Salt Lake Tribune | 1914-02-19 | Page 4 | Raine Defalcation Ruins Cotton Broker

RAINE DEFALCATION RUINS COTTON BROKER nSMPIIIS, Tcmu. Feb. IE. Invcstlga-' Invcstlga-' ting' of tho closing- of the Mercantile hank recently after tho discovery of alleged defalcations de-falcations by tho president, C. Hunter RaJne. of $1,100,000, was begun today by the grand jury, Tho Htate superintendent of banks, J. L. Ilutton. expects to complete com-plete the auditing of tho bank's books by Friday. Ttainc, who Is In Jail, was not called before tho grand jury. N'BW YORK. Fob. IS. Tho falluro of Madison Foster of Memphis, a member of Uio Now York cotton exchange, was announced on the exchange today. Foster Is said to have acted a a broker for C. IT. Ralne, the Memphis bank president, who recently failed. JTo liquidated lils contracts on the local exchange about two wockft ago, and thero nro no claims outstanding out-standing against him here a3 far as i known.