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The romance and tragedy of banking; problems and incidents of governmental supervision of national banks

The romance and tragedy of banking; problems and incidents of governmental supervision of national banks

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...him to the United States Attorney and placing the bank in a condition to withstand the effect of the disclosures which would follow his arrest. This demand was promptly made, insisted upon, and complied with on August 27, 1906, but was not carried out in good faith by the directors of the bank, who, secretly and without the knowledge of the examiner or the Comptroller, elected him vice-president of the association, and continued him in a position which enabled him to still carry on his nefarious operations, and it was not known by the Comptroller that this action had been taken by the board until the name of this cashier appeared as vicepresident in the next report of condition of the bank made some time later. Under such a condition of affairs, with deception practiced upon him at every turn, and the records of the bank's transactions wholly unreliable, it was absolutely impossible for the examiner to determine the true condition of this bank during its active existence, and it was months after the association had been placed in the hands of a receiver before the extent of its liabilities on rediscounted paper could be definitely ascertained, and then only through the slow process of awaiting the filing and proving of claims of creditors. Many of the notes found in the bank were later proven to be forgeries when presented by the receiver for collection, and a number of those that were genuine were claimed by the makers to have been paid at maturity, but were carelessly left in the bank after payment, thus demonstrating the loose methods which prevailed, not only on the part of the bank in the conduct of its business but by some of its customers in their dealings with the institution. Much of the rediscounted paper that was not forged was in the names of ma...