Hattiesburg daily news. (Hattiesburg, Miss.) 1907-1908, 1907-10-13
DOWNFALL OF WALSH IS
FULL OF TRAGIC INCIDENTS
WAS For Many Years Owner Of the
Chicago Chronicle, One Of the
Brightest Newspapers in the West,
and Was shrewd Politician.
Associated Press.

AsSOCldteu fTess.
Chicago, October 12.--John r.
Walsh, former president of the
wrecked Chicago National bank, must
stand trial next week on ITS counts
OF the indictments against him,
charging misapplication of funds and
credits of the institution and also
that he made false entries In the
reports to the comptroller TO the
currency. Between SO and 60 tran
sactions are covered in the indict-
ment, the aggregate sum involved
being about $3,5OO,OO The minimum
sentence for conviction on single
count is five years. Such verdict,
If given would be virtually one of
death for the aged and broken finan-
cier, who is now in his 10th year.
The specific charges are that sums
Of money were credited to the per-
sonal account of President Walsh as
the result of memorandum note''
transactions, and Of the sale Of GER
tain bonds to the bank; and that
payments of money were made by
him from the sums credited to his ac-
count following the transactions in
memorandum notes" and the sale
of bonds. The Chicago Chronicle,
the newspaper which represented the
Walsh regime when the Irish finan-
cier was dreaming dreams Of rail
way empire, and which collapsed
when the Walsh bubble burst, is
named in three counts as having re-
ceived $4,000 of the millions Sc
cured through the alleged discount
ing of fraudulent and Unsecured pa
per. 1t is alleged that other large
sums went to bolster the Walsh rail-
road properties, Illinois Southern,
the Southern Indiana and the Wiscon-
sin & Michigan.
According to the indictment, the
misappropriation of the funds was
made without the knowledge or di-
rection of the other directors or Of
ficials. Walsh is said to have been
animated in his wrong-doing by the
desire to satisfy his ambition to be-
come a railroad king.
The downfall Of Walsh forms one
of the most tragic chapters in Ameri-
can financial history. Even should
he be acquitted, his last years have
been embittered, his ambitions blast
ed and his fortune dissipated in the
srreGlE and ruin Ahat he has brought
upon himself. Walsh was a. self
made man, and he has also ruined
himself. 1t it should be found that
he has not violated any law, that his
faults were due to his towering am
bition and devoid of criminal intent,
Wash's punishment is none the less
certain A Jail sentence would be
but a final taste of ignomy for the
man whom the fates have already
broken and cast down.
Walsh began his Chicago career
sixty years ago as newsboy on the
streets. He was born in Ireland,
August 20, 1897, and landed in Chi
cago with his parents decade later.
He early evinced great business
ability, and at "a became the pro
pritor of fourishing news business,
which he soon consolidated with the
American News company, of which
he became a director. In 1882 he
founded the Chicago National bank
which he is now accused Of wrecking
Up to two years ago Walsh was one
of the leaders in Chicago financial
and railroad circles, and his owner
ship Of the Chicago Chronicle af
forded medium for the widespread
dissemination of his financial plans
He was director Of the Worlds Co
1umbian exposition and prominent in
all civil affairs His Napoleonic ems
bition to become the head of a great
railroad system wrought his ruin, and
next week he must appear before the
bar of ju8tice to answer for the sins
he is alleged to have committed
against tlle laws Of the land.
Miller. famous attorney
tandard on company Il
6tei counsel and ever since
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