Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-23
NOW is THE TIME TO
"CATCH THE ELEPHANTS"
For No One Believes the North Penn
Bank Was Looted by Mice

Bank Was Looted by Mice
MO ONE believes that when Ralph T.
~ Meyer, the cashier, was arrested the
sole offender in the wrecking of the North
Penn Bank was secured.
Meyer is said to have confessed guilty
knowledge of what was going on. He is
charged with malicious perjury, with re-
ceiving money from depositors when he
knew the bank was nsolvent, with appro-
priating to the use Of other persons funds
belonging to the bank and property left
with the bank as special deposits; with
rehypothecating without the consent of
their owners securities left with the
bank and with intent to defraud by mutt
lating and falsifying the books of the
bank.
These charges describe the processes
by which the bank was looted of 100000.
Meyers friends deny that he profted by
anything that he did. This denial
amounts to a confession that he consented
to be the tool of others and actively as
sisted in covering up their misconduct
But the law holds the tool responsible
along with the principal and Meyer, if the
charges against him are proved, will have
to pay the penalty for his acts.
What the public wants to know is who
is the head offender. Some one in the
bank besides Meyer must have known
what was going on. His identity ought
to be disclosed through the further in
vestigations of the receiver and the ex-
aminers.
The men responsible to the depositors
and in whose integrity they trusted are
the president, the vice presidents, the
cashier and the directors.
These men are not in an enviable posi-
tion, whatever the facts may be, for
nearly million dollars intrusted to their
care has disappeared. There is only
100000 with which to make it good
that is, the capital of the bank, amount
ing to S15O,OO0 (if that be unimpaired),
and the liability of the shareholders,
amounting to a similar sum.
When the cure of abuses in the govern
ment of this city was under consideration
last winter Governor Sproul remarked
that he did not think all the evils could be
! remedied, but" said he, well catch the
elephants and let the mice escape"
The job before him and his banking de-
partment just now is to catch the ele-
| plants.
He discovered early in his administra-
tion that something was wrong with the
method of handling the funds of the state
This North Penn Bank with a capital of
only S150,000 had 100000 of Insurance
Department money placed there by
Charles A. Amber, Governor Brum-
baugh's insurance commissioner. Gov
ernor Sproul removed Mr.. Amber from
Office forthwith and he has frankly said
that the reason was because Amber
risked so large an amount of the state
funds with so small bank.
Men are now asking why this bank was
favored. They want to know whether
any politicians were using its funds as
they used the funds of the defunct Peo-
ple's Bank years ago. In the light of the
facts, they want to know whether the re-
moval of William Smith, a capable and
efficient banking commissioner, by Gov
ernor Brumbaugh several years ago and
his replacement by politician has new
significance.
Who are the looters? This is the ques-
tion that is crying aloud for an answer,
and this is the question which Governor
Sproul is likely to insist, with all the en-
phasis at his command, shall be answered
Our courts in the past have not hest
tated to pursue the guilty even in the
highest quarters. The politically power
full have been compelled to stand before
the bar of justice and have escaped only
through the grace of the statute of limi,
tations.
If any little politicians are back of this
looting their chances of escape are slight
Fortunately, the statute of limitations
will not run in their favor, as the loot
ing apparently did not begin more thar
two years ago.
But whether the elephants are polit
clans or just everyday crooks, the public
will not be satisfied till they are brought
out into the open and hailed into court
If they have the money they must dis
gorge. And whether they have it or not
they should stand before the bar alonl
with the arrested cashier.
The disclosures have just begun. Th
whole truth must out for the sake of tn
good name of the banking institutions O
this commonwealth.