The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-12
INDIAN COMMISSIONER HAYT
UHATWIS THE JNTERNITIONIL Trust
CONpINr or JERSEY CITY?

CONPINr or JERSEY CITY?
Prosecutor McGm Avrrring that the Stock
holder. Gave their Notcs for Onr-finir the
sou'pAny's Capital, aud that President Unyt
knew the Concerns Financial Condition..
The trial Of Indian Commissioner Ezra A.
Hayt was begun in Jersey City Yesterday before
Judge Garreison The charge is that the Com
missioner knowingly circulated false iniorma-
ton in regard 10 the capital stock OF tho Inter-
national Trust Company OF which no Ia Prcsi-
dent. Secretary Frank ID. Karr and Director
Charles VI. Field were Jointly indicted with him
for like offence
Ex-Gov. Joseph u. Bodle moved to quash the
ind tneut. lie said the Indictment should aver
tho character Of tho written statement con-
tcmplated by the law makers As tho indict-
ment road it might refer to one Of the periodical
statements Of its affairs made and sworn toby
the officers of the company; to advertisements
In newspaper. or to q tapo measure of which
all in the court room had heard. Gov Bodies
reference WAS to ayard tape measure circulated
by tho company. on tho back OF which were
printed the words, Tho International Trust
Company. corner Washington AMI Montgom-
cry streets. Jersey CITY, y. j., IL thu only saw
inps hank IN the State with "a paid-up capital OF
t20O 0DJ fnr Tho serlrity Of dnuositors" Tho
Indictment the Governor argued. had followed
the words OF the statute. but il WIS bound to go
further and spccify what written statement 1t
ly what charge il had to rrprl. Another point
mud" was that the statute had IN view IN" origi-
nal written statement, tut that the indictment
charged the circulation OF copies OF a written
statement
bound as yet TO indicate the Specific thing on
which he should rest his case The indictment
declared the nature OF the act with sufficient
Particularly. lie had not had time to examine
all the possible witnesses IN tho case personally,
and he preferred not to ho pushed to his elcc-
ton Of specific act until the case had advanced
little further. As to ths point that the indict-
statement. and not to the original statement. he
said that IN" wording had not been corrrrtly in
tcrpret"d by Coy. Bcdlc II" then rend the dis
that lay on the table before him. and aiterward
banded thc paper to Judge Gnrretson. When
Mr., McGll road the passage. he moidlated his
voice rs though the passage had contained u
parenthess. rs follows:
-" did thcn mt there circulate and publish, and
concur IN circulating and publishing 10y then and there
pnnlmg ami causing To be print and citcuIeuns and
S @ea &C. sc " circulated copies ''' certain WIN " ''''
There were no pareuthess marks in the sem
tence. Tut their places wcre supplied by two
con mas. The USE OF these commas. the Public
Prosecutor thought clearly showed that the in
dlctment referred 10 thr circulating OF the
original written statement
judge Garretson refused 10 quash the ind,t
mcni. but said that he did So without preJu-
dico to the mover. The law under which Il wis
drawn was now. he explained, and he did not
want tn takr the rcspons ihility Of dismissiug
the cass ~ his intorprriat on ~ II;
Tn Pablo II. secutor then explained to tho
struck jury that the comrnny, was orSanzeI IN
Insurance and Trust Company. hut that about
1873 u ceased To 10 u life insurance business
dis en only 9T w isr @caay I pnd d. the D
sto,khollSrs gave their notes for the rest
desirable. and was actually raid in. Thus the
real paid up CAPITAL was only 100000 Further
more Mr.. McGi,i said soma, real estate, in
OsweGo had largely depreeipted in value. The
company bud acknowledged q loss in is bust
ness o. $4,000. This loss must oe nd led 10 the
ons HT Mr TcGin ' contih thu that Oy the
paid UP capital stock for tho security Of de-
positors WAS far below s20Doo0. This Presi-
dent II 1yt well knew ana II was on the proof oi
these allegations that the state relied to sustain
the chgrsc II the indictment. ;,
Mr.; McGill called cx-Judge Bennington +.
dr1ctor u th. Equitable Lilo XssurSnce So.
Judge R"nl2lph testified Tint on the 7th OF
Sanuary ne W. All Wa ,G b oi runs , upon
yent-that is: II could nay all its Liabilities and
have some Of its .carlul stock left Naverthr;
the inconvenicnces ~ rum he told the Score
tary not 10 stop taking deposits. but to take
OF such epacial deposits had since been paid
n full. The other ,deposi'3rs had been paid
had in the bank. On the llth OF February %
the same wear the directors resolved tn ask the
RuidRnceof the C1anceorot the state and after
an examination OF the banks affairs. the Cham
ness. The company did agcneral savings bank
business. Judge Randolph SAID that tho notes
OF tho stock holders Were always viewed ~ cap
ital. and although he had moved resolution In
the board that they should bee paid w. be alter
ward thought he had made a mistake. He
thought so because these notes were as good
an Investment MS the company tad. On the lst
Of January. 1878, only about $4,000 Of these
notes w"ra unpaid and after the Chancellor
ordered tho business 10 be stOppcd nll wrr" paid
but TWO Ihes Two amounted TO about $1,000.
The Public Prosecutor seemed To be- content
to draw from Judge Randolph n history of the
internal affairs II the bunk. Tho bias Of the
witness WIS apparently toward the de'chco.
Gu crOss-cNaminatlon lac said that only three
other savings banks ia the State had any capt
tai stock At all. one Of thr-r. in Camden. hal
slOnOoO. Another had 500 900. and the third
hal only 100000 capital H.. himself had u
deposit ~ about $4,000 IN tho bank, and had
not sought to gct Il out. lie thought II safe
HGyt and kurr also had deposits In il.
As Washington 3. williams. a special master
In chun"rty. Who dad been deputrd 10 examine
the con Elton - the company By the Chancellor.
was about - begin his tr-' imoul. Gov. Be!lf
reu~Wed his pressure upon the Publir PROSE-
cutor To declare sp"ciii ally the act upon which
the indictment WAS based in the minds OF the
Grant Jury.
After arsumcnt Mr.. MrGil said h. woul !
ele I tutrt the cas" on the net ot circulating the
alleged laise Information printed on the tapr
measure. II WAS expected hv many in the
court room that GOV. B"dle would Immediately
move 10 have tho com plant dismissed on the
ground thnt the words ON tho tape were printed
ami not written" but he said he had no mo-
ton to make at that time.