The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-04-17
RALDING GIVES Up.
Trustees Of University of illinois
Get $424, 900.
TREASURER MAKES RESTITUTION,

Turns Over All His Property to Secure
the Institution from Amy Loss as "a Re
suit of His Method of Handling Its
Bonds and Cash-Has Lived and Done
business In Reckless Fashion for Years
Woman In the Case.
Chicago, April l6.-Charles w. Spald- |
ing has turned over all his property 10
the trustees of the University of Illinois
to secure the institution from any loss
as a result Of his methods of handling |
It's bon6s and cash. Out of the $flS,Ooo
Of bonds which ought To be in his hands
as treasurer of the university only $l2h-
900 is left i'm the vaults Of the Gl1he
Savings bank. He denies he ever NY
pothecated any bonds bearing the stamp
of the institution or that any marks
were erased
out of the $l35, 900 cash belonging to
the institution Mr.. Spaldng cannot
produce cent. lie thought he had
right to invest the cash becaus n p1lu
the university interest ca 1t. lie Eaue
poor investments and the cash dlsap-
peared Spalding owes the Vefslty
| SPA 600 He conveyed real estate ana
| bonds amounting 40 about S4OoWo 10
| the treasurer Wednesday and various
other interests. so that the entlre
| amount for which he is indebted VIII
| be covered.
| Desperate Litigation In Prospect.
The trustees have accepted Whatever
Spalding had to turn over 10 theih'
subject to the powers of the receiver
Some of the bonds conveyed 10 theh'
| are now i'm the hands of Receiver Lee
man, and "a desperate fight Is 10 pe
waged by the depcsitors of the Glop'
Savings bank to prevent them gong Ct
the university.
Criminal proceedings are not TO ID
, brought against the former treasure
nv the trustees unless they cannot ID
Unidentified for the money ana pohu
used bv Spalding. But they VIII De III
e volved in litigation, which VIII pllii
nm the ouestion as to whether the bond
of the endowment fund were empeZzle
q ar NOT Suits are to he begun agalns
!. the First National bank, the North
western National bank and the Metre
nolitan National bank To recover w
e 600 of bonds hypothecated or SOU
those institutions by Spading person
aIv ar through brokers. The trustee
l. claim the endowment fund or the u''
y versity will not suffer in the emu
they cannot realize on the property COZ
1 viewed to them they have the bohu 'il'
e of Shading to fall back upon.
spaiding Admits His Dishonesty
Shading has lived and done brsihe
:" i'm a reckless fashion Tor years
%, ran the bank and would not let IN Ut
II. or officers handle anything lie sPe
- 600 600 q wear i'm living expenses M
~ which was bestowed on MISS EiN
1Ia alienated his wife, spGcuiated WI
~ lv hvpothecated the bones OF tlS ~
ID ,,ereitv to get even and lost more NO,
he tho STAYED with him but his infdtuat'
A.. for the woman. His frlends uesei
him because he declined to he sulueu
by them. -. ,,ish,
:" he acknowledges he has been dlsn'
'no est and he is now trying To 40 ma
CON for those whom he dfaSseu uo
nth him i'm financial ruin his lIlei
Gov, he is not wholly bad. they MA
the his infatuation for the woman III
.or case He has transferred property
the receiver of the bank 10 cover
the liability as stakeholder. he
,ronsferred every bit OF remain
nronertv TO the university trustees
ent make good his shortage as treas
n a os much as possible. He has 10 W
tha world over again. He is neari.
years old and is sun ihia'u'