Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-08
DEPOS|TORS WANT
FULL PAYMENT; ::!!:.. ?!:: !:
MONEY AT ONCE
Roseville Association Indicates
That Is Only Plan of Reor-
ganizati0n to Be Considered.
HOLD THAT DIRECTORS
ARE INDIVIDUALLY LIABLE
Opposition to Plan of Directors
to Pay rs Per Cent. of
Claims at Once.

The Depositors' Protective Assocla-
ton indicated today that 1t would
oppose any reorganization of the
ito give the depositors dollar for dollar
at once.
I'VE have been assured by. the
banking department that the direc-
tors are individually liable, said
Henry B. Tower today. Mr.. Vred-
enburgh is ready. If necessary, to sue
them and recover every cent of the
money due the depositors.
"The directors and the wealthier
,depositors are planning to have a
new bank take over the liabilities of
the trust company and pay 70 per
cent. at once and the rest at the end
of perhaps three years.
THAT is all very well for those de-
positors who can afford to wait. The
Depositors Protective Association
however, is made up of about 130 OF
the depositors whose entire savings
are tied up In the bank.
ITO deprive them of quarter OF
their money for SO long period
would be an unwarran nted hardship
in this case.
Say DIRECTORS Are 10 0ihHe'
THE directors are to blame for
having allowed the looting of the
bank. Frank c. Ferguson. the bank
examiner who told us that Mr.. Vre-
denburgh was prepared to sue the
directors. said that the negligence of
the directors was fragrant.
That Is why we think that the
members of our association should be
given dollar for dollar at once In the
proposed reorganization. We do not
wish to hinder the reorganization. We
are as anxious as anyone to have the
matter settled as favorably to all
concerned as 1t can be done. But the
conditions In the trust company were
so outrageous that we feel justified In
demanding our money at once.
Conference Late TODAY,
George NJ La Monte, the State
commissioner of banking and insur-
ance, and his deputy. l.. r.. Vreden-
burgh, will listen to further details
of the proposed reorganization at
conference late this afternoon in the
Office Of Pitney. Hardin s. Skinner,
the banks attorneys. William q.
odell win be present in behalf of the
directors, and Clifford F. MacEvoy
and Edward F. Clark, as representa-
tves of the Depositors Association
A representative of the directors
eide said today
From the standpoint of the de-
positors the rehabilitation of the
Roseville Trust Company Is a con-
summation devoutly to be wished. 1t
is the only possibility of assuring
them of prompt and certain payment
In full. Liquidation would mean not
only delay. with all the expense In
cident to administration, but would
result inevitably in swelling the ulti-
mate deficit by rendering uncollectl-
BILE much of the paper which viii
proye to be among the good assets, II
privileges of renewal can be granted
by the reorganizec institution How
ever certain the bank examiners and
depositors may be that this final
deficit can be collected from the d.
rectors. the proverbial delay and un-
certainty of the law must be reck-
oned with. 1t is reported that 100000
is already available toward a reor-
ganization, sufficient to restore the
300 600 of capital and furnish fund
of 100000 to cover the shortage on
deposits
''It remains now for the examiners
to complete their work and render a
report so that the commissioner OF
banking may determine what sum is
necessary to reopen the bank with
safety to the depositors. Certainly
this is no time for talk of lawsuits
Litigation should be the last resort
For those whose money is tied up in
the hands of the commissioner it is
better by far that examiners deposit
tors and directors devote their whole
time and attention at present to ef-
fecting the reorganization as speedily
as possible"