Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1905-12-21
WALSH CONCERNS
EMBARRASSED
John R. Walsh, the Chicago Multi
millionaire, Forced to Assign.
TOO MANY IRONS IN THE FIRE
Three Financial Institutions In
volved, But the other Banks Have
stepped Into the Breach and
Have Averted a Crash

Have Averted n Crash.
Chicago. Dec. 19.-Three of the high
est financial institutions in the west,
the Chicago national bank, the Home
savings bank and the Equitable Trust
Co., all of them controlled by John K.
Walsh, of this city, and in great meas
IRE owned by him, suspended operations
Monday.
Mr.. Walsh, who was the president OF
the Chicago national bank and of the
Equitable Trust Co. and all the other
officers and all the directors of the
Chicago national bank have resigned.
Examiner Bosworth in Charge.
National Bank Examiner Bosworth
has succeeded Mr.. Walsh at the head
of the Chicago national bank, and the
places of the directors have been filled
by men appointed by the Chicago
clearinghouse. Back of the new man
agement stand the allied banks of Chi
cage, who have pledged their
that every depositor shall be paid to
the last cent, and that no customer OF
any one of the three institutions shall
lose anything by reason of the suspen-
sion. Had not this action been taken
by the banks of the city a disastrous
Danic must have followed in the finan-
cial world. AS it was, the only erect
in this city was the decline on the local
stock exchange of 2A in the price OF
National Biscuit common stock, when
has employed the Equitable Trust as
transfer agent, and had, besides,
ings with the Chicago national bank,
but is not affected by the failure in the
slightest degree. The closing OF the
two banks had the effect also OF shut
ting off all demand on the local ex-
change for bank stocks, none OF them
being purchased.
The Cause of the Collapse.
The immediate cause of the collapse
of the institutions controlled by Mr..
Walsh is said to be the large amount
of money which they have loaned to
various private enterprises of his
notably the Southern Indiana railway
and the Bedford Quarries Co., Of In
diana. Mr.. Walsh claims that If he
could have had a little more time and
been left untrammeled in his operations
he could have saved his banks and
made enormous profits for himself and
his associates. He bases this state
ment on his estimate of the value OF
the bonds of the Southern Indiana Rail-
road Co. The comptroller, the state
auditor and the members of the Chi
cage clearinghouse committee place the
value of the bonds at one-half the valu-
alton of Mr.. Walsh, and it was theiI
refusal to accept his valuation thai
caused the suspension Of the banks.
The Aggregate Liabilities.
The liabilities of the three institu'
lions are estimated, in the aggregate, al
s26, OO0, 900. Against this amount thu
banks and the trust company have re
sources that are on a conservative esti'
mate worth $1,000 900. The bonds O
the Southern Indiana Railroad Co. arr
estimated by Mr.. Walsh as being wortf
SIG, 900, 900. They are considered by thu
comptroller, state auditor and the clear
inghouse committee to be worth a lit
tie more than half that sum-. Thei
value is a matter to be determined il
the future, and the presidents of tn
local banks admit that if the estimat
of Mr.. Walsh is found to be correct
the two banks and the trust compan,
will not only pay all of their debts, bu
leave a surplus besides. The director
Of the two banks and Mr.. Walsh, VIII
has turned over all his private proper
ty as well as that standing in the nam
Of Mrs. Walsh, have pledged real es
tate and securities valued at 5 1000, 00t
and estimating the railroad bonds
So, 900, 900 more, making a total of $29
100000 assets against $26, 000, 900 liabil
ties.
Personnel of the Institutions.
The officers of the Chicago nations
, bank were; President, John R. Walsh
vice-president, F. M. Blount, and tt
directors were: John R. Walsh, F. \
Blount, F. G. Mentally, John M. Smitl
William Best, G. K. G. Billings, Ma,
rice Rosenfeld. The deposits in tt
bank were $14,4 9 900, and there W;
due to other banks S2,038, 851.
. The officers of the Home SAVING
, bank were: President, William J. On
han; vice-president, Maurice Rosenfel
The directors were: c. X. G. Billing
Maurice RosenfelG, John M. Smyth, '
J. Onahan, William Best, John
, Walsh.
-, The officers and directors Of Il
! Equitable Trust Co. were PARTIALLY Il
same as those of the Home savini
bank, with the exception Of Mr.. Walls
who was president in place Of Mr.. On
1 han tI'.H. H-