The Covington leader. (Covington, Tenn.) 18??-current, 1919-07-17
HUNTER RAINE GUILTY;
ASKS FOR NEW TRIAL

G. Hunter Raine, once president of
the old Mercantile Bank, which he
wrecked five years ago, was convict
ed by jury in the criminal court
Tuesday of fraudulent breach of
trust. The verdict carries a sentence
of from one to 10 years in the state
penitentiary at Nashville.
The jury recommended Raine to
the mercy of the court. This shows
the frame of mind of the jurors, but
it has no effect in law.
1t took the jury two hours to reach
verdict. Shortly before 6 o'clock
Tuesday afternoon Judge Harsh di-
rected the sheriff to bring the jury
in for final instructions about their
deliberations during the night. The
sheriff reported that the jury wanted
a few minutes more. Five minutes
later it was announced that the YER
dict was ready.
The state proved that more than
a million dollars was taken from the
Mercantile Bank Raine admitted
that he took it and gambled it away
on cotton. There was little to be of
fered as a defense other than the
plea that he had already walked in
the shadow, that youth no longer lent
courage and hope and that friends,
once his, had long since turned their
trust to more honest man.
This plea, though pressed with
earnestness and eloquence, could not
withstand the bald fact that stared
from the record.
The story of the Mercantile Bank
is almost story of Raines life. 1t
was the child of his brain. He came
to Memphis in the seventies and was
a bank clerk. In 1888, when only %
years old, he helped, to organize and
became the cashier of the Mercantile
Bank. Some of the finest business
men and most cultured gentlemen of
Memphis were his friends and adj
visers.
He left the bank in 1906, but re-
turned after few months as its
president
Raine testified that he first began
specializing in cotton in 1908. He
cleaned up more than a million and a
half dollars. He was a rich man.
He had connections with leading fl
nancial institutions of Memphis, and
his name was a byword Of upright
ness and fine dealing among business
and professional men Of Memphis. He
was affable in manner, delightful in
conversation and gentlemanly in his
conduct.
He thought he knew cotton. With
his million behind him he played the
board for amusement's sake. But his
luck was that of a gambler. He play
ed it once too often.
In the fall of 1918 he bought long
on 10000 bales of cotton. Some cot
ton brokers in New York began to
force the market down. Raine had
to pour in money. He took it from
the bank. In October, November and
December Of 1914 he poured a million
dollars that belonged to the Mercan-
tile Bank into the cotton market
Finally the end came It came with
a crash Raine confessed his losses,
and the bank was closed. He turned
over his estate to the receivers of
the bank, and went to prison. rs
was released from prison last fall.
1t is considered certain that Judge
Harsh will override the motion which
was made for a new trial. An APP
peal will be taken. Raine is now out
on bond. When the appeal is taken,
a new bond must be made. The APP
peal will not come up in the supeme
cout until next April.
The staet has 16 other indictments
against Raine, all growing out of
the wrecling Of the bank. Mr.. Bates
said Monday that these indict-
ments would not be disposed of until
the supreme court acts.
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