MISAPPROPRIATION.
BANK PRESIDENT CONVICTED. FIVE YEARS IN GAOL. By Telegraph.—Press Association.—Copyright. (Received March 15, 5.30 p.m.) New York, March 14. John. R. Walsh, the founder and president of the now defunct Chicago National Bank, who was found guilty of misappropriating funds of the bank, has been sentenced to five years' imprisonment and been refused a new trial. Walsh has appealed against the conviction and been released on bail in the sum of £10,000. The judge remarked that a banker ought to be nothing but a banker. Nobody could serve two masters. He had himself practically lent for the purposes of speculation three-fourths of the bank's assets. During the trial evidence was given to the effect .that the assets of the bank included £1,000,000 in notes bearing, forged signatures of men of good standing, who testified that they did not sign the notes j and that they were not aware of their existence. Walsh admitted having lent 16,000,000 dollars (£3,200,000) of the bank ! funds to assist struggling enterprises. I '
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19080316.2.48
Bibliographic details
New Zealand Herald, Volume XLV, Issue 13699, 16 March 1908, Page 5
Word Count
168MISAPPROPRIATION. New Zealand Herald, Volume XLV, Issue 13699, 16 March 1908, Page 5
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.
Log in