518701272 51870
national
0ee5d38b35aa436aAccommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health
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This Bank Escapes Trouble. Bedford, Ind., Dec. 18.-The Bedford National Bank, of which John R. Walsh of Chicago, who owns 60 per cent. of the stock; is president, did not suffer today as a result of the Walsh bank troubles in Chicago. The directors of the Citizens' National Bank unanimously voted to assist the Bedford National in case of need. A light run late this afternoon was confined to small depositors.
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Run on Bedford Bank. Bedford, Ind., Dec. 19.-There was a run on the Bedford National bank. of which John R. Walsh, of Chicago, is president, today, but there was little excitement. Small depositors were the only ones who drew their money. Other banks offered assistance, but it was declined as unnecessary.
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THE CHICAGO BANK FAILURES. Normal Conditions Practically Restored -No Excitement Today. CHICAGO, December 10.-Practically normal conditions were restored in banking circles here today, and there was not the slightest surface indication of the disturbance caused yesterday by the suspension of the Walsh banks. The runs on the Chicago National and the Home Savings Banks continued, but there was no excitement whatever around the national banks, and but very little in the offices of the Home Savings Bank. A large crowd of depositors gathered before the savings bank about an hour before the time for opening the doors, and all of them apparently desired to be the first to obtain money. There was but one policeman on duty in front of the building, and he was hopelessly over-matched. 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 in a long line. The pushing and shoving by persons who wanted to be first through the doors having been stopped by the officers, quiet was at once restored. About 500 men were in line when the bank opened, and the work of paying them off went on rapidly. It is believed that by tomorrow night the greater part of the deposits in both the Chicago National and in the Home Savings Bank will be withdrawn. United States District Attorney Morrison and States Attorney Healy both stated today that nothing in connection with the operations of the banks had been called to their attention. BEDFORD, Ind., December 19.-When the Bedford National Bank, of which John E. Walsh of Chicago is president and principal stockholder, opened for business today, the room soon became filled with small depositors, who were paid as fast as possible. There was little excitement, but the withdrawals of funds by small depositors continued. Other banks offered assistance, but it was declined as unnecessary.
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RUN ON ANOTHER WALSH BANK (Scripps News Association.) BEDFORD, Ind., Dec. 19.-The Walsh bank failures resulted in a run on the Bedford National of which Walsh is president Money was arriving all night to stem the attack.
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Run on Another Walsh Bank. BEDFORD, Ind., Dec. 19.-The Walsh bank failures resulted today in a run on the Bedford National, of which Walsh is president. Money was arriving all night to ste m the attack.
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RUN ON A WALSH BANK. Bedford, Indi. Dec. 10.-When the Bedford National bank, of which John R. Walsh of Chicago is president and principal stockholder, opened for bustness today, the room soon became filled with small depositors. They were paid as fast as possible. There was little excitement, but the run of small depositors continued. Other banks have offered. assistance, but it has been declined as unnecessary.
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TO BE PAID IN FULL. Walsh's Bedford Bank Has Money For All Depositors. Bedford, Ind., Dec. 19.-The liquidation of the Chicago National Bank, of which Jno. R. Walsh was prest dent, caused a run on the Bedford National bank today. Walsh was president and a heavy stockholder of the Bedford National. Officers of the bank announce that they received large sums from Chicago banks and depositors will be paid on demand.
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Declines Any Assistance. Bedford, Ind., Dec. 19.-When the Bedford National Bank. of which John R. Walsh, of Chicago, is president and principal stockholder. opened for business todav the room was soon filled with small depositors who were paid as fast as possible. There was little excitement, but the run of small de-
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ANXIETY SUBSIDES DEPOSITORS OF CHICAGO BANKS NO LONGER FEAR THAT THEY WILL LOSE NALSH'S DEAL KNOWN th in osure of 'Frenzied' Methods Which laused Downfall of Chicago's Napoleon of Finance-Fellow Bankers Feel No Bad Effects of Failure. Bedford, Ind., Dec. 19. - There was a run on the Bedford National bank of which John R. Walsh of Chicago is president, today. There was but. little excitement and mall depositors were the only ones who drew money. The other banks offered assistance, but it was declined as unnecessary.
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RUN ON INDIANA BANK OWNED BY J. R. WALSH By Associated Press. Bedford, Ind., Dec. 20.-When the Bedford National Bank of which Jno. R. Walsh of Chicago, is president and principal stockholder, opened for business yesterday the room soon filled with small depositors who were paid as fast as possible. There was little excitement, but the run of small depositors continued. Other banks have offered assistance but it has been declined as unnecessary.
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ing $2,707,503. of which amount $454,000 are deposits in trust and $500,000 in certificates of deposit Mixed Up in Politics. The Chicago National bank has been an active factor in local politics for several years, and enormous funds received from taxation for building and maintenance of the drainage canal have been a part of its deposits and have been available for investment by the bank. A change was recently made in the political complexion of the board and it was understood those funds would not remain for any length of time as deposits in the Chicago National Their impending withdrawal had much to do with the fear of other banks of a farreaching collapse if they did not come to the aid of the weakened institutions. Where He Lost His Money. The enterprises which are generally credited with being the indirect cause of the financial troubles of Walsh, are the Bedford Quarries company, of Indiana, and the Southern Indiana Railroad company, which was constructed by Walsh for the purpose of getting stone from his quarries to the market. Walsh was a heavy stockholder in the Akron Gas company, Illinois Southern Railway company, Rand McNally company, Southern Indiana Express company and half a score of gas, electric lighting and coal mining companies. Ridgely Was Patient. To the stone quarries and Southern Indiana railroad, Walsh made repeated heavy loans of funds of the bank, and it was these to which objection was made by Comptroller Ridgely. Repeated assurances by officers of the bank that these loans would be called in or at least largely curtailed, were not fulfilled. Finally Ridgely determined on a personal investigation. The action last night followed his determination. It is declared by local financiers that Walsh has invested all the way from $5,000,000 to $15,000,000 in the quarries and railroads. Public Was Surprised. News of the difficulties surrounding the banks came as a tremendous surprise to the public. The first information of any trouble was conveyed to the people by extra editions of the morning papers. Two hours before time for opening the banks large crowds were gathered in front of the Chicago National and Home Savings banks, waiting for the doors to open so they might withdraw their funds. Money Lay in Heaps. Inside the banks ample provision had been made for the impending run and money was laid out in large piles. Additional clerks were stationed at paying windows and arrangements were made in other parts of the bank to pay out money as fast as it was called for. The Home Savings has a right under the state law to demand sixty days' 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 Subsides. Excitement over the suspension of the two banks largely subsided by 11 o'clock. There was no longer a crowd around the Chicago National, Offices of the Home Savings are in the same building as the Chicago National 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 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, although money was being drawn out with great h rapidity. Many business men who called were told that 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 in stance it was handed to them. At other bank there was no apparent excitement and no evidence of a run upon any of them. 5 All Other Banks Sound. Charles G. Dawes former comptroller of the currency now president of a the Central Trust and Savings bank, a declared there was absolutely no danger of any other Chicago bank being involved. nor is there any other bank in financial difficulty. Walsh's Bank Holds Up. di Bedford Ind., Dec. 18.-The Bedford National bank, of which John R. Walsh of Chicago is president, is doing business as usual today. Secretary Shaw Gets News Washington Dec 18.-Secretary Shaw received the following telegraphic re00 port from Comptroller Ridgely, Chicago, in reference to the failure of the e banks this morning "The clearing house guaranteed pay ment of all liabilities of the three banks, which will liquidate and pay everything in full. Officers and directors will resign and be replaced by a clearing house committee and Examiner Bosworth who will run the banks and conduct the liquidation. This should relieve the situation and prevent further trouble here or elsewhere. "I TOLD YOU SO" R.
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RUN ON BEDFORD, IND., BANK One of Walsh's Numerous Enterprises, But It Weathered the Storm. Bedford, Ind., Dec. 19.-When the Bedford National bank, of which John R. Walsh, of Chicago, is president and principal stockholder, opened for business Tuesday, the room soon became filled with small depositors, who were paid as fast as possible. There was little excitement, but the run of small depositors continued. Other banks have offered assistance, but it has been declined as unnecessary.