4424. First National Bank (Chicago, IL)

View Charter #2670 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
8
Charter Number
2670
Start Date
January 16, 1902
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
0cf6739e

Response Measures

Capital injected

Other: Receiver appointed; bank closed and receiver proceedings in court appear in Indianapolis records.

Description

Multiple clippings note that a receiver was appointed for the First National Bank of Chicago (Jan 1902 items) and a later (1920) retrospective piece describes John R. Walsh's misuse of bank funds, a resulting run, and rescue attempts by Marshall Field and other bankers. Sequence: bank-specific malfeasance -> depositor run -> bank closed and receiver appointed. Dates derived from contemporaneous news items (Jan 1902) referencing the receiver appointment. No evidence the bank later reopened in these clippings.

Events (2)
1. January 16, 1902 Receivership
Newspaper Excerpt
Judge Benson, of Ottawa, succeeds E. F. Brown, of Chicago, as receiver of the First National bank of Chicago.
Source
newspapers
2. January 16, 1902 Run
Cause
Bank Specific Adverse Info
Cause Details
President John R. Walsh used bank funds to finance his railroad project, violating laws and causing insolvency that triggered heavy withdrawals and a run
Measures
Wealthy bankers led by Marshall Field pooled funds and poured millions into the bank to pay obligations and stop the run
Newspaper Excerpt
Big failures like this are what start financial panics. ... they decided to send for Marshall Field ... pour enough money into the treasury of the First National bank of Chicago to pay all its obligations and to stop the run on the bank
Source
newspapers

Newspaper Articles (8)
1. January 16, 1902 The Globe-Republican Dodge City, KS
Article from The Globe-Republican, January 16, 1902

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During 1901 the Wichita street cars carried 1,434,517 passengers. Enterprise has had another fine, this one figuring at $1,000. of loss. In Lawrence there is a plan to build a $20,000 Y. M. C. A. building. George M. Munger, of Greenwood county, offers his farm for $75,000. The president has nominated Adna Clarke, of Kansas, for a lieutenancy. The Frisco line is to have heavier steel between Wichita and Carthage. There is an epidemic of smallpox among a German colony near Stafford. Kansas Turkey wheat sells 2 or 3 cents better than the Nebraska Turkey wheat. Clark Kincaid has bought 3,000 acres of wheat land in Meade county for $7,500. The Pottawatomie Indians in Kansas have a brass band. Agent Honnell is the leader. Anthony people raised $43,000 in two days for the purpose of securing the Choctaw road. Mr. Helby, of Elwood, Indiana, is looking for a location for a glass manufactory in Kansas. A. F. Watson, of Salina, has been appointed to a high salaried clerkship in the postoffice department. Judge Benson, of Ottawa, succeeds E. F. Brown, of Chicago, as receiver of the First National bank of Chicago. A vein of coal has been found in Mitchell county which is three feet thick. It will have to be mined by stripping. Bert Cirtwell, of Nortonville, has sold Buffalo Bill fifty white horses to take the places of those killed in a wreck a month ago. There is a plan forming to build a trolley line from Salina to Lincoln, a distance of thirty-five miles. The Salina commercial club is considering it. J. O. Butler, secretary of the Farmers' Co-operative Grain and Live Stock Association, attributes the present high price of wheat to the work of his association. Two carloads of garden seeds from Germany cleared through the Kansas City custom house. The entire shipment was consigned to a Lawrence seed house. It is thought that the Bourbon county grand jury now in session will find bills against county officers and those of the city of Fort Scott, as well as against the booze dealers. An old negro brought his son from Kentucky to Augusta to visit his old master, G. W. Sweeney. They found that both his old master and mistress were dead, and his grief was pitiful to see. Mrs. Minnie Y. Trickey, widow of L. C. Trickey, who was clerk of the district court of Wyandotte county about fifteen years ago, has been appointed city treasurer of Rosedale by a unanimous vote of the council. A. J. Anderson, of Logan county, was found guilty in the United States circuit court of forging testimony in a land allotment case. His fine was fixed at $25 and costs which makes the entire sum something over $100. Stafford county people deny the existence there of a smallpox epidemic. The only death in Stafford of late was an old lady who died of old age, being over 87 years old. No one there believes there are as many as five cases in the county. Wichita wholesalers have been figuring together and they declare that their gross business in 1901 reached ten and three-fourths million dollars. The requirements for the teacher's diploma at Kansas university, which are, in accordance with the provisions of the Grattan certificate law, the standard for all Kansas colleges, have been approved by the state board of education; so that students receiving the teacher's diploma will also receive state teacher's certificates good for three years. Secretary Coburn estimates the value of livestock in Kansas at $153,000,000 which is an increase of $40,000,000 since 1890. There are a million more cattle and half a million more swine in Kansas than in 1890. A Union Pacific brakeman was hurt out near Wamego and the local doctor said he must be taken to a hospital as quickly as possible. The conductor wired the particulars and was ordered to pull for Armourdale with only his

2. January 16, 1902 Hutchinson Gazette Hutchinson, KS
Article from Hutchinson Gazette, January 16, 1902

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carried 1,434,517 passengers. Enterprise has had another fine, this one figuring at $1,000 of loss. In Lawrence there is n plan to build a $20,000 Y. M. c. A. building. George M. Munger, of Greenwood county, offers his farm for $75,000. The president has nominated Adna Clarke, of Kansas, for a lieutenancy. The Frisco line is to have heavier steel between Wichita and Carthage. There is an epidemic of emallpox among a German colony near Stafford. Kansas Turkey wheat sells 2 or 3 cents better than the Nebrasica Turkey wheat. Clark Kincaid has bought 3,000 acres of wheat land in Meade county for $7,500. The Pottawatomie Indians in Kansas have a brass band. Agent Honnell is the leader. Anthony people raised $43,000 in two days for the purpose of securing the Choctaw road. Mr. Helby, of Elwood, Indiana, is looking for a location for a glass manufactory in Kansas. A. F. Watson, of Salina, has been apto a in pointed high salaried clerkship the postoffice department. Judge Benson, of Ottawa, succeeds E. F. Brown, of Chiengo, as receiver of the First National bank of Chicago. A vein of coal has been found in Mitchell county which is three feet thick. It will have to be mined by stripping. Bert Cirtwell, of Nortonville, has sold Buffalo Bill fifty white horses to take the places of those killed in a wreck a month ago. There is a plan forming to build a trolley line from Salina to Lincoln, a distance of thirty-five miles. The Salina commercial club is considering it. J.O. Butler, secretary of the Farmers' Co-operative Grain and Live Stock Association, attributes the present high price of wheat to the work of his association. Two carloads of garden seeds from Germany cleared through the Kansas City custom house. The entire shipment was consigned to a Lawrence seed house. It is thought that the Bourbon county now find grand jury in officers session and will those bills against county of the city of Fort Scott, as well as against the booze dealers. An old negro brought his son from Kentucky to Augusta to visit his old master, G. W. Sweeney. They found that both his old master and mistress were dead, and his grief was pititur to see. Mrs. Minnie Y. Trickey, widow of L. C. Trickey, who was clerk of the district court of Wyandotte county about fifteen years ago, has been appointed city treasurer of Rosedale by a unanimous vote of the council. A. J. Anderson, of Logan county, was found guilty in the United States circuit court of forging testimony in a land allotment case. His fine was fixed at 825 and costs which makes the entire sum something over $100. Stafford county people deny the ex. istence there of a smallpox epidemic. The only death in Stafford of late was an old lady who died of old age, being over 87 years old. No one there believes there are as many as five cases in the county. Wichita wholesalers have been figuring together and they declare that their gross business in 1901 reached ten and three-fourths million dollars. The requirements for the teacher's diploma at Kansas university, which are, in accordance with the provisions of the Grattan certificate law, the standard for all Kansas colleges, have been approved by the state board of education; so that students receiving the teacher's diploma will also receive state teacher's certificates good for three years. Secretary Coburn estimates the value of livestock in Kansas at $153,000,000 which is an increase of $40,000,000 since 1890. There are a mililon more cattle and half a million more swine in Kansas than in 1890. A Union Pacific brakeman was hurt out near Wamego and the local doctor said he must be taken to a hospital as

3. January 23, 1902 The Globe-Republican Dodge City, KS
Article from The Globe-Republican, January 23, 1902

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KANSAS ITEMS OF INTEREST. Three small boys of Chanute drank paint and died. Enterprise has had another fine, this one figuring at $1,000 of loss. In Lawrence there is a plan to build a $20,000 Y. M. C. A. building. George M. Munger, of Greenwood county, offers his farm for $75,000. Clark Kincaid has bought 3,000 acres of wheat land in Meade county for $7,500. Out of 380 so-called cases of smallpox reported in Kansas in December there was but one fatal case. Judge Benson, of Ottawa, succeeds E. F. Brown, of Chicago, as receiver of the First National bank of Chicago. The school children of district 48, in Barber county, numbering 44 pupils, sent in $7.25 to the McKinley memorial fund. A vein of coal has been found in Mitchell county which is three feet thick. It will have to be mined by stripping. The old county jail in the court house square at Garnett is to be torn down at last. The county commissioners have so ordered. Bert Cirtwell, of Nortonville, has sold Buffalo Bill fifty white horses to take the places of those killed in a wreck a month ago. Mrs. Henry Moberly, of Anderson county, and her 12-year-old son lost their lives while crossing a railroad in a farm wagon. A Dunkard church is being built in a country district of Osborne county which will cost $2,000 and will be paid for when completed. The executive council has contracted for the removal of the horrid "decorations" of the rotunda of the state house and for re-frescoing it. Two years ago Ewing Herbert sold a quarter section of Brown county land for $5,500. A Nebraska man has just paid $7,200 for the same land. Judge Glass, of Marysville county, quietly surrendered his position to Judge Kimball, of Manhattan, who was appointed for that district. Contracts have been let for building a $25,000 observatory at Washburn college. There will be expended on telescope and furnishings $50,000. Jewell county farmers are learning what oldest settlers of the west have long known; to go on high ground to find living water at a less depth than on low lands. A system of promotion has been adopted at the state industrial school for girls at Beloit. They are taught everything of woman's work, from kitchen work to dressmaking. An old negro brought his son from Kentucky to Augusta to visit his old master, G. W. Sweeney. They found that both his old master and mistress were dead, and his grief was pitiful to see. Senator S. J. Stewart, of Allen county, who is a regent of the state agricultural college, is in Washington in the interest of the college in connection with the Fort Hays agricultural experiment station. Stafford county people deny the existence there of a smallpox epidemic. The only death in Stafford of late was an old lady who died of old age, being over 87 years old. No one there believes there are as many as five cases in the county. Former students of Kansas University living in Sedgwick county, are forming an organization for the purpose of working for their alma mater. Five former school teachers of Emporia are now in the schools of Colorado Springs, and one ex-Emporian is a member of the school board of that city. S. H. McManigle, of Harper, and formerly a Wichita druggist, was walkin his yard with his wife, when he sank to the ground and died immediately. a Judge Andrews opened court at La Crosse in defiance of the appointment of C. E. Lobdell as his successor. Lobdell will await the action of the supreme court. Judges Lawrence, appointee, and McBride, holdover, of Sumner county, reached an understanding to prevent trouble in the court room. They agree that court shall be adjourned until February 3, by which time it is expected that the supreme court will have decided upon the validity of appointment of McBride by the governor. Reuben Weeks, a Pottawatomie county farmer, kept cattle in a corral

4. January 23, 1902 Meade County News Meade, KS
Article from Meade County News, January 23, 1902

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KANSAS. MEADE, KANSAS ITEMS OF INTEREST. Three small boys of Chanute drank paint and died. Enterprise has had another fine, this one figuring at $1,000 of loss. In Lawrence there is a plan to build a $20,000 Y. M.C.A. building. Clark Kincaid has bought 3,000 acres of wheat land in Meade county for $7,500. Judge Benson, of Ottawa, succeeds E. F. Brown, of Chicago, as receiver of the First National bank of Chicago. A vein of coal has been found in Mitchell county which is three feet thick. It will have to be mined by stripping. The old county jail in the court house square at Garnett is to be torn down at last. The county commissioners have so ordered. Bert Cirtwell, of Nortonville, has sold Buffalo Bill fifty white horses to take the places of those killed in a wreck a month ago. The alumni of the Emporia normal have commenced to raise a fund of $15,000 to erect an alumni building at the state normal. Mrs. Henry Moberly, of Anderson county, and her 12-year-old son lost their lives while crossing a railroad in a farm wagon. A Dunkard church is being built in a country district of Osborne county which will cost $2,000 and will be paid for when completed. Frank Grimes, state treasurer, says that more counties are now paying off bonds before maturity than at any other time since 1895. Thirty-eight men and 41 women of one ward in Garnett signed a petition asking that an application to sell liquors be granted. An Elk City fire destroyed two stores and several offices. It is believed that the fire was caused by burglars. The loss is about $12,000. A Topeka jointist has brought suit against the city for $6,000 which he has deposited from time to time in the city police court. on 112 counts. Two years ago Ewing Herbert sold a quarter section of Brown county land for $5,500. A Nebraska man has just paid $7,200 for the same land. Judge Glass, of Marysville county, quietly surrendered his position to Judge Kimball, of Manhattan, who was appointed for that district. Contracts have been let for building a $25,000 observatory at Washburn college. There will be expended on telescope and furnishings $50,000. Miss Margaret Town, county superintendent of Wallace county, attended the State Teachers' association and caught cold. Pneumonia resulted from which she died. A system of promotion has been adopted at the state industrial school for girls at Beloit. They are taught everything of woman's work, from kitchen work to dressmaking. An old negro brought his son from Kentucky to Augusta to visit his old master, G. W. Sweeney. They found that both his old master and mistress were dead, and his grief was pitiful to see. Senator S. J. Stewart, of Allen county, who is a regent of the state agricultural college, is in Washington in the interest of the college in connection with the Fort Hays agricultural experiment station. A $25,000 addition is to be made to St. Francis hospital in Wichita, making 45 new rooms and 100 rooms in all. The addition will be 100 by 40 feet, three stories high, with a porch 100 feet long with four floors. Seven years ago the hospital had but 15 rooms. Stafford county people deny the existence there of a smallpox epidemic. The only death in Stafford of late was an old lady who died of old age, being over 87 years old. No one there believes there are as many as five cases in the county. Former students of Kansas University living in Sedgwick county, forming an organization for the pur- are pose of working for their alma mater. Five former school teachers are now in the schools of and one member poria Springs, ex-Emporian Colorado of is Emcity. of the school board of that a S. H. McManigle, of Harper, and formerly a Wichita druggist, was walkin his yard with his wife, when he diately. sank to the ground and died immeJudge Andrews opened court at La Crosse in defiance of the appointment of C. E. Lobdell as his successor. Lobdell will await the action of the supreme court. Judges Lawrence, appointee, and McBride, holdover, of Summer reached an understanding to county, trouble in the court room. They prevent that court shall be adjourned agree until ed February 3, by which time it is expectcided that the supreme court will have deof upon the validity of appointment McBride by the governor. Carlos Diamond, a native of Wichita. the son of a Wichita born. bred married mother, took the gold medal and awarded dren's by France at the annual Chilinternational show. He was the only American child in the show. His mother is trombone soloist in the Barnum & Bailey circus. L. c Mrs. Teleken Minnie Y. Trickey, widow of

5. January 24, 1902 The Chanute Times Chanute, KS
Article from The Chanute Times, January 24, 1902

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ANSAS ITEMS OF INTEREST. Three small boys of Chanute drank paint and died. Enterprise has had another fine, this one figuring at $1,000 of loss. In Lawrence there is a plan to build $20,000 Y. M. C. A. building. George M. Munger, of Greenwood county, offers his farm for $75,000. Clark Kincaid has bought 3,000 acres of wheat land in Meade county for $7,500. Out of 380 so-called cases of smallpox reported in Kansas in December there was but one fatal case. Judge Benson, of Ottawa, succeeds E. F. Brown, of Chicago, as receiver of the First National bank of Chicago. The school children of district 48, in Barber county, numbering 44 pupils, sent in $7.25 to the McKinley memorial fund. A vein of coal has been found in Mitchell county which is three feet thick. It will have to be mined by stripping. The old county jail in the court house square at Garnett is to be torn down at last. The county commissioners have so ordered. Bert Cirtwell, of Nortonville, has sold Buffalo Bill fifty white horses to take the places of those killed in a wreck a month ago. Mrs. Henry Moberly, of Anderson county, and her 12-year-old son lost their lives while crossing a railroad in a farm wagon. A Dunkard church is being built in a country district of Osborne county which will cost $2,000 and will be paid for when completed. The executive council has contracted for the removal of the horrid "decorations" of the rotunda of the state house and for re-frescoing it. Two years ago Ewing Herbert sold a quarter section of Brown county land for $5,500. A Nebraska man has just paid $7,200 for the same land. Judge Glass, of Marysville county, quietly surrendered his position to Jndge Kimball, of Manhattan, who was appointed for that district. Contracts have been let for building a $25,000 observatory at Washburn college. There will be expended on telescope and furnishings $50,000. Jewell county farmers are learning what oldest settlers of the west have long known; to go on high ground to find living water at a less depth than on low lands. A system of promotion has been adopted at the state industrial school for girls at Beloit. They are taught everything of woman's work, from kitchen work to dressmaking. An old negro brought his son from Kentucky to Augusta to visit his old master, G. W. Sweeney. They found that both his old master and mistress were dead, and his grief was pitiful to see. Senator S. J. Stewart, of Allen county, who is a regent of the state agricultural college, is in Washington in the interest of the college in connection with the Fort Hays agricultural experiment station. Stafford county people deny the existence there of a smallpox epidemic. The only death in Stafford of late was an old lady who died of old age, being over 87 years old. No one there believes there are as many as five cases in the county. Former students of Kansas University living in Sedgwick county, are forming an organization for the purpose of working for their alma mater. Five former school teachers of Emporia are now in the schools of Colorado Springs, and one ex-Emporian is a member of the school board of that city. S. H. McManigle, of Harper, and formerly a Wichita druggist, was walkin his yard with his wife, when he sank to the ground and died immediately. Judge Andrews opened court at La Crosse in defiance of the appointment of C. E. Lobdell as his successor. Lobdell will await the action of the supreme court. Judges Lawrence, appointee, and McBride, holdover, of Sumner county, reached an understanding to prevent trouble in the court room. They agree that court shall be adjourned until February 3, by which time it is expected that the supreme court will have decided upon the validity of appointment

6. March 26, 1902 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 26, 1902

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THE COURT RECORD. # SUPERIOR COURT. Room 1-John L. McMaster, Judge. Elizabeth Marshall vs. Charles Kissel et al.; to set aside conveyance. Dismissed by agreement. Judgment against defendants for costs. Wesley Banks vs. Alva Jarks et al.; damages. Dismissed and costs paid. Sophia Busch vs. John Troup et al.; injunction and damages. On trial by court. Room 3-Vinson Carter, Judge. J. Harry Roberts vs. William F. Koss et al.; contract. Evidence heard. Taken under advisement. The First National Bank of Chicago vs. Lafayette Perkins, trustee, et al.; on petition of receiver. On trial by court. # CIRCUIT COURT. Henry Clay Allen, Judge. August Wacker vs. Louis Wacker; to convey real estate. Insanity of defendant suggested and Collie E. Kinney appointed guardian ad litem. Submitted to court. Plaintiff authorized to transfer property. Costs paid. Horace M. Cooney vs. Frank L. Glass et al.; damages. Plea in abatement submitted to court. Evidence heard. # NEW SUITS FILED. Emma A. Smock vs. Pamelia Hall et al.; to quiet title. Circuit Court. Goldie Washburn vs. Harry T. Washburn; divorce. Superior Court, Room 3. Carrie Shelton vs. James R. Shelton; divorce. Circuit Court. Allen Caylor vs. Milton A. Woolen; for accounting. Circuit Court. Andrew Steffen vs. Edward H. Decker; on account. Superior Court, Room 2. Della Quinlan vs. Morris J. Quinlan; divorce. Superior Court, Room 1. Robert Picken et al vs. Nancy P. Beville

7. March 28, 1902 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 28, 1902

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THE COURT RECORD. # SUPERIOR COURT. Room 1-John L. McMastter, Judge. Honora Sullivan vs. Edward Sullivan et al.; partition. Finding that plaintiff is owner of undivided one-third of said real estate for life. Finding for each defendant on cross-complaint that each, except Fred Smith, is owner of an undivided one-fourth in fee simple of said real estate, subject to life estate of plaintiff. The court further finds that the present value of plaintiff's life estate is $488. The court further finds that said real estate is not susceptible of division, and it is ordered that same be sold at private sale for not less than appraised value on notice of one week by publication and Charles Harrington is appointed commissioner to make sale, he to give bond in the sum of $2,500. Munson Lightning Conductor Company vs. C. F. Wishmeyer; Room 2. Finding and judgment for plaintiff against defendant for $62.50 and costs. Room 2-W. W. Spencer, Special Judge. Henry M. Mock et al. vs. Charles Boyer et al.; on note. On trial by court. Room 3-Vinson Carter, Judge. The First National Bank of Chicago vs. Lafayette Perkins, trustee, et al.; on petition of receiver for allowance. D. W. Coffin allowed the sum of $7,500 in full for services as receiver. L. C. Walker allowed

8. September 29, 1920 The Idaho Republican Blackfoot, ID
Article from The Idaho Republican, September 29, 1920

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# Beets, Politics and Progress By Byrd Trego Chapter XXV I want to tell you another story about Marshall Field. It is about something that happened ten years after the other events that I told about when he used his fortune to prevent a panic and to keep business stabilized. You may wonder why I am saying so much about Marshall Field, but to me he is a dictionary of good business principles that we can afford to saturate ourselves in them. We can afford to apply his operations a great deal and take plenty of time to let it soak into us. What I told you about how he prevented a painic during the World's fair applies in some measure to the condition right here in Bingham county at the present time. This other story that I am going to tell you is a little different but it applies to a set of circumstances that confront somebody in Bingham county right now. Thoughtful persons will see the connection and will draw a lesson from it and apply it to their business transactions, to their own advantage and the advantage of their fellow men in the county. # Walsh Bank Failure About the beginning of the present century John R. Walsh was the president of the First National bank of Chicago. It was a very strong bank and Mr. Walsh was a big man in business. He conceived a plan to build a connecting line with the Chicago & Central Illinois railroad to reach the coal mines of Central Illinois and taking a direct short cut into Chicago. It was a good enterprise, a bold stroke and was capable of relieving some of the other roads of their burdens of freight, and quick-ing the delivery of coal into Chicago. Mr. Walsh thought he would build the road and he went at it with his private fortune. When his own money was used up he used the bank's money, loaning it to himself and his railroad company. In doing this he violated the banking laws more severely than the Anderson bank at Idaho Falls violated the banking laws when it loaned upwards of a hundred thousand dollars to A. J. Stanger, who went about buying sheep and writing checks on the Anderson bank when he had no money to his credit. It was against the law for the Anderson bank to loan more than $40,000 to any one man. It was a violation of the laws for Mr. Walsh to take money out of the First National bank of Chicago to back his railroad enterprise. Before the road was completed Mr. walsh and the bank were in so deep that they were financially embarrassed and had to give an accounting and 'fess up. If Mr. Walsh had succeeded with his enterprise he would have come thru all right and he would have been considered a great man. # Big Bank Failure Mr. Walsh failed and the bank closed for many millions. Big failures like this are what start financial panics. When one firm cannot pay, another firm depending on them canot pay and many other firms depending on them fail, and the damage goes on down the line with everybody connected wtih it. Then all the firms depending on these firms are embarrassed, they cannot pay their employes and their various other obligations, work stops and checks do not come any longer, families go hungry, and there is a condition which we call a panic. It was Sunday and as the day wore away with men coming and going and a large conference in session all the time, they decided to send for Marshall Field and see what he would say about it. # Marshall Field's Advice Mr. Field threw a bomb into that conference of bankers and financiers by telling them to pool their interests and pay off the tremendous pile of debts contracted by Mr. Walsh and pour enough money into the treasury of the First National bank of Chicago to pay all its obligations and to stop the run on the bank and make it perfectly safe. # The Bankers' Surprise Imagine the surprise of these bankers when he told them to put up their own good money to pay the obligations of other men and a competitive bank engaged in criminal operations. But Marshall Field stood pat. He analyzed the situation on a big broad plan and told them that they had enough money to do this, that there was plenty of it to cover the losses and save everybody from peril. That if they did not do this a panic was sure to follow and the losses they would sustain in the panic would be tremendous, not counting the losses of all the others who were unable to do anything to prevent disaster. He explained to them the disastrous effect of the panic on the city of Chicago, the state of Illinois and the states of the Union doing business with them. He pictured to them the opposite effect. The effect of saving everybody by this generous act and of the effect that would have on the commercial confidence on the state and nation. He talked to them for two hours and then retired. Ten years before that he had talked to them about a similar matter during a panic and they had refused to act on his advice. He went out and acted on his own advice himself and became famous for it. Now he had again offered them this advice and they did not exactly refuse it, but they did not accept it. Before the meeting adjourned they adopted a resolution that they themselves would put up their own money to protect from losses all the people who were affected by a criminal man carrying on criminal transactions thru a competitive bank that was busted. On Monday morning they poured their millions of dollars into the treasury of that bank and kept pouring it in until the run on the bank was satisfied, obligations all paid and confidence fully restored. # Our Beet Scrip Panic If you remember the panic of 1907 and of how it embarrassed you remember that about three or four years before that there was another panic under way which was prevented by that two hours' talk of Marshall Field before those bankers on a certain Sunday afternoon. There isn't any bank that can fail in a city without causing losses to all the other banks and business houses. There isn't any firm operating in Bingham county that can fail without causing some losses to some other people. If there is any large firm operating in Bingham county that should fail it would affect many people. It is our duty to ourselves and others to so arrange our business and patronage that every firm that is rendering a needed service on right principles shall have a good chance to succeed. (To be continued.).