Rensselaer Semi-Weekly Republican, Volume 38, Number 29, Rensselaer, Jasper County, 22 December 1905 — FAILURE OF JOHN R. WALSH. [ARTICLE]

FAILURE OF JOHN R. WALSH.

Another Napoleon of Finance has met his Waterloo, and it was a big Napoleon and his Waterloo was big in proportion. It is John R. Walsh, of Chicago, founder and owner of three big banks, owner of railroads, coal mines, stone quarries and no one knows what else. He is the man who has been fighting the Monon railroad for ten years, for control of the Bedford stone quarries, and with that view, and to reach the Indiana coal fields, he has been spending millions of dollars, in building a new railroad, from Chicago to the Indiana coal fields and to the Bedford quanies. He has used other people’s money, deposited in his banks, in this and other schemes, and now that this misapplication of funds is known it is probable that a prosecution awaits him. The other banks of Chicago are standing behind his banks and they are paying their depositors in full.

The new railroad Walsh has been building into Indiana is the one that has been under construction for some time, only a few miles west of the Indiana state line, and which crosses the Kankakee river a few miles east of Momence. The road is nearly completed. Walsh was a great race horse man, alhng with the rest.