The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1914-02-10
OF Memphis Bank Will Be Brought
by Attorney General lmpli-
Gated on Grounds that He
Received Deposits When
HE KNEW BANK
WAS INSOLVENT
Rsine Before Grand Jury This AZ
ternoon Says Life is Spent
Is Given No Special Priv
ileges in Prison

Telegram by United Press.
Memphis Feb l0.-After first refus-
ing to institute proceedings against
the officials Of the Mercantile bank
other than Hunter Raines, Attorney
General Estes today prepared to bring
charges against Cashier Anderson. He
will be charged with accepting depos-
its when he knew the bank was in
solvent Mr. Raine is TO be taken be-
fore the grand jury this afternoon.
Many urged Estes TO issue warrants
against all OF the officials and direc.
tors OF the wrecked bank
At Intervals. it is claimed, drafts on
a New York cotton man made payable
at the American Exchange National
bank, the New York correspondents
OF the Mercantile bank would be ex
changed by Raine for his personal
checks. These amounts were charged
to the New YORK bank and ether off
GERS assert President Ralne sent the
drafts to their New York correspond
ent IN the regular course Of business.
As result the books Of the suspend
ed bank show credit In New York
OF approximately $3.50 600, which IL 20
asserted. does not exist
According TO a statement made up
at the close OF business last SATURDAY,
the Mercantile bank held deposits Of
1881, ,525, OF which approximately
$4,000 was In savings accounts An
additional $685. 500 in certificates OF
deposit weer outstanding. About two
thousand commercial and four thou
sand savings accounts we're carried.
Raine in his cell at the county prison
has no comment to make Of the banks
failure than to admit his guilt and
absolve his fellow officers of implica-
ton.
My life Is spent" he told a friend
Monday night When Wall street
stacks the cards against you the end is
there"
At the prison Raine has no special
privileges. The cell to which he was
assigned when be was brought from
his home. one OF the most palatial in
Memphis, is furnished with a chair
bed and unvarnished table and was
last occupied by highwayman.
Count Of the actual cash in the
vaults showed approximately $4,000.
il is stated. Sight exchange and clear
ing house certificates not counted in
detail Monday night, together with the
personal checks of the president, IT Is
believed, make up the difference be-
tween the money found aud the
amountd listed as cash on hand.
It was also learned that at the tine
the last published statement gave
S275.0O0 as the amount due to banks
aud bankers, New York banks held
paper indicating loans OF almost $780,
600.
This statement, published January 3,
proved the undoing Of the Memphis
institution, officials of the American
Exchange National bank Of New York
starting the investigation which cul-
minated in the disclosure Sunday that
the local bank was insolvent G. I
Haigh. vice president Of the American
Exchange bank. came to Memphis
early last week and began an audit o.
the books of the Mercantile bank He
was joined Saturday by w. II. Bennett
also a vice president of the New fori
bank. Both officials assert loans
made by their bank are amply pro
tected by collateral.
Finding of the personal checks Mon
day night revealed what is believed t
have been the method used by Rain'
who admitted his guilt Monday whei
arraigned on warrant charging EN-
bezzlement. From time to time. it i
stated, Raine had his checks whicl
were cashed and at his direction. it i
asserted carried as cash on hand.