The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-06
hot AFTER MONMOUTH TRUST
JUSTICE FORT URGES GRAND
JURY TO INDICT OFFICIALS.
Says They Are Guilty OF Many Frauds
and Thst the Return Of the Money They
Misappropriated IA ~ Less COnse-
quence Than 10 Their Punishment

Says They Are Guilty OF Many Frauds
and That the Return Of the Money They
Incorporated Il ~ Less COnse-
quence Than 10 Their Punishment
FBEEHoLD. N. j., May 5.-The Monmouth
county Grand Jury convened here to-day
for the May term, and the sensation Of the
hour Ia the charge which Justice Fort deliv-
cred to that body upon their duty to indict
certain officials Of the wrecked Monmouth
Trust and Safe Deposit Company Of Asbury
Park which Is now In the hands Of Receiver
John f.. tanning.
Justice Fort opened his charge by alluding
to the State law governing trust companies.
He said an investigation into the affairs
of the company had brought to light gross
irregularities and many illegal acts on the
part Of the officers and directors. In con-
Guiding. Justice Fort said
1T 10 difficult to bring oneself to believe
1t possible, until the facts In this trust
company case are fully brought to his
attention, that officers charged with the
custody Of the funds Of others should 80
far forget their obligations as to have
perpetrated the frauds which are 30 ap-
parent upon an examination OF the facts
upon Grand Jury than the bringing to
justice all officials guilty Of the perpetra-
ton OF crimes OF this character. All the
offences In the evidence before the court
appear to have been committed for the
personal advantage OF the officers of the
trust company, or OF those outside Of the
trust company interested with them in
personal transactions.
There appears in this case to have been
omission to make entries. misapplication Of
funds. false statement Of the condition Of the
trust company, false entries upon the books.
the juggling Of the accounts of the trust
company as executor Of at least one estate,
II not the absolute Misrepresentation Of the
funds OF that estate, the making of false
accounts as an executor to the Orphans
Court a. to the amount OF the trust funds
in hand, the loaning OF moneys OF the trust
company without complying with the
provision Of the Trust Company act re-
Quiring application therefor to be made
In writing and the loan to be approved by a
majority of the board or executive COM
mittee. and a general conspiracy between
the Officers OF the trust company and others
to possess themselves unlawfully Of the
funds Of the trust company upon every
occasion Of their need 1t is Of less conse-
quence to the State that the misappro-
priated funds should be returned than that
those guilty Of these offences should be
punished
AssURY PARK, N. j.. May 5.-The Comp
troller Of the Currency at Washington to-
day ordered an assessment Of $S3 a share,
or So 900, to be levied on the stockholders
OF the defunct First National Rank. The
assessments must be paid on or before next
Monday under penalty Of suits by the re-
ceiver. 1t is believed that the stock
holders will fall back on the directors for
redress.
President A. C. Twining Of the Monmouth
Trust Company and President George F.
Kroehl Of the bank, who are now under bail
arc living quietly In the park awaiting the
action OF the Grand Jury. Treasurer b. c.
Cornell OF the trust company left Asbury
Park after his release on bail two months
ago and his present residence is unknown.
1t 10 stated, however, that he will appear to
plead II an indictment Is found against him
by the Grand Jury.