1 National bank have always been active | in local politics and the bank has han | dled large sums of money for the city, | the county, the drainage canal and the l different park boards. The Chicago | National bank was also a depository | or state funds to a large extent. After 1 the last state election, a man was elected as state treasurer, who was not | friendly to the Chicago National bank | and he promptly withdrew over $2,OO0,- coo which the state had in the insti- l tuition. Then Vice President Blount, l who was treasurer of the West Park board, went out of office and it was generally expected that the funds which he had secured by virtue of his position would be withdrawn. This money amounted to 5000, 900.
 Newly elected offivers of the drain age canal were also expected to pull | out all money which the sanitary dis trict had placed in the bank and this amounted to $2,500,O0O. The bank was unable to count on these funds just at the time it needed them most and MT. | Walsh was compelled to seek in the east for assistance, and the failure Of bis efforts there brought on the sus- pension of the banks here.
 He appeared at the bank during the afternoon and, although he has not been in good health of late, he appeared cheerful and confident. There is nothing I can say" he said when ask ed for a statement of the affairs lead ing up to the suspension of the bank. 'I am out of the bank entirely, and MT. BOsworth is in control. All statements that are made regarding the condition of the bank must come from those who are running it. It is enough that all the depositors will be paid in full No man is going to lose a dollar through this trouble.''
 He declined to say anything regard ing the matters which led up to the diff ficulty.