Word: bankes
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Dates: during 1920-1929
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Died. Hudson Clarke Sr., 78, of New York, paralytic father of the Brothers Clarke (James, Philip, Hudson Jr.) who were recently convicted of embezzlement after their private bank failed (TIME, July 22); in New York; of "broken heart and humiliation...
...while detectives were still searching for the missing banker, the half-million fraud produced another surprise. For what had Banker Waggoner done with his $495,000 drafts? Cashed them and gone to South America? Not at all. He had used the money to pay to other banks money which his Bank of Telluride owed them. He had robbed Peter (the six Manhattan banks) to pay Paul (three banks which were creditors of his bank).* Thus Waggoner had apparently not engineered his scheme for any personal profit, but had sacrificed himself for his bank, which for a long time had been...
...seem that Mr. Waggoner had made an empty gesture, that so soon as the fraud was discovered the $500,000 would be returned. Unfortunately, however, no such simple solution appeared likely. For, fraudulent as the transaction undoubtedly was, its execution had been unquestionably legal. So soon as the Chase bank certified the drafts
...they acquired virtually the sanctity of banknotes. Two of the drafts, indeed, were cashed before their illegitimate origin was discovered; on the third?the $225,000 draft to the Pueblo bank?the Chase bank refused payment in order to make a test case, go into court and turn the problem over to the law?or rather the lawyers? of the land. Certainly the defrauded banks were sadly tricked. On the other hand the innocently profiting banks have legally collected a legal debt and, considering the Bank of Telluride's condition, they perhaps received their money in the only manner that...
...banks and their respective contributions to the $500,000 credit were: Chemical National Bank (on order of the First National of Denver), First National (on order of Denver National) each $100,000; Guaranty Trust Co., Harriman Trust Co., National City Bank (on order?respectively?of U. S. National, American National, Colorado National) and Equitable Trust Co., each $75,000. * The three banks and the amounts he sent them were Hanover National of New York, $200,000; First National Bank of Pueblo, Col., $195,000; Continental Bank of Salt Lake City, Utah, $30,000. He also used...