The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-10
WARRANTS ARE OUT
STATE OF ILLINOIS AFTER THE
GLOBE BANK PEOPLE

GLOBE BANK PEOPLE
President SpaIding, Vice President Averill
and Cashier Churchill Are on the List
Trustees of the University of Illinois
Are Likely to BE Caught Between a
Broken Bank and a Set pr BaIky Bonds
men, Who See a Good Way to Get Out
of Bad Job Injunctions in the Case
The Eastern Investor
Chicago, April 9.-Warrants for the ar
rest Of Charles W. Spalding, president;
A D. Averill, vice president; and c. Z.
Churchill. cashier, of the defunct Globe
Savings bank, were today sworn out by
frank L. Stone, of the firm Of Stone &
Francis, depositors in the institution.
Mr.. Stone went before Justice w. 7.
Hall and complaint charging the Off
GERS with embezzlement was drawn up.
The three warrants were at once issued
and served later in the day.
The officers may have some difficulty
IN finding Spaulding. Since the failure
OF the bank he has been "prostrated."
Friends say he is under medical care IL
the city. AZ the Plaz hotel where he
lives it was said last night that ne had
not been there for "A hours or more.
The complaint charges that Spaulding,
Averill and Churchill, being officers of
the bank, "corruptly, wilfuliy, fraudu-
iently and feloniously did receive from
Frank L. Stone the sum of $500 in law
full money, on account of his firm, which
was in no way indebted to the bank at
that time"
The deposit, it is alleged, was made
on March "a. and after that date the
sum of S35 was Withdrawn. The COM
plainant further charges that when the
deposit was made the bank was insolv-
ent, whereby and because of such in
solvency the money was lost to Stone &
Francis, making the officers guilty Of
embezzlement.
The complaint was similar TO the one
en- which Z. s. Dreyer was arrested at
the instance of the depositoTs in the for
rners bank.
On Sunday afternoon, a meeting of de-
DDslLDFS
De held. Mr.. Stone and other depositors
have sent out a notice TO the depositors
CT the Globe Savings bank 10 attend the
meeting, when action viii be taken "to
form an organization 10 investigate the
failure of the bank, and take such other
action as will protect their interests in
the premises"
Cashier c. E. Churchill surrendered
himself today and furnished bonds for
his appearance.
President Spaulding and Vice Presi-
dent Averill have not yet put in an ap-
pearance.
UNIVERSITY FUNDS.
Developments today brought out the
fact that a far greater amount of Uni
versity of Illinois funds is involved in
the suspension of the bank than has
been supposed. Two years ago the state
legislature appropriated S432. 600 of
which, according to the state laws enough
was to be drawn out monthly to meet
the current expenses of the university
L appears, however, that in considera-
ton of 215 per cent interest on the funds
the university trustees allowed Treasur-
er Spalding 10 withdraw the whole sum
from the treasury. This is admitted by
members Of the board. Thus not only is
100000 worth of school bonds missing
but $4,000 in cash is tied up. a total
OF $S2S. GEO To add to the complica tons
Il is SAID that should President Spaldirg
be unable to account for the funds his
b0ndsmen will refuse to be held resDon-
Eible. their defense being that a private
deal of that kind between the university
board. the state treasury official and
Treasurer Spalding is sufficient cause to
release them from their obligations.
There is gross carelessness charged to
the university officials during the latter
part Of Mr.. Spalding's term as treasurer
Of the institution. 1t is said that his ac-
counts have not been audited for over
two years. His term expired the first
part Of March. but owing TO a disagree
ment among the trustees as 10 his sue
cessor no election for a new treasurer
har been held.
Nothing definite as to Mr. Spauldiug's
accounts with the university can be as
cer:ailed till next Tuesday In the mean
time The case assumes the aspect Of a
chase between the University of Illinois
and the Chicago Title and Trust COM
pany, assignee OF the suspended bank.
to see whO can get first claim on the
property of Mr.. Spalding.
SPALDING CAN'T NEEDLE.
Chicago, April 9.-Acting on the sug-
gest:on Of the trustees Of the University
of Illinois, Receiver Leman. OF the Globe
Savings bank. which closed its doors last
Monday, has begun a suit for injunction
In the circuit court to restrain President
Spaiding from taking anything ont Of
GsSSMM