The interior journal. [volume] (Stanford, Ky.) 1912-1984, 1915-03-19
FINDS METCALF HAD
GOOD REPUTATION HERE
indianapolis Reporter Comes to Lin
coin County in Connection With
Failure of Cicero, Ind, Bank.

Failure OF OIcero, lno., odnk.
w. H. Blodgett, a special staff re-
porter for the Indianapolis News, was
here Thursday, having come to Lin
coin for the purpose of looking up
the antecedents of R. H. Metcalf,
formerly cashier of the Mckinney
Deposit Bank, who is in trouble in
connection with the failure of bank
at Cicero, Indiana. Mr.. Blodgett
learned both in Stanford and Nc
Kinney that Mr.. Metcalf. stood very
high in this community, and that he
was regarded by the great majority
of people as strictly honest and up
right in every way. Great sympa-
thy has been expressed that he should
have gotten into this trouble. Mr..
Blodgett stated that from what he
had learned since investigating the
case, he was of the opinion that Met
calf was the victim of a gang of
bank sharpers who had ''unloaded
the Cicero bank on him. Blodgett
stated that his paper, the 1ndianapo-
lis News was endeavoring to 'get"
the State Banking Department of In
diana for the p lper believed that the
banking department was guilty OF
gross negligence in permitting this
so-called gang of bank sharpers to
carry on the work that they had done
in several instances.
In a story written about the fall
ure of Mr.. Metcalf's bank, the News
gave the following of interest here,
rs a number of Kentuckians of this
part of the state, are on the list Of
those having notes with Metcalf's
bank:
From indianapolis Paper.
The receivers or The Two lnstitu-
tons have not yet been able TO give
any encouragement to the del ositorS
nor can they give much information
to the public because of the tangled
condition of the books. From the
best information obtainable it seems
as if the Cicero bank has failed for
about S125,000, and will pay out
from 10 to rs cents on the dollar.
The Hamilton County Trust Compa-
nv has failed for more than $780,
600, and if it pays 33 1-3 cents on
the dollar it will be doing well.
ing laws.
In March, 1905, tie Farmers and
Merchants Bank was reincorporated
as a state bank. About two years
ago, R. H. Metcalf, who gave his
home as Mckinney bought an inter est
in the bank and later took over the
interests of z. NJ. Hinshaw and his
brother Luther Hinshaw. At least that
is the statement made at this time.
But the last report made to the coun-
ty auditor by the officials of the Far
mers and Merchants Bank, which was
on March /, 1914, shows the follow
ing officers and stockholders:
R. H. Metcalf, president, 206
shares; E. NJ. Hinshaw, II shares, j..
L. Hinshaw, Is shares, M. c. Beals,
5 shares, l.. E. Tescher, cashier, II
shares, I. p. Davis estate, l share.
On that date the capital stock
was SIS, 900; the surplus, $1,000;
accounts, money, claims and credits
belonging to the bank, $191 ,258.08; ;
deposits, S153, 210.45; real estate sit
uated within the state. $11, 089.12.
The question that every one here
is asking is what became of the
money the depositors put in the
bank?" 1t is known that the Hin
shaws speculated in many enter
prises-real estate, gas companies,
glass factories and other things.
John G. Craig was appointed receiv-
er of the Farmers ind Merchants
Bank, and has filed his first report.
This report does not give the details
of the bank managers speculations,
but it tells where a great deal of the
money went. This report shows that
when the receiver took charge there
were S126,9S2.10 in notes in the
bank, and that the total assets, in
Guiding real estate, were $166, 167.57.
OF course the great question now
is how much of the $4,000 in notes
is good. Attorneys who have exam
ined the report say that only small
portion of the notes are of any value.
But here are some of them and they
tell where some of the banks money
went:
o. r. Russell, director OF
the bank .........-..---..-----$ 100000
Vincent Case, director of
the bank ----------------- 10000
Vincent Case and his SON.
in-law ......---...---.--..-------- 10000
NJ