The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1905-12-22
ing 50, 7o1, 5fS, of which amount s454, 900
are deposits in trust II $500. 900 in
certificates OF deposit.
Mixed Up in Politics,

ing - 100 SIS, of which amount S454.00
are deposits in trust and $500. 900 in
certificates of deposit.
Mixed Up in Politics.
The Chicago National bank has been
an active factor i'll local politics for
several years. and enormous funds re-
ceired from taxation for building and
maintenance of the drainage canal have
been Il part of it's deposits and haveI
bank. "9
a change was recently made i'll the
political complexion of the board and
it was understood those funds would
not remain for any length of time as
deposits in the Chicago National. Their.
impending withdrawal had much TO do
with the fear of other banks of Il far
reaching collapse if they did not come
to the aid of the weakened institutions.
Where He Lost His Money.
The enterprises which are generally
credited With being the indirect cause.
of the financial troubles of Walsh. are.
the Bedford Quarries company OF In
diana, n the Southern Indiana Rail-,
road company. which was constructed
by Walsh for the purpose of getting
stone from his quarries to the market.
Walsh was a heavy stakeholder in
the Akron Gas company, Illinois
Southern Railway company, Rand Nc
Nally company, Southern Indiana Ex-
press company n half Il score OF gas.
electric lighting and coal mining COM
panies.
RidseIy Mas Patient.
To the stone quarries n Southern
Indiana railroad, Walsh made repeated
heavy loans Of funds of the bank, II
it was these to which objection was
made by Comptroller Ridgely. Re
peated assurances by officers of the
bank that these loans would be called
in or at least largely curtailed, We're not
fulfilled. Finally Ridgely determined
or a personal investigation. The ac-
ton.
1t is declared by local financiers that
Walsh has invested ali the way from
SIS 5000, 900 to SIS, 900, 900 in the quarries
and railroads.
Public Was Surprised.
News of the difficulties surrounding
the banks came as u tremendous sur
prise to the public. The first 1nfor-
nation of any trouble was conveyed
to the people by extra editions OF tbs
morning papers. Two hours before
time for opening the banks large
crowds We're gathered in front OF the
Chicago National and Home Savings
banks. waiting for the doors to open
SO they might withdraw their funds
Money Lay in Heaps
Inside the banks ample provision had
been made for the impending u and
| none was laid out in large piles. ADJ
ditional clerks were stationed at pay
ing windows and arrangements were
made in other parts of the bank to pay
out money as fast as it was called for.
The Home Savings has a right under
the state law to demand sixty days no.
tice of withdrawal from all depositors,
but it was decided not to invoke this
rule.
John R. Walsh kept to home this
morning and declined to see anybody.
He has not been we'll for a number OF
days.
Excitement Subsidies.
Excitement over the suspension Of
the two banks largely subsidized by IL
o'clock. There was no longer a crowd
around the Chicago National. Offices
of the Home Savings are in the same.
building rs the Chicago National. Here
a line of depositors formed reaching,
out TO Monroe street and fifty feet west
to the corner Of LaSa!le.
A large detail of policemen was IN
evidence and assurances of those who
had received their MONEY that officials
of the banlk declared everybody would
be paid allayed all excitement. All
claims were paid as quickly as pass
books We're presented.
In the Chicago National there was no
outward evidence of a rum, although
money was being drawn out with great
rapidity. Many business men who
called were old hat checks for the
amount of their balances would be ac-
copied as deposits at other banks and
they departed without drawing out the,
actual currency. Small depositors
asked for their none inc in every in
| STANG it was handed to them.
AT other hank there was no apparent
excitement and no evidence of a run
upon any of them.
All Other Banks Sound.
Charles G.. Dawes. former comptrol-
| Ter, of the currency. now president Of
| the Central Trus and Savings bank.
declared there was absolutely no an
ger of any other Chicago bank being
| involved, nor is there any other bank
| in financial difficulty.
Walsh's Bank Holds Up.
Bedford, Ind, Dec. 18.-The Bedford
| National bank, of which John f. Walsh
OF Chicago is president, is doing bust
ness as usual today.
Secretary Shaw Gets News.
Washington, Dec. 1s.-Secretary Shaw
/ received the following Geographic re-
port from Comptroller Ridgely, Chi
| cago, in reference to the failure Of the
banks this morning:
1.-The clearing house guaranteed pay
/ ment OF all liabilities of the three
banks, which will liquidate and pay
! everything in full. officers and d.
rectors will resign and be replaced by
n clearing house committee and Elk
aminer Bosworth, who will run the
banks and conduct the liquidation. This
vent further trouble here or elsewhere"