The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1921-05-16
SEIZE CASHIER
AND FATHER FOR
BANK SHORTAGE
Officials of State Bank
of Arcola Are Ar.
rested.

cashier of the Arcola State bank
and his father. NJ. T. Quirk, presi- !
dent, were arrested at 1880 O'Clock !
this morning On warrants sworn |
out by T. E. Lyons Of Champaign.
vice president. following the clos
ing of the bank and of a reported
shortage Of $500, 900.
ArcOla, ILL.,, May 1.-THE arcola
State bank did not open for busi-
ness this morning, T. E. Lyons, one
of the vice presidents. and the
board of directors requesting that it
be closed for an examination and
audit of the books. A shortage of
100000 is suspected.
Directors of the bank met Sun
day evening and decided to call a
meeting of the stockholders for
Monday. State Bank Examiner
Whitlock arrived IN Arcola Sunday
evening and held a meeting with
directors at which other bankers in
the county were present. 1t was
stated that the bank will be reop-
ened as soon as the audit is COM
plete, which will take several days.
The bank was considered one of
the strongest in the county and no
intimation had reached the public
that anything was wrong. The
bank was organized in 1894. A hint
from one of the bookkeepers to MIR.
Lyons, who lives in Champaign, is
reported to have started the investi-
cation.
M. T. Quirk is president of the
/ bank, and his son, John S. Quirck,
is cashier.
The Quirks Monday morning
signed over to the bank 100000
worth of property, all they have.
Neither will give statement. Other
banks of the county have indicated
they will loan the Arcola Institution
$4U0, 900 it the shortage does not
amount to more than that auiclnt
the directors said after the meeting
Sunday evening.
+, The sign on the bank door this
morning said the bank was closed
for an audit and was signed by W
Is. Whitlock, state bank examiner
The audit is expected to be com
pleted in two weeks.
1t is understood that John NJ
Ernst and Son, grain dealers, will
elevators here and at GaltOn, Ill.
are indebted to the bank S225,000
while worthless paper and over
drafts are said to amount to $175,
600.
Stockholders in a meeting thi:
morning passed resolutions asking
an audit ct once, determined II
make up the shortage if possible
and received word from Dougla:
county bankers that funds would bt
loaned to help meet the deficit
The Quirks were taken to Tuscola
county seat, where they hope Il
arrange bond.
According to bank officials, ]. NJ
Ernst, grain dealer at GaltCn, Ill.
: had overdrawn his account by near
: ly 100000 and the police quoted
John Quirk as confessirg to forger.
les totaling $4,000. Police were
sent to Galton to question Ernst.
: c. Z. Lyons today said that there
would be no loss to depositors II
the bank. He declared the boare
; i of directors would stand the loss
The senior Quirk is nearly q
years old and has always ranked
as one of the leading citizens o.
this community. His son is abou
As years old.
To Arrest Quirks.
Tuscola, ILL.,, May ie.-Warrant!
were issued here today for the ar
,, rest of John Quirck, cashier Of tht
Arcola State bank, at Arcola, Ill.
. eight miles from here, and for hi:
father, NJ. 4. Quirk. presiden
after the bank had been closed b.
j. State Bank Examiner Whitlock fol
lowing a shortage of 100000. Th'
warrants we're sent to Arcola to h