The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-12-24
AMOUNT SAID TO HAVE BEEN MIS-
APPROPRIATED BY FORMER
GLOBE BANK PRESIDENT
IS ARRESTED IN CALIFORNIA
PROCESSES TO BE INNOCENT OF
ANY CRIMINAL INTENT In
TRANSACTIONS INVOLVED
BIG SENSATION IN BOSTON

|
From the PubIic-Stnted That De-
pOsitOrs VIII Not Suffer, but That
Stockholders VIII BE Called UpOn
to Settle Shortage.
LOS ANGELES, Cal, Dec. 2S-CharIes
II. Cole, formerly president Of the Globe
National Bank of Boston, is under fed
eral surveillance at hotel in this city.
Mr.. Cole is charged in complaint, mall
| ed today by the Boston authorities, with
| appropriation and embezzlement of $780,
| 600, on four counts.
Yesterday United States District Attor-
ney Flint received a letter from the
United States district attorney at Boston.
asking that Cole be taken into custody
upon charge of Misrepresentation of the
funds of the Globe National bank, now
In the hands of a receiver. United States
Marshal Osborne proceeded to the hotel
where the Cole family was stopping and
learned that Mr.. Cole had gone to Redon-
do. Mr.. Coles son accompanied Mr.
Osborne to his fathers stopping place at
Redondo, where Mr.. Cole was informed
that the Boston authorities had re-
to return to Los Angeles and disclaimed
any intention or desire to escape. He
stated that the family visited California
for the benefit of Mrs. Coles health. He
assured the officer that he would make
no endeavor to avoid the serving of the
warrant
Later Mr.. Cole stated that during his
long incumbency as president of the
Globe National bank there had been over
loans, but these he had made good from
his personal property, and this he could
demonstrate. He intends to return in
justice to himself, to answer all charges
and dtsprove or explain them. This was
substantially all that the banker would
say concerning the case. He has secured
legal advice to safeguard his interests.
SON WAS ASTONIsHED.
Mr.. Coles son seemed astonished at the
accusation and declared that he, knew
nothing concerning his fathers affairs
and was not authorized to speak for him,
saying that the only explanation he could
offer for the bringing Of his father into
the case was that the securities he had
advanced to cover the over-Ioans had
been rendered insufficient by reason OF
stock fluctuations. He said that his
father owned copper mines in Utah
No warrant had been served by the To-
cal United States officials at a late hour
this afternoon
After his first statement regarding the
arrest and his connection with the Globe
National, Mr.. Cole refused to be inter
viewed and spent the day in his apart
ments.
Mr.. Cole was connected with the Globe
| National bank for nearly thirty years,
a few years as president. He resigned
last month
SURPRISE IN BOSTON
BOSTON, Dec. 23.-The first intimation
the general public received that there
was anything about the Globe banks af-
! fairs which might lead to an arrest was
received yesterday at a meeting of the
| creditors of John P. Squire & Co. H.
| w. Chaplin, the assignee of the firm,
stated that the Indebtedness of the -corpo-
ration to the Globe bank had been mis-
represented and made to appear almost
! double what it really was. Mr. Chaplin
| today said that the trouble had been
| known for some time, but that until the
! bank had been closed it had been consid-
| cred unwise, for business reasons, to
make known the conditions. 1t was inti-
mated, however, that no steps in the
matter were proposed by the Squire cred
| itors, and 1t is not known to what extent
| discoveries in this connection made. by
| Receiver Wing may have influenced his
action.
Bankers understood when the diff
culties of the bank first came to light
that an Indebtedness of $500 900 to the
clearing house had been found This, 1t
| Iotr
| although borrowed in the name of the
| bank. The amount, it is alleged, did not
| go through the books of the bank, but
passed to individual accounts It also
was understood among those acquainted
with the bank situation that this sum
was included In the 81, 500, 900 Indebtedness
assumed by Mr.. Cole and his associates
when he retired from the presidency of
| the institution.
Many savings banks in this state are
stockholders in the Globe bank. Among
| the heaviest are: The City Institution
| Lowell; Haverhill Savings bank, Peoples
bank, Worcester; Leominster Savings
bank; Salem Five-Cent Savings bank and
Worcester Five-Cent Savings bank
CITY AND STATE FUNDS.
Both this city and the state of Massa-
! chusetts are among the depositors at the
Globe National bank. City Treasurer
| turner SAID today that the deposits OF
the city aggregated $370OSS. Treasurer
Turner explained that the deposits were
| made when Charles H Cole was chair
man of the sinking fund committee The
present commissioners voted last week
| to withdraw the citys funds, but in view
| OF the assistance given to the bank by
the clearing house, 1t was thought there
| was no need Of haste
| Mayor Quincy stated today that the
| oft nf h0 o,,s0
| fenced by having the amount of money
referred to tied up in the bank The
amount Of the state deposit Is about $50,
00O
Mr.. E. A. Clarke whose name has been
mentioned with that of Mr.. Cole, in con-
nection with the banks affairs, when told
of Mr.. Coles arrest, said:
The time is not yet ripe for my state
ment The most 1 can say now is that
| an interview published on Thursday.
| which spoke of an inclination on the part
OF certain people to make Mr. Coolidge
and myself 'scapegoats, hits the nail
| very nearly on the head That is all that
| is necessary or proper to be said at pres
ent. Pending further investigation into
the affairs of the bank 1t would hardly
be becoming in me at this time to saw
what might be said"
CRIMINAL ASPECT.
The trend of affairs connected with the
closing Of the Globe National bank in
this city, for the first time developed a