Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-10-28

to their performance of their duty.
| Why should laymen be expected to
discover or turn up a condition so
skilfully concealed as to defy de-
lection on examinations made by the
States skilled experts2 The imposs-
bility of calling in all the passbooks
to check the entries will be apparent
at once. After ten weeks effort along
this line by the banking department,
nearly 25 per cent. of the deposit
books have not been sent III.
Loans Never Passed On.
This is not the time or place to
try the question of the boards La
bility for negligence, but it Is sug-
gested for consideration that the ma
jor part of the loss so far shown
arises from loans on which the board
never passed and as to which it had
no knowledge of any kind and that
practically all the remainder of the
loss Is wholly unaccounted for
las public suspicion connects the
directors with this mysterious loss,'
1t may be stated that no director has
asked for or is in any way concerned
with release from any sum he may
now or hereafter be found to owe
the company.
Statement Creates Mistake.
1.-The statement of October "a sent to
the depositors creates, perhaps unin-
tentionally, mistaken impression as
to the position of the directors. They
are in nowise concerned in any new
bank or reorganization. At the out
set they worked faithfully and untir-
inglY on one plan after another, none
of which proved satisfactory or could
be carried out. In these plans, most
of the directors contributed literally
and worked unselhshly with no
thought of any reward or immunity
1.-The two men who put forward
the funds to make possible the char
ter for the depositors' bank never
have made any suggestion of q de-
sire for any sort of release The
other members of the board who
have announced an intention to do
nate funds to the new institution
are actuated by no thought of fear or
favor.
Want No Protection.
Counsel has advised that those
who so contribute receive in turn ae-
quittances which shall protect them
against possible harassment. But no
director desires any release that shall
protect him against the repayment
Ct anything he may be found to owe
for notes, drafts, overdrafts or any
money or security that he may be
shown to have received in any way
THE contributions offered are vol
untary and are made for the purpose
and with the intent of saving from
loss so far as possible every depositor
The moral responsibility has at all
times rested heavily on every d.
rector; the legal responsibility is one
to which the board has given no con-
Germ.
1T is to be regretted that liberty
runs SO readily to license and that
our guarded right of freedom of
speech makes so easy accusations by
those Of no standing, financial or
otherwise, against men who have
passed honored years IN this COM
munity and against whom no finger
of suspicion has ever been raised.
DIRECTORS OF THE ROSEVILLE
TRUST COMPANY"
Reorganization Is Approved.
Letters approving the proposed re-
organization poured in upon the de-
positors' committee today. Approx
mately 1915, 900 of the $4,000 deposit
accounts have been assigned to the
new Mutual Bank of Roseville, which
Is intended to take the place of the
old Roseville Trust Company.
In the first mail today 172 letters of
approval from depositors were re-
cetVed and in the second mail
seventy-fiVe.
Clifford F. MacEVoy, president of
the Depositors' Association. said to-
day that the sooner all the depositors
who intended to agree to the plan
executed their assignments the sooner
the expensive delay could be ended
and the new bank opened