Every evening, Wilmington daily commercial., 1920-12-17
BUSH ARRESTED, HELD IN
S100,0O0 BAIL FOR TRIAL
He Made Voluntary Confession,
Told Where Bonds Were and
Surrendered Home.
VERY LITTLE. IF ANY.
LOSS is SUSTAINED
Bank. as Well as Depositors, IS
Amply Protected, Officials
State.

William Bush, secretary and treasurer
Of the Wilmington Savings Fund Society,
was arrested last night charged with the
rmbezzlement of S200.00O worth Of Sc
,.tirities belonging 90 the society Today
ne was arraigned before Magistrate Strsd-
lev and walved hearing. He made no
statement. He was held in 100000 bail
to await tho action Of the grand jury.
Being unable to furnish bail bond, he
was committed to the New Castle county
workhouse.
According TO Frederick T.. Stone. prpsi-
dent of the Savings Fund Society, all
nf the emhezzlcd securities have been
located and the society viii be compelled
TO pay small amount. relatively, 10
get them back.
The defaulting official has given the socie
~ bond covering the loss and has also
turned over his dwelling, at 2425 Delaware
avenue, which il a valuable property.
That being the cAse the society will sus-
tain very little If any. loss, not enough
10 make anv difference in the conduct of
rs affairs or TO affect its assets to sny APP
preciabIe eysSrt The interests of all Of
the 81 900 nDsitors, as we'll as the bank
,issli, are protected, President Stone
7NF 81 !" NShsANH5 - > HfAAFfN CoN.N.AH
sIONER.
George L. Medill, State Bank Com
missioner. after making an investigation
AZ the Wilmington Savings Fund, today,
made the following statement:
The probable loss TO the Wilmington
Savings Fund. as result of the alleged
defalcation of the treasurer. William Bush,
IS small and will in no way affect the
safety Of the depositors or the solvency Of
the Institution. The society was IN
demnifed by surety bond and otherwise
for the greater part OF the loss.
According TO the last annual report
snd the conditions are even better now
the total assets aggregated sl5,S7S, ,943 l6,
being itemlzed As follows.
l. :. government bonds. 81 SOS, 1873;
state. county and city bonds, s2.733.-
745.05. corporation securities, $685.
S,}2 90. mortgages on real estate, S4, ,2e5,-
SIS 90: accrued interest on investments.
Sl3S, Isl %: banking house, Sill 900, 90;
collateral loans, S5l7.5O000: cash, s645,-
334.06: total, SI5,s7S.943.16.
VOLUNTARY CONFESSION.
The arrest was the direct outcome Of a
confession made by Bush TO the officers Of
the " ilmir gton Savir Is Fund Society,
few days ago. Under the bark rules then
vas custodian of securities Some days
agO. President Stone SAID, when asked
about the matter today, Bush came before
the officers of the society and told them
what he had dore, which WAS the FIRST in
timation they had that he was an en-
bezzler.
In the warrant. which was subsequently,
issued by Magistrate Stradley, Bush Is
accused of embezzling, on October l,
three United States certificates Of deposit
for $4,000 each and also 50 81 900 bonds
of the Mobile and Ohio Railroad Co,
Equipment Trust.
Bush told the bank officers that ne had
taken the securities ard pledged them
with local investment brokers, as collateral; ;
that they were still in possession Of the
brokers and could be recovered on payment
Of the brokerage charge.
The society at once took steps 10 re-
cover the bonds and Mr. Stone said today
that they will all be recovered. In addition
the society has Bush $ house. which may
net the cost of getting the bonds back.
This would wipe out all loss
The society also took the matter up with
the authorities nd Bush was placed under
surveillance. He made no attempt TO
leave town. Last right the warrant was
served bv State Detective Frank ". Nc
Gov on Bush at his home. The detective
.r,ent the night at the Bush house, with
bush as his prison er there, and early TINS
morning the latter WAS brought into Magis-
trate Stradley's office, being formally
arraigned at $50.
Bush came 10 the magistrate office pre-
nared to 20 TO the workhOuse, brir CIR z
with him in q suitcase such thin g as he
might iced there. he appeared resig' ed
10 his fate and was uncommunlcattive.
CANNOT HAPPEN AGAIN.
Immediately following Bush's confes-
siop the authorities of the Sayag gs Fund
char ged the system 80 that il will not be
possible, hereafter, for securities to be
taken away Irstead Of beirg in the Gus
,odv of one official, number will have
charge of them and they will be otherwise
safeglarded.
According to MIR. Stone, all Of the Sc
curities have been gore over and the orly
ones missing are the ones Bush admits
taking away, as gwen above. When the
seni-annuaf audit Of the banks assets
IVES made last summer all Of the securities
were intact.
Bush resigned when he made his con-
(ession The resignation was immediately
accepted and Stuart J. Horn, who has
Confinued on maze d