Every evening, Wilmington daily commercial., 1920-12-18
STATEMENTS BY
OFFICIALS OF BOTH
Powder Co.'S Secretary-Treasurer
Says the Shortage is Some
thing Under $4,000.
MADE CONFESSION
To CHURCH OFFICERS
Admitted Using $4,000 Worth of
Liberty Bonds and Losing
Them in Speculation.
MATTER IN HANDS
OF BONDING COMPANY

Charles I. Fastm whose home Is az
Rrack-FN. and who has been assistant
treasurer of the Hercules Powder % ana
treasurer uf First-C CcntrRl Presbyterian
hurch. according 10 an officer 81 the
COMPANY and officers of the church, has
,icfaulted IN his accounts with each,
something loss than S5O,OO0 with the
r,u der company and 2l.0u0 with the
,burrh Variability az Liberty bonds and
t.mptet,ors of the stock market appear 70
10 the explanation
III rsch instance Eastman IS bonded
vtth The National surety Co, and the re-
jortcd shortage J. said 70 hc covered ny inc
bond the powder company ana me
church have placed the matter - the
hands vi the bonding company. me com
nany's local agent would make no state
mont today As 10 the course the company
following
I.p ~ noon there had been no legal
ret,ou and II was hlntcd that there might
~ he that settlement might hc madc ~
,ach case
Eastman today. it Is understood, con
erred with representatives Of the bonding
company and also officers Of the church
.n~rrssror TO CHURCH OFFICERS
Yesterday afternoon q r,Jmor was cur
,.1t 10 the effect that Eastman had DC
,.nlted with the Hercules Co. and also
,,,tb Tho church. This rumor reached the
,.,rS az the church people, among thcm
kndrer 4 GRAY. one Of the trustees, Mr..
,.,av cot INTO communication with Joseph
: Hamilton. a member Of tho church scs-
son. ard together they went 70 Eastman
home. At Brack-EN, where, Nj Gray
> ated today he made confession IS 70
he church shortage
MIR GRAY, when seen by representa-
n
matter. TODAY. made the following state
First and CENTRAL Presbyterian Church
- united last March under the name OF
IirS, and Central Church. Al that time
Eastman was elected treasurer OF the
united church. Yesterday afternoon last
man stated 10 Andrew c. Gray, trustee
al the church, and member Of the ses-
son Joseph ;. Hamilton that he had
taken from the safe deposit box 81 the
church in theI nited\ \ational Bank Liberty
bonds which tho church owned and which
lad a face value of ST. 900, and that he
lad lost them in speculation IN the stock
market He stated that otherwise his
church accounts would bc found correct
me matter has been placed in the hands
az the National Surety Co, his bondsman.
HERCULES STATEMENT.
n N.
cules Co. made the following statement
10 Every Evening today regarding Charles
T. Eastman, who has been assistant
treasurer.
In checking over the accounts Of
Charles r Eastman, assistant treasurer
of the Hercules Co, shortage has been
discovered The amount involved Is less
than $4,000 and the manner IN which the
shortage developed was by the taking OF
Liberty bonds from time to time, to be
used in connection with stock market
speclilations, in which Eastman was en-
gagged II appears that these speculatlons
have covered a period of seven years, but
that the taking of the company property
hss occurred only during the last year.
'sCharies + Eastman has been In the
emDlov OF the Hercules Powder Co, since
the time Of it's organization. at the begin
ming of 1918 during most of which time
no has occupied the Office Of assistant
treasurer. He Is related in no way to II. II
F.sstunan, treasurer of the company. He Is
under bond and the entire matter Is III
rho hands Of the bonding company.
The National Surety Co, Is the bonding
company.
REGARDED As EXEMPLARY YOUNG MAN.
Eastman has always been regarded
as An exemplary Young man and was above
srspicion About 40 years old, he and his
,r,fe and baby hve in a modest way at
Braek-Ex The announcement that he has
been speculating in stock is a surprise 10
rnost. of his acquaintances. He has been
interested IN church work for a long time
a. one time being especially prominent
~ the Christian EndeayOr Society.
Farlv this afternoon II was stated that
40 complaint had been made At the at
tornev-gcnerals Office.
An effort was made by Every Evening
renorters 10 find Eastman, to ascertain
whether he had any statement TO make.
A. his homo II was stated that ne had
gore IN town TO 20 TO Andrew G. Cray
nffice and also to the Hercules Offices.
4, Was learned that he was al Mr.. Gray s
aeice where church officials are said 10
have examined him in regard 10 the
cburch accounts. Whether he visited
tbe Hercules offices was moi learned.
The church session is understood 70
have held a special meeting last night,
~ which the matter was considered.
Al Eastman house, today, his wife
md brother were seen, the latter having
come down from NoTistown, Pa. They
said thew did not know enough about the
rnatter to make a statement, East man
being unoommunicative. Mrs Eastman
aid She did know that he was in financial
difficultv. but was not acquainted with
,t. defai