Ogden Weekly Standard | 1905-12-22 | Page 4 | Chicago Banks Praised

CHICAGO BANKS PRAISED for their brave broad minded spirit washington dec 20 comptroller of the currency W B ridgley today made a statement la regard to three banks controlled by john R walsa the newspapers he said have given all the facts in regard to the matter and there was nothing mr ad ded that he could say which would add materially maleri ally to what already has been published speaking generally in regard t the matter he said in this case as in all others with which I 1 have to deal I 1 must decline to make any statement or give out anything for publication in regard to the criminal violation of the law the trouble with the walsh banks was due to two things which are always dangerous tho holding of large amounts 0 public deposits and the managing officers ot the bank being interested in loans there was no money stolen from tho walsh banks or shortage in their securities as there was for instance in the enterprise bank of pennsylvania john R walsh was for years considered a very successful and conservative serva tive banker but he branched out more and more into other enterprises he owned a large chicago newspaper three or four railroads coal fields quarries and had real estate and property of every description he is a man of marvelous energy and fine ability his companies were well organize ed and conducted and he might have succeeded as he always had in the past it he had not undertaken too much tor his capital mr praises tho brave broadminded and public spirited action of the chicago bankers bonkers bon kers in taking up and guaranteeing the deficiencies in the walsh institution and says their action averted any further financial trouble in chicago or elsewhere which might have led to very aeilous consequences it not slopped as it was