The Providence news. (Providence [R.I.]) 1891-1906, 1897-04-09
WARRANTS OUT.
Bank Officers Charged
With CrOOkedneSS.
New Turn in Affairs of Globe
Savings Institution.
The President is Said TO Be Suffer-
ing From Prostration.

Chicago April 9-Warrants for the ar
rest of Charles W. Spalding, president
A. ID. Averill, vice president, and G. f..
Churchill, cashier of the dcfunct Globe
Savings Bank have been sworn out by
Frank Il. Stone of the firm Of Stone *
Francis, depositors in the institution.
Mr.. Stone went before Justice H. Hall
and complaint charging the officers Of
the bank with embezzlement was drawn
up The three warrants were at once
issued and will bc served some time today
The officers may have some difficulty in
finding Spalding. Since the failure of
the bank he has been Frustrated.
Friends say he is under medical care in
the city. At the Plaza Hotel where no
lives 1t was said last night he had not
been there for "a hours or more The
complaint charged Spalding, Averill and
Churchill, being officers OF the bank
"corruptly, wilfully, fraudulcntly and
feloniously did receive from Frank Il.
Stone of Stone Il Francis, tho sum of
$500 on lawful money, on account Of that
firm which was In no way Indebted To
the bank at that time. The deposit it
Is alleged was made on March ~ and
after that date the sum of s35 was with
drawn. The complaint further
charges that when the deposit was made
the bank was insolvent and because of
such Insolvency tho money was lost TO
stone ~ Francis making the officers
guilty of embezzlement. The complaint
was similar TO the one on which W. :.
Dryer was arrested at the instance OF
Frank T.. Kennedy, one of the depositors
in the formers bank.
On Sunday afternoon q meeting OF de-
positors of the Globe Savings bank will
DC held. Mr.. Stone and other depositors
sent out a notice. to dopo sitors of the
A - a. -.
ing when action will be taken To form an
organization To investigate and prove the
failure of the bank and take such other
action as Will protect their interests in
the premises.
stockholders Not Surprised.
Nashua, y. H., April 9--The news that
warrants had been issued for the arrest OF
President Charles W. Spalding Cashier G.
il. Churchill and Vice President a. ID.
Averill of the 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 criminal nature
have been made here there have been
many complaints of mismanagement on
the part Of the bank officials. The state
ment made by Cashier Churchill, when he
came here two weeks ago to consult with
the local holders of stock that the bank
had lost heavily through deprecated wes-
tern securities was believed and there is
little question as To its truth. Mr..
Churchill however, was informed that in
the opinion of the stockholders the bank
had not been conducted properly and his
request that the stockholders contribute
an assessment of 30 per cent was refused.
Instead, n committee OF two was appointed
TO look into the banks affairs, the insti-
tuition at that time not having made an
assignment. The stockholders have taken
steps to be represented at all proceedings
and while they are not very hopeful of tho
situation they expect TO save part of the
money invested. The cashier gave the
stockholders To understand that unless
they paid the assessments the bank would
have to close its doors. Among the holders
of stock in New Hampshire are the Nashua
Savings Bank, Wilton Savings Bank, Mil
ford Savings Bank, New Hampshire Bank
ing Company, two banks of keene and
several private individuals