BANKER ON TRIAL

Timaru Herald, Volume CXXXVII, Issue 19450, 27 March 1933, Page 6

BANKER ON TRIAL

INDICTED FOR EVASION OF INCOME TAX. United Press Association —By Electric Telegraph—Copyright NEW YORK. March 24. Charles E. Mitchell, former chairman of the Board of the National City Bank, was indicted to-day by a Federal Grand Jury on a charge of wilful evasion of income tax for 1929. The indictment alleges that the net income was 2,823,405 dollars, whereas he reported a net loss of 49,000 dollars, therefore paying no tax. The indictment alleges that the income tax report was erroneous, in that he reported a loss from the sale of stocks of 5,484,0667 dollars, instead of a profit of 1,588,237 dollars. The difference is represented by a loss set up by Mitchell from the sale of 18,300 shares of stock of the National City Bank. The Government contends that this was not a bona fide sale. Mitchell pleaded not guilty to the charge of evading 573,312 dollars income tax in 1929. Bail will be continued in 10,000 dollars. The trial has been fixed for April