The sun., 1903-08-16
ARREST OF A JERSEY BANKER.
CASHIER COWART or RED BANk
HELD ron GRAND JURY
Charged with Embedding %aO.ONO From
the Navesink National Bank-was
Bonded In S2O. .NOO--diaves SlO,OON
BalI--There May he More Prosecutions

| the Nayeslnk National Bank-was
| Bonded In 32O, ,0<BO--Gaves SlO,dN
| BalI--There May he More Prosecutions
RED BANK, n. j., Aug. IS The sensation
caused last night by the closing OF the
! Navesink bank was as nothing compared
with the announcement this afternoon
! that EnOch l.. C0wart the cashier laa pe'h
arrested for s,nbezzlement. The amount
he is alleged to have enlbcz2lcd Is Sl0Ooo.
| There were ugly rumors yesterday con-
| corning a defalcation, but the special ex-
aminer, W. A. Mason, in his statement to
| the newspapers last night did not IN
criminate any one. 1t is said that yester-
| day MIR. Cowart told the examiner that
he would answer any immediate call tha'
, might be made for him.
Mr.. Cowart & residence is at Asbury Park.
To-day Mr.. Mason notified the cashier that
he was wanted and when he arrived IN
town he was arrested by United States
Marshal Garside and taken before United
States Commissioner Frank Z. McDermott.
Mr.. Cowart waived hearing and was
required to furnish $4,000 bond for his
appearance before the United States Grand
jury. His bondsmen are Samuel G.
Cowart Of Freehold, his bro' her; I, A.
Beringer, E. c. Van Cleaf and John
F. Hawkins of Asbury Park. When asked
what statement he had to make, MIR.
Cowart refrerred to Edmund Wilson, his
attorney. Mr.. Wilson would give no in
formation. Mr.. Cowart left on an evening
train for Asbury Park.
The bank examiner made no statement
tonight. and the facts relating 10 the al
legged embezzlement are unobtainahle.
The amount said TO have been taken
corresponds with the discrepancy between
the individual and general ledgers OF the
bank.
Mr. Cowart has always been considered
an upright and honorable man. He WAS
one Of the organizers Of the Navesink
National B.nk, having previously been
employed in the Second National Bank
of Red Bank He has been cashier of the
Navesink National Bank ever since it's
organization. He il "a prominent member
Of the Monmouth Boat Club and has always
mingled in the best society Of the COM
munity. He has wife and three children,
who are at Asbury Park.
Yesterday after the rumors we're circu-
lated that the bank was in straits there was
run on the institution and about 100000
was withdrawn. To-day the First and
NECOUu NATIONAL DNHks lOVh lHt CIltChS
of the defunct bank to the makers of the
checks for redemption. Some business
houses which deposited in the bank were
handicapped to-day on account OF their
money being tied up, II is not known
whether the depositors will be paid in full.
but there is considerable hopefulness in
town over the outlook
This morning farmer drove many
miles to Red Bank to secure sum OF money
from the bank to pay of a small mortgage.
and he was nearly heart-broken when he
discovered the state Of affairs,
Cowart was bonded in the American
Surety Company in the sum Of $4,000. II
was reported tonight that the receiver
discovered in the cellar Of the bank num-
ber of loose sheets from the cashiers
ledger which the cashier acknowledged
having torn from the book The sheets
contained lsts Of large deposits. The
cashier exonerates the other officials of
the bank. The embezzements, it is said,
cover period of about ten years.
WAsHINGTos. Aug. LIT is more than
probable that one or more officers OF the
Navesink National Bank OF Red Bank, N j.,
will he prosecuted for criminal violation
of law.
The acting Comptroller has said that
the report Of the condition of the bank
made by its officers 10 the Comptroller in
June was falsifed II will be the duty of
the bank examiner now in charge of the
bank as temporary receiver TO notify the
District Attorney OF any violations Of the
law, and prosecutions will probably follow.