Rensselaer Semi-Weekly Republican, Volume 36, Number 91, Rensselaer, Jasper County, 8 July 1904 — LOOTS AURORA BANK. [ARTICLE]

LOOTS AURORA BANK.

CABHIER JACOB H. PLAIN AD. MITS TAKING $90,000. Gersaan- American National loatitu* tlon of Aurora, 111., Victimized by Embezzlement of Trnsted EmployeMoney Lost in Speculations. Ninety thousand dollars has been embezzled from the German-Amerlcan National Bank, Aurora, 111., and Jacob H. Plain, cashier, has been arrested, charged on his own confession with having taken the money. Three years’ reckless speculation carried on with the bank’s funds while he was known In Aurora society and business circles as “Honest Jacob” is given as the cause »of Plain’s downfall. Confronted with the facts of his defalcation, the cashier admitted it promptly, turning over what property he had and telling In detail in what deals he had lost _s ' Notice of the embezzlement posted on the bank door at first was not believed. Plain’s reputation induced bank patrons to consider the notice a joke. When crowds later surrounded the bank, the officials prepared to meet a “run.” After announcing the embezzlement the notice read: “Thirty thousand dollars of the total embezzlement by Plain has been made up by John Plain, his father, and M, E. Plain, his brother. Eight thousand dollars has been turned over by the .defaulter himself. The balance of the $90,025 loss has been charged off from the surplus and undivided profits, leaving the entire SIOO,OOO capital stock of the bank unimpaired.” “Yes, I took the money. If I were to live my life over again I would shun speculation as I would Are. I was ruined as thousands of others have been ruined, without an evil thought in the world.” This is part of Plain’s confession after he had been arrested. First suspicion of the embezzlement was aroused five weeks ago, although for three years Plain by a system of recording fictitious notes, or notes that had been paid but not destroyed; by including in the bank’s assets bonds owned by depositors and by manipulating the adding machine at the biennial examination of his accounts had been systematically robbing the bank.

He was under SIO,OOO bond and is the son of ths bank’s president. Since May 24, when the defalcation was discovered, bank officials have been busy straightening out the accounts. That day Examiner C. H. Bosworth visited the bank. After footing up a column of figures Mr. Bosworth turned to Plain and said: “Jacob, there’s something wrong here.” Plain, pretending first not to understand, finally admitted the crookedness.

“There’s $40,000 short here, and maybe more,” said Plain. Then he showed where $22,025 more was missing. Finally by bis own directions it was figured out that he was $90,025 short Directors held a hurried meeting, at which the father of the cashier begged that his son be spared disgrace. M. E. Plain, another son, was made cashier. Later It was found that it would be impossible to avoid publicity. President Plain said he was willing that a public statement should be made.