The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1907-10-12
BANKERS
FIGHTING
QUALITIES
WILL BE GIVEN EVERY
OPPORTUNITY NEXT
WEEK
WHEN JOHN R. WALSH
IS PLACED ON TRIAL
Even Enemies Give Him
Credit for Being a
Good Fighter

(By Associated Press
Chicago. Oct l2-Iohn r. Walsh |
for many years one Of the most in
fluential men in Chicago finance and |
bgsiness, viii be placed on trial in the |
federal court next week for alleged |
misapplication OF banking funds |
which resulted IN the wrecking of the !
Chicago National bank. the Equitable |
Trust company and The Home Savings
bank. u is expected that the prosecu /
tion viii be pushed vigorously The |
attitude of The federal authorities was /
made manifests.by the recent stue- |
meat Of Attorney General Bonaparte |
that the government expected TO pros
cute the offending bankers as vigor
Gus as other yi1lators of the law
That Walsh wiz: Ynt up hard fight
against conviction goes without say
ing among all those acquainted with
the man and his career Even his
most bitter enemies give him credit
for being good fighter The fact
That at seventy wears Of age, with his
fortune ruined. his banks wiped ont of
existence and with criminal charges
hanging over his head he has sue
ceeding Ia cor Ietn gthe railroad that
brought about his downfall, securing
for il an entrance into Chicago ia the
face of almost unsurmountable OBJ
stacles, shows the fighting qualities
OF the man
1t is a Chicago belief that John r.
Walsh would rather fight than exist
quietly Certain it Is thar his entire
career from the day he landed in Chi
cago as an immigrant boy has been
a constant fight
He began selling newspapers at 10
years OF age. soon he had news
stand and ia the course OF time ne eX-
tended the trade and added stocks Of
! stationery and sporting goods
in 1861 he acquired a book and news
store on one of the best corners of the
city From retailing he branched out
into wholesaling. He was the largest
distribdting agent in town and from
the town he extended his territory
10 include Illinois and then Indiana.
and then with his Western News com
pany took in all The Middle West.
This company was ahsorDed by the
American News company of New
York.
Having obtained considerable for
tune. he was prepared for other ven
lures He invested IN the Chicago
Inter Orean. became a director IN the
National Bank of Illinois. founded the
Chicago National bank in 1882. sold
his interest in the Inter Ocean to
II. II kohlsaai purchased the Chicago
Herald. started the Chronicle as a
Democratic organ, disposed OF the
Herald and of It's evening edition the
Post meantime multiplying his inter
esis IN other banks in politics. coal
contracts. as companies traction quar-
rles baseball, and so on.
lie backed the Chicao baseball club.
the league organization in The DAYS of
Sp.iung and Hart und was one of
fne leading spirits IN the Washington
Park club. Phe failure OF the Ma
tiOnal Bank of Illinois in 1898. "A catas.
irophe which MANY have laid AZ
WalshR doors enabled him To take
over large part OF The deposits Up
20 this point Ina his career he had ap.
parently succeeded Ga everything he
had undertaken lie was unyielding
and his temper thoroughly pugnacious
!. He never forgot OF forgaye AN enemy
but he usually broke him
The turning point came when some
I wears ago he acquired the great stone
quarry az 3edierd Ind. and deveE
oped the Insignificant Southern Indi
ana railroad 20 bring his stone pro
ducts 10 market incidentally he de-
sired 90 get even with the Monon
railroad and in the course of his fight
he developed the ambitica TO throw q
trunk line from Pittsburg TO Kansas
CITY
Early in December, 1905 the crash
came The doors OF the three Walsh
banks We're closed and announcement
+ was made hat The liabilities amount
ed 10 Sl5.oO0.O00
The Chicago Clearing House asso
citation stenped in and saved the de
posliors from loss Walsh was ac
cused OF using the peoples money {,
promote bis railroad Comptrollel
{, kidgley stated at the time that civil
q pnl not criminal Drocecdines would
be brought against the banker Bn
later the matter was brought bcfori
ne federal grand jury and ar Walsi
was indicted criminaliy no Ma.
y charged With other things with mis-
= application Of iuuds hy means "a
memo notes and with faisirsn.
bank si9toments For iWo pears Iohl
y Miller the famous defender nf ny
standard on company has fonah
y every inch Of the ground 10 kee
" Walsh from coming 10 trial Bp
n after maey months of delay aud Ian
aNaiiiue motions TO Ouash 10 aiVe
- pil oi narucuiarE 20 amnul. he iofme
banker VIII next week be- called 10 th
bar Of Justice Jo answer for this "a
lefd misdeeds ilis deiense. Il Is nj
defsioodl will be largely trchnica
one