Spanish Fork Press | 1906-08-16 | Page 1 | The Bank's Funds Used in Cotton Speculation

THE BUNKS FUNDS USED IN COTTON SPECULATION Teller of Birmingham Alabama Dank It I Short 100000 But Depositor Will Lose Nothing Birmingham AlaWithin twelve hours on Monday Alexander R Chis holm paying teller ot tho First National Na-tional bank was arrested charged with tho embezzlement of 97000 ot tho banks funds given a preliminary hearing before United States Commissioner Commis-sioner Watson put under bond of 50 000 and falling to mako It Is In tho custody of the United States officials During tho afternoon W L Sims and C M Hays manager and assistant manager of a stock and cotton brokerage broker-age house wero arrested charged with aiding and abetting the embezzlement embez-zlement of National bank funds They were also given a preliminary hearing Monday evening and Sims bond was fixed at 50000 and Hays at 10000 Doth furnished bonds The shortage nt the First National bank was discovered while Chisholm was on his annual vacation W P G Harding president of the First National bank said that the bank would not lose tho wholo amount and that the defalcation would not affect the Institution It Is said that practically all the money was lost in speculating In cotton cot-ton futures and his losses havo extended ex-tended over a period of several months