Newhouse v. First Nat. Bank of Chicago

LINDLEY, District Judge.

Gold-Sta-beck Company, of Minneapolis, dealer in securities and investments and trustee under certain trust deeds securing bonds, was, from and after 1909 until its receivership in 1921, a general commercial depositor of defendant in Chicago. On November 8, 1921, the depositor forwarded to defendant for deposit a check for $20,087.70, drawn on the Waterloo, Iowa, Savings Bank, payable to Clarence W. Austin, and indorsed by him to depositor, *888who in turn indorsed it to defendant, who thereupon entered it to the credit of depositor, whose balance was then several thousand…