The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-02-08
THE METROPOLITAN MONEY
President Means Placed Under Arrest
by Order of the District Attorney,
On Warrant Charging Misapplication of
More than 5000, 000-StockholGe Likely
to Lose from 20 to 40 Per Cent.


to Lose from 20 to 40 Per Cent.
CINCINNATI. Feb. THE silence Of the tomb
prevails at the Metropolitan Bank this morning.
1t is located in new brownstone structure
called the United Banks building. and occupies
the western half, at the southeast corner of
Third and Walnut A wide vesribule is used
jointly by it and by its neighbor in the eastern
half OF the building. the Citizens Natio nal
Bank. This vestibule. of course, is open this
morning. but the door leading from it into the
Metropolitan Bank is closed, and placarded with
the announcement that the bank il in the hands
of the Comptroller of the Currency. acting
through Mr. Sanders, the United States Nation
al Bank Examiner. A few clerks can be seen
through the glass in the door, and single
Waterman lounges at the door OF the sumptuous
room of the president. Small groups of peo-
pie enter the vestibule and look for a
moment on the vacated quarters OF
the great bank, and read therein q lesson Of the
power of the national government. All
Connected with the bank say this would not
have happened if the government had not
caused the arrest of the president 1t is
true that the arrest moved the other banks to
withdraw their offers Of assistance, but it may
be that the government acted mercifully in di-
YER ting their money from the Metropolitan, for
the charge made in the warrant for Mr. De-
Camps arrest does not necessarily cover all that
may be in osssssion of the government More
serious charges than certifying to a false state
ment Of the condition Of the bank may be
brought to the notice of the grand jury. which,
by the way, will begin it's sessions in day or
two. Mr.. DeCamp had no difficulty in procur
ing bondsmen to join him on his bond, which
was placed at 200, and he was kept IN
custody only while the bond was being pre- pared.
Another sensational feature has been added
to the Metropolitan Bank suspension. It is the
arrest of Hon. VIM. Means, the president Of the
bank. The warrant was issued this morning.
but was not served in the usual manner. out Of
regard for Mr.. Means. District Attorney Bur-
net notified him, after II o'clock. of the issuance
of the writ. and arranged for Mr.. Means to go
Voluntarily with his bondsmen to the commits
sioners Office at 2 o'clock With the Fidelity
cases fresh in mind, and with the proof they
gave of the relentless power of the governments
where there has been plain transgression OF
the law, this arrest caused decided sensation.
Mr. Means has had leading position among
business men for number of years. has been
reputed quite wealthy; served term as Mayor,
when he was elected not by party vote. but by
a combination whose support was compliment
to their candidate To have man of such
prominence put in peril of Imprisonment causes
q profound feeling. There is a fairly well au-
tbentcated statement that the examination OF
the banks books and papers shows gross vio-
latiou of tho banking law in loans to officers and
others connected with the bank very largely in
excess of the limit allowed by the law to any one.
1t is possible that this wrorg-doing may have
been carried to such an extent as to imperil the
banks solvency. AT this time it Is not thought
that other arrests will be made, but OF this no
one can speak with certainty, because there has
not been time for thorough examination of the
har Eel ara6t
afternoon at the Office of United States Com
missioner Dorger, with Henry Hanna, May
Fechheim, Patrick E. Roach and G. M Hollo-
way as sureties, and gave bond for his appear
ance in the sum of O00 The charge against
him in the warrant is the .nisapplication OF mp
wards Of 500 Of the finds Of the bank Ne.
ropolitan Bank. attributes the failure to the
weakening influence of the increase of the cap
ital He said that of the 500, 600 increase Of
fered only 5000, 900 was sold and the remainder
was used collateral for loans, thus becoming
a debt of the bank. Moreover, the stock was
offered too freely for SALE the directors thought
it best to keep up its market value by buying it,
and here again, in time, was source of embar-
rassment.
An evening paper publishes an interview with
E. L. Harper. in which he says he knew, last
summer, that the banks stock was being used
collateral on loans for the purpose of specula-
ton in real estate. He added that bank OK
aminer who knew how to examine could have
discovered that then. In his opinion. nine
tenths of the bankers Of the country could be
put in prison to-day for technical violation OF
the law. as he had been.
The United States grand jury has been dis
missed for week, to enable the district attor-
ney to prepare the Metropolitan cases.
The indictment against Mr. w. H. Chatfeld.
late director in the Fidelity bank, was noled
to-day. 1t was the same as that against Mr..
Pogue.
great Metropolitan Bank failure to-day and to-
night. 1t is the theme of themes When e. L.
Harper went down, there was no sympathy for
i'm Ia nit fho in 4 ha IF
ident Means. The feeling is strong in his be-
half. His position, politically and socially.
in his favor He has been a public spirited citi-
zen, and has devoted his energies freely and
energeticaily to the public service He has
served exposition commissioner, and in
the opera festivals and music festivals
official or supporter.
He has been president of the Duckworth Demo
the Ohio Democratic club. He was one of the
founders and has always been an ardent SUD-
porter of the Queen City club, a high grade
social club. AS Mayor of Cincinnati he showed
wisdom and by his contact with the masses in
that capacity endeared himself to them. In
fact. he is almost universally popular. No man
in Cincinnati is better known. AS . politician
he took strong grounds early for pure ballot.
aud prominent in the Committee of One
Hundred when that body was doing it's greatest
work. All this counts in his favor and adds to
the surprise that he should possibly be guilty of
q grave offenSs.
The bank was guarded to day by officers, and
no one, except such as had immediate business
with the concern, permitted to enter. The
beautiful ana costly appointments of the bank
ing-house. and tho splendor of its architecture
and ornamentation contrast strongly with the
sadness of the sitution of the once promising
bank. One of the results already felt from this
fresh failure is the increase of investments in
building associations, which shows strongly with
all the associations that met tonight The feel
ing in financial matters among small
depositors is quite strained, and suspic-
ions against a national bank could be
a
number of building associations have their de-
posts in the Metropolitan. Examiner Sanders
refused to give list of them to-day. They will
lose nothing, and the laying-out of their money
for few weeks will be the only inconvenience
they will suffer- Il 10 considered beyond
doubt that every depositor will be paid in full.
aud il In believed the stock will realize from go
to 80 per cent on its face value. 1t 10 not known
tonight Wnather any moro arreats will be made.