Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-10-07
DUNN WON'T AID
INSTRUMENTATION
OF WRECKED BANK
Declares That Too Much of
Trust COmpany's Affairs Are
Being Kept Secret.


positively to have anything further
to do with the reorganization of the
Roseville Trust Company until tho
entire affairs of the defunct banking
institution were made public. He de-
clared that he was willing now to do
all in his power for the reorganiza-
ton of the bank, but added that too
many facts were being concealed, not
only from the depositors, but from
the directors themselves.
Mr.. Dunn also declared that Presf-
dent William r. Odell, of the defuncr
bank, was In communication with
Raymond f. Smith, the defaulting
secretary and treasurer, on the Sat
urday following his disappearance.
He said that Smith called Mr.. Odell
on the telephone from Lakewood, N.
J., and that it was after this tele-
phone conversation that the warrant
was sworn out for Smiths arrest.
and the reward of 81, 900 was offered
by the directors for the apprehension
of Smith.
The warrants for the arrest of the
eighteen members of the board of
directors of the defunct bank were
not asked for today by the De-
positors' Protective Association. this
action being deferred until after the
special meeting of the depositors to
be held In Wards Hall, corner of
Seventh street and Orange street, next
Thursday night at o'clock.
II is the contention of McDermtt ~
McDermit, legal representatives OF
the depositors, that the directors are
liable for every cent of the shortage,
and that in being so they are also
criminally liable, but having been
informed, on reliable information.
that the members of the prosecutors
office are in direct communication
with the bank examiners, and that
further arrests from that source are
momentarily expected, they are will
ing to let the courts take action in a
regular manner. 1t Is believed di-
rector. who is also large borrower.
will be taken into custody at an early
date.
The Depositors' Protective Associa-
ton. through Michael Kane, jr., and
Henry B. Tower, prepared the follow
ing for Mr.. Dunn to sign, and had he
done so similar agreements would
have been prepared for each mem
Der of the directorate:
81. the undersigned Edward D.
Dunn. director of the former Roseville
Trust Company, do hereby agree that
if the other seventeen directors of,
the RoseVille Trust Company put up
their 100000 apiece and authorize the
Depositors' Protective Association to
appoint a responsible citizen of New
ark to act as treasurer of the fund,
/ will subscribe a similar amount"
Augustus Randolph Jennings, of 20
Hilton street, East Orange, the for
mer teller of the bank, was scheduled
to have an examination on the COM
plant in the First Criminal Court this
morning, but by mutual consent of
Attorney DeGraw, representing him,
and Prosecutor Hold, the matter was
laid over until Friday morning.
The grand jury, it is said, Is prac-
tically certain to return an indict-
ment against Jennings.
The charge that he appropriated
$500 deposited by Mrs. Catherine
Powers wassinvestigated by the grand
inquest yesterday. A number. of wit
nesses were heard, but only very
briefly. since the real probe of the
wrecked bank has not yet been
started.
Forgery Is Hinted.
One startling allegation. implying
"
oy Mrs Harvey Mott, of East Orange,
the wife of one of the directors. She
is understood to have testified that
a draft for $500 found In Raymond
E. Smiths apartments had never
been signed by her, although 1t bears
her signature. The handwriting of
the draft is that of Smith, according
TO W. P. Thompson.
Among the witnesses who appeared
before the grand jury were L. r.
deputy State commits
sioner of banking, and Ray Mayham.
an examiner. Neither was in the
jury room more than fifteen minutes.
jennings was rearrested last night |
when Lysander Wright. Jr., of 1O7
Mechanic street, his bondsman, noti- |
aed the authorities that he wished |
TO call in the $1,000 bond. Jennings
arranged with Mortimer A. Johnson,
Of III Orchard street, to go on his
bond and Prosecutor Hood agreed to
the substitution.
According to Messrs. Kane and
Tower. Mr.. Dunn consented to sign
this agreement yesterday afternoon,
but after the two of them accompa-
MED him to New York Mr.. Dunn
withdrew his promise, on the grounds
that he would not have anything
further to do with the reorganization
until the entire operations of the d.
rectors are made public.
Mr.. Dunn declared that he had ne
elected his private business. and had
done all in his power to protect the
depositors, but that he had not been
given the cooperation of the other
He added that many
things had been kept from him con-
corning the affairs of the bank, and
that since he purchased stock in the
institution and became a director,
eighteen months ago, he had not been
with the inside working
of the bank, which he had not learned
until the institution closed its doors,
and he also expressed his opinion that
there were yet many facts which he
should be acquainted with, which he
was not aware of.
In issuing the/call for the deposit
tors to attend the meeting next
night at Wards Hall,
Frank McDermit, jr., gave sout the
signed statement;
THE directors of the Roseville
Trust Company are fine set to rep
resent Roseville in a banking institu-
ton. or any other institution. When
the bank failed, through their neglect
and negligence. and possibly some
other reason, of which l am not pre-
pared to state at the present time,
they make great bluff to reorganize
the institution and to replace the
money which was lost through their
neglect. But, it was only bluff to
keep the depositors quiet for the time
being.
1T looks very suspicious to me, and
other depositors, that the president of
the bank, and some other directors,
went on the bond of Smith, the alb
sconding treasurer.
WHO ever. in the existence of this
country, heard of the president OF
bank going on the bond OF the ap-
sconding treasurer? l myself do not
blame Smith for the present situation,