Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1914-02-11
RA|NE IS Held
BY GRAND JURY
Memphis Bank Wrecker Is
Indicted for Larceny of
100000.
SEEKS PUNISHMENT.
Former Financier. Clubman and So
cial FayOrite. Refuses Bail and
Insists on Jail Life.
SEEKS PUNISHMENT.

Memphis, Tenn, Feb. 10.-The
Shelby County grand jury which be-
gan probe into the affairs of the de-
funct Mercantile Bank today, return
ed one Indictment tonight against c.
Hunter Raine, former president of
the bank. The Indictment contained
three harges-larceny, embezzlement
and fraudulent breach of trust. He
is charged in the Indictment with
mlsappropriating $7SS,SO4.7S which
he admits he lost in cotton specula-
lions.
Those who appeared as witnesses
before the grand jury today were A.
W. Bennett and j. H. Haight, of New
York, whose Investigations resulted
in the disclosures which led to
Raine's exposure.
NO attempt was made by the grand
jury to indict other members of the
Bank. but thorough investigation
will be made as soon as the Banks
books have been audited
Mr.. Raine has already pleaded
guilty on bench warrant, which was
issued for his arrest, but he can
withdraw this plea as it was neces-
sary to indict him before his plea
would be Of force. So far Mr.. Raine
has made no effort to secure bond
nor engage an attorney. He is still
confined in a cell at the county Jail,
where few of his friends visited him
today. When seen at the Jail this
afternoon, the former banker, club
man and social favorite said to a re-
porter who called on him:
81 am getting my lesson l hope it
may be a lesson to others.''
Indications today were that the af-
fairs of the Mercantile Bank will not
be untangled for several days.
j. H. Hutton state bank superin-
tendent, is directing the work of the
two state examiners, and in taking
care of such business as is of a
pressing nature, such as the collec-
ton OF exchange, demanded notes or
other notes as they fall due. He said
that a number of complications have
arisen over some deposits placed in
the bank after banking hours on
Saturday and overchecks upon other
banks on which payment was stopped
on Monday morning. These matters
probably will have to be settled in
the courts, as the superintendent,
acting for the creditors of the bank,
will make claims to all funds which
should have gone to the bank. Those
particular items, however, Mr.. Hut
ton said, are practically immaterial
in the final accounting, which should
show what the securities held by the
bank are worth and what the net
assets will be.
The Mercantile did a considerable
commercial business and carried the
local accounts of few country
banks. 1t also cleared for one or two
of the small Memphis banks, but so
far there have been no indicatinos
that the failure will affect any OF
those institutions.
There was no development indicat-
ing that Raine's shortages would
exceed the amount already stated
slightly over $1,oOO,OoO. The value Of
the securities has not been checked
up, and the audit will not be complet-
ed finally for at least a week.
There have been the usual crop Of
unfounded rumors a sto the failure
most of them without the slightest
foundation in fact. 1t is admitted
that many wealthy men have large
sums on deposit, ranging from $4,000
to 100000 or more in cash.
Since pleading guilty to the charge
of embezzlement and going to Jail
Raine has steadfastly declined to dis
cuss the affairs of the bank further
than to insist that he alone is re-
sponsible for the conditions which
wrecked hiatt institution. Scores oil
friends have called to see him and
bedding and other things to make biz
cell more comfortable have been sent
to him.
One of the most touching incidents
in connection with the arrest Of