Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-20

= L Ht uEuT6 At WHICH MI. NISutn.
bnrgh places the loss is far in excess
of any that had been previously sug-
gested. In fact, it is very nearly
double the combined capital and sur
plus of the institution and more than
half the total deposits.
The full text of Mr.. Vredenburgh's
statement is as follows
Total Deficiency s85s.ooo.
Counting the assests of the insti-
tuition found in the company's files at
book value, the capital. surplus an
profits of about $1S9, 900 are wipH |
out, and in addition a loss to deposl |
tors of about $4,000 is indicates Y
The total deficiency. therefore. apS
pears to be S358, 900.
I'm that estimate no deduction has
been made from the face value of the,
notes for losses thereon in collection.
In addition to the assets found In
the files of the institution. a large
volume of notes. mostly past due,
were found in Mr.. Smiths desk. and
Il hastv estimate indicates a value
therein OF about $4,000. If those
notes belong to the trust company,
whatever can be realized therefrom
would reduce the said $4,000
prima facie loss to depositors.
In other words. If those notes
found in Mr.. Smiths desk can be
held as assets of the company, and
about $4,000 can be realized there
from. the loss to the depositors, as IL
at present appears would be about
Si44. 900.
ITO this loss will have to be added
the losses on the notes found reg
ularlv filed.
Responsibility Not Fixed.
mo attempt has vet been made to
ascertain the responsibilities of the
persons whose names are on those
notes or the value of the collateral
held against some notes: but inquiry
into these waters will be the next
step to be undertaken.
Whatever NAV be recovered from
the surety on the treasurer's bond OF
500. 900 is not included in the fore
going estimate of loss, as the surety
COMPANY has not vet admitted its
liability"
Clifford MacEvoy, one of the de-
positors, said to the Evening Star
today that the depositors We're await
ing word from the bank officials as
to what they would do to provide for
recompensing them for their losses.
Mr.. MacEvoy declared work of or
ganization would go on so that this
depositors would be prepared to put
up a stiff fight provided the officials
statement weer not what had prac-
tically been promised by them
Miss Anna McCarrick, the woman
whose picture was found by an Eve
ming Star reporter in the watch-case
of Raymond p. Smith, missing secre-
tary and treasurer of the bank, iS
still in hiding, She has been traced
and it is thought that a statement
as to Smiths whereabouts may be
obtained from her, or at least, some
explanation of why she dropped out
of sight just at this time.
Despite the reward of $1,000, the
police, the Federal authorities and
detectives from three agencies have
not been able to find a single new
clue as to where Smith went.
1t was discovered today that he
had been interested in financing an
apple orchard in either Washington
or Oregon. He may have fled there,
but no matter where he is he can be
extradicted once the detectives find
him
In an effort to trace Smith through
the automobile he is thought to have
fed in, detectives found out that he
owned three machines. an Oakland,
bearing license No. 36,36S; an Oldsmo-
bile, $3.50, and a National, 36,369.
Designed as Money-maker.
FROM IHe start Ine ttOSeNllle ITuSL
Company was designed to be a
money maker for certain of the men
who were interested in it, There was
profit for some one even in the pur-
chase of the bank property and fix
lures.
The property was sold to the bank
by the Prospect Investment Com
pany. concern composed of several
of the men who became directors of
the bank and w. H. and e. s.
Shawger. for $4,000
Two months before the time of sale
the investment company which had
been formed lust for that purpose.
had bought the property from the
Shawgers, who had butcher shop on
the premises. There was first mort
gage of $4,000 and second mort
gage of $4,000, and the cash con-
sideration In the first transfer was
supposed to have been $4,000. Grant
ing that this cash did actually figure
in the purchase of the property from
lrnnfinued an Pare = C0Inmn N