The Superior times. [volume] (Superior, Wis.) 1870-1912, 1892-04-30
Gar .San.& Troubles,

Gar ssan:2 Troubles.
The past week has been one Of con
siderable excitement in business circles
and also III The upper ten social ranks
When it was announced last Monday
that J. ii. Iiallowell, cashier of the
Superior National Bank, had mysteri-
ously left the city some days before
without even asking the directors for
leave Ct absence, and further, that
he had that morning been found and
ARRESTED; At philadelphia, when about
to take Il train for New York on his
way to Europe, charged with the
tmbeZZlGmtnt of 80. 600 of the banks
funds, it got TO be quite interesting.
This furry of excitement was soon
showed into second place when. Il few
hours later, it was announced that \.
y. Cadwalladcr, the late president OF
the bank, was missing, and that Il to-
tai shortage amounting to $iO,0O0 ex
listed by the showing OF the books
In the endeavor to put as good 4
face on the matter as possible, it was
stated that these officials had commit
10 crime at all, but that they had been
a little irregular i'll their "borrowing'
of the banks funds giving as security
just their individual notes, which notes
are worth about ten cents Il cord. But
their bondsmen. the American Surety
company OF Philadelphia, is perfectly
good, SO the bank will sustain little or
ITO loss in dollars and cents, but it will
OF necessity suffer III reputation for a
time, whether justly 50 or not.
Mr. CadwalaGer went from here to
Chippewa Falls, as he says, 10 get le
gal advice, and he was there arrested
on Tuesday and brought back to this
city Wednesday morning, his late
chasher and confederate III wrong do
ing arriving from Philadelphia by the
same train each i'll charge OF an officer.
Both of these men possess rare bus.
ness qualifications and both are on the
sunny side Of thirty, and no one can
contemplate the ruin they have called
down upon themselves and families
with anything but feelings Of pity ana
sadness, but this is no reason why they
should be excused Or apologized for
The bank has been running but a few
months, and two previously honest
I 9. =,
and rake off Si0,0G0 i'll so short Il time.
They had everything i'll their own cor
troll and ti@J no doubt concluded that
By calling it a loan they would, If
caught before getting ont Of the coun-
try, escape criminal prosecution. but
in this they are mistaken, for in this
they ovcTstepped tie limits of Dor
rowing The banks attorney says
they have violated the following sec
ton of the United States revised stat
utcs in several points. The law says:
SEQ. 800. Every president. director. cash
Ter teller. clerk az agent # amy a-Snciltlfn
who cinh"zzi,'~. abstracts or "iifuly ui~ap-
plies ANY OF III" moneys. funds or credits of
the a~~DCl3flon: or WAC. without authority
from he directors. i,Sil"S OF puts i'll cii:G
lat,on amy Of III" notes of the a~~oriatinn or
who. withou! such authority. ISSUES or puts
forth :fHt certificate of deposit. draws amy
O"tcr or i3iil If exchange. ma'Ice any accept
ant". assigns any no,e. h""G. -, "-H 0.
".4J ...,,n, any false entry in any book. re-
port. or ~t@teiA"nt Of the association. with
intent. in either ra~t.. to iniurr or Gcfraud
;hr association or amy other company. body
pn.ii H. or in"orp 1r:it" or amy individual y
son. or to deceive any officer of the a>sori-
alton. or amy agent appointed tu"Nainine the
person who With like intent aids or .ibet~ any
officer. clerk. or agent in any Violation OF
this section shall ~ deemed guilty Of mis-
dcnucanor. and shall b" imprisoned not less
than five years moi more thdn Ten.
Last week meeting of the directors
was held at which time Mr.. Cadawal
LADDERS resignation WAS asked for ana
received, and Mr.. L. e. .hlvord Was
elected to succeed Inn, and with Mr.
James III. .Agen as vice presldent the
bank affairs have been in good hands
since the discovery OF what was going
on was made Bank Examiner Brush
has been checking up the books during
the week, but his report has not been
given ont yet.
Mr.. Cadwalladcr, late president of
the Superior National Bank WAS form
ally arrested Thursday afternoon on
charge of "wllful misaprlcation of
the funds and credits of the bank
while he held the position CT president
No legal proceedings have yet been
commenced against Mr.. Ilallowell,
and probably VIII not be, as it is
thought lie Will be able to adjust his
difficulties i'll :" satisfactory manner.
Rev. L. 0. TAYLOR viii lecture at
lhn Enst End II L, Ghurl.ll OIL SIM.