Business: Schemes

Southward bound for the Federal Penitentiary at Atlanta last week were Charles Delos Waggoner who cunningly schemed $500,000 out of six Manhattan banks (TIME, Sept. 16) and George Graham Rice, arch U. S. promoter.* Also last week were broadcast charges which, if proven, may send other schemers to cells.

Scheme No. 1 concerned the Bankers' Capital Corp. which recently failed, attributing its collapse to low levels of bank stocks. Investigation indicated that Bankers' Capital, instead of dealing in bank stocks, formed affiliated companies, buying stock in one and...

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