4492. Home Savings Bank (Chicago, IL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: December 18, 1905
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 191743d7

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Bank was part of a group of three institutions controlled by John R. Walsh; clearing house banks guaranteed depositors and took control for liquidation.

Description

Contemporary newspapers report a run/large withdrawals at the Home Savings Bank on Dec 18, 1905; the Clearing House/Comptroller announced suspension Dec 18 and the institutions were to wind up/liquidate with receivership/state control. Cause attributed to large loans/investments in John R. Walsh's railroad/coal enterprises. State chosen because this is a savings bank (state-chartered).

Events (3)

1. December 18, 1905 Receivership

Newspaper Excerpt: The Chicago National bank will be placed in the hands of a receiver. The savings and trustee companies will go into the state's hands. Their affairs will be liquidated as rapidly as possible and they will go out of business.
Source: newspapers

2. December 18, 1905 Run

Cause: Bank Specific Adverse Info
Cause Details: Depositors reacted to revelations that large loans/investments had been made to John R. Walsh's railway, coal and other private enterprises, making assets unavailable.
Measures: Money laid out in large piles; additional clerks stationed at paying windows; officials paid depositors promptly and accepted checks as deposits at other banks to stem panic.
Newspaper Excerpt: Two hours before the time for opening the bank large crowds were gathered ... Run Started. Inside the banks ample provision had been made for the impending run, money was laid out in large piles and additional clerks stationed at the paying windows.
Source: newspapers

3. December 18, 1905 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Comptroller and clearing house found assets tied up in Walsh-controlled coal and railroad enterprises and declared institutions insolvent; clearing house banks pledged to pay depositors while winding up affairs.
Newspaper Excerpt: The Chicago National bank, the Home Savings and the Equitable Trust company, have suspended. The announcement was made this morning by representatives of the clearing house, after a session lasting 18 hours.
Source: newspapers

Newspaper Articles (25)

1. December 18, 1905 Santa Fe New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe New Mexican, December 18, 1905

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A BIG FINANCIAL CRASH IN CHICAGO Three Banking Institutions Go to Wall. DEPOSITORS WILL GET ALL John R. Walsh Interests Fail. Officials and Banks Make Up Deficiencies. has Chicago, Ill., Dec. 18.-Action been taken by Comptroller of the Currency William B. Ridgely, that will compel three large institutions-the Chicago National Bank, Home Savings Bank and Equitable Trust Companyof all dominated by John R. Walsh, this city, to wind up their affairs. The other national banks of the city have come to the rescue and it is declared on authority of the clearing house association, comptroller and also the officers of the Chicago National Bank, that not a single depositor will lose one cent. The difficulty of the three which are practically institution, is wrecks, of the same attributed branches by the comptroller of the currency to the large loans made by the Chicago National to railroad, mining and other by private enterprises controlled Walsh. Made Large Loans. Some time ago the comptroller called the attention of the officers of the banks to the fact that they were making loans to these enterprises of which in his too for the of the large Walsh, safety opinion institutions. made were promises were that should be no to the the Repeated action situation satisfactory relieved comptrol- but he ler taken. Three days ago to Chicago for the an into making came was investigation purpose and the found af of fairs of the three banks them in such condition that he judged immediate action was necessary. The officers of the different Chicago banks were told of the situation and a hur ried call was sent out for a meeting of the representatives of the Chicago Clearing House Association, as well as officers of the city banks. The meeting was called to order in the office of President Forgan of the First National Bank at three o'clock yesterday after noon and was continued until three o'clock this morning. The Liabilities. careful canvass of the situation that the Chicago revealed A $16,000,000, National had deposits amounting to the Home Savings Bank of $4,000,000, and that the liabilities of the two banks and of the Equitable Trust Comwere roughly estimated at $26, and the assets at 000,000 pany $20,000,000. of, half This deficit will be taken care by the officers of the Chicago National and half by the banks represented at the meeting. The enterprises which are generally credited with being the indirect cause of the financial troubles of Mr. Walsh of Bedford Quarries Company and the are Indiana the Southern constructed Indiana Railroad, which was by for the purpose of from his quarries to Walsh stone getting Chicago the market. the He was unable to get a entrance for his railroad and was the unsuccessful in his efforts to sell to Pennsylvania road. to these two he practically owns, which In addition enterprises, Akron Walsh Gas is heavy stockholder in the a Company of Akron, Ohio: the Illinois Rand, Southern Railway Company McNally & Company Southern IndiExpress, and half a score of gas, electric ana lighting and coal mining com panies. Public Surprised. To the public at large, which was of not acquainted with the magnitude the Walsh's enterprises, the news of banks difficulties surrounding his Two came as a tremendous surprise. hours before the time for opening the bank a large crowd gathered in Home front National and Bank. Inside the had been made Savings of provision the Chicago banks was for ample laid the run. The money in large piles and at the paying stationed out impending additional windows, parts clerks and of made in bank to pay the money as called for. The savings bank arrangements the other will fast notice not as its right of sixty days' will pay all deposits on failure of the Chicago but demand The demand. Bank National the Home Savings and Trust Company, at 3:30 this nounced the Bank, Equitable morning was by Clear the an of the Chicago House Association after a ing representatives hours. session lasting eighteen The excitement over the failure largely subsided by 11 o'clock. Th payment had of the depositors was mad with rapidity and the crowd around Chicago National Bank was n the larger than on an average business day. Walsh Acts Right. At noon it was announced that a

2. December 18, 1905 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, December 18, 1905

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veyed to the people by extra editions of the morning papers. Two hours before the time for opening the bank large crowds were gathered in front of the Chicago National and Home Savings, waiting for the doors to open so they might withdraw their funds. Run Started. Inside the banks ample provision had been made for the impending run, money was laid out in large piles and additional clerks stationed at the paying windows, and arrangements were made in other parts of the banks to pay out money as fast as it was called for. Vice President Blount, of the Chicago National; announced that all demands would be paid as fast as made at both institutions. The Home Savings had the right, under the state law, to demand sixty days' notice 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 well for a number of days. Excitement Subsiding. Excitement over the suspension of the two banks had largely subsided by 11 o'clock. There was no crowd around the Chicago National. The offices of the Home Savings are in the same building as the Chicago National and here a line of depositors formed reaching out to Monroe street, and fifty feet west to the corner of LaSalle. A large detail of policemen was in evidence, and assurances of those who had received their money, that the officials of the bank declared everybody would be paid, allayed all excitement. All claims were paid as quickly as pass books were presented. In the Chicago National there was no outward evidence of a run, altho money was being drawn out with great rapidity. Many business men who called were told checks for the amount of their balances would be accepted as deposits at other banks, and they departed without drawing out the actual currency. Small depositors asked for their money, and in every instance it was paid to them. At other banks there was no apparent excitement and no evidence of a run upon any of them. Charles G Dawes, former comptroller of currency, now president of the Central Trust and Savings Bank, declared there was absolutely no danger of any other Chicago bank being involved, nor is there any bank in financial difficulty. Comptroller Ridgely in a statement issued at noon today, says the Chicago National has not failed or closed its doors The bank is embarrassed by investment of a large amount of its assets in unavailable securities, but other Chicago banks have guaranteed payment of all claims against the Chicago National. He says the latter will meet all obligations and pay every dollar immediately. Chicago, Dec. 18.-Mr. and Mrs. Walsh have turned over to the officials of the clearing house all of their property. Ridgely Explains to Shaw. Washington, Dec. 18.-Secretary Shaw received the following telegraph-

3. December 18, 1905 The Laramie Republican Laramie, WY

Article from The Laramie Republican, December 18, 1905

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Chicago, Ill., Dec. 18.-The Chicago National bank, the Home Savings bank and the Equitable Trust company, institutions controlled largely by John R. Walsh, did not open for business today. The Chicago clearing house, after a twelve hours' session, early this morning made the announcement that these institutions were bankrupt, but that the Chicago associated banks had guaranteed every liability and would pay every claim. Hundreds of people gathered about the building sheltering the defunct institutions. Walsh has been rated as one of the wealthiest men of Chicago. Private speculations and operations in railroads, coal lands, quarries and other side lines caused his financial collapse. The Chicago National bank will be placed in the hands of a receiver. The savings and trustee companies will go into the state's hands. The former bank had about $15,000,000 on deposit when the ist statement was made and the Home Savings nearly $1,000,000. Walsh resigned as president of the Chicago National today. The total liabillties of the three institutions are $26,000,000. Wash and his associates have turned over $3,000,000, and local bankers will make up the deficit between the assets and liabilities, if any. J. C. Cooper, speaking for Walsh, said the depositors will be paid in full, and that the loss, if any, will fall on the stockholders. Depositors formed long lines and were paid in checks on other banks. Comptroller Ridgely, who has been here three days, said the trouble was caused by Walsh making large loans on industrial and railway enterprises. Walsh once owned the Evening Times and Evening Post. He sold both and acquired the Chicago Chronicle, which he still controls. The promotion of the Southern Indiana railroad is blamed largely for the collapse. The Chicago National bank has been a factor in local politics for many years. At noon the line of depositors extended a block away from the banks.

4. December 18, 1905 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, December 18, 1905

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Lansburgh & Bro., 420 to 426 Seventh Street, WASHINGTON, D. C. Bank Failures. Chicago, Dec. 18.-The failure of the Chicago National Bank, the Home Savings Bank, and the Equitable Trust Company was announced early this morning by the representatives of the Chicago Clearing House Association, after a long session of 18 hours. The depositors of the three institutions will be paid in tull, the Chicago Clearing House banks pledging themselves to this purpose. John R. Walsh is head of the three institutions involved, and the trouble was brought about by investments in coal and railway enterprises of Mr. Walsh. The deposits of the Chicago National Bank are estimated at more than $16,000,000, and the Home Savings Bank has depos ts of more than $5. 000,000, belonging to more than 8,000 persons. The deposits of the Equitable Trust Company amount to more than $4,000,000. In addition to the formal statement of suspension and the announcement that the banks involved would not open their doors this morning, an announcement was made, signed by the clearing house committee of the Chicago Associated Banks, to the effect that deposits will be paid in full upon public monies on deposit in the Chicago demand. As earlyas 8 o'clock a a crowd began to gather in front of the banks waiting for the doors to open. John A. R. Walsh has resigned as president of the Chicago National Bank, and was succeeded by Charles H. Bosworth, National Bank examiner, whose investigations brought about the crash.

5. December 18, 1905 The Providence News Providence, RI

Article from The Providence News, December 18, 1905

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8 CHICAGO BANKS FAIL. DEPOSITORS WILL BE PAID (Continued from Page One.) the conference about 7 o'clock Sunday evening. The comptroller feels that great credit is due not only to the clearing house committee, but to all the other clearing house banks, for the prompt. vigorous action and the broadminded spirit shown in meeting this emergency. MR. WALSH VERY BUSY. J. R. Walsh, president of the failed institution. was very busy at his residence this morning and declined to be disturbed when called up over the telephone. His daughter, however, quoted Mr. Walsh as saying that all information concerning the failures, for the present at least, would be given out by the Clearing House assoclation. CAPITAL AND RESOURCES. The Chicago National bank was organized in November, 1881, with an authorized capital of $300,000, increased to $500,000 in 1887, and to $1,000,000, in 1901. Its resources, according to one of the latest reports made to the comptroller of the currency, are $21,000,000 of which nearly $11,000,000 are loans and discounts with $4,000,000 cash on hand. The liabilities include nearly $14,000,000 in idividual deposits $4,700,000 due to other banks. The Home Savings bank, was organized originally in 1867, with a capitalization of $100,000. A recent statement of the resources shows an aggregate of $4,232,271, of which $3,782,000 is reported as being held in municipal, railroad and other bonds. The savings deposits aggregates $3,982,653. The Equitable Trust company was chartered by the state of Illinois Aug. 27. 1889, to act as executor, administrator, trustee, guardian, assignee or receiver. and to receive and to execute trusts of every character. The capital stock is $500,000. Its resources are $4,612,351. The liabilities include $2,707,568. of deposits in trust: $454,324 certificates of deposit: $491,574 through various trusts. YESTERDAY'S MEETING. The meeting was called to order in the office of President Forgan of the First National bank at 3 o'clock yesterday afternoon and was in continuous session until 5 o'clock this morning, A careful canvass of the situation revealed that the Chicago National bank had deposits to the amount of $16,000,000, the Home Savings bank had savings deposits to the extent of $4,000,000, divided among about 8000 depositors. The Habilities of the two banks and of the Equitable Trust company were roughly estimated at $26,000,000. The assets of the three Institutions made up about $20,000.000 of this amount and the directors and officers of the Chicago National bank came to the front with securities amounting to about $3,000.000 more. This left a deficit of about $3.000,000, and the Chicago banks represented at the meeting declared at once that they would meet the situation and care for the deficit. If it is proved necessary toadvance any more than $5,000,000 to meet all demands. the banks pledged themselves to make up the same. The great difficulty confronting the bankers In the meeting was to arrange a legal settlement of the case in the very short time at their disposal before the hour of commencing business for this morning. It was finally arranged that

6. December 18, 1905 The Paducah Sun Paducah, KY

Article from The Paducah Sun, December 18, 1905

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THREE SUSPENDED AT CHICAGO TODAY Assets of Banking Institutions Tied Up in Coal Mines. Every Depositor of Chicago National, Home Savings and Equitable to Be Paid, OTHER BANKS STAND BY THEM. Chicago, Dec. 18.-The Chicago National bank, the Home Savings and the Equitable Trust company, have suspended. The announcement was made this morning by representatives of the clearing house, after a session lasting 18 hours. The assets of these institutions it was asserted, are involved in coal mining property.

7. December 18, 1905 The Seattle Star Seattle, WA

Article from The Seattle Star, December 18, 1905

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cited crowd. Two lines were formed, mostly of depositors of the savIngs Institution. WASHINGTON, Dec. 18.-Comptroller Ridgely, at Chicago, has telegraphed Secretary Shaw that the situation has been re'leved by the clearing house committee, and that Examiner Bosworth has been appointed to control the run on the three banks. He further guaranteel that the other banks will pay their liabilities. The last statement of the closed bank showed resources and liabilities of the Chicago National was $19,854,198.98; of the Home Savings, $3,948,477.13. Walsh Resigns Presidency. Walsh resigned the presidency of the Chicago National at a meeting of the directors this morning. Walsh was born in Ireland 37 years ago, and came to Chicago as/a clerk for J. McNally, news dealer, and finally formed the American News company. He is interested in numerous enterprises. The comptroller of the currency places the bank failure principally upon Walsh's railway investments. Walsh was a factor in polities, but has been III for three months, and the past week has reduced his vitality.

8. December 19, 1905 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, December 19, 1905

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ally to take whatever action was sary. On his arrival in Chicago ference was immediately had y state authorities and the ( House committee, which co from 10 o'clock Sunday mornir 5 b'clock Monday morning. In : to the Clearing House committ resentatives of all the Clearing banks were called into the con about T o'clock Sunday morni comptroller feels that great e due not only to the Clearing committee, but to all the other ing House banks for the promp rous action and the broad minde shown in meeting this emergen Officers of the Chicago I Bank were: President, John R. Walsh; vi ident, F. M. Blount; directors, Walsh, F. M. Blount. John M. C. K. G. Billings, Maurice Ros F. G. McNally, William Best. The deposits in the bank we 483,000 and there is due to other $2,038,751. I Officers of the Home Savings President, William J. Onaha president, Maurice Rosenfield; tors, C. K. G. Billings, Maurice feld, John M. Smyth, W. J. ( John R. Walsh, William Best. The officers and directors of th table Trust Co. were the same a of the Home Savings Bank, w exception that Mr. Walsh was pi in place of Mr. Onahan. The Savings Bank had savings dep $3,560,000. The Equitable Tru: outstanding certificates of depo accrued interest amounting to $ and deposits in trust valued at 000. There is no question of the ability of any of the assets of latter institutions, and only a d to the value of the bonds of the ern Indiana Railroad among th rities held by the Chicago N Bank. The Chicago National Banl publicly supposed to be one strongest and most consery managed institutions in the Wes citement ran high when it " nounced in extra editions of the ing papers that the banks w volved. The statement of Com Ridgely and the published ani ment of the Chicago Clearing to the effect that the other b: the city had pledged that all dei would be paid in full on dema lieved the tension, however. Around the Chicago Nationa there was no disturbance duri day. There was a run on the but it was of the quiet order. ness men who called at the : inquire into the condition of were told that they could wi the money at any time they 1 All checks that were preser the window of the paying telle promptly paid in cash, and man balances were drawn out by de) other banks. passing throug Clearing House in the ordinar Savings depositors of the Savings Bank did not take the tion as calmly as did the cus of the National Bank and by t the doors were open there was of 500 men waiting to withdr counts. Ample provision had made to meet the run. and : counts were liquidated as soon sented. The following committee was ed by the Clearing House to directors in the place of those y resigned: James B. Forgan, president First National Bank; John J. N president of the Illinois Trus Savings Bank; Orson Smith, pi of the Merchants Loan & Tru James H. Eckles, president Commercial National Bank: B Smith. president of the Norther Co.; C. K. G. Billings, and C. worth. Chicago financiers place all Walsh's troubles at the doors Southern Indiana Railroad. A of years ago he purchased th ford Stone Quarry in Indian: shipping outlet for the quarri not as good as he desired and structed the Southern Indian: road to afford an outlet for his products to Terre Haute, wh came in contact with the Chica Eastern Illinois Railroad for tr tation north and south. He quently determined to build road a terminal to Chicago, a

9. December 19, 1905 Daily Kennebec Journal Augusta, ME

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in a syndicate to furnish a loan of $6,000,000 to Mr. Walsh ,to further expenditures on the Southern Indiana Railroad. The bonds of the company, however, did not sell as rapidly as expected and state and national bank examiners were appraised of the failure of the loan. Up to this time the banks had been examined separately which enabled them to transfer securities back and forth. It was decided that the state examiner and the national examiner should make a simultaneous investigation. This showed that the institutions had lent a large amount, estimated all the way from $10,000,000 to $15,000,000 on the securities of the railroads that were owned almost entirely by Mr. Walsh. It is said that the paper for the loans were signed by clerks and that the collateral was the bonds of Mr. Waish's railroads, the Southern Indiana and the Wisconsin and Michigan. When the examiners had concluded their report Mr. Walsh asked for time, saying that he could raise the money to straighten out everything. He was not as successful in this as he hoped to be. When Comptroller Ridgeley was informed of the situation he came at once to Chicago. Comptroller Ridgeley called a meeting of the members of the Chicago Clearing House and informed them of the situation. The meeting was held in the office of the president of the First National Bank and continued from 3 o'clock Sunday afternoon until 5 o'clock this morning. It was then announced by the comptroller in the following statement that the banks had suspended and that all depositors would be paid in full by the other banks of the city: "The action of the Chicago Clearing House banks in coming to the aid of the Chicago National Bank, the Home Savings Bank and the Equitable Trust Co. has relieved a most critical situation which, if it had not been taken properly in hand, might have led to very serious consequences, not only in Chicago, but elsewhere. The action of the Clearing House banks makes it absolutely certain that all the creditors of the three institutions will receive their money immediately and should thus relieve any apprehension on the part of the public in regard to the financial troubles in Chicago. The critical situation in which these three concerns have been placed has been due to the large loans made to the railroad, coal mining and other enterprises owned and controlled by John R. Walsh. This again emphasizes the danger of the managing officers of banks being interested in outside institutions requiring large amounts of money. The comptroller's office has for sometime been criticizing the condition of the Chicago National Bank and calling upon its officers and directors to reduce the amount of these loans and the investments in the bonds of Mr. Walsh's corporations. In spite of repeated promises that this should be done, these items have been continued in the bank and in order to prevent further encroachments it was necessary for the comptroller to take radical action. The comptroller's office has for sometime been endeavoring to make an examination of the Chicago National Bank simultaneously with an examination of the state institutions by the state bank examiners, but was not able to bring this about until a few (Continued on Page Twelve.)

10. December 19, 1905 The Billings Gazette Billings, MT

Article from The Billings Gazette, December 19, 1905

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18 -Three of the largest financial institutions in the west, the Chicago National bank, the Home Savings bank and the Equitable Trust company, all of them controlled by John R. Walsh of this city, and in a great measure owned by him, suspended operation today. Their affairs will be liquidated as rapidly as possible and they will go out of business. Mr. Walsh, who was the president of the Chicago National bank and of the Equitable Trust company, and all the other officers of the Chicago National bank have resigned. National Bank Examiner C. H. Bosworth, has succeeded Walsh at the head of the Chicago National bank and the places of the directors have been filled by men appointed by the Chicago clearing house. Back of the new management stand the allied banks of Chicago, who have pledged their resources that every depositor shall be paid to the last cent and that not any customer of the three institutions shall lose anything by the suspension. Had not this action been taken by the banks a disastrous panic might have followed in this city and throughout the country. As it was, the only effect upon the financial world in this city was the decline on the local stock exchange of 21/2 in the price of National Biscuit common stock, which has employed the Equitable Trust as transfer agent and had, besides, dealings with the Chicago National bank, but it is not affected by the failure in the slightest degree. The closing of the two banks had the effect also of shutting off all demand on the local exchange for bank stocks, none of them being purchased. Cause of Suspension. The immediate cause of the collapse of the institutions controlled by 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 companies of Indiana. 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 prifits for himself and his associates. He bases this statement on his own estimate of the value of the bonds of the Southern Indiana Railway company. The comptroller, the state auditor and the members of the Chicago clearing house committee place the value of the bonds at one-half of the valuation put on them by. Walsh and I it was their refusal to accept his valuation that caused the suspension of the banks. Liabilities and Assets. The liabilities of the three instituC t tions are estimated in the aggregate at $26,000,000. Against this amount the banks and the trust company have resources that are at a conservative estimate worth $16,000,000. The bonds of the Southern Indiana Railway company are estimated by Walsh as being worth $16,000,000. They are considered by the comptroller, state auditor

11. December 19, 1905 The Morning Astorian Astoria, OR

Article from The Morning Astorian, December 19, 1905

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James B. Forgan, president of the First National bank, as head of the clearing house committee of the Chicago Associated banks, gave forth the statement. The assets of these institutions, it was asserted, were involved in coal and railway properties of John R. Walsh, the president of the Chicago National bank. John R. Walsh, head of the institutions which have been declared insolvent, 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. Eckles, Orson B. Smith, Ernest A. Hamill. The statement was issued at the offices of the First National bank. It is as follows: "The Chicago National bank, the Home Savings bank, and Equitable Trust Company, which have been controlled and managed by John R. Walsh and his associates have concluded to wind up their affairs and quit business in this city. After a thorough and careful examination of their affairs by the Chicago clearing house banks, it is stated that all of the depositors of these institutions will be paid in full upon demand, the Chicago Clearing House banks having pledged themselves to this result, thus putting all the resources of the Chicago banks behinb the depositers of these three institutions. The difficulty with the institutions has been that 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 and have been taken over on terms which will enable the three institutions to pay their dem positors in full. Mr. Ridgly, comptroller of the currency, and Charles Eubank, of the auditor's department at Springfield, were seem and expressed themselves as greatly pleased with the action of the Chicago banks, and stated that it rekected great credit upon the associated banks of Chicago which have again indicated their ability to meet and emergency in a manner entirely satisfactory to the public." The meeting of the Chicago clearing house association began at noon Sunday. Notices were sent to the members of the board by Mr. Forgan after it 00 had been learned of the condition of the banks and the trust company. t Clerks were notified and fifty or more with ten stenographers hurried to the First-National Bank. Behind closed doors the Clearing House Association be gan its work of finding a way that might enable them to ride the financial sea in safety. That a panic would be likely to follow was the first thought of the committee. Resolutions were adopted and heads of other banks. pledged themselves to give assistance. The amount involved in the failure would not be stated by 8 the committee members. it All informatin concerning the meetW ing of the committee was kept secret W until three o'clock this morning and half

12. December 19, 1905 Americus Times-Recorder Americus, GA

Article from Americus Times-Recorder, December 19, 1905

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BIG BANK FAILURE IN THE WINDY CITY Assets Involved In Properties of President, DEPOSITORS TO BE FULLY PAID Chicago Clearing House Banks Have Taken Matter in Hand and Have Pledged Themselves to Pay All De. positors Upon Demand. Chicago, Dec. 18.-Failure of the Chicago National bank, the Home Savings bank and the Equitable Trust company, all of Chicago, was announced at 3:30 o'clock this morning by representatives of the Chicago Clearing House associa. tion after a session lasting 48 hours. James B. Forgan, president of the First National bank, as head of the clearing house committee of the Chi cago associated banks, gave forth the statement. The assets of these insti tutions, it was asserted, were involved in coal and railway properties of John R. Walsh, president of the Chicago Na. tional bank. John R. Walsh, head of the institutions which have been declared insolvent, was not at the meeting. The statement was issued at the of fices of the First National bank as follows: "The Chicago National bank, the Home Savings bank and the Equitable Trust company, which have been controlled, officered and managed by Jno. R. Walsh, and his associates, have concluded to wind up their affairs and quit business in the city of Chicago. After a thorough examination of their affairs by the Chicago Clearing House banks it is stated that all of the depositors of these institutions will be paid in full upon demand, the Chicago clearing house banks having pledged themselves to this result." The difficulty with the institutions has been that these investments have been made in assets connected with the railway and coal enterprises of John R. Walsh. Those assets were not immediately available to meet deposits and have been taken over on terms which will enable the three institutions to pay their depositors in full. Mr. Ridgeley, comptroller of the currency, and captain Eubank, of the edi. tors' department at Springfield, were seen and expressed themselves as being agreeably pleased at the action of the Chicago banks and stated that it reflected great credit upon the associated banks of Chicago, as it indicated their ability to meet any emergency in a manner entirely satisfactory to the public. John R. Walsh, president of the fail. ed institutions, was very busy at his residence this morning and declined to be disturbed when called up over the telephane. His daughter, however. quoted from Walsh stating that all information concerning the failures, for the present at least, will be given out by the Clearing House association. The meeting at the Chicago Clearing House association was begun Saturday at noon. Clerks were notified and 50 or more with ten stenographers, hurried to the First National bank. Behind closed doors the Clearing House assoclation began its work of finding a way that might enable them to ride the financial sea in safety. That a panic would be likely to follow was the first thought of the committee. Resolutions were adopted and heads of other banks pledged themselves to give assistance. All information concerning the meeting of the committee was kept secret until 3 o'clock this morning, and a half hour later the association gave out the statement to the press. Directors of different banks were in attendance, as were other bank officials from nearby cities. In addition to the formal statement of the failure and announcement that the banks involved would not open their doors this morning, the following announcement was made and signed, the Clearing House being in effect that "the depositors of the Chicago National bank, Home Savings bank and the Equitable Trust company are respectfully advised that their depositors will be fully paid on demand." The Chicago National bank was or ganized in November, 1881, with a cap. ital stock of $300,000. increased to $500,000 in 1887 and to $1,000,000 in 1901. Its resources, according to reports made to the comptroller of the currency, are $21,000,000. of which \nearly $11,000,000 are loans, and discounts of $4,000,000 cash on hand. Liabilities include nearly $14,000,000 of individual deposits and $4,700,000 due to other banks.

13. December 19, 1905 The Hawaiian Star Honolulu, HI

Article from The Hawaiian Star, December 19, 1905

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CLOSING OF THE CHICAGO BANKS EXTENT OF THE BUSINESS DONE BY THE INSTITUTIONS WHICH ARE NOW UNDER THE BAN. The cable yesterday brought news of the closing by the United States Comptroller of Currency of the Chicago National Bank, the Home Savings Bank and the Equitable Trust Company. There will be no loss to depositors as other banks came to the rescue. The reason assigned for the closing was the making of unwise loans to private companies. Some idea of the amount of business done by the concerns mentioned may be gathered from the following figures, furnished by the Bank of Hawaii: Chicago National-Deposits, $22,858.845; capital, $1,000,000; surplus, $1,423,345. Home Savings Bank-Deposits, $4,065,000; capital, $100,000; surplus, $155,700 Equitable Trust Co.-Deposits, $4,715,043; capital, $500,000; surplus, $459,586.85.

14. December 20, 1905 Weekly Arizona Journal-Miner Prescott, AZ

Article from Weekly Arizona Journal-Miner, December 20, 1905

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BIG CHICAGO THREE BANKS GO TO THE WALL 1 I Suspension Caused By Loans To President Walsh---Depositors Will Not Lose CHICAGO, Dec. 18-Three of the is said to be the large amount of money largest financial institutions in the which they have loaned to various env 1 west, the Chicago National 7 bank, the terprises of his, notably the Southern pr ) Home Savings bank, and the Equit Indiana railway, and the Bedford quarit able Trust company, all controlled by ries company of Indiana. m Walsh claims that if he could have John R. Walsh, of this city, and in a le t had a little more time and been left great measure owned by him. suspendm 1 ed operations today. untrammeled in his operations he could have saved his banks and made enorTheir affairs will be liquidated as de t pidly as possible, and they will go out mous profits for himself and associates. la of business. He bases this statement upon his estioff mate of the value of the bonds of the Walsh, who was president of the Chiwi cago National bank and of the EquitSouthern Indiana railway. The comptroller, state auditor and members of able Trust company, and all the other me officers and directors of the Chicago the Chicago clearing house committee ow National Bank resigned. National Bank place the value of the bonds at one-half an Examiner C. H. Bosworth succeeded the valuation of Walsh, and it was their cla Walsh as head of the Chicago Narefusal to accept his valuation that be tional bank, and the places of the dicaused the suspension of the banks. on The liabilities of the three institurectors will be filled by men appointed fig by the Chicago clearing house. tions it is estimated, aggregate $25,ar Back of the new management stand 000,000. Against this amount the wi all the banks of Chicago who have banks and trust company have resources that on a conservative estimate are fig pledged their resources that every deev the worth $16,000,000. The bonds of positor shall be paid to the last cent, W and that no customer of any one of the Southern Indiana railway company are estimated by Walsh to be worth three institutions shall lose anything ga on by reason of the suspension. Had not $16,000,000. They are considered by fr this action been taken by the banks of the comptroller, the state auditor, and the city, a disastrous panic must have the clearing house committee to be followed in the financial world. is worth little more than half that sum. re The directors of the two banks and As it was, the only effect in this city was a decline on the local stock exWalsh, who has turned over all of his pro change of 1-2 in the price of National private property, as well as that in Biscuit common stock, which has emthe name of Mrs. Walsh, have pledged ployed the Equitable Trust Co. as its real estate and securities valued at $5,transfer agent, and had besides deal000,000, and estimating the railroad ings with the Chicago National bank, bonds at $8,000,000 more, makes a but it was not affected by the failure in total of $29,000,000 as ets as against the slightest degree. $26,000,000 liabilities The closing of the two banks had Although a long line of depositors the effect of shutting off all demand on withdrew their deposits today from the the local stock exchange for bank Chicago National and Home Savings, stocks, none of them being purchased. there was no disturbance, and all the The immediate cause of the collapse depositors were paid as fast as they of the institutions controlled by Walsh presented themselves.

15. December 20, 1905 Weekly Arizona Journal-Miner Prescott, AZ

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is said to be the large amount of money which they have loaned to various enterprises of his, notably the Southern Indiana railway, and the Bedford quarries company of Indiana. 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 associates. He bases this statement upon his estimate of the value of the bonds of the Southern Indiana railway. The comptroller, state auditor and members of the Chicago clearing house committee place the value of the bonds at one-half the valuation of Walsh, and it was their refusal to accept his valuation that caused the suspension of the banks. The liabilities of the three institutions it is estimated, aggregate $25,000,000. Against this amount the banks and trust company have resources that on a conservative estimate are worth $16,000,000. The bonds of the Southern Indiana railway company are estimated by Walsh to be worth $16,000,000. They are considered by the comptroller, the state auditor, and the clearing house committee to be worth little more than half that sum. The directors of the two banks and Walsh, who has turned over all of his private property, as well as that in the name of Mrs. Walsh, have pledged real estate and securities valued at $5,000,000, and estimating the railroad bonds at $8,000,000 more, makes a total of $29,000,000 as ets as against $26,000,000 liabilities Although a long line of depositors withdrew their deposits today from the Chicago National and Home Savings, there was no disturbance, and all the depositors were paid as fast as they presented themselves.

16. December 20, 1905 Bryan Morning Eagle Bryan, TX

Article from Bryan Morning Eagle, December 20, 1905

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CROWD BEFORE BANK. After, Much Pushing and Shoving Order Was Finally Restored. Chicago, Dec. 19.-Practically normal conditions were restored In local banking circles Tuesday and there was not the slightest surface indication of the disturbance caused by the suspension of the Walsh banks. Runs on Chicago National and Home Savings banks continued. but there was no excitement whatever around the national bank and but very little In the offices of the Home Savings bank A large crowd of depositors gathered before the savings bank an hour before the time of opening of the doors. All of them apparently desired to be the first to obtain their money" There was but one policeman on duty in front of the building and he was hopelessly overmatched. He sent in a call for aid and in a short time. Lieutenant Hartford with a detail of officers had arrived and formed the depositors into line. Pushing and shoving through the doors was stopped by officers and quiet at once restored. About 500 men were in line and the work of paying them off went on rapidly United States District Attorney Morrison and State's Attorney Healy both stated there was nothing in connection with the operations of the banks that had been called to their attention.

17. December 20, 1905 The Providence News Providence, RI

Article from The Providence News, December 20, 1905

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NO DELAY IN PAYING DEPOSITORS Chicago, Dec. 20.-Practically normal conditions were restored in banking circles here yesterday and there was not the slightest surface indication of the disturbance caused by the suspension of the Walsh banks. The runs on the Chicago National and Home Savings Banks continued, but there was no excitement whatever around the national bank and very little in the offices of the Home Savings Bank. About 500 men were in line when the savings bank opened, and the work of paying them off went on rapidly. It is believed that by tonight the greater part of the deposits in both the Chicago National and in the Home Savings Banks will have been withdrawn. Comptroller Ridgely appeared at the Chicago National Bank yesterday afternoon and spent some time in looking over the work of paying off the depositors. "Everything is going on nicely," he said. "My work is finished and I shall return to Washington tonight." Mr. Ridgely declined to say whether any further action would be taken by the government, declaring that such a statement might disclose evidence in the possession of the government.

18. December 21, 1905 The Vinita Weekly Chieftain Vinita, OK

Article from The Vinita Weekly Chieftain, December 21, 1905

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Forgetting Those Things Which Are Behind And Reaching Forth to Those Which Are Before NORMAL CONCITY COUNSOUTHERN DISRE-APPOINTMENT GENERAL STRIKE BLOWN CIL MEETING DITIONS PREVAIL TRICT MUDDLE LEO E. BENNETT IS ON IN RUSSIA asociated Press Chicago, Dec. -Practically norThe east side water connection was Johnson May Be Permitted to mal conditions were restored in local TO ATOMS Associated Press up again before the city council last Crisis Brought on at Moscow banking circles today. There was not Hold Job as District/AtterWashington, Dec. -The President night for discussion, being injeceed slightest surface indication of disOne Day Earlier Than Exby Alderman Smith, who stated that today sent to the senate the nom/naturbance caused yesterday by suspention of Leo O. Bennet for United ney Until End of Term the city should have more pay from Three Men Killed and Many sion of Walsh banks Runs on Chi|`pected-The Governthe east side water consumers than States marshal for the Western discago National and Home Savings trict of Indian Territory and Bess L. that shown by the meter readings. ment is Powerless. Injured in a Dynamite Exbanks continued but no excitement. He said that property owners in that Raily postmasterat Snyder, Oklahoma Associated Press Work of paying off depositors proceedportion of town, outside the incorplesion in the Heart of Washington, Dec. While the ed rapidly, poration, should pay 4.89 mills on order for the removal of William B HOUSE ACTS

19. December 21, 1905 The Bon Homme County Independent Tabor, SD

Article from The Bon Homme County Independent, December 21, 1905

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Chicago, Dec. 20.-All officers and directors of the Chicago National have resigned and their places were taken by men selected by the clearing. house association. * Mr. and Mrs. Walsh have turned over to the officials of the clearing house all of their property. New York, Dec. 18-News of the insolvencies of important Chicago trading institutions came with a great shock to Wall street this morning and convulsive liquidation of stocks made wild work with early quotations. Holdinges of certain stocks were thrown over for any price they would bring. A decided panicky feeling prevailed. Much to the delight of Thomas W. Lawson, Amalgamated Copper declined 7½ points; Union Pacific, 2%. and almost the entire list showed losses of 1 to 3 points. The market was enormously active during the first hour but by that time liquidation had spent its first fury and there were some wide recoveries. I Chicago, Dec. 20.-Action has been taken by Comptroller of the Currency Ridgely that will compel the Chicago National and Home Savings banks and the Equitable Trust company. dominated by John R. Walsh, of this city, to wind up their. amain., Other .national banks of the city have come to the rescue, and it is declared on authority of the clearing house association. the comptroller and also by officers of the Chicago National bank that not a single depositor will lose a cent. Difficulties of the three banks. which are practically, branches of the same institution, are attributed by the comptroller to large loans made by the Chicago National, bank to railroad, coal, mining and other private enterprises controlled by Walsh. Warned by Ridgely. Some time ago the comptroller called attention of the officers of the -bank to the fact that they were making loans to hese enterprisés of Walsh, which. in opinion. were too large for. the sufety of the institution Repeated promises were made that the situation should be rectified. but. no action satisfactory to the comptroller. was taken. Three days ago he came to Chicago for the purpose of making an intestigation into the affai: of the three banks and found them in such condition that he judged immediate atLion to be necessary, 4. Other Banks to the Resoued Officials of different Chicago banks were told of the situation and a hurrigd call was sent out for & meeting of representatives of the Chicago Clearing! House association and officers of city banks. The meeting W scatled to at 3 o'clock yesterday afternoon and was in continuous; session antH 5 lock this morning. Careful critivate of the Anduntion rewealed the Chicago National bank had Reposits to an amount of $16,000,000 and the Home: Savings had deposits *of $4000, divided among 8,000 deposited ors. 1 Extents of the Failure The two Banks and of the Equipable Trust. were roughly timated at $26,000,000. Assets of the thre institution beut $20.000,000 of this amount and the ctors and officials of the Chicago National bank/camie to the frontswith securities amounting to About thank millions more. "This left a deficit Ant about $3,000,000

20. December 22, 1905 The Stark County Democrat Canton, OH

Article from The Stark County Democrat, December 22, 1905

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igan which lashes the water: ntain high for a short time ano as quickly subsides, leaving nothpood B si "Hems" punos,, B in , as showing the effect of the unted failure of the two banks and rust company dominated by John alsh, a Chicago financier who 1S n in every large city in the Unitates almost as well as he is n in financial affairs of this city. failure of the Walsh concerns he topic of comment all day; not among bankers and in business s, but wherever two people met e exchange of a few words the question was: hat do you think of it? and what it may have upon the confidence ositors in other banks? Do you the uo suns state 01 111013 SI 11 banks that may spell disaster to : re was absolutely no fear, howof anything of the kind happenEvery one of the other big finanastitutions placed the funds they olled at the disposal of the men were to guide the affairs of the ed concerns although at the opof banking hours there was a crowd of depositors in waiting onsiderable excitement manifest g them, as the nours wore away very one who wished to do so reall the money that belonged to the excitement cooled down and ions assumed the aspect of simvery busy day at the Walsh rly six million dollars had been o depositors of the defunct ChiNational Bank at 3 o'clock this oon when the doors were closed. g the same time the Home SavBank had put out over $1,000,000 nearly four millions of savings ted by nearly eight thousand : eral hundred persons were still e, patiently awaiting their turn eive their money at 3 o'clock. within the building, nearly 300 women and youths, were allowed nain until the busy tellers could them. Those outside were turnay until tomorrow. overworked tellers and clerks ave to remain at their posts unel tonight to clear up the day's 'SS he money paid out approximate00,000 went out of cages in the reial department, something ,000,000 in checks and $1,000,000 rency. use of the situation the New sub-treasury transferred $500,currency to Chicago. Large ents were also made direct to banks o ry depositor will be paid every he has in these banks," said R. Walsh. "No one will lose a y the failure." Walsh had denied himself to per men all morning. However, he meeting of bankers held in ivate office came to a close, he d and was instantly surrounded ess representatives. He shook with acquaintances in the crowd ly. He laughed as though not a eighed upon him. There was ce in face or manner of the terervous strain through which he Suiss bank is open and every one is paid as fast as his claim is prehe continued. "The entire inness of these institutions will S idated in a little while." vaved his hand at the long files 1 and women passing slowly by shiers' windows. ngs are moving along smoothsaid. "There need be no scare. I one will be paid. But I have mal statement to make. The g house committee will do all king." I you not say what causes un-

21. December 23, 1905 St. Tammany Farmer Covington, LA

Article from St. Tammany Farmer, December 23, 1905

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The Chicago National Bank, the Home Savings Bank and the Equitable Trust Company, of Chicago, three institutions in which John R. Walsh is interested suspended business. Politics and injudicious loans was the cause of the crash

22. December 27, 1905 The Miller Sun Miller, SD

Article from The Miller Sun, December 27, 1905

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HREE BANKS QUIT. ICAGO INSTITUTIONS OF JOHN R. WALSH GO OUT. icago National, Equitable Trust Company and Home Savings Bank Close Business-Two Banks Alone Carry $22,500,000 of Deposits. Liquidation of the Chicago National nk, the Home Savings Bank, and , Equitable Trust Company, all of icago, was announced at 3:30 lock Monday morning by representves of the Chicago Clearing House sociation, after a session lasting thteen hours. James B. Forgan, esident of the First National Bank, head of the clearing house commit: of the Chicago Associated banks, ve forth the statement. The assets these institutions. it was asserted, re involved in coal* and railway perties of John R. Walsh, Presiit of the Chicago National Bank. el statement was issued in the office the First National Bank. It is as lows: "The citizens of Chicago will unibtedly be surprised to learn that : Chicago National Bank, the Home vings Bank, and the Equitable Company, which have been conlled, managed, and officered by in R. Walsh and his associates e concluded to wind up their afrs and quit business in the city of icago, but they will be gratified to rn that after a thorough and careexamination of their affairs by the icago Clearing House banks that of the depositors of these instituas will be pand in full upon dend, the Chicago clearing house ks having pledged themselves to s result, thus putting all the rerees of the Chicago banks behind depositors of these three instituis. The difficulty with the instituhs has been that their investments e been made in assets connected h the railway and coal enterprises John R. Walsh. These assets were immediately available to meet deits in full." The meeting of the Chicago Clearing use Association began at noon Sun. Notices were sent members of the rd by Mr. Forgan after the condition the banks and the trust company had n learned. Clerks were notified and y or more with their stenographers ried to the First National bank. Bed closed doors the Clearing House sociation began its work of finding a y that might enable them to ride the incial sea in safety. That a panic would be likely to fol- was the first thought of the comtee. Resolutions were adopted and ds of other banks pledged themselves give assistance. The amount involvin the failure would not be discussed the committee members. in addition to the formal statement the failure, the following announcent was made, signed by the clearing ise committee of the Chicago assocbanks: pa To the Public: Depositors of the Chio National bank, the Home Savings k. and the Equitable Trust Company

23. January 19, 1906 Rocky Ford Enterprise Rocky Ford, CO

Article from Rocky Ford Enterprise, January 19, 1906

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CONDENSED TELEGRAMS The Grand Trunk railroad has placed an order for eighty-one locomotives at a cost of $1,398,800. The first tournament of the Western Bowling Congress will open in Salt Lake City March 7th. The General Assembly of Kentucky has elected Judge T. H. Paynter United States senator to succeed J. C. S. Blackburn. Recently five and three fourths miles of rails were laid on the Cape-to-Cairo railway in twelve hours, this constituting a world's record. Postmaster General Cortelyou has approved a recommendation for the use by rural carriers of automobiles in serving their routes. An Atlanta dispatch says that the Southern railway has just placed an order for 8,729 freight cars, involving an outlay of more than $5,000,000. Napoleon Lajole has signed a contract to manage and captain and play second base for the Cleveland American league for the season of 1906. Judge c. C. Goodwin, the Utah pioneer newspaper man, has resumed daily newspaper work as editor-inchief of the Salt Lake Evening Telegram. William J. Bryan has given a prize to Bowdoin College for the best essay discussing the principles of free government. It is called the Philo Sherman Bennett prize. Three Chinese implicated in the as sassination of American missionaries at Lienchou were executed in the premises of the joint commission on December 7th. and many others were punished. Yellow fever has disappeared from Havana. Since the first appearance of the disease in October there have been sixty-nine cases, twenty-three of which resulted fatally and forty-six of which were discharged cured. In a test/run by a Baltimore & Ohio special train from Garrett to Chicago Junction, Ohio, a speed of nearly 100 miles an hour was reached at several points. the whele run of 128 miles being made in 126 minutes Isaac Saylor. his daughter. Mrs. Peter Martin and her five children were burned to death on the 8th inst. at their home in Pleasantview, Juan ita county. Pennsylvania, in a fire which destroyed their home. A Chicago dispatch says that Rev. George D. Rogers. pastor of the First Baptist church of Highland Park. near Fort Sheridan. has declared himself without reserve in favor of the re-establishment of the army canteen. W. F. Scott. state game warden of Montana, and president of the National Association of Game and Fish Wardens and Commissioners, has called a meeting of that organization to take place in St. Paul January 25th and 27th. Pat Crowe was arraigned in the Dis trict Court at Omaha on the 6th inst. in a charge of robbing E. A. Cudahy of $25,000 in the kidnapping case. He pleaded not guilty and his trial was set for February 7th. His bond was fixed at $7,000. Near Crane, Missouri, while railway laborers were thawing out dynamite, the explosive caught fire. In attempting to save It one of the men kicked the dynamite and It exploded. William McNeal and Joe Kepoe were killed and several others injured. Jack Goff. who was President Roosevelt's guide during his Colorado hunt. ing trip last spring has had a serious encounter with two mountain lions in Yellowstone park. He says he was not seriously injured but thinks he was lucky to escape with his life. At San Francisco, January 8th. the Union labor party took charge of the municipal administration. All of the incoming officials were heartily greeted by their predecessors and initlated into the duties connected with the various offices which they will occupy. Local owners of claims in the Copper Mountain district have turned down the offer of the New York syndicate to bond and lease some of the properties. Samples of ore taken to New York ran over $30,000 in gold to the ton and the New Yorkers are said to be very anxious to obtain an interest in the properties. Secretary Bonaparte has written a letter of reprimand to Commander Lucien Young in connection with the boller explosion on the gunboat Bennington. The reprimand is somewhat mild in tone and the letter in not alto gether uncomplimentary to Comman der Young. who, it is said, may consent to its publication. From advance sheets of the Official Catholic Directory, published in Milwaukee, it is found that the total Catholic population of the United States is 12,651,944. an increase of 189,151 over the previous year. The total number of Catholic priests, in cluding seculars and regulars. is 14, 484, an increase of 627. All power of control in the Chicago National and the Home Savings bank, formerly controlled by John R. Walsh, has passed from the stockholders to the presidents of six other Chicago banks who form the committee that has in charge the liquidation of the assets of the two banks. Stockholders of both banks will investigate their management. It is announced from Ardmore. I. T. that the Rough Riders will send to Miss Alice Roosevelt, on the occasion of her marriage to Congressman Long

24. January 19, 1906 The Grit-Advocate Julesburg, CO

Article from The Grit-Advocate, January 19, 1906

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be The Grand Trank railroad has placed an order for eighty-one locomotives at a cost of $1,398,800. The first tournament of the Western Salt Bowling Congress will open in Lake City March 7th The General Assembly of Kentucky has elected Judge T. H. Paynter United States senator to succeed J. C. S. Blackburn. Recently five and three fourths miles of rails were laid on the Cape-to-Cairo railway in twelve hours, this constituting a world's record. Postmaster General Cortelyou has approved a recommendation for the use by rural carriers of automobiles in serving their routes. An Atlanta dispatch says that the Southern railway has just placed an order for 8.729 freight cars, involving an outlay of more than $5,000,000. Napoleon Lajoie has signed a contract to manage and captain and play second base for the Cleveland American league for the season of 1906. Judge c. C. Goodwin, the Utah-pioneer newspaper man, has resumed daily newspaper work as editor-inchief of the Salt Lake Evening Telegram. William J. Bryan has given a prize to Bowdoin College for the best essay discussing the principles of free government. It is called the Philo Sherman Bennett prize. Three Chinese implicated in the assassination of American missionaries the at Lienchou were executed in premises of the joint commission on December 7th, and many others were punished. Yellow fever has disappeared from Havana. Since the first appearance of the disease in October there have been sixty-nine cases, twenty-three of which resulted fatally and forty-six of which were discharged cured. In a test run by a Baltimore & Ohio special train from Garrett to Chicago Junction, Ohio, a speed of nearly 100 miles an hour was reached at several points, the whole run of 128 miles being made in 126 minutes. Isaac Saylor, his daughter, Mrs. Peter Martin and her five children to death on the Sth inst., home in at were their burned Pleasantview, in Juan- fire ita county, Pennsylvania, a which destroyed their home. A Chicago dispatch says that Rev. George D. Rogers, pastor of the First Baptist church of Highland Park, near Fort Sheridan. has declared himself without reserve in favor of the re-establishment of the army canteen. W. F. Scott, state game warden of Montana, and president of the National WarAssociation of Game and Fish dens and Commissioners, has called a meeting of that organization to take place in St. Paul January 25th and 27th. Pat Crowe was arraigned in the District Court at Omaha on the 6th inst. in a charge of robbing E. A. Cudahy of $25,000 in the kidnapping case. He pleaded not guilty and his trial was set for February 7th. His bond was fixed at $7,000. Near Crane, Missouri, while railway laborers were thawing out dynamite, the explosive caught fire. In attempting to save it one of the men kicked the dynamite and it exploded. William killed McNeal and Joe Kepoe were and several others injured. Jack Goff, who was President Roose velt's guide during his Colorado hunt ing trip last spring, has had a serious encounter with two mountain lions in Yellowstone park. He says he was he not seriously injured but thinks was lucky to escape with his life. At San Francisco, January 8th, the Union labor party took charge of the municipal administration. All of the incoming officials were heartily greeted by their predecessors and initiated into the duties connected with the various offices which they will occupy. Local owners of claims in the Copper Mountain district have turned the offer of the New York synbond and lease some Samples of ore down dicate properties. to taken gold of the to New York ran over $30,000 in to the ton and the New Yorkers are said to be very anxious to obtain an interest in the properties. Bonaparte a letter of to Secretary reprimand has Commander written with the in connection on the The reprimand is boiler nington. Lucien explosion Young gunboat somewhat alto- Benmild in tone and the letter is not gether uncomplimentary to Commander Young, who, it is said, may consent to its publication. From advance sheets of the Official Catholic Directory. published in Milwaukee, it is found that the total Catholic population of the United States is 12,651,944, an increase of 189,151 over the provious year. The intotal number of Catholic priests, cluding seculars and regulars, is 14, 484, an increase of 627. All power of control in the Chicago National and the Home Savings bank, formerly controlled by John R. Walsh, to has passed from the stockholders the presidents of six other Chicago banks who form the committee that has in charge the liquidation of the as sets of the two banks Stockholders of both banks will investigate their management. It is announced from Ardmore, I. send

25. June 6, 1906 The Sun New York, NY

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RECEIVER FOR WALSH ROADS. Bankers Who Liquidated His Banks See No Other Solution. CHICAGO, June 5.-Receivership proceedings against the railroads of John R. Walsh are imminent. This became known to-day when it was revealed that there is dissention which amounts almost to open quarrelling among the banks of the Clearing House Association which advanced more than $14,000,000 to liquidate the Chicago National and Home Savings banks last December. Members of the Clearing House committee, managing directors of the Walsh deal, are divided into two factions. unable to agree on the course to take to clear the banks of the Walsh tangle. The demand for a receivership became insistent a few days ago, when it became known to the Associated Banks that the financial affairs of the Southern Indiana. Chicago Southern and Illinois Southern roads are in a bad way. "There has been a great deal of grumbling among the banks for some months." said in close touch with the situation one of the most a through man heavily interested deal to banks, to-day. "Ever since the sell the Walsh roads fell through in New York grumbling has grown louder. The bankers are not satisfied to have their money tied up in a venture which looks more hopeless every day. The only course open to give relief seems to be a receivership for the roads. " The Southern Indiana is the only road of the Walsh group which has shown earning capabilities. No financial statement was ever made of the Chicago Southern or Southern Illinois. The Southern Indiana, to its last annual statement. was to pay on according making enough interest its its stock indebtedness and 11. per cent. on Since the coal strike was declared on May 1, the bankers have learned. the Southern Indiana has not been a paying property. On top of the banks' other troubles has come a report that Secretary of the Treasury Shaw gave strong intimation to national bankers that they should unload the bonds of Walsh's roads now carried as assets of their institutions. There remain something like $12,000,000 of Walsh paper and securities in the associated banks. It has become clear to the banks, according to one of their attorneys, that in reserving the stock in his railways, which they thought of little consequence, Walsh made them victims of a sharp trick. The stock carries the voting power and control of the roads. As long as the roads pay interest on bonds Walsh will be in command of the situation. He will dictate the policy of the railways and their management. The banks are left "holding the bag." When Walsh's banks went out of business it he transferred to a is asserted House bank committee whose president is on the Clearing all the accounts of his railroads and other interests, amounting to many thousands of dollars. This bank president is reported to be standing by Walsh in the present crisis and seeking to avert the threatened receivership. Work on the investigation of the criminal charges made against Walsh IS progressing rapidly in the office of District Attorney C. B. Morrison. Special Bank Examiner Moxey, who is inspecting the bank and railroad company books. conferred with Mr. Morrison to-day. Assistant Attorney-General Pagin has seen all of the evidence thus far gathered so as to be ready to draw an indictment should the case progress that far.