New-York tribune., 1907-11-21
WILL INDICT FIVE.
BOROUGH BANK EVIDENCE
Kings Jury Haring Men Watched
Pending Bench W@TantS.

As result OF the investigation OF the al
fairs Of the Borough Bank of Brooklyn by the
Kings County grand jury five indictments WI"
be made public tomorrow
From the testimony already given sufficient
ground il is understood, has lready been found
ror the issuance Of five bench warrants but as
r. IS customary TO hand up indictments on FIJI
dav warrants viii not be issued until that DAY.
The men against whom true bills have oeeh
found were under police surveillance YESTERDAY
and last night and viii be'closely watched uilIH
The bench warrants are served. An attempt on
the part Of any one of the five TO leave the
CITY would be followed by his immediate arrest
only the affairs of the Borough Bank were
gone into yesterday by the grand jury but as
soon as the investigation OF that bank has been
finished Investigations Of the Williamsburg
Trust Company the Jenkins Trust Company
and the International Trust Company will fol-
low, although District Attorney Jerome It IS
thought, viii conduct that Of the last named
company. Acting District Attorney Elder Of
Kings County, and Mr. Hayes, State Bank Ex-
aminer, are convinced that investigation
OF certain transactions Of both the Williams
burg and Jenkins trust companies will result
in starting revelations which will be exceedingly
difficult for the directors and officials Of the
companies TO explain.
It was said good authority in Brooklyn
that the five indictments to be handed down as
a result of the Borough Bank inquiry not
tie only ones. Others are expected 70 follow
the result of subsequent testimony given before
the grand jury.
THE WITNESSES EXAMINED.
The witnesses yesterday were Robert J. Cud-
dihy, director Of the Borough Bank and exec
utor of the Mcguire estate F. W DoolittIe. pri-
,P+
International Trust Company and director
Of the Borough Bank; David Hutton, a director
Of the Borough Bank; Henry J. Hes, the assis-
tant receiving teller; William C. Hayes. State
Bank Examiner. and George w. Adams cashier
Of the Oriental Bank. r w. Jones, jr. Tresi-
dent Of this bank was also subpGnaed, but was
in and could not appear other subpGnas will
be issued ana served tonight.
William C. Hurley. vice president and a di-
rector Of the bank was not subpnnaed This
created some surprise and led to the circula-
tion of many rumOrs. It seemed. however, to
he the general impression that Mr.. Hurley was
in 10 way to blame for the banks troubles. and
in fact did not know of the unsecured loans and
other transactions that resulted in it's closing
The Borough Bank was his pet business under
taking and he has his friends say, been much
upset by its failure
1t said yesterday that the grand Jury in
tended 10 subpoena only those bank officials who
actually took part in taking down or listened
20 the three confessions that have been laid be-
fore the grand jury. These confessions will be
made public as soon as the indictments are
handed down.
When the investigation was going on it was
discovered that according 10 the books of the
bank Mr. Hurley had overdrawn his account
from $1,000 to $1,000. Mr.. Hurley did not
friends said yesterday. The explanation is
simple"
HURLEY's ACCOUNT EXPLAINED
He needed more ready money than he had to
his credit in the bank by several thousands
he handed the cashier Mr.. Campbell. forty-two
bonds of the Laurelton company, which had cost
him $4,000, and asked for loan on them suf-
fcent. taken with his cash balance TO make
UP the amount he needed. Mr. Campbell had
the bonds in the banks safe and Mr. Hurley
supposed that the money had been credited to
him as loan. He was surprised to find that
Fl had been charged as an overdraft. Mr.. Camp
bell admitted that il was a loan on the Laurel
ton bonds and not overdrsft"
The work Of the investigation was somewhat
delayed yesterday by the failure OF the bank
officials TO deliver the banks loan book prompt
ly 1t was said that the Acting District At
torney gave directions to Smash the door Of
the safe if the book was not produced within
q given time Later it denied that any
such order had been given.
Stephen c, Baldwin, counsel for A Z Camp
bell. cashier of the Borough Bank. declared that
his client had been used a scapegoat by
President Maxwell and William Cow He said:
Campbell is entirely innocent; he was only