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BANK IS CLOSED AT BEULAH, MO., CASHIER IN JAIL Model Young Man Lost $30,000, More Than Institution's Capital and Surplus, Dabbling on New York Exchange. HE TOLD WIFE AND SHE MADE HIM CONFESS ALL So J. M. Vance Occupies Cell at Rolla and Does Not Want Out on Bond—Peculations Covered Five Years. BEULAH, MO., Oct. 17.—(Special.)—J. M. Vance, 35-year-old cashier of the Beulah, Mo., State Bank, was the town idol. Born and reared in Phelps County, Vance lived here in a modest manner with his wife and four small children. Parents pointed him out to their sons as an example of what clean living could accomplish. He was the man without a vice. But Vance yesterday admitted to a state bank examiner that for five years he had secretly speculated on the New York Stock Exchange with funds belonging to the bank. Today he is in the county jail at Rolla. As usual, things went wrong and the amount of Vance's peculations finally reached $30,000, which was just $10,000 more than the bank's total capital and surplus. Wife Urged Confession. In a spirit of remorse, Vance told his wife all about it Monday night, and she made him promise to make a clean breast of it and take his punishment. He agreed. On Tuesday he went to Rolla and confessed to the officers of the Rolla State Bank, correspondent for the bank at Beulah. "I came to Rolla because I didn't have the courage to face my board of directors first," Vance told them. The Rolla bank immediately ordered the Beulah bank closed. The next day Vance repeated his confession to an amazed board of directors. Yesterday he again admitted his peculations to the state bank examiner and Prosecuting Attorney A. Ben Holmes. After his statement was concluded, Vance returned voluntarily to Rolla, thirty miles north of here. Holmes issued a warrant charging embezzlement and Vance was lodged in jail. He stated today that he did not desire to get out on bond. Thirty-Six Banks Closed. The failure of the Beulah State Bank makes the thirty-sixth state bank that has closed its doors in Missouri since the first of the year. According to the last sworn statement, the bank's deposits totaled $24,000; loans, $53,000; capital, $10,000; surplus, $10,000, and total resources, $61,360.67.
