Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-09-28
TULSA DAILY WORLD, FRIDAY, SEPTEMBER %, 1917

10 HuNc ltlleF OF lnIIouuCtlon to lne
president even then. The late Hetty
Green used its facilities. It's capital ls
100000 and its surplus $1,000, 600.
It's liabilities include nearly $4,000
600 OF deposits. according to its last
statement The bank has announced
It Will make good the loss OF the de-
positors from It's undivided profits.
Hut officials of the rock ribbed In
stitution next got "A greater surprise
than that given by the discovery of
Mr.. Martindale's dishonesty. They
were unable to find where the money
went The 56-year- old president left
his widow practically penniless. The
last few years ho had run thru about
100000 a year. besides the money
mulcted from the bank.
Mr., Martindale's salary was $50. 600
II year His services as receiver
brought his income up around the
100000 mark. lie lived a comfort
able life, but seemingly not a luxuri-
Gus one. lie had been estrnnged from
his wife for a number of years, but
she had always been treated most lib-
orally by him in money matters. lie
mad been allowing her, for herself
and grown daughter, $4,000 a year.
Did Not Speculate.
He was not known to be a spec1-
lator or a gambler. His judgment in
making loans for the bank was thot
marvellous. He seemed TO have no
business interests other than his ref
ular duties. And he attended scrupu-
lously to the affairs of the bank, often
being down TO work long before the
first clerk showed upland leaving late
at night. Only that one depositors
account was handled irregularH.
lie had made no extensive invest
ments In real estate. lie owned
home at Rockville Center, mortgaged
Tor $4,000, leaving an equity of $l0,-
600. small farm near Utica, n. Y,
was mortgaged to its fun value. lie
held some bank stock, but II was all
pledged as security for various loans,
which apparently were used In paying
for the stock.
One life insurance policy for SO, 900
was found in his effects. He had
taken 1t out thirty years ago when n
bank clerk. Creditors claims will wipe
out practically every penny. There
was no will. Yet 1t was said that Mr.
Martindale spent about $1,000 900.
What became OF II?
From a source close to the dead
bankers family information was
given which points TO costly friend
ships with women In the last ten or
fifteen years as a probable explana-
ton for the disappearance of large
sums. This information disclosed that
Martindale became involved in an af-
fair many years ago which brought
about his wife's separation from him.
When she learned that he was inter-
ested In another woman and that he
had been maintaining an expensive
a apartment for her, Mrs. Martindale
promptly withdrew hersVf and their
two daughters from the association
with him.
Inquiry among acquaintances and
at the Hotel Plaza. where he lived,
also revealed that Mr.. Martindale
lived on far more expensive scale
than his banking associates knew. 1t
was said at the hotel that he was fond
or giving very expensive supper par
ties with costly novelty souvenirs. But
even those who know of these things
were unable to understand how he
could have lived up income of $780,
600 year. involved his own estate
estimated at one time as worth $780,
600 and spent the 100000 distracted
from the deposits OF the elderly wom-
an depositor.
Bank officials have refused to tell
the name of the defrauded depositor.
In financial circles publicity to the af-
fair has been decried. But the comp
troller OF the currency. who revealed
the steal. says he believes publicity
Will do much good.
Wants Presidents Watched.
Already national banks thruout the
country have been ordered to include
In their next reports to the comptrol-
Ter OF the currency answers to these
two questionsi
How many officers are required to
sign each charge ticket" or debit
slip?"
How many officers or employees OF
the bank have authority to sign
charge tickets or debit slips?"
Mr.. Williams says that all bank Of
ficials and employees should be forced
to take vacation each year. so their
books and papers may be gone over
during their absences.
al sincerely hope much good will
come out of his evil" he said. This
should be a lesson to every bank In
this country to watch its officers Just
as closely as its humblest employee.
made this matter public in the inter-
ests OF the public, of public morality.
Inc case is mucn more or n lesson
than IL 1t were that of an humble en-
ployee. 1t is a warning to the banks
10 exact the same obedience from
their officers as from their clerks.
1T also should be a lesson to all
in banking institutions
not TO violate any rule. even for their
superiors. There is also warning in
this case to banks to regard with sus-
picton even president who makes IL
Il practice to show up with great reg
ularit ywhen the monthly statements
are being made up
No blame has been attached to any
employee, officer. director or exam
iner/of the chemical National bank. II
was explained that Mr.. Martindale
had SO carefully manipulated the ac-
count of the one depositor he had
robbed that 1t was Impossible for any
banking examiner to detect the fraud.
unless he had sent to every single
customer OF the bank a statement of
his account and had checked up every
single transaction-a task so big as to
make the proceeding almost impossi-
Bile. plan Is being considered by the
1t is said, to have national
banks send depostors two statements
at the end of each month, each to be
made out by different persons who