Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-23
E1- President of Boston Bank Charged
With disappointing Funds.
| IN CUSTODY AT Los ANGELES
He Quit the Globe National Two
Months Ago.
HIS SONS STATEMEN

Los ANGELES, Cal, December %
Charles Fl. Cole. former president of the
Globe National Bank of Boston, which fall
ed on Thursday last was arrested at Re
,dondo by United States Marshal Osborne
today and brought to this city. The arrest
was made on warrant charging him with
rnisappropriating government funds. The
information was sent from Boston to United
States Attorney Flint and arrived last
night.
MIR. Cole. accompanied by his wife and
son. arrived in this city last Sunday and
registered at the Van Nuys Hotel. Yester-
day they went to Redondo He made no
attempt to conceal his identity, though evil
IDENTIFY aware that his arrest was probable
Mr.. Coles son stated that his father knows
absolutely nothing about the banks affairs
He resigned from the presidency of the in
stitution about two months ago. The fam
lily went from Boston to Salt Lake City
where Mr.. Cole has mining interests. and
later came to Los Angeles on account of
Mrs. Coles health.
Mr. Cole has been connected with the
Globe bank for thirty years and his resig-
nation caused a sensation in Boston. The
prisoner will be held here awaiting adVices
from Boston.
The News in Boston.
BOSTON, December 23.-News of the ar
rest of Charles H. Cole, formerly president
of the Globe National Bank in this city at
Redondo. Cal. interrupted an unusual eff
fort on the part of the United States au-
thorities here to keep secret the fact that
any action had been taken to bring about
the arrest. The Associated Press dis
patches from Los Angeles, Cal, last night
said that United States officers were after
Cole. bur no one at the office of the United
a hara RI in he
day would acknowledge that warrant for
Coles arrest had been issued. As soon as
word was received that he was in custody.
however. ii developed that the warrant had
been issued during the forenoon and that
the authorities had little trouble in finding
the man when they actually wanted him.
The warrant was sworn out before United
States Commissioner FiSke before Special
Examiner Daniel g. Wing. acting under the
orders of the controller of the currency.
Owing to the reticence of those Interested.
it is impossible TO learn what charge Or
charges the warrant contains, but it is gem
orally supposed. and admitted by banking
officials, that the ex-bank president is ac-
cuSed eth r of classifying the books of the
bank or miSappiication of the banks funds,
possibly both. Cole will be held in Cali
tornia pending the arrival of the official
documents.
H. W. Chaplin Explains.
As far as has been learned. the
statement made yesterday by H. w
Chaplin. assignee of the John P.
Squire Company, that the accounts Of
the firm with the Globe National Bank had
been misrepresented and the Indebtedness
of the bank shown to be more than 81 900
no, whereas 1t really was about $500, 900,
will not result In any action at present 1t
appears that the allegation against the
bank was not prompted solely by recent
developments. but that in one way or an
other II had been made privately since the
trouble experienced by the bank early IN
November. which led to the resignation Of
Charles II. Cole. The open assertion was
not made until yesterday, it was explained.
Tor business reasons. but in view of the re-
ownership proceedings there was no further
need Of secrecy.
Mr. Chaplin said today that as the as
Signee of the Squire corporation in Justice
10 the creditors, he felt compelled TO ex-
PLAIN the exact situation. and he had az
counted for the actual Indebtedness OF the
hrn His duty ended there he said. and
as there now was no Globe Bank, there
seemed to be little chance for further ac-
zion. ''t AZ