Bank of Edwardsville (Edwardsville, IL)

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Reveals Bank Shortage

April the bank of Edwardsville by made today by president George ed run the institution.

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Defalcation Of Illinois

Edwardsville, III., April W. Meyer, president Bank of Edwardsville, announced today that the bank's cashier, Frank Sanders, had misappropriated of bank funds, the money finance motion picture theaters other private ventures. Sanders has reimbursed the bank of the loss, Meyer said, the directors have raised to make the balance, under Sanders' promise raise the money them back in announcement cording to restore public confidence during slight on bank this morning. All of the officers present and representative of state auditor's fice hand corroborate Meyer's statements.

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FUND RAISED TO MAKE UP SHORTAGE

By The Associated Press EDWARDSVILLE, III., April 15.George W. Meyer, president of the Bank of Edwardsville, announced today that the bank's cashier, Frank B. Sanders, had misappropriated $143,000 of banks funds, using the money to finance several motion picture theaters and other private business ventures. Sanders has reimbursed the bank for a part of the loss, Meyer said, and the directors have raised a fund to make up the balance, under Sanders promise to raise money to pay them back in full. The announcement was made, according to Meyer, to restore public confidence during a slight run on the bank this morning.

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Taken By Cashier, Says Head of Bank At Edwardsville

HOOVER'S WING OPENS SEASON

President of Institution AnOfficial nounces Money To Run Theatres; Run Halted When He Pays Back Part and Directors Pledge Balance.

ILL., April Meyer, president the Bank of Edwardsville, an nounced today that the bank's shier, Frank had appropriated $143,000 of bank using the money to finance several motion picture theaters and other private business ventures. Sanders reimbursed the bank for part of loss, Meyer the directors have raised fund to make up the balance, under Sanders' promise to raise the money pay them back full Slight Run Halted The cording to restore confidence during slight the bank this morning All of officers present and representative of the state auditor's office hand to corroborate Meyer's on Sanders has been discharged cashier but not under arrest When the was recently said, Sanders handed over in securities $40.000 cash. Meyer said the cashier principal owner the United Operating which own. the Princess Theater Alton Wildley Theater ville and Woodriver Theater Woodriver latter buildmore than The ing Alton Theater recently Paramount interests for $50.according to Meyer to place Woodriver to make balance his shortage. that recently an investigation of plaint by disappearance stock deposited collateral for loan Sanders public adof He 45 years old, and had been with the bank than The of Edwardsville, foundin has according to its December 31 Deposits on that date totaled $2,700,000 The (Continued to Page Nine)

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USES BANK FUNDS FOR OWN USE

Edwardsvil April 15. (A.P.) George W. Moyer, president of the bank of Edw dsville, announced to day that the bank's cashier, Frank B. Sanders, has misappropriated $143,000 of bank funds, using the money to finance several motion picture theatres and other private business ventures. Sanders has reimbursed the bank for part of the loss, Meyers said, and the directors have raised a fund to make up the balance under Sanders' promise to raise the money to pay them back in full. The announcement was made, according to Meyer, to restore public confidence during a slight run on the bank this morning. All of the officers were present and a representative of the state auditor's office was on hand to coroborate Meyer's statement.

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PERSISTENT RUN IS WEATHERED

Officers Plan to Open Again Today and to Pay in Full All Depositors Who Wish to Make Withdrawals.

Charges against Frank Sanders, 45, cashier of the Bank of Edwardsville, whose misappropriation caused persistent the bank, will brought the bank that restitution funds been made, George Meyer, president of the bank, said last night. know about in Attorney Bohm about the prosecution of Sanders. He declined to what action, it say he would State Auditor Nelson, who has jurisdiction over all state banks, said prosecution is up to the direcand the State's Attorney. "We made an examination of the bank some time found shortage." he said. was reported to bank officials and the money has been returned." The Attorney General Oscar Carlstrom has not quested to intervene the bank case. In Illinois the practice the State's Attorney to initiate any proceedings growing out of falcations. The Attorney General does appear such cases cept in instances where the ment of special prosecutor is quested.

Weathered Run. The bank weathered the run yesterday and announced this morning to paying positors to their money. The bank an tional shipment cash yesterday afternoon from the Federal Reserve Bank at St. Louis, which with the restoration of the misappropriated funds, puts in position to meet all demands upon it, officials said. Sanders made no statement. care to say anything," reply to requests for his answer to the charge. He started his banking career minor capacity with the old First National Bank of Edwardsville, but became an employe of the Bank Edwardsville fifteen years when the two institutions merged the He lives with his wife and son

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Edwardsville Bank Will Not Charge Defaulting Head

Officers of Institution Satisfied With Restitution Made by Cashier, President Says.

Edwardsville, Ill., April 16.-(UP) Charges will not be preferred against Frank B Sanders. 45, cashier of the Bank of Edwardsville here. who is accused by bank offificials with misappropriation of $143,000. George M. Meyer. president of the bank said last night. According to Meyer full restitution has been made. A persistent run on the bank throughout the day yesterday. resulted from news of the misappropriation. The bank opened as usual this morning and officials announced that with the restored $143.000 and a shipment of cash received from the Federal Reserve Bank at St. Louis the institution is in a position to weather a continuance of the run today. Sanders' only answer to inquiries concerning the charge have been "I don't care to say anything.' Bohm Silent. The shortage was discovered when an audit of the bank's books was completed by state examiners State's Attorney Bohm. when questioned as to what action he Turn to Page 2, Column 2

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Cashier Will Make Good His Shortage

Edwardsville, III., Apr. 15-(AP)George W. Meyer, President of the Bank of Edwardsville, announced today that the bank's cashier, Frank B. Sanders, had misappropriated $143,000 of bank funds, using the money to finance several motion pic ture theaters and other private busi ness Sanders has reimbursed the bank for a part of the loss, Meyer said and the directors have raised a funo to make up the balance, under San ders' promise to raise the money to pay them back in full. The announcement was made. according to Meyer. to restore publi confidence during a slight run on the bank this morning. All of the o: ficers were present and a representa tive of the State Auditor's office was on hand to corroborate Meyer's statements.

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Cashier Takes $143,000 To Back Movie Theatres

EDWARDSVILLE, III., April 16. (AP)-George W. Meyer, president of the Bank of Edwardsville, announced today that the bank's cashier, Frank B., Sanders, had misappropriated $143,000 of the bank funds to finance several motion-picture theatres and other private business ventures. Sanders had reimbursed the bank for a part of the loss, Meyer said, fund to make up the balance under Sanders' promise to raise the money to pay them back in full. The announcement was made according to Meyer, to restore public confidence during a slight run on the bank this morning

Mrs. F. K. Wylie, state officer Mrs. William Wrigney, representing local young people's missionary society: Mrs. E. L. Adams. delegate from Madisonville Woman's Missionary Society of the Methodist church, and others are attending the Louisville Annual Missionary Conference in Greenville this week

Rim wrenches, any size, 35c a

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WILL PROBE $143,000 ILLINOIS BANK DEFICIT

Grand Jury to Investigate Sanders Case at Edwardsville.

Two officers of the Bank of Edwardsville yesterday disclosed that information against Frank B. Sanders, cashier and motion picture show owner, who diverted $143,000 from the financial institution for his be placed before the Madison County grand jury early this week. Heretofore, it was commonly believed Sanders would escape prosecution. Following the misappropriation, which a persistent run on the it was by President M. Meyer that partial restitution had been made; that the defaulting cashier in position to pay the remainder, and that, if accounts were squared, no charges would be pressed. Although no official announcehas forthcomin from directors as to the exact amount restored by Sanders, it has been ported the sum was $110,000, still leaving deficit of $33,600. at Montebello, Mo., twenty-two miles south of St. Louis. There will be baseball game between the "Stouts, captained by Rev. J. Le Clere. and the "Leans," led by Rev. R. E. Alex-

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for reward for the Frank ders, former cashier of the Bank of Edwardsville, who under indictment connection with alleged about the institution's funds, was announced yesterday the Madison County Bankers' eration and the Bank of Edwardsville. The shortage was announced Ap15, George Meyer, president. Sanders indicted by the Madison County grand jury June but the Sheriff's office has never been able to find him to bench He disappeared about the time the voted. He was reported having been seen in Edwardsville several times the shortage came known but not since the dictment returned. Of the reward $500 will paid for information leading Sanders' arrest and $500 upon his conviction. Members of his famare still in Edwardsville, but thorities have not been able find any trace of his whereabouts. Sanders' alleged defalcations caused persistent on the bank, was stopped by officials sufficient to prevent closing the institution. It has continued steadily in operation since. When the shortage became known President Meyer said Sanders made partial restitution and the directors contributed other funds offset the loss. He said Sanders had used the funds to finance chain of theaters and other outside business ventures.