The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-03-23
BANK OFFICERS.
ARE INDICTED
Grand Jury Finds True Bills
Against the West Hudson
Company Directors
RESULT OF MIGaIAs CASE
JURY ALSO DECIDED AGAINST
THE JERSEY CITY EXCISE
BOARD BY AN oyBRWHELM-
ING VOTE.

The Grand Jury yesterday closed an
investigation of weeks standing and by
an overwhelming vote decided to turn
into court to-day true bills against Thorn
as J. higgins, former secretary treasurer
of the West Hudson County Trust Com,
pany. Harrison, and all the officials and
directors, including E. F. G. Young. pres
idento the First National Bank. Mr..
Young is the largest stockholder in a
chain of banks throughout Hudson Coun-
ty.
BY the same vote the Grand Jury de-
cided to indlct the members of the Jersey
City Excise Board, which is composed Of
George W. Decker. its president; Mat
thew Fallahee. Gustav P6ngstein and
John O'Brien. At the annual banquet
OF the Hudson County Liquor Dealers
Association. Mr.. Decker stated publicly
that there were two hundred saloons in
Jersey City that should be closed.
This sensational statement followed
ecathing denunciations of the Excise
Board and certain police officials by the
Rev. John f. Ryan, rector of ST. Bridl
gets Roman Catholic Church. and the
Rev. B. Henry Ter Woert. rector of St.
Mary's Church.. The clergymen declared
from their pulpits that the authorities
failed to Gloss saloons frequented by wo-
men and other saloons that sold beer and
whiskey to children.
The news of the Indictment of Mig
gins, the present officials of the trust
company and the indictment of the Ex-
else Board caused profound sensation
throughout Jersey City, Hoboken, Bay
onne, Harrison and other sections of
Hudson County.
A bank examiner appeared unexpect-
edly last November at the West Hudson
County Trust Company's building, in
Harrison. and discovered an apparent
shortage of $57, 600. Notes purporting
TO have been made by Robert Davis, and
aggregating $27, 600, appeared to be ir-
regular, no interest having been paid
upon them
In his report to the State Commits
sioner of Insurance and Banking, the ex-
aminer said:-'sIt also appeared that the
proceeds had not been credited OF paid
to any of the parties whose names were
affixed to the notes, but had been sent
by the treasurer of the company to a
New York firm of brokers to supply mar
gins for stock speculation
"The individual for whose benefit this
had been done, according to the treas
urer's statement, admitted his liability
upon the notes and they were paid by
him. Upon continuing the examinatio
a shortage of $4,000 was discovered,
which the treasurer admitted was charge
able to him, and he made good the
amount.
/ "Entries intended to prevent the def
cheney from being detected had been
made upon the books of the institution,
evidently at the instigation of the treas
urer and he had also signed sand sworn
to false reports of the eompany's eondi-
j ton. The severance of his connection
with the institution was insisted upon
! and the facts were communicated to the
Prosecutor Of the Pleas of the county,
TO be submitted to the Grand Jury"
When confronted with the facts glean-
ed by the examiner, Mr. higgins con-
fessed that the had certified check for
| $4,000 in his home in Jeseey City, and
that he had been prevented from turning
it into the bank by the sudden appear
ance of the bank examiner. He was per-
mitted to deposit the check. and was dis
missed last December. Recently higgins
transferred his handsome residence in
Kensington avenue. to sRobert Davis.
Other real estate in various sections Of
the city was also transferred to the DEM
ocratic leader.
When the Grand Jury first considered
the evidence presented BY the State Com