New-York tribune., 1879-05-08
LOCAL MISCELLANY.

RUMORED INDICTMENTS IN JERSEY CITY.
MANAGEMENT OF THE INTERNATIONAL TRUST CUM
PANY SHARPLY CRITICISED.
The Hudson County Grand Jury closed ITS Work
for the term yesterday, and was discharged pS
Judge Knapp, after handing in number OF lndlct-
nents. If is generally conceded that indictments
have been found against Ezra a. Hayt, now
United States Indian Commissioner, the pres
ident of the suspended International trust
Company of jersey City; f. ID. Carr
Its secretary and c. W. Field one Of the trustees
The company suspended in January, 1873 ana us
affairs are now being closed up by the old directors
The company was organized in 1863, aud dld a saw
ings bank and life insurance business. The latter
proving Improbable the policies were reinsured in
the United States Life Insurance Company of this
CITY, Mr.. Hayt was the president of the institution
from the time of its organization and took general
charge of its affairs. The business offices were at
Washington and Montgomery-sts. Jersey CITY, ana
il was claimed that the institution had an unim-
paired capital of 100000. In April. 1873, Blake
ley Wilson, Hasea F. CLARK, and A. o. Zabrshe' q 2
committee of the trustees made an eAamha'en5 50 o.
the accounts and reported the liabilities at gov
O70, and the assets at S1lO46l; - zoo
When the bank suspended there were over oOo
deposltors whose claims aggregated TIo1'oo2'
Chancellor Runyon appointed Washington B.
Williams. a prOmnet lawyer OF jersey CIV,
special examiner in ", Ghaneer{ ,n3 to fh., &
anime lne DOOhS' MI NiliIHiiY i'u"'
assets to be peculiar IN character. A
large tract of land at Oswego. \. T., slate
quarry IN Pennsylvania, and stocks not quoted on
the market and which are about worthless, are
among them. The land at OswcgO, which was val
ned by the trustees of the company at Sl3OOOO, Is
not worth over One-half Of that sum. MI NlllamS
estimated the total liabilities at $177,476 includ-
ing SIC, 900 due the United States Life Insurance
Company, of which $50, 600 was borrowed money.
There are also contingent liabilities aggIegauhg
R63 go. The assets be estimated as follows !:
mortgages, 500, 800; real estate, 500 BOO; DIS
receivable, S2S941; stock subscription notes,
$1,000; furniture and fixtures, Slo0i cash.
S702S. making total of $l16,S2J MI Nlilians
SAYS mir. Hayt has been the president ana mas
had the chief management and responsibility OF the
business during the existence OF the company
When 1t openly assumed the title ana character oI q
trust company ana bank for savings, and invited
the confidence of the public as such, 1t thereby pc
came bound I conduct its business and make lts
Investments as a savings bank. On the
whole, the management Is not entHeN ItllcN1Nu "a
from blame, both IN regard TO the investments
made and TO the continuance OF business longer
than a watchful valuation would have indicated
and in particular think that the desire 10 make
large bonuses to certain lndlNiduals ma
led to loans not approved on any souhu
view of the business which the company
announced itself to be engaged in." lhe
subscription notes now among the assets were
given in payment of the original stock capital out
the several amounts were reduced by DIVIDENDS
Among these notes now held as part OF the assets
are the following amounts Ezra a. Hayt Sc,3J4
Charles NJ. Field. o. Hon. Noah ID. Taylor ana H.
:. Terbell. 81. $50 each and James R. llayt
S1,2j4 Many of the deposltoT' are poor ana III
great need Of their money. The rumOrcd lndlct-
ments caused much comment yesterday III Jersey
CITY. Distuct-AttOrney McGlll refused to state
whether the rumOr was true orfalse.