Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-14
JOHN R. WALSH.
FACES LIFE
IN PRISON
AGED EK-BANKER HELD
ON 100 INDICTMENTS
Charged With Misuse Of Funds
of Wrecked Chicago National
to Extent Of Over Three Mill
ion Dollars,


Chicago. oct. lS.-John r. Walsh,
/ former president of the wrecked Chi
cago National bank. must stand trial
/ this week on f75 counts of the indiet-
/ ments against him. charging mistp-
! plication of funds and credits Of the
1 Institution and also that he made false
! entries In the reports to the comp
/ troller OF the currency. Between fifty
I ana sixty transactions are covered iG
( the Indictments the aggregate sum In
volved being about S3,500.00O The
minimum sentence for conviction on
a single count is five years. Such a
verdict, II given, would be virtually
/ one of death for the aged and broken
/ financier, who is now in his seventeth
| 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 certain
bonds to the bank and that payments
OF money were made by him from the
sums credited to his account, follow
/ ing the transactions in memorandum
notes' and the sale OF bonds. The
chicago Chronicle. the newspaper
which represented the Walsh regime
when the Irish flnancier was dream
ing dreams of railway empire and
1 which collapsed when the Walsh bub-
ble burst is named in three counts as
having received 100000 of the mill
! lions secured through the alleged dis
counting Of fraudulent and insecure
paper. II is alleged that other large
sums went To bolster the Walsh rail-
road properties. the Illinois Southern.
the Southern Indiana and the Wiscon-
sin and Michigan.
According to the indictment, tive
misapproprlation Of the funds was
made without the knowledge or di-
rection Of the other directors or off
clals Walsh Is said TO have been am
mated IN his wrongdoing by the de-
sire 10 satisfy his ambition 10 become
a railroad king
The downfall OF Walsh forms one
= OF the most tragic chapters In Amer
lean financial history. Even shoui
+ he be acquitted, his last years have
been embittered his ambitions blasl-
/ ed and his fortune dissipated in the
/ wreck and ruin that he has brought
/ upon himself Walsh was n sclf-made
man, and ne has also ruined himself.
1 n u should be found that he has mol
violated any law that his faults were
due TO his towering ambition and de-
void of criminal intent. Walsh's pun
ishmcnt Is none the less certain. \
iail sentence would be but final
taste of ignominy for the man whom
tho fates have already broken and
cast down.
Walsh began his Chicago career
sixty years ago az newsboy on the
streets. lie was born In ireland. Au-
gust 2s. 1887, and landed IN Chicago
with his parents a decade later. He
early evlnced great business ability,
and at twonty-four became the pro-
prietor OF flourlshing news buslncss
which he soon consolidated with the
American News company. OF which he
I became n director. In 1882 he found
ed 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 rail-
road circles. and his ownership OF tho
Chicago Chronicle afforded medium
for the widespread dissemination Of
his financial plans. He was a director
OF the Worlds Columbian exposition
and prominent in an civic affairs. His
Napoleonic ambition to become the
head Of great railroad system
wrought his ruin, and Ia "A few days he
/ must appear before the bar OF Justice
/ to answer for the sins he is alleged
I 10 have committed against the laws ~
the land.
John $ Miller famous as attorney
I FOR the standard oil company, a
I Walsh's chief counsel. and ever since
I the Indictment OF the Irish financier
/ has carried on q legal battle TO Save
walsh from trial
when Walsh was brought into c iurt
[ 10 answer tu the federal grand Jury.
the excitement was 50 great that be
was spirited in by way Of the freight
elevator. surrounded by nImbsr of
body guards. When fornrr- ar
lrairncd walsh pleaded not guilty
Fletcher Dubyns and r. \. Han
chctt. assistant United States district
attorney have been working on the
case far many months. and have se-
cured hundreds of pounds of docu-
mcnuu. evidence TO confound The
brilliant attorneys engaged by walsh.
Much of this evidence has been SUI
piled bv expert bank examiners. en-
ployed bv the government tn invcsI-
gale the failure 81 the Chicago Ma
tinuai bank The government atipr-
ncls have announced that they are
ready for trial and a. there are m
further preliminary motions that
Walsh can make. u appears certain
that tine case viii b. called new
Tuesday. the date set only the poe
sibic serious Illness of Walsh. who j.
said % be broken in health =nd al
most an Invalid. - likely 20 prevent
the proceedings. Waish's defense. 81
is said will b. largely technical AMI