The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-18
BANK OFFICERS ACQUITTED.
THE END or COMMISSIONER HATS
TRIAL IN JERSEY CITY.


The Struck Jury Find Him and Messr.. Karr
and Pteid Not Guilty OF MIsstating the
Amount OF their Bnnk's Paid.up Capital.
Mr.. John r. DOspassos began the sum
ming w for the defence Of President Hayt.
Secretary Karr. and Director Field Of tho Inter
national Trust Company ofJcrsey city ton min
utes before IL O'Clock. Two of the defendants.
no said. although residents OF other States.
came promptly to New Jersey when summoned.
They had thrown omen their Office and their
books to the free inspection Of the Public
Prosecutor. The tape measure containing the
assertion that tho company had 100000 OF
paid-up capital for tho security Of depositors
WINS not authorized by n resolution Of the Board
Of Directors. and there was no proof that either
Of tho defendants wns present when It was
tnkcn out Of the bank by any Of
tho Witnesses or other dcpositors. Tho
directors had ventured money in real
estate That their business proved losing one
was not a proof OF dishonesty II tho stock
holders meant to defraud. why didn't they put
up the valuation Of their rcal estate on their
books. and go on Why did they allow their
books to show n deficiency. and then volun-
tarily call in the Chnncelor2 To convict these
three defendants the jury. Mr.. Dospossos said
would have to believe that they sat down and
consulted about the issue Of these tapes Two
OF the three had sworn that they were not con-
scious OF any wrong doing. and Mr.. Field testi-
fed that he had known nothing whatever about
the tape. Williams. tho examiner appointed by
Chancellor Runyon had testified that no fraud
on the part OF the company could be discovered
from it's books. President Hayt had not re-
ceived salary since 1873. but had given care
full attention to its affairs. and an exam nation
would show that beyond the first Investments
In real estate. made in the hnsh times when
everybody believed they were good. the affairs
of the hank had been very successfully man;
aged. The only persons legitimately Interested
in the prosecution were the stockholders. The
depositors were not Interested at ALL because
they would be paid back every dollar oil their
money.
Ex- Gov Bedle told the struck jury that 1.-THE COM
pany had been organized in 1868 with good
material for business and integrity % could be
with some Of the larger life insurance com
panies in New York. Three Of the directors
were gone to their reward, but had left behind
them the fragrance OF good names. both In bust
ness strength and In integrity. He thought y
hard to use against Hayt and Karr and Field
and Blakeley Wilson had done. These men
had been directors ~ tho international Trust
their notes in payment Of capital. After few
years the company ceased to do q life insurance
continued. In 1871. binding that their liabilities
including those to thu stockholders, were in ex.
cess,of their assets. and II then being time OF
resolved 10 suspend business. They did not
want the larger depositors. who are usually
more alert than the smaller ones. TO draw out
their deposits aud leave the others in the urch.
Washington ID. Williams was appointed by
SnansooE hnny9n 70 e tSs t9s 9an a1S
was therefore Judge. He was appointed 70
ind out the worst. He found out the worst.
ed the business OF the bank TO
men %SS we're now on tTa MsfSrtuns s
usually arose from the mistakes OF men. not
from !! ths ,no crimes Mr. HaY.i the speaker said
5000 trustee aud executor. when business
was suspended. Each Of the. other two de-
had intended fraud would they have left II
here barr harr vas VA. poor man nv Tith large
paid for with his earnings.
In summing up for the State. Public Prose-
cutor McGill said the advertisement on the tape
was exactly such would lead adepostor un-
used to business to SUBJ pose that 5000. 900 stood
between him and DANCER, 1t Ms Ms Intended to
allowed to take one OF the tape measures from
the bank. MI Kari. and Nr; Hayt and Mr.;
been reduced to $50 600 at the very least.
Judge Garretson. IN charging the Jury, re-
pauSd tue several rulings on points OF Jaw
make. In addition he said: - In the present
statute. when the statement or account OF the
kind mentioned is made and published with tho
intent specified. the crime is complete although
the person TO whom II il made published. aud
tlTfulhltus Is not lnuhteu 10 lutfuht OF hlNhuft
any property 10 the body corporate in question
But this intent must be wrong intent. hay-
ing with II "A design to inJure and defrnud the
person who may advance or intrust the prop
erty to the corporaton II could hardly be- said
that the officer who induced another To advance
properly TO "a corporation by the means and un-
der the circumstances cOntem plated IN this see
ton. with the intent in the case OF money to
carefully take care Of II. and. when required,
return II safely with accumulated interest could
be said to have committed the mlsdemeanor as-
cribed in this section. There must be an ute
rior and dishonest design IA to the disposition
OF the property advanced or intrustrd. which
shall be to the injury and damage OF the person
advancing or lntrusting the property"
The Jury retired at 4:O5 O'Clock. and returned
with a verdict OF not guilty at 7:lO O'Clock. On
first comparing views they stood IL ~ for ac-
Quittal.