The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-18

|, THE
fear of the other banks Of far-reach-
ing collapse if they did not come to the
aid of the weakened institutions.
Walsh's Enterprises.
The enterprises which are generally
credited with being the Indirect cause
of the financial troubles of Mr.. Walsh
are the Bedford Quarries company Of
Indiana and the Southern Indiana Rail
road company, which was constructed
by Mr., Walsh for the purpose of get
ting the stone from his quarries to the
market. This railroad was constructed
by Mr.. Walsh at a heavy expense, some
years ago, because he believed that the
Monon railroad, which was the only
outlet OF his stone quarries, was charg-
ing him too high a rate of freight. He
endeavored to reach an agreement with
the road, and failing to obtain what
he considered satisfactory terms, con
structed a railroad of his own.
In addition to these two enterprises,
which he practically owns, Mr.. Walsh
IS a heavy stakeholder in the Akron
Gas company, Akron, Ohio; Illinois
Southern Railway company, Rand-Mc-
Nally company, Southern Indiana Ex-
pASSo S0iiAHoAHs dAu% udAl a oCOl0 "
gas. electric light and coal-mining COM
panies. -.
Made Heavy Loans.
To the stone quarries and the South
ern Indiana railroad Mr.. Walsh made
repeated heavy loans of the funds OF
the bank, and it was these to which
objection was made by Controller
Ridgely. Repeated assurances by the
officers Of the bank that these loans
would be called in, OF at lease largely
Men n were not fulfilled, and finally
Mf. Rldgely determined on a personal
Investigation. The action of last night
followed his determination. ~
1t is declared by local fnanciers that
Mr.. Walsh has invested all the way
from $5,000,000 to $l5,0OO,OOO in the
quarries and the railroad. His great
desire was to gain for the railroad an
entrance into Chicago, but in this he
three years he has endeavored to sell
the road to the Pennsylvania company,
but terms could not be agreed upon and
| the sale never could be put thru.
To the public at large, which was not
! acquainted with the magnitude of Mr..
I Walsh g enterprises, the news of the
! difficulties surrounding his banks came
as tremendous surprise. Not word
Of the difficulty had reached the public
| tion was conveyed by extra editions
OF the morning papers.
Depositors Are Paid.
The excitement over the suspension
Of the two. banks had largely subsidized
by II O'Clock: There was no crowd
around the Chicag National bank, and
larger number Of people in the lobby
of the bank than usual, it would not
be known that any but the regular con
ditions existed The Offices Of the
Home Savings bank are in the same
building. as the Chicago National, and
here, a line Of depositors was formed
reaching over to Monroe street and for.
street.
A large detail of policemen was in
evidence and the assurances Of those
who had received their money, that the
officials Of the bank declared that
everybody. would be paid, allayed all
quickly as passbooks were presented
In the Chicago National bank there
} was no outward evidence of run, al
tho money was being drawn out with
great rapidity. Many business men
who called were told that checks fol-
the amount of their balances would be
; adopted as deposits at other banks
cIuu CAOy uCpdA tCu WItuOuG uIdW1uS Oul
the actual currency. The small depos
itors asked for their money and in
every instance it was handed to them
at once. -. -
! Walsh's Career.
| John r. Walsh has been for: years 9
!. conspicuous figure in the life Of Chi
: cago. He was born in Ireland, Aug
%, 1887, and came. with his parents tc
the United States when 10 years old
) settling in Chicago. He soon found en-
, ployment with J. McNally, a news
: dealer, proved very energetic and in
Z teligent, and in 1861 established 6
news business of his own, including {
> book and stationery store on one Of
8 Later he consolidated his news bust
f ness, which consisted Of the circulation
e Of daily and weekly newspapers ant
periodicals., with the American New
company, Mr.. Walsh becoming presi
dent Of the Western News company
I which was affiliated with the American
Q News company of New York. MI
r Walsh was also director of the Amer
8 lean News company.
profitable and Mr.. Walsh achieved
q large fortune. He became a directo
: Of the National Bank of Illinois an
K in 1881 founded the Chicago Nations
f bank, of which he has been presiden
( down to the present time. In 1882 h
3 also purchased controlling interest i
t the Chicago, Herald, which some year
v w. Scott. Upon Mr.. SCOTS death tn
paper passed into the hands of H. /
:. Kohlsaat and was subsequently REQ
- ganized as the Chicago Recor- Heral'
! Mr.. Walsh then founded the Chicag
= Chronicle, Of which he has been th
! controlling spirit for nine years. M
q Walsh is man of extraordinary enc
3 gy. His banks passed safely thru til
financial panic Of 1898 and were r
garded as institutions Of great strength
nj CONFIDENCE HERE
o Bankers Believe General Financial Coz