New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-17
LOCAL MISCELLANY.
INDIAN COMMISSIONER HAYTs DEFENCE.

INDIAN COMMISSIONER HAYTS DEFENCE.
TESTIMONY GIVEN AT THE TRIAL OF INDICTED
BANK OFFICERS IN JERSEY CITY.
The trial of Indian Commissioner Ezra A. Hayt,
the president Francis ID. Karr, the secretary, ana
Charles NJ Field, one of the directors of the sus-
pended International Trust Company, on charge
of publishing and circulating false statements IN
reference TO its assets was continued in Jersey City
yesterday. District Attorney McGil in reply TO
the motion made by Ex-Governor Bedle to nave
the Court direct the jury to acquit the defendants
contended that the State had proved the indictment;
that the evidences showed that while the company
advertised that it had paid-up capital OF S2oo'ooo
for the security of its depostors, over S2s,OOo OF
the capital was in the shape of notes. The wording
of these notes showed that the money represented
by them was not considered as paid H. Mr. McGih
alleged that the defendants induced hard-workng'
honest persons to intrust money to their keeping
nader representations that wholly false, and
conducted the business of the company with an
utter disregard of common prudence and integrity
Judge Garretson overruled the motion to direct
the Jury to acquit the defendants and Flavel NC
Gee opened for the defence The first witness was
E. c. Delevan. formerly one of the directors OF the
company. He testified that he was lawyer IN tbs
CITY and was tie official counsel of the company
when IT was organized. He advised the glNlng
OF notes supply the original capital OF Sloo,oOu
of the capital Francis d. Kari. one OF
the defendants testified that at the tlme
the company suspended he was the secretary anu hu
one of the directors. The I" copy from winch Tue
tame measures were printed was written by MN.
BY the statement on the measures he meant that
the international Trust Company was inc so 9mly
COO for the security of its depositOrs. lie CON
sidercd the $4,000 represented by the notes
the company suspended he had $500 on
deposit, and also $500 Of church q, f9 aoa
of which he was the treasurer. NE hayt hs9
which he was trustee. On December 81, 1870 Tue
capital of the company was impaired TO the extent
of S5S, 800 and in July, 1877, the impairment was
meant the stock was below par. lie pad ms STOCK
subscription in cash, and he stu believed ihaI the
unconyerted assets of the company would pay all
Commissioner Hayt then testified that he under
stood by the tape measures that the company mao
n paid-up capital OF 5000, 900. He did not intend
10 msrepreScnt the affairs OF the institution ny CIR
cnlatng the measures. The notes for $4,000 OF
the capital were taken by the advice OF ex-Chan-
cellor ZabTiskie and f.. {. Deicyan. lie never at
tempted to stop the circulation of the measures as
Ex. Congressman Hardenberg. the president of
the Hudson County National Bank of jersey City,
testified in reference TO the value OF property, ~
Union Landing, EX-ChancellOT Williamson, Tor
mery of the directors of the company, testihed
that when the company organized he pad
portion of his stock subscription with note. ms
note he paid In 1874. lie had no DOUBT
that all the notes given for stock subscriptions
when the company organized were good.
Within the last six months ex-State senator Moan
ID TAYLOR. who gave a note for stock, had become
insolvent At the time the company suspended the
witness had $500 on deposit, his son had III ,30Q,
one of the defendants, who IS a
member Of the firm of Field, Morris,
Fenner & Co., the auctiOneers, of New-lOrk, lestl-
fled that he knew nothing of the circulation of the
tape measures. At the time the company suspended
he had nearly $4,000 on deposit belonging to the
United States Dairy Company, of which he
was the treasurer. L. f. G. Young, cashier
of the FIRST National Bank OF Jersey
City, testified that up TO last October
the Hon Noah ID. Taylor was considered
solvent. James c. Clinton and Gilbert L. Parsons
testified TO the value of property owned by the
company. Their estimates We're much larger than
those of Examiner Williams. The case will be con-
tinued to-day,