Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-04-12
ENLIGHTENMENT Of
S17Q.O0O IS CHARGED
|. To CARROLLTON NAV

| CARROLLTON, Ga, April s.-A
Carroll county grand jury yesterday
returned seven true bills against H,
N. Spence, former cashier of the
Carrollton bank, charging that TOR
the past four or five years he has
robbed the bank of about $4,000.
The bank was forced to close in
February on account Of this short
age and auditors have been working
TO discover where the money is for
the last two months.
On Yesterday afternoon, just be-
fore the impaneling of the special
grand jury, a prominent cotton buyer
of Carroliton confessed that he and
Spence, former cashier of the bank,
had been specializing in New York
on the cotton market, Mr.. Spence be-
ing partner and furnishing one-half
of the money. He stated that state
ments could be obtained from others
that they had been specializing with
the former cashier also, and that all
of this money was practically lost
on the New York Cotton exchange.
Mr.. Spence has been arrested, hav-
ing been served with three warrants,
as follows: First, misrepresentation
of the banks funds for his own use;
second. by false entries with intent
to defraud the bank; third, emoezzle-
ment.
He was bound over to the grand
Jury under a bond of $4,000, and
when the grand jury convened on
Monday, with Judge c. E. Roop, pre-
siding, through his counsel spence
filed objections alleging that Judge
Room was Stockholder IN
the bank and was disqualified, that
the clerk of the court was a klns-
man Of Mr.. Spence and was disquan-
fled, and that the sheriff, W. A. Gar
rett, was a depositer in the bank and
was DISQUALIFIED. He also filed OBJ
tections and put the court on notice
that he would object to any one sere-
lated to a stockholder or officer or
a depositor in the bank, to the eighth
degree of consequently or affinity,
It seemed for a while that 1t would
be impossible to secure q grand jury
on account Of relations: Judge Roop
Tallapoosa circuit, to preside, and
Thursday morning Judge Irwin I'M
mediately drew and summoned thirty
additional grand Jurors and held that
Juror related to deposltor was
not disqualified. The qualified jury
was impaneled and sworn and the
cases were brought before them. On
Friday afternoon, before O'Clock,
seven true bills were found against
Spence. ..o
According to L. H. 6enneLI, staIo
Superintendent of banking, who was
in Carrollton during the grand jury
Investigation, the state banking. de-
partment has had the banks affairs
under supervision for the past three
weeks, endeavoring to adjust mat
tiers without closing the institution.
He declared that state bank exam
iners discovered a $4,000 shortage
about three weeks ago and that fur-
Their investigation revealed a FUR
Their shortage amounting to approx
mately $4,000, while the examina-
ton has not yet been completed In
detail.
that the banks assets. certain prop
erty turned over to the bank by
Spence, and the assessments to be
levied on the stockholders, would en-
able all the banks creditors to OBJ
tain settlements in full.
The bank is capitalized at 100000
with surplus, of approximately $780,
600 and undivided profits of about
$4,000, according to Mr.. Bennett.
The officers of the bank are: c. Fl.
Stewart, president; H. M: Spence,
vice president and cashier; directors,
J, l.. Kaylor, G.. A. Hogan, G.. E.
Roop and B. F. Boykin.