The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1906-01-10
THREE CHICAGO BANKSFA|L.
!. R, WaIsh's Houses Caught in Big
Financial Crash.
.DEPOSITORS ARE DECLARED SAFE

Securities Pledged at n Meeting of Rep
1esentatives of the Chicago Clearing
House Lasting Eighteen Hours-Na-
tional. Home Savings and Equitable
Trust Close.
Chicago, IIl.-The failure Of the Chi
cago National Bank, the Home Savings
Bank and the Equitable Trust Com
pany, all of Chicago, was announced at
$50 o'clock in the morning by represen-
tatives of the Chicago Clearing House
Association, IL after d session lasting
eighteen hours. James B. Forgan,
President of the First National Bank.
as head of the Clearing House Commit
tee Of the Chicago Associated Banks,
gave out the statement.
The assists of these institutions. it
was asserted. were involved in coal
and railway properties, of John r.
Walsh, President Of the Chicago Ma
tional Bank.
The statement was issued in the
Office of the First National Bank. 1t
is as follows:
"The citizens Of Chicago will IN
doubtedly be surprised to learn that
the. Chicago National Bank, the Home
Savings Bank and the Equitable Trust
Company, which have been controlled.
managed and differed by John R.
Walsh and his associates, have con-
Guided to wind up their affairs and
quit business in the city of Chicago;
but they will be gratfied to learn that
after a thorough md careful eXamina-
tiontof t~heirfaffairs| by the Chicago
Clearing House banks. the depositors
of these institutions will be paid In full
upon demand, the Chicago Clearing
House banks .having pledged them
selves to this result. thus putting all the
resources Of the Chicago banks behind
the depositors OF these three institu-
tons.
"The difficulty with the institutions
has been that their investments have
been made in assets connected with
the railway and coal enterprises of
John r. Walsh. These assets were not
Immediately available to meet deposits
In full.
"Mr. Ridgely. Comptroller Of the
Currency, and Captain Eubank. of the
!; Auditors Department : at Springfield,
were seen and expressed themselves as
greatly pleased at the action of the
Chicago, banks, and stated that it re-
lected' great credit upon the Associated
Banks Of Chicago. which have again
indicated their ability to meet any
emergency in a manner entirely Salts
factory to the public"
John R. Walsh, head of the inStitu-
tons which have been declared in
solvent, was not at the meeting. The
following were the members of the
committee at the meeting: James B!
Forgan, Chairman; John j. Mitchell.
James H. Eckels. Orson B. Smith and
Ernest A. Hamill.
At a meeting Of the Chicago Clear
ing House Board in the morning q
board was appointed to take formal
control Of the Chicago National n
Home Savings Banks. The board was
composed of the following: Charles G.
Bosworth, President: ]. J. Mitchell.
Orson Smith, James IT. Eckels, E.. E.
Hamill and James B. Forgan. The
committee took charge at once, the Of
fcers,of. the institutions resigning I'M
mediately.>
mo formal action was taken in regard
to the 5 fairs Of the Equitable Trust
Company, although announcement was
made that this institution will be made
the subject of subsequent investigation.
The Chicago National Bank, Home
Savings Bank and Equitable Trust
Company opened their doors as usual
next morning, and depositors are being
paid rapidly. A mob Of several thou
sand persons surged in the street in
front of the Chicago National Bank
I,,;IJ;po