The Providence news. (Providence [R.I.]) 1891-1906, 1903-08-17
Cashier Cowart Confesses TO
Taking $4,000 From Bank.
WON REPUTATION AS FINANCIER
Placed Under Arrest He Pledges Property
Of His Wife to Make Up the AEolnt
OF Shortage.


been his pride in the hands of a United
States bank examiner Enoch L. Cowart
went back yesterday afternoon TO hi:
home In Deal beach. which he had left
only a few hours before as one OF the
most respected members OF that wealthy
summer colony.
The people OF Red Bank would not
believe II when they heard IL whispered
that Enoch Cowart, the skilled 1nancier
who had made the Navesink National
bank, a wonderful success, was respon-
slble for the notice posted on the doors
OF that institution saying that IT had sus-
pended business and that Bank Exami-
ner William A. Mason had taken charge
a. receiver.
The reason for Cowart's reputation as
financier was given In his confession
OF embezzlement OF the banks funds: II
took the money TO pay dividends 10 the
banks stockholders"
In that simple way Cashier Cowart had
made the bank pay dividends OF per
cent annually and still showed undivided
pron.s I'm his statement Cowart's con-
fession was made secretly 10 Examiner
Mason. night before last. but he was not
arrested until yesterday afternoon. At
his request the bank examiner had con-
pented 10 a postponement OF the service
OF the warrant.
PLEDGES ALL wIFE'S PROPERTY.
"Give me a chance to make. restitu-
ton before I am arrested" Cowart beg
Ued. Let me go home. and I'll arrange
vo give every cent my wife has
The receiver expects Cowart To make
good his word. and says he thinks CO.
wart will then throw himself on the
mercy OF the court.
Nearly every man In Red Bank had
money In the Navesink bank. Its busl-
ness was extensive before II opened it's
savings department, little more than a
year ago. and that department added
hundreds OF depositors.
Cowart's shortage Is little more than
10000. That much was apparent last
night and the receiver had not then fin
ished his examination OF the books This
amount Is believed TO be 20 per cent Of the
liabilities OF the bank so that the deposit
tors will not have TO stand any very
heavy loss.
The loose-leaf bookkeeping system is
said to have made Cowart's embezzle-
ments easy. The receiver said Cowart
would simply take leaf out OF the books
and. after using the money 10 the credit
OF the account recorded on that leaf.
would destroy the leaf. II was n simple
matter 10 remove one leaf and put in an
other. II was said 10 be the cleverest
work in the experience OF the bank exam
iner.
Cowart's wife was once famous
beauty In Long Branch and was reputed
TO be OF considerable wealth. When she
heard that her husbands name was con-
nected with the suspected shortage she
went 10 Red Bank and begged for mercy.
promising to make restitution as far a In
her power Cowart's home at Deal and
his property at Asbury Park are said TO
be In his wifes name
TRUSTED UNTIL THE LAST.
Though Bank Examiner Mason had
known OF the shortage since July q he
did not know OF Cowarts guilt until Fri
day. Up to that time Cowart had covered
his tracks so well that he was unsuspect-
ed: In fact he was trusted so much that
he was sent to New York TO get $50 900
from the Consolidated National Bank to
help stave OFF the run that had started
on the Navesink institution. When he
GOT back with the money Mr. Mason had
discovered enough to convince him OF
the cashiers guilt That night he con-
fronted Cowart with the charges. and
Cowart confessed
While Cowart was making his confes- |
sion a committee OF the leading women |
In Asbury Park telephoned him and |
begged that he accept the position OF |
grand marshal OF the baby parade soon |
TO he held In Asbury Park Cowart was
% popular that he was called upon 10 |
take part In all the big affairs.
:. .Cowart has boen stealing money from |
the bank ever since II was started. 12 |
years ago. according 10 Bank Examiner |
Mason. He had been connected with the |
Second National bank at Red Bank but
persuaded several friends TO help him or
eanize the Navesink. II was capitalized |
~ $4,000. From the very first Il paid /
per cent dividends. Cowart salary was |
l25o0 year. Capt James s. 'Throckmor-
Ton was president II was not until after
Capt. Throckmorton's resignation six
weeks ago. on account of old age that
there was any suspicion OF a shortage.
The bank had made n good statement in
Tune. showing that the deposits amount
pd 10 over $4,000.
TO DEPUTY MARSHAL
Mr.. Mason telephoned Cowart 10 come
N Red Bank. and surrender Cowart RI
sponded promptly at O'Clock. the hoLr
set, lie surrendered 10 United States
Deputy Marshal John ]. Garside. who
United States Commissioner Frank r.
McDermott. Cowart was arraigned be-
fore Commissioner McDermott. He
waived examination and was held under
10000 bond. which was given by his
brother. Samuel G. Cowart. n lawyer. OF
Freehold; John F. Hawkins. his counsel:
Elijah Van Cleaf and Theodore Baringer
y Asoury Park He Is held subject TO
he action OF the Federal grand Jury, /
which will meet in Trenton next month.
Directly after the arraignment Cowart
eft with his brother and counsel 10 ar
'ange the transfer OF his wifes property
q the bank To make good his shortage
Ie would not say how much property his
wife had. but II was stated that the prop
'rty would probably bring s20en Cow
Irt is under $4,000 bond as cashier. and
his Will almost make good the shortage
Examiner Mason said that he did not
ee how the bank could resume business
10 denied. however. that the bank had
oaned S125.0o0 10 n company In the hands
y receiver. and said that this company
wed the bank only $500. and that II was
veil secured He said tho banks loans
mounted 10 nearly s3o000o. President
Roberts believed the bank would be able
o pay dollar for dollar. but thought the
tockholders might have to put up some
hing He said he hoped there would he
reorganization, with new directors and
lew capital.
The COwarts are a prominent family IN |
fonmouth county. Samuel g Cowart Is !
ne of the freeholders OF the county and
man of wealth. The defaulting cashier
member Of the Monmouth Boat club.
nd II connected with other social or |
aniza tions He has two daughters. one
& whom ie married.