Warren sheaf., 1905-12-28
ENDS BANK CAREER;
now RAILROAD Man
JOHN r. WALSH WILL SUPER
INTEND COMPLETION OF
CHICAGO SOUTHERN.
FlNANCIER RETAINS
CONTROL OF PROPERTY
Is Said to Have Had Unlimited Offers
of Backing for Enterprise-Banker
Eckels Says Surplus of s. 100000
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 assur ed
to him. He probably will lose the
wisconsin & Michigan. It is believed
he will retain control of the Illinois
Southern, which will form a 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 Mr.. 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 prop
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 HATTIE and Chi
cago Heights. 1t Is at the latter point
that the line finds it's inlet over the
Chicago Terminal company's tracks
into Chicago. The Chicago Southern
will do both passenger and freight
business, although it was constructed
for the purpose of giving a Chicago
outlet from the Walsh coal fields in
7. Indiana: 1t is said that Mr.. Walsh has
had practically unlimited offers of
financial backing for his railroad prop
critics, but has chosen to 20 slow on
the question of accepting them during
the present tangle.
Official Report Mailed.
E.. Mr. Bosworth Friday mailed his Of
hcial report containino the results of
his investigation into the banks affairs
to Comptroller of the Currency Ridge
~ at Washington. He evaded a uues-
tion 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
s,deems criminal proceedings neces.
sary"
Says Surplus Will Remain.
James H. Eckels, president Of the
ComSlercial National bank and mem
Der of the clearing house committee
is authority for the statement that a
surplus of more than $1,OOO,OOO 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, 'is 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
$1,OOO,OOO to be divided among stock
holders. The gilt-edged securities
which command ready sale at good
price at any time are being Sold We
have sent $1,7O0,OOO worth of such Sc
curities to New York and $5OO,OOO
worth already have been disposed of.
There are $7,OOO,O0O more in such Sc
curities which will be sold as rapidly