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The Wichita Daily Eagle
Wichita, Sedgwick County, Kansas
What is this article about?
In Toledo, Ohio, on Dec. 22, young broker Ed Speer defrauded three banks of $1,000 each by depositing $50 and cashing bogus $1,000 checks drawn on the Northern National Bank, where he had no account. The fraud was discovered at the clearing house; Speer was arrested and jailed. He used the money to secure a loan for his mother at a savings bank.
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TOLEDO, O., Dec. 22.—This afternoon one of Toledo's young brokers, Ed Speer, successfully "worked" three banks for $3,000. The First National, Merchants' National and Ketchum National, each lost $1,000 by his manipulations. In each bank he deposited $50, saying he was tired of the Northern National and wished to transfer his accounts. At 2:30 he drew three checks for $1,000 each on the Northern National and each of the other three banks cashed them promptly. Speer has done business here for years and was generally trusted. He had no money in the Northern and the fraud was discovered at the clearing house. Speer made no effort to escape. He is now in jail. He refuses to give any information as to what he did with the money.
It now transpires that immediately after 3 o'clock Speer took the money obtained from the other banks to a savings bank and lifted a loan of his mother's. He sacrificed his reputation for his mother's credit.
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Where did it happen?
Domestic News Details
Primary Location
Toledo, O.
Event Date
Dec. 22
Key Persons
Outcome
first national, merchants' national, and ketchum national each lost $1,000; speer arrested and in jail
Event Details
Ed Speer deposited $50 in each of three banks, claiming to transfer from Northern National, then cashed $1,000 checks on Northern National at 2:30; fraud discovered at clearing house; he used money to lift loan for his mother at savings bank