Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1907-10-12
CHICAGO NATIONAL
BANK PRESIDENT
WILL FACE JURY To ACCOUNT
FOR MIsAPPROPRIATING
S3.o0O.OoO.

cago National Bank, must stand
trial next week on l75 counts OF the
indictments against him. charging
misapplication OF funds and credits
or the institution and also that he
made false entries in the reports OF
the comptroller of the currency Be-
tween fifty and sixty transactions
are covered in the indictment. the
aggregate sum involved being about
$3.5OO.OOO. The minimum sentence
TOT conviction on single count Is
hve years. Such verdict. II given
would be virtually one or death for
the aged and broken fnancier. who
Is now in his 10th year.
The specific charges are that sums
or money were credited TO the per-
sonal account OF President walsh as
the result OF memorandum no,a"
transactions. and of the sale of GER
tain bonds to the bank: and that
payments of money were made nv
him from the sums credited To hts
""'"b the transactions
IN memorandum notes" and the sale
OF bonds. The Chicago Chronicle
the newspaper which represented the
walsh regime when the Irish anan.
oier was dreaming dreams OF railway
empire and which collapsed when
the Walsh bubble burst. Is named IN
three counts as having received AGO
900 OF the millions secured ,brouot
the alleged discounting of fraudu-
lent and Unsecured paper. II is al
ieged that other large sums went IN
oolster the Walsh railroad pron.r-
'ies' the Illinois Southern, the South
ern Indiana and the wisconsin G.
Michigan.
according to the Indictment the
misappropriation OF the funds WINS
made without the knowledge or di-
rectlon or the other directors or Of
hcials. Walsh is said to have been
animated in his wrong-doing bv the
desire to satisfy his ambition TO bo-
come a railroad king.
The downfall OF walsh forms ono
OF the most tragic chapters in Amer
lcan financial history. Even shouIA
he be acquitted, his last years have
Deen emblttered. his ambitions blast
ed and his fortune dissipated in tho
wreck and ruin that he. has brought
upon himself Walsh was n saIf-
made man. and he has also ruined
himself. II II should be found that
ne has not violated any law. that
MS faults were due to his towering
ambition and devoid of criminal I'm
tent. Walsh's punishment is none the
less certain. A Jail sentence would
be but final taste OF ignomny for
the man whom the fates have al
ready broken and cast down.
Walsh began his Chicago career
sixty years ago as a newsboy on the
! streets. He was born in ireland. Au-
gust %, 1887. and landed in Chicago
with his parents a decade later He
carly evlnced great business ability.
and at "a became the proprietor Of
flourlshing news business. which he
soon consolidated with the American
News company, of which he became
director. In 1882 he founded the
Chicago National bank, which he is
| now accused OF wrecking. Up 10
two years ago Walsh was one OF the
| leaders in Chicago financial and rail
road circles. and his ownership OF
/ the Chicago Chronicle Afforded
medium for the widespread dissem-
ination OF his financial plans. He
! was a director OF the Worlds Co
lumbian exposition and prominent in
all civic affairs. His Napoleonic am
billion to become the head OF a great
railroad system wrought his ruin.
/ and next week he must appear be-
/ fore the bar OF justice to answer for
the sins he Is alleged TO have com
mitted against the laws OF the land.
John s. Miller. famous as attor-
! ney for the Standard oil Company. is
Walsh's chief cow 'cl and ever since
I 'uf iuutfiNlful bi iU' iIlSu U0dncleT
/ has carried on legal battle 70 save
/ Walsh from trial
When Walsh was brought into
| court 10 answer to the federal grand
I jury, the excitement was so great
that he was spirited in by way Of
the freight elevator. surrounded by
a number Of body guards. When
formally arraigned. Walsh pleaded
/ not guilty.
Fletcher Dobyns and r. s. Han
\ chett. assistant United States dis
trict attorneys have been WORKING
on the case for many months and
have secured hundreds Of pounds Of
documentary evidence to confounA
The brilliant attorneys engaged BY
Walsh. Much Of this evidence has
been supplied by expert bank OK
aminers. employed by the govern
/ ment 10 investigate the failure OF tho
Chicsgo bank. The government At
/ torneyr have announced that ts,y
are ready for trial. and a. there a..
90 fuFfhor nrafftnfnarv s.osf.. 80