The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-04-10
ECHO OF BANK FAILURE
Warrants Are Issued for the Chief
Officials.
CASHIER CHURCHILL GIVES BONDS


Was Taken in by the Globe savings
Bank When the Onicers Knew the In
stitution Was Insolvent University of
Illinois Cash May Be Tied Up.
Chicago, April 1O.-C. E. Churchill
cashier of the defunct Globe Savings |
bank, appeared before Justice Hall Fri
day morning and furnished bonds for !
his appearance on a charge of embez-
element. Warrants were issued Thurs
day night by Justice Hall for the arrest |
of c. w Spalding, A. ID. Avrill, and |
Mr.. Churchill, president, vice president,
and cashier respectively of the Globe |
bank. The warrants charged the Off
GERS Of the bank with embezzlement,
and We're sworn out by Frank T.. Stone
of the firm of Stone & Francis The
firm was a depositor at the Globe bank.
and the allegation is that money was
taken i'm after the officers knew that
the institution was insolvent.
The warrants were not given into the
hands of a constable Thursday even
Ing, but were taken charge of by Mr..
Stone. President Spalding is at pres
ent 1t is said. physically unable to APP
pear TO give bonds, but it is thought
Vice President Avrll will follow the
course pursued by Mr.. Churchill, in
stead of waiting for the inconvenience
of being arrested by constable
University Money Tied Up.
Something over 100000 in cash and
securities belonging to the University
Of Illinois was in the possession of {.
| w Spalding at the time of the failure
| Mr. Spading is the treasurer OF the
university. and il is feared by the trus-
tees Of that institution some OF thelr
securities and perhaps some of the cash
! has gone with the rest of the wreck.
! Mr.. Spalding was unable to appear he
fore them at their meeting. ard an
other meeting has been called for next
| Tuesday. At that time a new treasur-
I er will he elected and Mr.. Spalding VIII
| be asked to give an account or the
money.
There is gross carelessness charged to
the university officials during the lat
! ter part of Mr.. Spaldng' term as treas
! urer of the institution. IT is said MS
accounts have not been audited for over
| two wears His term expired the hrst
! part of March. but owing to a Disagree
ment among the trustees as to his sue
| cessor no election for a new treasurer
| has been held.
His Accounts Are Complicated.
Nothing definite as to Mr.. Spalding' )
accounts with the university can be as
certoined till next Tuesday The uni
versity has his bond for more IMAM
enough to cover his trust. but that the
( In Of =
essitv there is no certainty. In the
meantime the case assumes the aspect
of q chase between the University or
Illinois and the Chicago Title ana trust
company to see who can get first claim
on the property of Mr.. Spalding.
Henry w. Lehman, vice president OF
the Title and Trust company. acting Tor
tho deposltors of the Globe bank, IS
working tirelessly to get In ahead OF
the university people. He goes on the
suppostion that Mr.. Spalding is IN
debted TO the bank, although he does
not know this Following TINS plan MI
Iebman has secured injunctions against
all the property which is unoer .he
cortrol of Mr.. Spaldng. and which has
not been turned over to the 1ltle an"
Trust company as receivers of the de
| fInct BANK. he Is uoiub 'h'' w o. -
ahead of the university people
Holds Three Locked Boxes.
Learning Mr.. Spalding had some
nroperty in trust in the hands OF an
other. Mr. Lehman secured an lhJuhc
ton restraining the present holder IRON
disposing of the property he mas a's'
secured injunctions restraining any ON
from opening three boxes IN the 1iope
safety deposit vaults. which were KNOW
IN he accessible to Mr.. Spalding.
Nr Lehman said Friday morning
",This course may be useless one ou
/. 7 am only working to protect the oepos
itors. Then perhaps there may De ho'n
ing i'm the boxes which have attacheo
Y but If there is, and II MI Spaloihs
indebted to the bank, | VIII at least
. on the safe SIDE. :, =,
r c. f.. Churchill has decided all III
nroperty to the receiver OF the uioo
hank. and is assisting MIR. Lehman !,
@ sao,,r,no assets which otherwise cou
not have been collected lie saio'
III turns ont To he a grab between IN
university and the deposltors ! WIZ Y
all in my power TO see that the claim
of the latter are attended 10 hrst'
. window smasher Heard From.
Madison. wis, April 1O.-The distri'
attorney of st. Croix county has tele
: oranhed President Heg of the sta'
6oard of control that Maria Sweene!
The notorious window smasher or ASH
land and other places, is there In Gus
,odv and asking what should be DOR
with her Mr.. Heg consulted with GOV
ernor Scofield and 1t was decided
osk the county judge Of st. Croix cout
40 to commit her TO the Mendoza no!
= nital until an investigation can be mao
l of her case
)c LIVES LOST AT kNONV'lIe'
x p.rsons Perish In the Fire and a