Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-09
New Organ IMITATION
Must Bear Name
Other Than Rose
vile Trust Co.
LIABILITIES AND ASSETS OF
OLD CONCERN TAKEN OVER
Directors and Large Depositors
Have Furnished $500, 900 in
Funds TO Be Used for This
Purpose.

George NJ La Monte. State com-
missioner of Banking and insurance.
said today that the joint reorgani-
zarion plan Of the directors and larger
depositors of the Roseviile Trust
proved by him.
Coineident with this reassurins
news for the directorate Of the
wrecked bank came the runlor that
Raymond e. Smith. the missing Sec
retary and treasurer. had been found
and was on his way to Newark in
charge of detectives
While no official verification of the
reported capture of Smith could he
obtained. his appearance at this time,
It is thought. would be followed ny
a sensational revelation of exactly
what manipulations caused the fall
ure OF the trust company and who
we're the men. if there were others
beside himself. who benefited.
The plan for reorganization. as
approved by Mr.. La Monte is this.
A new bank. bearing some name
other than the Roseville Trust Com
pany. will be organized to take over
the liabilities and assets of the de-
funct institution
For this purpose a sum of 100000
has been provided by the directors
and the larger depositors.
Upon the opening of the new hank,
depositors win be permitted to with
draw "a. per cent of their deposits at
once. The remaining Is per cent.
Will be given to them in the shape of
stock IN the new trust company. This
stock viii be sredeema Bile for its fun
value at the end of a period of either
one two or three years, probably the
latter. but interest will be paid al
a rate to be decided upon later
At first MIR. La Monte was no. I'M
pressed by the feasibility of any re-
organization scheme. but he was con-
WINGED at yesterdays conference, ic
IS said, that such move would 10
tar better than a liquidation of the
affairs of the trust company that
. would leave the depositors with pos-.
sibly not fifteen cents on the dollar
The principal obstacle to the speed y
consnmmation Of this plan is the fact
that an audit of the banks books IS
task of titanic dimensions Until
ali the passbooks are in there is little
chance that a statement evenly ap-
proximately accurate can be cast up.
Three-quarters of the passbooks have
not yet been taken to the bank,
despite the repeated request of Dep
uty Commissioner L. r. Vreden-
burgh.
Meeting Was satisfactory.
In referring TO yesterdays confer
ence TO discuss the proposed reor-
ganization Mr. La Monte made this
statement TO the Evening Star to-
day:
THE meeting in the offices of PITT
ney. Hardin & Skinner was ys-y
/ satisfactory from all points of view.
A definite statement was made TO
me of the plan OF settlement that las
I been formulated by the directors and
some of the depositors AMI | ap-
I proved of il as it was shown TO me.
+ = shall make a definite statemen<
/ as soon as the preliminary work is
! completed. Everything is now be-
/ ing done toward expediting the set
I tlement
( Mr.. La Monies principal desire il
I is understood. is to see in tangible
/ shape. either in cash or securities, the
! s400 600 that the directors and larger
depositors say that they have raised
TO protect the depositors and stock
/ holders and provide a working cap
ital for a new trust company.
Clifford MacEvoy. president of the
I Depositors' Association. when seen at
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