Show GLOBE SAVINGS BANK I 1 Condition Believed to Be in a Worse I Shape Than at First Imagined Chicago April Developments today to-day have strengthened the belief that the affairs of the Globe Savings bank which closed its doors last Monday I are in a much worse shape than the directors are willing to admit In addition ad-dition to 140000 cash belonging to the diton I University of Illinois tied up in endowment en-dowment bonds of the value of 400 000 also the property of the university I are missing The bonds were entrusted en-trusted to President Spaulding of the Globe Savings bank President Spauld ing cannot be found and no one outside out-side of the trustees appears to know where he is Trustee Armstrong said r Spaulding claimed to be very sick and sent In a doctors certificate to that effect He promised to meet the directors on next Tuesday This afternoon a list of counties and school districts In Illinois was submitted submit-ted to Banker John Farson for purchase pur-chase The list was In possession of a firm whose name is withheld According Ac-cording to the law the university is allowed lowed to purchase county and school district bonds and Mr Farson knowing of the disappearance of the universitys securities expected them to be those listed He Immediately submitted them to the university trustee James Armstrong Arm-strong who gave it as his opinion that the bonds were undoubtedly those missing from the securities of the university uni-versity I was explained to Mr Far son that the bonds were given as security curity on various notes that the latter had not been paid and that the bonds were therefore offered for sale As Mr Armstrong is the absolute custodian custo-dian of the universitys securities it is not known how the bonds could ever have passed from his hands without his knowledge and consent |