The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1905-12-23
LIABILITIES MAY
ALL Be COVERED
GENERAL BELIEF is WALSH'S
ASSETS WORTH MORE THAN
FIRST ESTIMATED.
BLCUNT RESIGNS FROM
THE DRAINAGE BOARD

Body Elect: Successor to Vice Presi-
dent of Tailed Chicago National
Bank - Conflicting Reports Re-
garding Prosecution.
Chicago. Dec 21-John II. Walsh and
former officers and directors of the Chi
cage National bank and the members of
the clearing house committee who are
managing the liquidation of the three
concerns formerly operated by Mr..
Walsh are giving their attention now to
the value OF The assets OF the institutions
and the securities turned over to them
by Mr.. Walsh. When he met with the
clearing house committee on Sunday
he placed the value of some $lG000.O0O
on the properties which he owned, in
Guiding railroads. coal mines and quar-
ries. This valuation was scaled down
to approximately $S.5o0.000 by the COM
mittee. 1t is now generally believed
that both estimates We're probably some
what out of the way the former being a
little too high. it is believed and the lat
ter little too low.
Bidding for Properties.
Since the crash Monday the activities
OF persons connected with the bond and
stock markets have shown that the Sc
curilies can be turned into cash at sew
cral millions more than was expected.
Railroad and Industrial magnates fur
thermore have Eesun to make bids for
the properties. Their offers are at figures
| which insure good margin OF cash
after the personal obligations of the for
mer hank president to his institutions
and to outside bankers who have guaran-
teed The depositors thereof have been
met.
Blount Quits Drainage Board.
Fred NJ. Blount Wednesday announced
nge board. He said his resignation had
| been placed IL the hands Of President
Mccormick and that he expected it to
be acted on and accepted at once. Mr..
Blount'S successor as treasurer OF the
drainage board is Charles l.. Ilutchin-
soll. vice president Of the Corn Ex-
| chnaGe National bank. He was agreed
OH at an informal conference of this
drainage trustees before the meeting be-
gan. Mr.. Blount's resignation was &C.
cepted at the meeting and no time was
lost in establishing his successor in Of
flee, his consent to the election having
been obtained. There was some discus
i sion as to what method should be fol-
lowed in deposi1ing the drainage funds
in another bank. Whether Mr.. Hutchin-
son shall put the funds in his bank and
give personal bond. or hey shall be in
trusted to the highest bidder. Il bond be-
ing given by the bank, is to he deter
mined by the trustees later.
Conflicting Reports.
Prosecution Of Mr.. Walsh in the
state or federal courts is considered
at the present time unlikely. according
to one report. Before leaving for
Washington Comptroller Ridgely was
asked:
will there be any federal action?"
"Well, you know" began Mr. Ridge.
~, I'VE never discuss these matters.
! simply lay tie facts in case before
i the attorney general and he deter
mines whether there is any ground for
, action"
"Mr. Walsh violated banking laws,
did he nol?"
Eyes. OF course" responded the
comptroller, but nobody has lost any
thing and nobody WILL
Another report says that evidence
which is declared to show direct viola
! ton in the conduct of John II. Walsh's
banks of two provisions of the federal
khnking statutes, conviction for which
means Imprisonment in the peniten-
tiary for not less than five nor more
than ten years. was carried to Wash
tngton by Comptroller Ridgely.
Banks Break Deposit Record.
Many banks have done an unprece-
denied business since the collapse of
the Walsh banks. A number have
broken all previous records in the ex.
tent of their deposit accounts. In two
days the Corn Exchange National bank
received $2.OOO,O00 worth Of new &C.
counts. The First National bank, too,
has gained materially in deposits since
the crash of the Chicago National.
According to Charles H. Bosworth.
who is in charge of the Walsh banks
now, it will probably be q month be.
fore the last depositor is paid. 1t was
estimated at the bank, however, at the
close of business Tuesday that about
" per cent. of the depositors had al
ready Withdrawn their money.
The government has assured ITSELF"
said President Bosworth, of the Chi
cago National bank. "of the solidity of
all the other banks. The public need
have no concern as to their financial
standing"
Held for Murder,
Chicago, Dec. 81. - After more than
nve hours deliberations the coroner's
fury which heard tho testinoonv .on