Norwich bulletin., 1917-09-12
Bank President Forger, En'bezzler
THE LATE J. B. MARTINDALE
 OF NEW YORK
THE CHEMICAL NATNAL
Manipulated a Wealthy Depositor's Account Through Forged Checks and Debit Slips" the Latter Signed by Himself as President@Total Taken About 3o0,ooo.

Washington Sept. 11.@ComptrolleI Williams issued a statement tonight that the late J. B. Martindale presi- dent of the Chemical National Bank of New York, who died in July 1917, was an embezzler and forger to the extent of about $300,0OO. The amount was taken the comptroller announced. from the account of a wealthy depositor and the bank has arranged to make good the entire sum.
 Williams said, were not impaired in the slightest degree by the alleged opera tions of Martindale. The statement follows:
 that J. B. MartindaAe, the late presi- ident of the Chemical National Bank, who died in July, 1917. was an em- bezzler and forger to the extent of about $30o,000. He had been president of teh bank since December, 1910; and prior to that had been for a number of years its vice president
 Capital Not Impaired.
 Its loss will not impair in the slightest degree the capital and sur plus of the Chemical National Bank which amounts at this time to ten million dollars; but will be charged out of it's undivided profits" which at the present time amount to over $1 800 900 after charging off the $3O0,- 900.
 Manipulated a Deposit Account.
 "The suspicious of the banks of- fcerS were aroused while Martindale was absent fronrthe bank, i'll in hos pital, shortly before his death. and the embeZzlement was discovered as a result of an inquiry instituted by Vice President Twitchell who was re- gently elected president of the bank to succeed Martindale. The money was not stolen directly from the bank; hV ha deposit account of a wealthy depositor for whom Martindale acted as financial advisor and. trusted agent. Under President Martindale's instructions the statements of this depositor's ac- count were rendered by the bank pe- to Martindale. instead of di- rect to the depositor. and Martindale then manipulated and changed them before submitting them to the deposit or.
 Used Forged Checks.
 '"The method by which Martindale obtained most of the money was by withdrawing money from this de- positor's account, either through a forged check or by debit slip signed by himself as president. He would present these checks for $.50oo or $10,0O0, or whatever the amount might be, to the bank teller personally, ex- plaining that the depositor had asked him to draw this money from the ac-
  pital so that the name of the donor might not be known, that the de- positor desired the matter handled in this manner for some other plausible and he then would appro- priate the cash withdrawn to his own uses.
 Plan of Deception.
 '1n explaining to the depositor at the end of each month these with drawals, Martfndale's plan was to in form the .'unsuspecting depositor that he had placed the sums so withdrawn from the Chemical Bank to the de- oositor's credit in certain trust com pany in New York city, one of whose depos1tor passbooks he had obtain ed and in which book he would enter in his own handwriting as deposits with the trust company the amounts of money which he had withdrawn from the Chemical National Bank through the means of the forged ,hecks or debit slips. r. He also forged the depositor's name to certain demand notes to the ,xtent of about $S0 DOC, which amount 1e also got from the Chemical Bank md personally appropriated"