MILLION DOLLAR NOTE HUNT

Press, Volume XCIII, Issue 27917, 14 March 1956, Page 11

MILLION DOLLAR NOTE HUNT

“PAYABLE TO ANY BEARER ” (N.Z. Press Association—Copyright) NEW YORK, March 12. The search went on today for a missing 1.000.000-dollar United States Treasury note. A Federal Bank official contradicted first reports that the note, lost in a labyrinth of file drawers in the Chase Manhattan Bank, was non-negotiable. He said it was payable to any bearer. But officials of the bank said the negotiability of the note was only a technicality, and that it would be impracticable for a non-authorised person to cash it. More than 100 weary clerks have been burrowing through some 4500 file drawers in the bank's four tiers of underground vaults since last Tuesday for the “misfiled” note. The hunt began when a smaller bank asked Chase Manhattan to return the note. The misfiling apparently occurred because the number of the file drawer in which it was placed was not recorded correctly. The search so far r has cost more than 4000 dollars in ■ overtime. ( An official said the note will be •‘almost certainly found.” If not, he i added, the bank’s insurance will cover a loss of that type.