New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1905-12-27
ENDS BANK Career;
NOW RAILROAD man
JOHN z. WALSH WILL SUPER
J INTEND COMPLETION OF
CHICAGO SOUTHERN.
FINANClER RETAINS
CONTROL OF PROPERTY
Is Said to Have Had Unlimited Offers
! of Backing for Enterprise-Banker
Eckels Says Surplus of 81 900, 900
Will Remain After Debts Are Paid.

Chicago, Dec. 23.-John R. Walsh's
career as a banker is closed. In the
future he will become a railroad man.
Retention of the Chicago Southern
and the Southern Indiana is assured
to him. He probably will lose the
Wisconsin Michigan. 1t is believed
he will retain control of the Illinois
Southern, which will form valuable
branch Of his system of roads tapping
the rich coal and stone fields of south
ern Indiana. Mr.. Walsh, who no long
er is connected with any of his three
banking and trust companies will in
stall himself in Offices in the Grand
Central depot building From this
point he personally will superintend
the completion of the Chicago South
ern road, which will gain entrance to
Chicago at that depot over the tracks
of the Chicago Terminal and Transfer
company. This outline of MI Walsh's
plans was given out by Charles H.
BOsWOrth now at the head of affairs
of the Walsh banks. It is the first
absolutely definite assurance that Mr.:
Walsh will retain his railroad prom
critics.
Roads to Be Completed.
The clearing house committee al
ready has undertaken to guarantee the
completion of the Chicago Southern
railroad. This line practically is fin
ished. and within 80 days it is expect
er that construction work will be
ended between Terre Haute and Chi
cago Heights. 1t is at the latter point
that the line finds its inlet over the
Chicago Terminal company's tracks
into Chicago. The Chicago Southern
will do both passenger and freight
business. although it was constructed
Tor the purpose of giving a Chicago
outlet from the Walsh coal fields in
Indiana. 1t is said that Mr.. Walsh has
mad practically unlimited offers of
financial backing for his railroad prom
critics, but has chosen to go slow on
the question Of accepting them during
the present tangle
Official Report Mailed.
MI. Bosworth Friday mailed his Of
hclal report containing the results of
MS investigation into the banks affairs
TO Comptroller of the Currency Ridge
ly at Washington. He evaded a cues.
ZION as to whether he had suggested
the advisability of criminal prose-
cution of Mr.. Walsh. "The attorney
general will have charge of that phase
OF the case,' said Mr. Bosworth.
"Comptroller Ridgely will lay all the
FACTS before him and the attorney gen.
eral will determine whether or not he
deems criminal proceedings neces
| sary"
Says Surplus Will Remain.
James II. Eckels, president of the
| Commercial National bank and mem.
Der OF the clearing house committee
is authority for the statement that a
surplus of more than $1,OOO,OO0 will
remain after the liabilities of the
| three institutions have been paid
This explains the fact that since the
failure offers of 5000 a share have
been made in La Sale street for
stock in the Chicago National bank
The surplus will be distributed among
the stockholders
The chief work of the clearing
house committee at present" said Mr.
Eckels, sis making an appraisement
of the value Of the securities in the
banks. From present indications the
values will be much in excess of the
original appraisement and the sale Of
these securities not only will pay the
banks liabilities, but leave more than
s1,OOO,OO0 to be divided among stock.
holders. The gilt-edged securities
which command ready sale at a good
price at any time are being sold. We
have sent S1,70O,000 worth of such Sc
curities to New York and 100000
worth already have been disposed of.
There are 100000 more in such Sc
curities which will be sold as rapidly
| as good market is found