Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1905-12-26
LIABILITIES MAY
ALL Be COVERED
GENERAL BELIEF rs WALsH'a
ASSETS WORTH MORE THAN
FIRST ESTIMATED.
BLOUNT RESIGNS FROM
THE DRAINAGE BOARD
Body Elects Successor to Vice Presi-
dent of Failed Chicago National
Bank = Conflicting Reports Re-
garding Prosecution.

former OmCerS anu ulTeCtOTS VI lue SA1-
cago 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 $16,00O,0O0
on the properties which he owned, in
GLIDING railroads, coal mines and quar-
ries. This valuation was scaled down
to approximately $s,500,000 by the COM
mittee. 1t is now generally believed
that both estimates were 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
curities can be turned into cash at sew
eral millions more than was expected.
Railroad and industrial magnates fur
thermore have begun 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 bank president to his institutions
| and to outside bankers who have guaran-
teed the depositors thereof have been
| met.
Blount Quits Drainage Board.
Fred M. Blount Wednesday announced
his resignation as treasurer of the drain
age board. He said his resignation had
been placed in the hands of President
Mccormick and that he expected it t.
! be acted on and accepted at once. Mr.
I Blount's successor as treasurer of the
drainage board is Charles L. Hutchin
son, vice president of the Corn Elk
4 chnage National bank. He was agreed
on at an informal conference Of ths
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
fee, his consent to the election having
been obtained. There was some discus
sion as to what method should be fol
lowed in deposiung the drainage fund:
in another bank. Whether Mr.. Hutchin
son shall put the funds in his bank ant
give personal bond, or they shall be in
trusted to the highest bidder, a bond be
ing given by the bank, is to be deter
mined by the trustees later.
Conflicting Reports.
Prosecution of Mr.. Walsh in tn
state or federal courts is cons1dere,
at the present time unlikely, accordin
to one report Before leaving TO
Washington Comptroller Ridgely wa
asked:
"Will there be any federal action?
"Well, you know" began Mr.. Ridge
ly, I'VE never discuss these matter:
. simply lay the facts in case befor
the attorney general and he deter
mines whether there is any ground fo
action"
Mr.. Walsh violated banking law:
did he not?"
Eyes, of course" responded tn
comptroller, "but nobody has lost any
: thing and nobody will"
Another report says that evidenc
which is declared to show direct viola
! ton in the conduct of John R. Walsh
= banks of two provisions of the fedora
!, banking statutes, conviction for whic
means Imprisonment in the peniteI
| tiary for not less than five nor nor
t than ten years, was carried to Wasf
: ington by Comptroller Ridgely.
: Banks Break Deposit Record.
!, Many banks have done an unprec,
= denied business since the collapse {
the Walsh banks. A number hay
Il broken all previous records in the e,
d tent of their deposit accounts. In tw
I days the Corn Exchange National ban
t received S2,000,000 worth of new a
J" counts. The First National bank, to
8 has gained materially in deposits sin,
the crash of the Chicago National.
According to Charles H Boswort
:. who is in charge of the Walsh banl
now, it will probably be month b
q FIRE the last depositor is paid. 1t WI
!, estim,, ted at the bank, however, at Il
: close Of business Tuesday that abo
j 1, per cent of the depositors had 6
\ ready Withdraw n their money
: "The government, has assured itself
said President Boswo1. ~ " ,ne "
cago National bank. "of t. su,iui.s
all the other banks. The D. oiic ne
have no concern as to their f. anc'
standing"
Held for Murder.
chicago, Dec. 81. = After more tina,
five hours deliberations the coroner,