VERMONT: Rutland Fidelity

In May 1932 Charles Manley Smith, president of Marble Savings Bank of small Rutland, Vt., learned that John J. Cocklin, a bookkeeper, had embezzled $251,000 from the bank's savings deposits, lost most of it in the stockmarket. A descendant of pioneer Vermont settlers, Banker Smith quickly reasoned that $250,000 would seem an almost astronomical figure to frugal Rutland depositors, that publication of the loss might cause a ruinous run on his bank. With this in mind he gently eased the defaulting bookkeeper out hushed up the fraud, charged the loss to...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!