Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-09-08
MACE

MACE
Continued From First Page
count in bank C with a $4,000
check drawn on bank A.
The check-kiter then appar-
emily has 5000 in each bank,
and while he continues to cir
culate the checks, has use Of
the cash originally drawn above
his actual account. Later he
has the opportunity to spiral
the amount until the law
catches up with him.
Seldom Under $4,000
The four officials Of the Mace
firm are accused Of manipulate
ing checks back and forth be-
tween the four accounts held
in the Arlington Trust Co. and
the six personal and corporate
accounts in the National Saw
ings & Trust Co. The checks
were seldom under $4,000.
The indictment listed these
accounts as held at the Arling-
ton bank: Mace Properties, a
personal account of Mr.. Mace,
and Westover Corp. Accounts
at the Washington bank were
listed as Mace Properties, Mace
Management Corp, North
Parklawn, South Parklawn, and
Mr.. Mace personally.
The investigation was
launched last October. the FBI
said, when q check for SOL 900
was received by the Arlington
Trust Co. from Mr.. Mace
against one Of his accounts at
National Savings and Trust
which had only $1,000 in it.
The check was returned marked
insufficient funds" and the
probe got under way.
The trail led NBI account
ants through a maze Of books
kept by the four accused. Mrs.
Stewart is a $250-a-week officer
of the company who has been
an employe there for II years.
She was given Q $4,000 bonus
one year during the is months
of check manipulating, the FBI
said.
Thomas A. Walden, jr., at
torney for Mr.. Mace and the
i've corporations named in the
indictment. said Mr.. Mace has
made complete restitution" to
the bonding companies - the
Hartford Accident and Indem-
nifty Co. and the Fidelity and
Deposit Co. Of Maryland-which
had provided surety for the
bank losses.
Banks Suffered No Loss
Informed of the indictments.
Bruce Baird, president Of the
National Savings and Trust Co.
made this statement:
Mr.. M. e. Mace and his
corporation maintained sub
stantial business RELATIONSHIPS
with our company for many
years. Our company has sus-
tanned no loss whatsoever in
relation to any Of these trans.
actions"
Lawrence w. Douglas, presi.
dent Of Arlington Trust Co.,
commented:
During the fall Of 1857, Ar
lfngton Trust Co. discovered
the existence Of O series of
transactions involving the &C.
counts Of certain corporations
controlled by Mr.. NJ. T. Mace.
THE termination Of these
transactions resulted in an
overdraft Of those accounts on
Arlington Trust in the amount
OF approximately $250,0O0.
This was promptly paid by
the bonding company so that
the bank sustained no loss. No
employe Of Arlington Trust Co.
has been accused or suspected
of any dishonesty in the
matter"
Was on School Board
Mr.. Mace is q former mem.
Der of the Board Of Governors
Of National Cathedral School,
member Of the Board of
Trustees Of Arlington Hospital,
member Of the Alexandria
Arlington Fairfax Real Estate
Board, the Home Builders AS
sociation Of Metropolitan
Washington and q charter
member of the Northern Vir-
ginia Builders Association.
1t is estimated Mr.. Mace has
built more than 1000 homes In |
more than 80 years in the home
construction and real estate de- |
velopment field. In 1854, he
bought q tract Of more than 900
acres in the Anandale area that
was part Of the 1000 acre
estate Of the late Senator
Joseph L. Bristow Of Kansas.
Joseph L. Bistow Of Kansas.
The price for his part Of the
Bristow tract was SIS million.
The estate included the famed
Ossian Hall home of William
Fitzhugh, built in 1870.