Jasper County Democrat, Volume 10, Number 41, Rensselaer, Jasper County, 11 January 1908 — ALL FOR THE BANKS [ARTICLE]

ALL FOR THE BANKS

John at. Walsh Says His Deals Were Entirely for tbe Benefit of His Institutions. Chicago, Jan. 9. John R. Walsh took the witness stand In the United States district court to defend himself against charges of misapplying fufids of the Chicago National bank. He took the entire responsibility for everything that was done, including the famous “memorandum notes,” but denied that he undertook these transactions with any thought of personal gain, alleging that the interests of the bank and its allied institutions —the Equitable Trust company and the Home Savings bank —were his chief concern.

The “memorandum note”system was adopted because it waseonvenlent, and the rernon for putting the names of others than himself as signers was “to keep the transactions separate. A memorandum note made for tbe benefit of the Illinois Southern had an Illinois Southern man’s name to it and so with tlie Wisconsin and Michigan.”