Cosmopolitan Bank & Trust Company (Cincinnati, OH)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
June 10, 1930
Location
Cincinnati, Ohio (39.103, -84.515)
Bank Type
trust
Routing Number
13-0061

Metadata

Events (3)

1. June 10, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Large shortage/peculations tied to A. W. Shafer's embezzlement and misuse of customer/check-kiting operations drove panic withdrawals.
Measures
Examiners and county officials/a corps of investigators were called in; bank was closed by superintendent.
Newspaper Excerpt
Scores depositors swarmed around the bank the time the institution was scheduled to open. posted on the doors that the bank would remain closed.
Source
newspapers
2. June 10, 1930 Suspension
Cause
Government Action
Cause Details
Closed by state superintendent after discovery of a large shortage tied to Shafer's manipulations.
Newspaper Excerpt
Cosmo Bank and Trust company was closed today by Gray, state superintendent of banks, after a shortage ... was found
Source
newspapers
3. June 10, 1930 Receivership
Newspaper Excerpt
depositors ... were thrown into by the news that the had failed and had been seized by the state banking department ... subsequent showed the deficit ... For liquidation ... the assets placed in the hands ... for liquidation. National Bank Examiner ... in charge.' (articles describe seizure and liquidation/takeover thereafter.)
Source
newspapers

Newspaper Articles (13)

Article from Fort Lauderdale News, June 10, 1930

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DEPOSITORS IN EXCITED SWARM SURROUND BANK

Shortage Is Caused by Official's Stock Gambling

INSTITUTION IS CLOSED

Cincinnati Institution Wrecked by Trusted Employee's Actions

CINCINNATI, June Cosmo Bank and Trust company was closed today by Gray, state superintendent of banks, after a shortage of from $575,000 to $590,000 was found in the bank accounts of the Henry L. Doherty company Cincinnati Doherty company the depositors in the Cosmopolitan bank. Penn Gray ordered the bank to remain The closed. explaining that its affairs were in More Than Million Examiners and county officials shortage more than existed in the books Amos W. former district manager the Doherty company and clared the the emphasized by the fact the bank's capital, according to published statement last March 27, amounted to only $637,377. Officials said the caused by stock market gambling operations of Shafer. Shafer arraigned on an embezzlement charge, waived examination held the grand jury under $15,000 bond. O. Gray, superintendent of bank examiners, said affairs the Cosmopolitan bank turned to state banking commission and thorough investigation will made its books. Scores depositors swarmed around the bank the time the institution was scheduled to open. posted on the doors that the bank would remain closed. County Prosecutor Nelson Schwab corps of investigators to bank examiners audit the bank's books.


Article from The Rhinelander Daily News, June 14, 1930

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Ohio Man to Face Charges

CINCINNATI, O., June 13 (By A. P.)-A. W. Shefer, whose failure to regain n lost fortune by gambling in the stock market resulted in his alleged manipulation of $1,000.000 in checks and forced the closing of the Cosmopolitan Bank and Trust company, was under indictment tonight for embezzlement of $210,152.50 from the Henry L. Doherty company. Shefer was manager of the company's Cincinnati branch.


Article from The Bismarck Tribune, June 26, 1930

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BROTHERHOOD BANK CLOSES IN OHIO Run on Institution Follows Sudden Change in Official Personnel Cincinnati, June 26.-(P)-The Brotherhood of Railway clerks National bank failed to open for business today. William Taylor, Cleveland, federal bank examiner, recently completed an audit of the Brotherhood Bank and on last Monday two changes were made in the official personnel of the bank shortly after directors said the institution was in sound condition. Michael G. Heintz was named vice president succeeding Lyman Norris, resigned, and William L. Luebbe, was appointed assistant cashier in place of Harry Rosenblum, who also resigned. Closing of the Brotherhood bank came 16 days after another Cincinnati bank, the Cosmopolitan bank and Trust company, was forced to close on account of the $1,000,000 peculations of A. W. Shafer, former district manager of the H. L. Doherty company. Deposits at the bank were said to total $4,800,000. After the change in officials was made Monday, the board of directors said, depositors withdrew over $1,000,000.


Article from The Cincinnati Enquirer, June 27, 1930

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Only Two Involved

County Prosecuting Attorney Nelson Schwab calls upon all citizens to maintain confidence the banking institutions here. He issued the following statement: "It essential to the wellbeing of the community that all of our citizens maintain absolute confidence in our banking institutions. cannot too strongly upon the citizens of Hamilton County that my investigations show that only two banks are involved in the manipulations by Amor W. Shafer, and these are the Cosmopolitan Bank and Trust Company and the Brotherhood of Railway Clerks National Bank." when the stock market collapsed, carrying Cities Service stock into monster slump. It was said that Shafer would take stock certificates to the two bank officials and have them sold through two Cincinnati brokerage firms for his account at the bank. These stocks were "ordered out," that they were ordered to be sent to New York and transferred on the books of the company to the new purchasers. Other stocks, however, were ordered to be retained in the brokerage account collateral, and not to be transferred on the company's books in New York. These certificates carried attached powers attorney, their use collateral. The slips were pinned to the certificates. It has since that the stocks ordered out legitimately signed stocks sold for customers, but that the stocks in the account with attached powers of torney had been forged with the names of the certificate holders, alleged. This, was said, explained why number of customers having dif ficulty in obtaining delivery their stocks from the Cincinnati branch of the Doherty Company. In some cases where customers went to the company and insisted upon delivery stocks. that particular stock would be removed from the collateral list the brokerage firms and replaced with certificate for the same number of shares. The "power of torney" would be removed and the original certificate would be delivered to the customer, who had no idea it had been used as brokerage collateral.

Took Profit In Sales. It also was reported that Rosenblum and Norris had been working with Shafer in these negotiations. Shafer would turn over stock to them under the market price to be sold, was learned. They would sell the stock at the market price, take two three point profit for and credit with the balance. This explains made $60,000 from their deals with him, was said. When the Cosmopolitan Bank failed to open more than weeks ago and Shafer's name was brought into the case block of 10,000 shares of the Shafer stock held by one brokerage firm was sent to New York for transfer. then was discovered that the names had been forged. The Doherty Company informed the brokers, who in turn informed the bank. Since the bank in the course of its business had guaranteed the signatures of the customers on these certificates and handled the stock it became involved. The Federal officials were called into the case and nationbank examiners began immediate examination of the books. They found the large contingent liability on the part the bank and brought it to the attention of the directors.

Resignations Are Tendered. Last Monday the Directors went the with the result that the Brotherhood of Railway Clerks, which owns 51 per cent the bank, put up $300,000 backed $750,000 in collateral. Castellini, President of the bank for several years, put up $100,000 and then tendered his resignation President and Director. Rosenblum and ris put up $100,000 in property they held and also resigned. In addition the bank carries forgery bond for $150,000, making total of $650,000 immediately available to overcome the contingent liability. Also, the Brotherhood agreed to up $200,000 more necessary. The double liability of stockholders, which can be imposed if necessary, would add another $400,000, carrying the total available well over $1,000,000. This, it was said, is sufficient insure depositors of the bank against loss. Officials the bank believe they will be able to pay 100 cents on the dollar when the bank's affairs are liquidated. Receiver Takes Charge. The liquidation will be in charge of Ira Fulton, National Bank Examiner at Cleveland, who becomes the receiver of the bank. He took immediate charge of the bank yesterday, shortly after the official closing notice, written on bank letterhead, had been posted on the front of the bank. Although rumors were current for several days that the bank was volved through Shafer's operations, was not until yesterday that the actual situation known. The notice, signed by Fulton, read: "This bank has been closed by resolution the Board of Directors and the assets placed in the hands the of the Currency the United States for liquidation. National Bank Examiner Fulton in charge.' Before the notice was posted, police notified and detail on hand to guard against any demonstrations. Although of depositors and stockholders came to the bank during the day, when its plight became known, there was little need for the police, it was said. During most of the day only one patrolman was duty there. At the time that Norris and Rosenblum were removed officials of the bank, formal announcement was made that they had resigned, but no explanation was made. Nothing was said time about the resignation Mr. Castellini as President. Rumors began to appear, however, immediately afterward, and this brought two-day run, which took out of the bank Tuesday and Wednesday, The directors found that loyal friends of the bank, some with


Article from The Republic, June 27, 1930

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dorsements. It was this stock, reported to amount of between $225,000 and $375,000. that involved Norris and Rosenblum. The Brotherhood bank came under the scrutiny of federal investigators June 10 when it was learned the bank carried an account for Shafer. On that day the Cosmopolitan Bank & Trust Co. closed because of an alleged shortage of $623,000 in Shafer's accounts and Shafer was arrested on charge of embezzling more than $210,000 from the Doherty Company, his former employers. The removal of the three officials of the bank also resulted in withdrawal of $1,000,000 by depositors, although a statement was issued saying the institution was in good condition. Directors said closing of the bank was the best way to protect depositors and investigators said every obligation would be met.

The Provident Savings Bank & Trust Co. also experienced heavy run yesterday. but kept open overtime to satisfy depositors. State Director of Commerce Edward D Schorr announced no other banks were involved by Shafer and the Cincinnati Clearing House Association promised support of all the rest of the county's banks. The Brotherhood bank was established in 1923 by the Brotherhood of Railway & Steamship Clerks and 51 per cent of the stock was owned by members of the union. It was capitalized at $400,000, and had deposits of $4,800,000 and total resources of $5,639,363.


Article from Beatrice Daily Sun, June 27, 1930

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SENDS ANOTHER BANK TO WALL

CINCINNATI, O., June 27 (/P) second Cincinnati bank was closed and two of its former officers were under arrest today as result of the alleged million dollar check kiting operations of A. W. Shafer, discharged district manager for the Henry L. Doherty company. The failure of the Brotherhood of Railway Clerks' National bank to open yesterday was followed by the arrests of Lyman E. Norris, former vice president, and Harry Rosenblum, former cashier. on charges of conspiracy to violate the national banking act. They entered pleas of not guilty. Norris, Rosenblum and Joseph J. Castellini, president, were removed by the directors Monday. United States District Attorney Haventh E. Mau said Shafer's alleged were the direct cause of the bank's closing. Brought Run The brotherhood bank came under the scrutiny of federal investigators June 10 when it was learned the bank carried an account for Shafer. On that day the Cosmopolitan Bank and Trust company closed because of an alleged shortage of $623,000 in Shafer's account and Shafer was arrested on charge of embezzling more than $210,000 from the Doherty company, his former employers. The removal of the three of ficials of the bank also resulted in withdrawal of $1,000,000 by depositors. Directors said closing of the bank was the best way to protect depositors. Investigators said every obligation probably would be met. The Provident Savings bank and trust company also experienced heavy run yesterday, State Director of Edward D. Schorr announced no other banks were involved by Shafer The Brotherhood bank was es. tablished in 1923 by the Brotherhood of Railway and Steamship


Article from Record-Journal, June 27, 1930

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Brotherhood Bank In Cincinnati Closes Its Doors

Depositors Withdraw $1,, 000,000 In Last Three Days --Run Started Monday

Cincinnati. O., June 26 (AP)-One of the country's largest labor banks. the Brotherhood of Railway Clerks National bank, closed today as dtrect result of the $1,000,000 check writing operations of A. W. Shafer, whose peculations also forced the Cosmopolitan Bank and Trust company to close 16 days ago. Fifty-one per cent of the Brotherhood stock was owned by 122,000 United States and Canadian members of the Brotherhood of Railway and Steamship Clerks, Freight Handlers and Station Employes. The Brotherhood bank board of directors voluntarily closed the institution after depositors withdrew $1,-


Article from The Lewiston Daily Sun, June 27, 1930

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Two Former Officials of Brotherhood of Railway Clerks Bank Arrested

Cincinnati, O., June of the country largest labor the of Rallway Clerks National bank, closed today rect result of the $1,000,000 check kiting operations of W. forced Cosmopolitan Bank and Trust Co., close 16 ago. per cent of the Brotherhood stock owned by 122,000 United States and Canadian members the Brotherhood of Railway and Steamship Clerks, Freight The bank directors closed the the last three days. The bank followed the three high officials last Monday those former Liman Norris, vice president. officials and rested Harry on sworn by United District Attorney June 10. directors said bank That the date the locked its doors upon City Service securities was $623,000 account the Shafer deposited Cities Service collateral bearing forged The exact amount not disclosed was reported from Shafer besides being short with the Cosmopolitan short much the He


Article from New Britain Herald, June 27, 1930

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SECOND CINCINNATI BANK SHUTS DOORS

Two Former Officers Held for Kiting Operations

June 27 second Cincinnati bank was closed and two of its former officers under arrest today as result of the alleged million dollar check kiting operations of W. Shafer discharged district manager for the Henry L. Doherty company The failure of the Brotherhood of Railway National bank to open followed by the arrest of Lyman Norris. former vice president and Harry Rosenblum former cashier. on charges of conspiracy to violate the national banking act They held today in default of bond set after they entered pleas of not guilty. Norris, Rosenblum and Joseph Castellini. president were removed by the directors Monday United States District Attorney Haveth E. Mau said Shafer's alleged manipulations were the direct of the bank's closing had deposited Cities Service said. collateral bearing forged indorseamount between that involved Norris and Rosenblum The Brotherhood bank came under the scrutiny of federal investigators June 10 when it learned bank carried an account for the Shafer. On that day the Cosmopolitan Bank and Trust Company closed because of an alleged short. age of in Shafer's account and Shafer was arrested on charge of embezzling more than. from the Doherty company. his former The removal of the three officials of the bank also resulted in withdrawal of $1,000,000 by depositor's although statement was issued saying the institution was good condition Directors said closing of the bank was the best way to pro-


Article from Tulsa World, June 28, 1930

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OFFICERS ARRESTED WHEN BANK CLOSES

Second Cincinnati Institution Closed; Charge Officials With Check Kiting

CINCINNATI. Ohio, June second Cincinnati bank was closed and two of its former officers were under arrest today as result of the alleged check kiting of A. W. Shafer. discharged district manager for the Henry L. Doherty The failure of the Brotherhood of Clerks National bank to was by the of Lyman E. Norris. former president, and Harry Rosenblum, former charges conspiracy to violate the act. They were held today default of $25, 000 bond each set they entered pleas Officers Removed. Norris, Rosenblum and Joseph president, removed by the Monday. United States District Attorney Haveth E. Mau said Shafer's leged manipulations the dibank's closing Shafer Mau said, had deposited Cities bearing forged was this reported to amount tween and $875,000. that Norris Rosenblum. The bank under the scrutiny of federal investiwhen was learned the bank carried an account for Shafer. On that day the Cosmopolitan Bank and Trust company closed because an alleged shortage $623,000 in Shafer's account, and Shafer arrested on charge embezzling more than $210,000 from the Doherty company, his former employers. Stays Open Late. The removal of the three officials of the bank also resulted withdrawal of $1,000,000 by depositors, statement was issued saying the institution was in Directors said closing of the bank was the best way protect depositors, and investigators said every obligation probably would be met. The Provident Savings Bank and Trust also heavy run yesterday, but kept depositors. State Director of Commerce Edward D. Schorr no other banks involved by Shafer and the Cincinnati Clearing House all the rest the banks. 1923 by the Brotherhood of Railway and Steamship Clerks, and 51 per cent of the stock owned by members the capitalized had deposits and total resources of $5.-


Article from The Cincinnati Enquirer, November 26, 1930

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TO CLOSE BANK BRANCH.

Business Of Fifth And Walnut Of. fice Is To Be Transferred.

Announcement was made yesterday by Edward F. Romer, Vice President of the Fifth Third Union Trust Company, that the accounts and business of the Fifth and Walnut office would be moved to the Fourth and Walnut office at the close of business Saturday, December The Fifth and Walnut office of the Fifth Third Union Trust Company formerly the main office of the Cosmopolitan Bank and Trust Company, and, when that bank was taken by the Fifth Third. it advisable maintain the fifth and Walnut office temporarily speeding up the tion of the former Cosmoplitan Bank and Mr. Romer stated that more efficould be to the fthe Fifth and Walnut office by the business of office to the commodious banking home the Fourth and Walnut office, where the customers will the benefit of the most The task of moving the equipment to the Fourth Walnut office be after banking hours Saturday and Sunday, that and after Monday, December the of the Fifth and Walnut office will be served without interruption the northwest corner of Fourth and Walnut Streets. All pertaining to the liquidation of former Cosmopolitan Bank and Trust will be handled in special quarters on the Seventh will remain in charge of Edward F. Special Superintendent of Banks of Ohio.


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By Donald F. Dearness Almost any way take the year 1930 surfeited with in Greater Cincinnati calambank failures, financial disasters, crime, unemployment, pestilence, miniature golf, and, depending on how you look at it, the rout ganization. the Republican orpall hung over Cincinnati the the bells and whistles new year, for less than hours before, death Charles Phelps Taft. publisher the and the city's out standing of the and patron Scarcely two months later. on March death laid low Cincinnati's most famous William Howard Taft. the only man who served his country both S. and justice of the Court On the first day 1930. death took two victims of auto accidents, the first of about 200 who succumbed during the year in injuries suffered in motor vehicle for Crime before got away to flying start, the year three hours old, Cincinnati Street Railway car barn and made off with $1134.

The day entirely itous, for the rose 52 the any Year's 1916 Russell Wilson sworn mayor by his Murray with Stanley Joseph Woeste, John Druffel Alex Pat terson. Julian Charles Rose Meredith and Edward Imbus business depression was when the began carried along which ranged more less approximately failures the Cosmopolitan Bank & Trust Co., the Brotherhood National Bank and numerous and business houses Two "other banks, the Bank "Trust Co., Bank Trust peril but were by the Cincinnati Clearing House Association and their by the Central Trust The year dealt knockout blow Republican organization the Citizens mittee cessful county elections 1926 and 1928, made clean Nov with the result that Robert Gorman become prosecutor Thursday and the following filled later by his Beckman: auditor, Robert Heuck: cororner, Dr. M. Scott Kearns.

Benjamin who figured sensational ne was cashier Madeira bank, was sentenced Feb. years in Ohio after he $2000 the bank's money weeks later Jack Kennedy, Dayton who been after his conviction on charges and the free Henderson had Kennedy falsely as one of his On 20. Dr. William H. Peters health in the Four days were fied of drilled Co. Fourth-st tied blew safe escaped with worth of February had the new Louis Eighth and opened Feb 26. and the next laid for the Cincinnati Suburban beautiful new building at Sevand Elm-sts. Calamity March for William Taft and Edward Dempsey mayor and Common the March witnessed the first major busifailure of the year when R. Beaman Co. with liabilities totaling $529,000 fires out March the Theater, Fountain-sq. James operator, was burned death in his booth The next day Christine Cincinnati leaped to from the story of York hotel. Her buried several days later in Spring Grove Cemetery Zwick. at least his name, reappeared March $7500 bank robbery Germantown. Other obtained $2500 March and $4000 March 29 from the Clifton branch of the Second National Bank Three men were killed March 28 when large Sixth-st and and two their March rocks the Bald Knob blasting State-av the middle the month first mention was made of Jamaica poisoning. the malady which sent and of women for relief paralysis legs and arms. Results of returns from Cincinnati in the Literary Digest nation prohibition poll showed the Queen six one in repeal or against of present

The major business announce. March was that Albert H. was elected president Kroger Grocery Baking Co. succeed William H. became chairman the board. the first important event April the reappearance Zwick's name in connection with robberies April which the same was reported $50,000 and short time later $8418 The day the Brotherhood National stirred the public's interest and invoked other banks announced would pay per interest on savings banks continued to per The which played considerable part in year's made take notice throwing few August days The rose 90 ting an April heat record in Probably the most important busof the month was the sale of most the Libson theatrical Louisville and Dayton the RKO the Albee, Capitol, Strand, Family, Palace and treaters On April about 25,000 of the faithful witnessed the opening Nabaseball game, the Reds Pirates. one of the defeats that landed team in seventh place, just ahead of some obscure club fgrom the east. On April 22 Sherrill, city manager, to become the Kroger The day Cincinnati looked with desperate concern the nation's greatest disaster the year occurred the Ohio penitentiary fire About 36 Cincinnati were among the 322 lives out. The month of May was the properiod of calm that preceded days of when the the stormy Cosmopolitan and Brotherhood and temporarily danger real and May Day troubles failed materialize the city At Christ Church Episcopal dignitaries from thruout the country for the consecration Rev On May which in the Republican debacle was started meeting at Hotel. On the the Heberle was the 28th the Church began its General Assembly in Taft Auditorium. its total contributions about $35,000 short of the $2,076,894 quota. few days later the Census Bu1930 population was 447,650. On June 10. about 37,000 depositors of Bank and its seven branches were thrown into by the news that the had failed and had been seized by the state banking department milled the Dorger holder and the bank's dominating Amor W. Shafer district manafor Henry Doherty on charges money ed Shafer's had drained the Cosmopolitan Bank forced its closing. Subsequent showed the deficit to be about $2,000, 000.

Word soon around that ShaBank and that uneasy forced the bank June 26. Harry cashier, and Lyman H. Norris, by charges conspiring violate the national banking Depositors in other anks became and worried. Several banks the House the tide and the other banks' The again set record in June. On the temperature to Three persons died of the effects of the heat. Otherwise the month was more except the 12th. when C. Dykstra took as city and on the river Greene, the Ann from Fernbank Dam Coney Island.

July saw the Central Trust Co. take over Brotherhood Bank and the Fifth Third Union Trust Co. the Thruout the month Hamilton-co suffered the wrought parts the nation Record was reported July Lack water in many the territory became acute July The month also witnessed the beginning legal troubles for Dorger family. On July Gilbert sued Frank Dorger his Clardaughters, Ruth and Martha various double liability on their Cosmopolitan stock. During hearings before Judge Stanley Struble Common Pleas Court Frank and Martha Dorger filed in bankruptcy and was placed the charge the Western Ruth Dorger promised to pay her asOn July 21 Frank and Clarence Dorger, Russell mopolitan cashier, and Herbert were dicted on and other charges relating to the bank's failure. After the Brotherhood Bank was taken without loss depositors, Dominick recover given the bank in payment for forged worthless disposed of by Shafer. Other July events robthe Loveland Bank, which bandits about and the would build $8,000,000 freight terminal on the site bounded Fourth John and Mill streets During July the $33,000,000 Starat Fifth, Race and the phone except interiors and the finishing touches outside Considerable progress also had been made union railroad terminal project. August brought chiefly more trouble for the Dorgers, more weather drought and the sweeping county and Robert four other Democratic candidates for United States in the Aug 12 primary election. On Aug. the Dorgers were named more score ditional Other Cosmopolitan officials and employes named. On the 25th Shafer pleaded guilty to the was sentenced to ten years in Ohio penitentiary. During the month the G. A. R. held its annual and the American Legion its state Many Cincinnatians were shocked Aug. 12 by the news that Samuel Lipp. and former state legislator, had death from near Little Falls,

On Sept. the city sounded off and the bell in Hall tower rang for first in years Costes and Maur Bellonte, French Cincinnati had about end of the month when Ford reliability thundered across city visited Lunken Airport Earlier in the Cincinnati was the focal the American Chemical Society The city suffered another shock Grover Smith committed suicide. October was featured by the beginning the Frank and Clarence Dorger on the another freakish weather the 20th, when the fell 26 degrees, low record for that of the On Oct. 30, Dr. Frederick T. Vall known opthalmolo gist, died election Nov. 5. brought about the the county and Democratic victory which Y. Cooper the governorship and

Bulkley overwhelmed Roscoe Republican candidate for senator.

Two days later investigation trregularities here began. On heels the announcement Nov. banks would an increase to savings decame the news that banks identified with had closed and others, includthe Bank Trust Covington, the Market & Trust the Co., CinHouse Association came these rescue the Central Trust Co. took over the Brighton and the and Clarence Dorger were found counts of Nov. 22, after week' On Nov. William J. Williams, of the Western & SouthInsurance died in Johns Baltimore. Day phenomena, official temperature and the defeat of the Miami University football team by the University of Cincinnati Bearcats opened with the holdup Railway Co. truck three robbers and their with about $14,000. Two later the Commercial Tribune publication. On Dec. 10 four Republican election officials were indicted on elecfraud Frank and Dorger 15 Judge Charles Bell Criminal Court to 10 in Ohio penitentiary and fined $5000 each. On Dec. 10. street car and CinRailway Co. bus near the end Eighth-st Viaduct, injuring 19 perAnnouncement was made Dec. 19 that Fritz had resigned director the Cincinnati Symphony Orchestra, effective at the close of the and that Eugene would replace him year and in direct the May Festival spring.


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CINCINNATI BANKERS PLEAD FOR REVIEW Columbus, O., Aug. state supreme court was asked to review the case of Frank J. Dorger and Clarence A. Dorger on charges "rowing out of the closing 01 the Cosmopolitan Bank and Trust com"iny, Cincinnati of which they were officials. Each was sentenced 10 years In Onio penitentiary and fined $5,000.