New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-04-10
AN INSTITUTION HARD HIT.
THE ILLINOIS STATE UNIVERSITY
NEARLY A MILLION SHORT.
BONDS AND CASH TO THE AMOUNT OF $4,000 IN
yoI,vEp IN THE FAILURE OF THE GLOBE
BANK IN cHIcAGo-wARRANTs

FOR GUILTY OFFICIALS.
Chicago April e-Warrants for the arrest OF
Charles W. spalding. president: A. In Averill, vice.
president. and c. e. Churchill. cashier OF the de-
funct Globe Savings Bank. were sworn out to-day
by Frank f. Stone. OF the firm OF Stone Francis
derositors I'm the institution. Mr. Stone went be-
fore Justice w. T. Hall and complaint. charging
the officers OF the bank with embezzlement IN re-
ceivng money after the bank was insoivent, was
drawn up. Churchill surrendered himself ana iui'
nshed bonds for his appearance. President Spaln'
ing and Vice-Presdent Averl have not yet ap-
pearcd The officers may have some diihculty III
finding spalding Since the failure Of the bank he
has been ''prostrated" Friends say he IL under
medical care in the city At the Plaza Hotel, where
he lives said last night that he had no, been
there for twenty-four hours or more
Developments to-day have brought out 'he i"c'
that far greater amount Of University OF Illinois
furds is involved in the suspension OF the oahh
than has been supposed Two years ago the State
LEGISLATURE appropriated si23 600 OF which, accord
ing TO the State laws enough was TO be drawn OUT
monthly to meet the current expenses OF the oiii'
yersity. 1t appears however, that in consloerato"
of 2 per cent interest on the funds. the University
trustees allowed Treasurer Spalding 10 withdra"
the whole sum from the treasury. This is au-
mitted by members of the Board Thus, not Only
is 800 600 worth OF school bonds missing, but
s423 600 In cash is tied up. total Of ss8Go 10 add
to the complications. IT Is said that shouio I'es'
dent Spading be unable TO account Tor the iuhuS
his bondsmen will refuse TO be held respohsipie,
their defence being that private deal OF that hhu
between the University Board. the state Ireasury III
officials and Treasurer Spalding Is suIncieht cAuse
to release them from their obligations A., ~,
There is gross carelessness charged 70 .nS IN "a
versity officials during the latter part OF Mr sPad
ings treasurer OF the ina for ova1
two wears Nothing definite as TO MT opauiiiis
accounts with the University can oe as0ea va @
till next Tuesday In the mean time ue case az al
uc of chase DelWttH tilr
verslty Illinois and the Chicago li',e an anu % uee
who can get first claim the property or MT
Spalding -, ,ho ,rrs,ees Of the
University of Illinois Director leman, OF me IIoQe m
Savings Bank has begun suit Tor lnJunsctI99h1 "a = III u
the Circuit Court to restrain President spaiu,ts h
from taking anything out Of the vaults OF me
Globe Savings Bank or the vaults or me Iiope h
Safety Deposit Company, which were used oy ine h
bank This action Is said to have been taken pc
cause 1t Is not known where the bonds oeonxns IGN
II is said that In the vaults of the SAFETY DePos,s
Company spalding was supposed to Keep the oohcs
The Board OF Trustees Of the state UniyorSity y
which tho failure had loft the institution. At the
conclusion of the meeting President +; NJ Mackey
of the Board of Trustees gave out the following
spaidng, bond is for sooo which we .,.a are o in, n
"a ash belonging to various funds The trustees
have no definite information as 10 me CONDITION Q1
70 open his vaults at present He is to meet
the Board next Tuesday and make a iuli STATE
Nashua y. H.. April 9-The news that warrants
had been issued for the arrest Of the officials OF
tho defunct Globe Savings Bank OF Chicago, the
stock Of which is largely owned in this State, was
no great surprise TO the Nashua stockholders
While no open charges OF a criminal nature nave
been made here there have been many complaints
OF cement the part OF the bank oiiicials
and when about two weeks ago. n request that the
made. committee Of two was appoint ed
10 look into the banks affairs. Among the holders
OF stock in NewH Hampshire are the Nashua Saw
ings Bank. Wilton Savings Bank Milford Savings
Bank New-Hampshre Banking Company, two
hanks at Keene. and several private individuals
The banks. however not so heavily involved as
are the individual investors.