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Nebrask 205 Ban Face rial Frank W.-Woods, Formerly of Spencer, Surrenders to Answer Charge of Diverting Bank Funds. Gave Help to Farmers Frank W. Woods, formerly of Spencer, Neb., surrendered yesterday to Deputy United States Marshal L. H. Thomas to answer a charge of misapplication of funds of the First National bank of Spencer. He was one of the middlewest's well-known bankers, having big interests in a chain of banks in northern Nebraska and southern South Dakota. In addition he was an extensive dealer in real estate and a large cattle feeder. The Spencer bank failed in July, 1922. Shortly afterward the Gregory County State bank, Fairfax, S. D., Gross State bank and the Farmers' State bank, Fairfax, S. D., in which Mr. Woods was heavily interested, were forced to close. Several other banks in which he had large holdings were reorganized and are now reported to be prosperous. Claim Deflation Responsible. The deflation period was reported responsible for the failure of the Woods companies. Large land and cattle holdings were reported sold at a heavy loss. Mr. Woods was largely responsible for the breaking up of many large ranches in north Nebraska which are now being farmed intensively. Through his subsidiary organizations he was able to provide credit for small farmers embarking in business for themselves. / Mr. Woods was also president of the Refinite company, 1023 Harney street, whilch failed April 19, 1922. He was released on $5,000 bonds signed by Truman E. Stevens, receiver of the Refinite company. Was Reputed Millionaire. Mr. Woods moved to Omaha, about 10 days ago and now maintains a residence in Dundee. The complaint contains two counts, one charging misapplication of $2,245. the other of $2,298. It is signed by United States Attorney Kinsler. ) "I certainly had no criminal intent, but only tried to save my institwon," he said. "The complaint involves transactions between the bank and the Woods Credit company.'
