BANK OFFICIAL'S FRAUDS

Dominion, Volume 11, Issue 60, 4 December 1917, Page 10

BANK OFFICIAL'S FRAUDS

AMAZING REVELATIONS. New York, September 12. It lias been proved that Joseph. Martindnle, president of the Chemical .Bank, one of New York's biggest houses, capitalised at £15,000,000, who died last July, was a common thief, who.' by means of. forgery and false entries, robbed one of the bank depositors, whos3 name is not revealed, of £60,000. Martindalo entered the bank at 16, and by constant attention to work rose to the highest offices in the business and public life, while eventually he achieved the refutation of a philanthropist. Now it is known that for sixteen years 1m Had systematically robbed the depositor, whoso losses have since been replaced by the hank. Martindale posed as the friend and adviser of the depositor, and the forged cheques on his acoonnt were always honoured by the unsuspecting cashier. His plan was to remain on duty whenevrr the bank inspectors were around, and an investigation shows that his embezzlements and forgeries could only have been perpetrated by an official of the bank in whom the directors and junior officers reposed implicit confidence. Martindale's strong card was "constant attendance and refusal to take holidays." This induced the Government bank examiner to report that "without holidajs men cannot remain physically and mentally fit,". He also endorses an annual vacation for bank officials, because "of the better opportunity afforded for an impartial check of the books and employees while on vacation, tosides the training given to understudies and assistants." The report concludes by urging all houses to profit by the errors of the Chemical Bank, and says that returns must be furnished of all employees who haYe not taken a holiday in five years.