Word: nutt
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Last week the following were news: ¶ Last spring Joseph Randolph Nutt, onetime board chairman of Cleveland's closed Union Trust Co., was indicted on a charge of dressing up his bank's statement with a $10,000,000 deal with Oris Paxton Van Sweringen (TIME, April 23). Last week after a trial before Cleveland's Judge Paul Jones, a jury of eight men and four women pronounced Mr. Nutt not guilty. Said he: "My conscience is clear." ¶ When John Jeremiah Pelley went to Washington to head the new Association of American Railroads (TIME...
...evasions of the spirit of the law. The investigators declared that Guardian Trust was "hopelessly insolvent" a year before it was closed by the banking moratorium, never to reopen, that it "has never published a statement of condition which has shown the true facts." Last month Joseph R. Nutt, onetime National Republican treasurer and Union Trust's onetime chairman, was indicted along with the bank's president and Oris Paxton Van Sweringen for an allegedly fraudulent deal to tone up the bank's statement (TIME, April 23).* The Senate report said that "one of the chief causes...
...agreement Mr. Van Sweringen signed was for the sale of $10,000,000 in government bonds from Van Sweringen Corp. to Union Trust Co., of which Joseph R. Nutt was chairman. The bonds were on deposit with J. P. Morgan & Co. against a Van Sweringen loan and were bound by indenture to stay there. But, said the grand jury, the Trust Company used its right of purchase to "window dress" its statement of financial condition in September, making it appear that saleable assets were higher than they really were. That was not all. Mr. Nutt had persuaded Mr. Van Sweringen...
...Nutt-Van Sweringen transactions were first discovered last year after Union Trust Co., which failed to reopen after the bank holiday, was taken over by liquidators. The State Senate had spent most of the summer raking over the muck left by Union's failure and the failure of another large Cleveland bank, Guardian Trust Co. But Cleveland businessmen raised their eyebrows skeptically over the rash of bank indictments that followed, including one against Guardian Trust's homely, church-loving President James Arthur House. They were ready to listen ast week to the explanations of Messrs. Mutt...
...Said Mr. Nutt: "Not a word was said ,bout the repurchase of the bonds at the ime of the original transaction. . . ." Next day Messrs. Nutt...