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Fraudulent Cash Abstractions Charged to L. B. Holt and Son
Withdrawals Replaced by Worthless Notes on Individuals and "Sham" Corporations, Government Says.
MACON, Ga., May Fraudulent abstractions money from the now defunet First National Bank of charged to Holt, the institution's former president, and Floy L. Holt, his son and assistant, United States district court here for their alleged banking act violaperiod nearly two years. The third day of the trial was terminated at o'elock this afternoon. The cash abstractions, the governcharges, from time to time worthless notes on individuals and "sham" corporations and as to maintain proper balance of accounts for the purpose of deceiving examiners,' and of "evading an established act regulation" which individual in excess of 10 per cent of the combined capital and surplus. United States Attorney Boohowever, has charged that Holt's the bank at its failure March 14, in excess $100,000- than the combined capital and surplus $100,000. The per cent allowed amounts to only $10,000. The direct examination of Emil Smith, special agent depart ment of justice, by Mr. Bootle was concluded and for mainder of the day Wallace Miller, the Holts, detailed Mr. Miller had not concluded when court recessed, and Mr. Smith will return to the stand Thursday morning Mr. Bootle began his examination of Mr. Smith Tuesday morning. The witness conducted the investigation the Sandersville bank, it by him that the indictments were He the fourth government witness called to the
Outstanding Notes. The general trend of Mr. Smith's has been show how Holts have manipulated cash funds of the bank by discounting the alleged worthless notes, all of which. the evidence were outstanding and the suspension of the bank. Many the were dated back 1927, Figuring in the testimony of Mr. Smith today was the Auto Trading Company. Augusta, one of the terests May. former vice president of the Sandersville bank. May is under in with the failure but not now on Mr. Smith showed by the records the bank that Trading Company $10,000 was counted by institution vember 26, The Holt Banking received $5,000 credit. and by the following Decemthe amount had been withdrawn. The other $5,000, was shown, took up prior note of the trading The collateral on the note. Mr. Smith was bill of sale to the stock and equipment of the Augusta to less than in The showed that the original note was not available because and renewals from time to time. Mr. Smith pointed out. how ever. that with credit of $1,830. the outstanding the bank's suspension in March, 1929. the time of that transaction. Mr. Smith said, the May Company by Mr. Bootle dummy partner$8,350 bank. the $10,000 Mr. Bootle charged that May in debtedness to the bank had exceeded the $10,000 limit of an individual. and brought about false report to the the elder Holt charged with refalsely the comptroller as his own responsibility the bank. Mr. Smith, testifying from the records of the said that call 1928 Holt indebted the bank in Several other transactions were brought out in detail.
Martha Berry Awarded New York Club Medal NEW YORK. May Miss Martha Berry, founder and director of the Berry schools Georgia, Wednesday night selected as winner the Town Hall Club's annual medal for bringing most credit to the organization during the past year. Mare Connelly, playwright; Daniel Frohman, theatrical producer; Foster Peabody, philanthropist and banker: Booth Tarkington, novelist, and 46 others were considered for the medal. Miss Berry, who founded the schools 30 years ago for poor Georgia bringing "light into the dark
