The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-26
REVEALED BY SUICIDE
CASHIER JOHN S. HOPKINS UNLAW-
FULLY LOANED OVER 100000,
And the Peoples Bank of PhiIadel-
phia Was Forced to CIOse-State
Funds Tied Up Again.

PHILADELPHIA, March 25-The sudden
death yesterday of John S. Hopkins, cash
ier of the Peoples Bank, and the assign
ment made last night by the Guarantors'
Finance Company, were followed to-day by
disclosures which showed an important con-
nection between the two events. The coro-
ners investigation this afternoon developed
the fact, hitherto concealed by the family
that Hopkins had committed suicide by
shooting himself, and an examination of
the affairs of the Peoples Bank by its Off
GERS resulted in the revelation that Hopkins
had during the past two years loaned the
banks funds in large amounts to Richard
F. Loper, general manager of the Guaran-
tors Finance Company. These loans,
which remain unpaid, and aggregate it is
said, over $780, 900, were made wholly with
out the knowledge of the officers and the
directors of the bank. The securities given
by Loper as collateral for the loans We're
found, according to the statement of one
of the banks officials, to have very little
value. In consequence of these revelations
the bank to-day closed it's doors indef-
nitely
The state insurance commissioner on
Wednesday asked the court to appoint a re-
ceiver for the Guarantors' Company, which
did an insurance business, and it is be-
lieved that Hopkins, on learning that the
company could not make good it's indebted
ness to the bank, and knowing that expos
ure would follow an investigation of the
Guarantors' affairs, concluded to end his
troubles by taking his life.
President James McManes, Of the Peo-
pies Bank, said to-day that he had the ut
mcst confidence in Cashier Hopkins, and
in ba aHyt1n cfxra 1d
tions with Loper was an unpleasant sur
prise. 1t is the general belief in financial
circles that the bank will pay dollar for dol
lar to it's creditors. President McManes is
reputed TO be worth at least $40 0O0,G co., and
he is credited with the statement that he
would see that nc creditor of the bank lost
a cent. The directors are James G.. Wells
Clay Kemble, Allen l.. Rorke and John
Wiseman. Cashier Hopkins was also a di-
rector Clay Kenble, director, and also
assistant cashier, represented the wealthy
Kemble estate, which has large holdings of
the banks stock. The liabilities of the
bank are about 81, ,5OO0 900.
The bank was incorporated in 1870 under
the state laws, and for years was known
as the Political Bank" because it attend
ed 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 poll
ticians as formerly. United States Senator
Quay has had extensive dealings with the
bank, but telegram received to-day from
Mr.. Quay stated that ne was not affected
in any way by the failure.
The bank has capital stock of $4,000,
and is an official depository for the city and
State. The active deposit of the States
funds is $505,OOO, and of the state sinking
fund there is on deposit about $250,0O0. City
Treasurer McMichael says there is $50, ,0OO
of city money on deposit, this being about
1S per cent. of the deposit to which the bank
is entitled by law. This is the second time
within a few months that the state funds
have been tied up by the failure of bank,
the first being the Chsstnut-street National
Bank, of Philadelphia, where $215, 900 was on
deposit. The State. however. will not lose
cent, as both 1t and the state treasurer are
protected by bonds. Deputy Attorney Gem
eral Reeder and Bank Commissioner Gilke-
son were summoned to Philadelphia for the
purpose of protecting the states interests.
HARRISBURG, Pa, March 25.-Chair-
man Elkin, of the Republican state commit
tee. said tonight there was no truth In the
report that the Peoples Bank had funds
belonging TO the committee. and that Cash
Ter Hopkins was its financial agent.