The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-01-30
CASHIER Stone RELEASED
Entered Bail, Luther Keller and DR..
l.. n. Gates Becoming Sureties.
JOHN Z. KELLY MADE ASSIGNEE
Lackawanna Trust and Safe Deposit Com.
pany Informed Superintendent OF
Banking Thoy Could Not Act-Stone
Is Assisting the Assignee.

NJ. j. Stone, cashier of the Olyphant
Monday night upon n charge of forgery
and fraud, was yesterday released
from the county Jail, Luther Kel-
Ter and DIR. l.. NJ Gates becoming
his bondsmen in the joint sum of 200.
These two gentlemen appeared before
Judge Edwards yesterday afternoon
and qualified in the sum mentioned. At
torneys Lemuel Amerman and w. w.
Lathrope appeared for Mr.. Stone, who
looked considerably depressed after his
nights Incarceration in the county Jail.
At the suggestion of State Superin
tendent of Banking Kraumbaar all the
FUNDS and books We're removed from
Olyphant to Il place of safe-keepng In
scranton. Yesterday morning the di-
rectors of the LackaWanna Trust and
Safe Deposit company intimated to Mr..
kraumbaar that they could not accept
the appointment of assignee. Mr..
Kraumbaar accordingly notified the di-
rectors of the Olyohant bank of this
decision, and meeting was held In the
office of Attorney $. b. Price and j. =.
Kelly was appointed. Mr.. Kelly en-
time and was engaged at Olyphant
during considerable portion of last
evening.
What Mr. Stone Says.
Mr. Stone discussed the matter freely
yesterday, but strongly denied that any
embeZZlement had been committed and
was confident that If the securities were
handled in the proper manner that no
money would be lost and that the de-
positors would be paid in full.
He does not deny that he had watered
the stock, but not with the intention
of defrauding anyone. his motive being
to make an increased capital ON paper.
Mr.. Stone had overdrawn his individual
account last week to the extent of $500,
but this he claims is more than bal
anced by the amount due to him in
salary. This it is claimed. Is the only
irregularity committed by him in
volvlng any actual use of the funds of
the bank.
Mr. Stone has not received any divi-
dends on the $4,000 fictitious stock
which was represented by the forged
discounted notes, as the stock Is dated
Dec. IA so that no dividends would have
accrued since then.
If the results of the Investigations
confirm the statements of Mr.. Stone
that he has not msused any of the
funds of the bank, and that his offense
was limited to the signing of the notes
there is good reason to believe that as
he was mainly inspired to do this for
the welfare of the bank, the charge
against him for forgery and defraudinS
would be withdrawn. The information
was sworn by George NJ. Hull, president
of the bank, who, while strongly disap-
proving and condemning Mr.. Stones
action is as strongly opposed to prose-
cutting him If it is subsequently ascer-
tained that Mr.. Stone was actuated by
motives for the welfare OF the institu-
ton and that he has not squandered
any of the money.
May he Amicably Arranged.
There is every reason to believe that
the depositors will be paid in full and
that affairs may yet be amicably ar
ranged.
1t ought to be mentioned that Mr..
Stone is giving every assistance possi-
BILE to Attorney John p. Kelly, the as
| signee.