The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-03-26

Philadelphia March 25.-The sudden
death yesterday Of John S. Hopkins,
cashier OF the Peoples bank, and the
assignment made last night by the
Guarantors' Finance company were
followed today by disclosures which
showed an important connection be-
tween the two events.
The coroners investigation this at
ternoon DEVELOPED the fact hitherto
concealed hy the family that Hopkins
had committed suicide by shooting him.
self and an examination of the alfairs
of the Peoples hank by it's officers re-
suited in the revelation that Hopkins
had during the past two years loaned
the banks furds III large amounts to
Richard +. Lopcr, general manager OF
the Guarantors' Finance company.
These loans, which remain unpaid, ana
aggregate. it is said. over 5000 were
made wholly without the knowledge OF
the officers and directors OF rhe bank.
The securities given by Loper as col
lateral for the loans were found, ac-
ccrding to the statement of one of the
banks officials, TO have verS little
value. In consequence Of these rela-
tions, the bank closed its doors.
Tho state insurance commissioner on
Wednesday asked the court TO appoint
a receiver for the CuarantorS' company
which did ar insurance business and
it is believed that Hopkins, on learning
that the company could not make good
its Indebtedness TO the bank, and know
ing that exposure would follow on in
vestication of The Cuaranrors' affairs,
concluded to end his troubles by taking
his life.
t., tn g 1,A
Peoples bank, said today that he had
tie utmost confidence in Cashier Hop
kins and that his deception in the cX-
tersive transactiors with Loper was
an unpleasant surprise.
1t is the general belief in financial
circles that the bank will ~ay dollar
for dollar to its creditors resident
McManes is reputed to worth at least
$'O,O0O0Oo and he is credited with the
statement that he would see that no
creditor Of the bank lost a cent. The
directors are James G. Wells, Clay
Kemble, Allen r. Rorke and John
W1seman. Cashier Hopkins was also a
director. Clay Kemhle, a director and
also assistant cashier, represented the
wealthy Kemble estate which has large
holdings of the banks stock.
The bank was Incorporated in 1870
under the state laws and for years
was known as the Political bank" be-
caused it attended to the financial
transactions of nearly every city or
state politician of note. In recent
years, however, the bank has not been
so extensively patronized by politicians
as formerly.
MIR. QUAY NOT AFFECTED.
United States Senator Quay has had
extensive dealings with the bank but a
telegram received today from Nj. Quay
stated that he was not affected in any
way by the failure.
The bank has a capital stock of $780,,
600 and is an official depository for the
city and state. The active deposit of
the state fund is $5O5,0OO and of the
state sinking fund there is on deposit
about S350.OOO
City Treasurer McMichael says there
is $4,000 of city money on deposit, this
being about Is per cent. of the deposit
to which the bank is entitled by law.
The bank officials We're very reticent
today in speaking about its affairs.
merely repeating the statement that
the hank has closed until it's affairs
can he examined one gentleman close
that the liabilities amount to about
$l,500,0O0 He expressed the belief, how
ever, that the bank is solvent.
1t was also rumored that the Phila-
d@lphia Traction company is a heavy
depositor in the Peoples bank, but it
was learned definitely this afternoon
that the deposit to the credit of the
Traction company is insignificant Pri-
or to the date of paying dividends the
company usually placed heavy deposits
III the bank. Dividends will be paid on
April l, but the company had not vet
placed the usual amounts in the bank.
LOPER ASSIGNS.
Following the assignment of the
Guarantors' company and the sensa-
tional developments concerning Cashier
Hopkins and the Peoples bank. Rich
ard f. Loper, general manager of the
GuarantOrs' company, today made an
assignment.
No real estate was conveyed.
The Peoples bank was Incorporated
under the state law in 1870, and was re-
chartered in 1890.
The par value of the stock of the
bank is $780, and the last sale reported,
September 20, 1897, was at 5000 per
share. It's last dividend paid in No
Vember 1897. was at the rate Of per
cent. annually.
OF the states fund there were $505, ,OOO
,n deposit in the bank. The last bank
Rilure in this city, the Chestnut Street