The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1889-07-05
E:x T I RA !!
Last Edition.
ARRESTED AT HIS BANK.
Teller Frank Hoyt, OF
Hoboken, Charged with
Emhezz1ement.
HE CoNFESSES TO Sto, 900.
He Says the Money Was Lost in
Wall Street Speculations and
That He Expected to Repay 1t.


Frank Hoyt, one of the most trusted
officials of the First National Bank of Ho-
boken, was arrested this morning on the
complaint of President Samuel r. Syms
on a charge of embezzlement.
He confessed to having taken $4,000,
but refused to say for what purpose the
money had been taken.
A messenger was sent to the police
station and Sergeant Marnell went over
to the bank and arrested Hoyt, who is
thirty-one years of age and has a young
wife and two pretty little children at
Orange.
The prisoner broke down and seemed to
feel his position very keenly. He said
soon as she heard of his misfortune.
AN ACCIDENTAL DISCOVERY.
Hoyt left the bank at four O'Clock on
Wednesday afternoon and went home,
but after he had gone one of the clerks
found discrepancy in his books. The
president and directors were notified of
the mistake and the books were thor
oughly overhauled and examined yester-
day 1t was found that the deficiency in
$4,000 to $4,000.
ARRESTED AT HIS DESK.
He arrived at the bank this morning as
usual and took off his hat and changed
his coat, after which he sat at his desk as
if nothing had happened. He was called
into the presidents private office and in
formed that the shortage in his accounts
had been discovered and asked to confess.
He said that in all he had taken about
hr1f hot hn hnI tyNta 6ad TO
the money back. After being questioned
he said that the money had been lost in
Wall street speculations, but that he had
waited for turn of luck to refund the
stolen money.
THE BoNDsMEN GOOD.
Cashier Goodspeed said that the bank
will lose nothing, as Hoyt's private ac;-
his bonds will more than cover the
deficiency. He refused, however,
to divulge the names of the bondsmen,
but said THAT they were both wealthy
men residing in Orange. He also refused
to say the amount of the defalcatiOns,
as the Directors did not wish to make it
public for the young mans sake.
AN OLD SERVANT.
Mr.. Theophilus Butts, one of the direc-
tors of the bank, said that Hoyt had been
in their employ for about twelve years,
and was one of the most trusted officials
in the bank. He entered the
service Of the bank when he
clerical position. His father is dead, but
he continued TO reside in Orange, where
his aged mother lives.
He rose to the position of first teller, and
had the entire confidence of his superiors
and fellow clerks till an accidental dis
covery made by the Bank Examiner
Wednesday aroused suspicious against
him. All yesterday was spent in an eX-
animation of his books and the proofs of
his embezzlement were uncovered.
THE METHODS.
He had been in the habit for atleast six
months of abstracting money ana doc tor
ing up his daily balances.
He had to do that every day to cover his
tracks; yet he was an embezzler nearly
six months and had successfully lodged
through the last quarterly examination
of the Examining Committee.
Such AN examination is made every
three months, while the United States
Examiner drops in off and on at any time
and at no particular period.
Then another scheme Hoyt had was to
withhold deposit slips.
For instance, he took the slips out and
counted the cash in the days receipts.
Then on the following day he would turn
in the deposit slips, after having re
written the same and changing the date.
Then in counting up Hoyt would alb
stract funds from one account and put it
in another, and vice versa, in order to
make the cash balance.
He manipulated it so adroitly that for
months he eluded detection. AS deeper
and deeper he got into the mire he hoped
and hoped for that happy hour when his
"spec. in Wall street would pan out sue
cessfully, and then he would make full
restitution to the bank, and then never
again be caught in such snarl
called on President Lyons he was petu-
liant and too busy to talk.
How was the embezzlement discov-
ereds" he was asked.
81 haven't time to talk, 1 say. We
counted the money. How else do you
suppose we found out?" and the Presi-
dent turned his back.
1t is not believed that $4,000 measures
the amount of the deficiency. 1t may run
up to a good deal more. The bank will
probably be able to stand the loss.
''He was very modest" said Mr. Butts,
squandered in high living. From what
can learn" he said, speculation in Wall
street was the young mans rum"
Hoyt when in the police station would
say nothing for publication. In fact he
begged the police authorities to keep the
reporters away from him, as he wanted to
be quiet.
Hoyt was one of the most popular men
in the bank and his numerous friends are
thunderstruck at his arrest. He is not in
debt in Hoboken and had many friends
who would have lent him the money if he
had been in need.
BEFORE THE UNITED STATES COMMISSIONER.
He was arrested without warrant and
has SO far had no examination.
On the authority of Counsellor John G.
Besson President Syms will make COM
nlaipt before United States Commissioner
Muirheid, and not before the Recorder,
on some technicality of National Bank
law.
Some of his friends claim that his ar
rest was Illegally effected and that an ap-
plication will be made for his release.
When confronted by the charge, Mr..
Hoyt wanted to arrange settlement, and
surrendered 8, 1000 of cerficate securities
which he had about him.
saw Hoyt in his cell, but he refused to
say anything except that he was guilty,
and was sorry He was weeping, and
thinking of his poor wife and children,
who were notified by the bank officials
The accused, who is only thirty-one
years of age, is a native of this State. His
late father was q clergyman in high
standing In Orange. He received a good
education, and was fiTst employed in