Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1909-10-05
JOHN R. WALSH, FORMER
KING Of FINANCE, LOSES
BATTLE FOR LIBERTY


Nally was conservative and Walsh
daring, so after time the latter
branched out for himself with stand
of his own.
Pounds Western News Company
! After many daring operations Walsh
finally took a real step upward by
founding the Western News company.
In this position he put up fight
against an eastern news company and
won easily. This gave him practically
the control of the periodical business
in Chicago. From then on his strides
were rapid. He did not grow immense
ly wealthy Immediately but he was
adding year byAyear to his income.
! While he loved the smoke of battle
and the glory that comes with victory,
Walsh first of all wanted money. He
wanted money for the power that was
in it. He wanted newspaper, a
railroad and bank. Then, too, he
wanted political power-and he had al
pretty good idea about how to go
about getting it.
So, even while he was aenewsdealer,
he quietly but surely cemented certain
political ties that eventually placed
him in class with the city's leaders.
Early in the 70's he was trying to get
control of the old Chicago Times. But
after discovering that it was plastered
with mortgages he relinquished this
ambition for the time being and stuck
to the news business.
Finally, however, Walsh did get his
newspaper. 1t was a four page news
paper then called the Herald. After
ward he helped start the Evening
Post. He sold out the Herald and
the Post before the combine of the
Herald and the Times In that same
year he started the Chronicle
Becomes Park Commissioner
In 1879 Walsh moved toward the
realization of his second big ambition
In that year he became south park
commissioner. Until then he apgI
parently wanted nothing in politics but
honor. After awhile one of the edi
tors of Walsh's paper became a mem
ber of the park board.
There were park funds to be de-
posted and shortly the Chicago Ma
tional bank was established.
With his bank-his second ambition
realized, Walsh went out after the
biggest thing in banking, the control
of all public moneys. John M.
Smyth became director in the Chi.
cago National. There was no opposi-
tion among the political leaders. So
the funds of the west park board also
were deposited in Walsh's bank.
The Home Savings bank, organized
in 1867, was the next step. The
Equitable Trust company was organ
lied later and Walsh's financial sys-
TEN was complete.
Huge Deposits of Public Money
Success brought Walsh many enc
mics, but Blount, Smyth, Jameson,
Hanecy, Sullivan, Hopkins and Bren-
nan were with him, and he bade de-
fiance to all comers. 1t seemed. that
nothing could dislodge the public funds
from the treasury of the Chicago Ma
tional. Illinois state funds, Cook coun-
ty funds, Chicago funds, west, south,
and Lincoln park funds went into it's
vaults. The huge funds of the drain
age board were secured finally.
Meanwhile Walsh had been branch.
ing out into other activities. Gas Of
fered its fields for the first of his
great politico-financial moves. He was
in Ogden gas with Sullivan and Hop
kins, and was in Illinois Tunnel with
other politicians. There were scan
dals over the organization of the gas
but the Walsh crowd push
ed the bills through the general assem-
bly,.
Walsh's hand was in North Shore
electric, in Rand-McNally & Co.. in
coal mines, stone quarries, electric
roads, banks, and many gas ventures.
1t seemed that in everything there was
money for the daring but careful oper-
ator. 1t was a game which he played
to win.
Most Careful of Bankers Ii
In 1SS9-90 and for years thereafterl[
Walsh was the synonym for careful,
ness. He saw the free silver agita!l L
ton coming far off, and began, to gar
(Contlnued On pane SN In