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BANK TRIAL IS DELAYED Recess in Lafayette Case Called Due to Attorney's Illness. By United Press LAFAYETTE, Ind., April 13.—The trial of Miss Margaret Cheney, 36, former treasurer of the defunct Tippecanoe Loan and Trust Co., was recessed until Monday today because of the illness of Daniel Flanagan, defense attorney. Miss Cheney is charged with falsification of the bank's records.
BANK TRIAL IS DELAYED Recess in Lafayette Case Called Due to Attorney's Illness. By United Press LAFAYETTE, Ind., April 13.—The trial of Miss Margaret Cheney, 36, former treasurer of the defunct Tippecanoe Loan and Trust Co., was recessed until Monday today because of the illness of Daniel Flanagan, defense attorney. Miss Cheney is charged with falsification of the bank's records.
REVEALS STORY OF SPECULATION Former Brokerage House Employe Testifies Speculation Was Authorized by Official. Lafayette, Ind., May 2. (AP)—Wilbur Lox, of Chicago, former brokerage house employe, told a circuit court jury today Margaret A. Cheney authorized the use in stock speculation of $77,595 in assets of the Tippecanoe Loan and Trust Co. of which she was secretary-treasurer. Through the speculations, Lox said, the plump, 41-year-old woman banker hoped to build up the bank's bond account and reduce its debit balance. The bank closed Aug. 7, 1934, and Miss Cheney is on trial charged with making a false entry in the books. Lox was employed by Cameron and Co., New York and Chicago firm which handled the bank's security transactions. He said when the bank closed, it owed Cameron and Co. $73,057 which has not been repaid. At that time, he said, the company held $7,500, par value in bonds for the bank, but added they had no actual value. Cross-examined by Charles A. West, defense attorney, Lox said that in December, 1932, the bank owed Cameron and Co. about $25,000, adding that the brokerage concern held as collateral securities of $412,000 par value. Subsequently, he said, all securities fell in value. The state introduced two telegrams from the brokers to the bank which complained of failure to meet certain conditions and requested the account be placed elsewhere. Shortly after that, prosecutors said, the officers of the bank gave Miss Cheney extraordinary powers to conduct transactions in the name of the bank, and a contract was made with J. Cameron Moag, head of Cameron and Co.