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ADMITS SHORTAGE H. Newbold Confesses To Deficit of in His Accounts Sanford, April people Sanford surrounding community greatly shocked this morning when became known that H. Newbold, cashier of the Peoples' the Bank, had confessed to shortage of approximately $44,000.00 in his accounts, and had been arrested and placed Lee county The bank did not open for busi notice the signed by the officers and directors stated that the institution had been closed until bank aminers auditors could make examination of the books of the bank. This taken prevent the possibility of run the today. Arrive. Examiners Williams and John Campbell of the State Bank ing Department arrived last night the that Newbold recently placed in the bank his secured note the amount the The Saturday night President Snipes, and Vice President Gavin, with rectors went Sunday officers the State Banking They returned here last night with This morning o'clock upon warrant sworn out President Newbold was committed jail. He was have had prelimihearing this before justice of the peace this and he remain until the term court unless granted the meanwhile. not known what became the money Newbold steadfastly refused talk about the matter. Upon being questioned he replied are the books, look There feeling among number people here that shielding some one outside the bank. Lived Simply. native Elizabeth came Sanford September, when the bank organized and became cashier of the institu and has charge since has bad habits and has been held esteem high the community. He wife and children have simply modest bungalow Chisholm street. He the board deacons of the First Baptist church and church of the choir that church. He the American Legion and of the Sanford Kiwanis Insurance Company. The Realty Company, fire agency owned by has offices the the bank building but has the Newbold bonded in surety com pany for $25,000.00. bank strong board directors. that thought depositors will lose the audit large frozen assets. probabl plans that the tution will reopened. Page Trust Sanford's maining deposits today exceeded of the defalca has created surprise the leading topic conversation all sides today. BANKING DEPARTMENT IN The People's Bank of Sanford, which was closed followthe Cashier was capitalized $25,000, had and deposits about was by the statement the bank the State Banking Chief State Sunday by four rectors the bank sought advice situation. Mr. Mitchell John the They remained Sanford
