Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-17
CIR. MUNROE ON
! ROSEWLLE BANK.
Declares Stories of Alleged Con-
nection With Smith Concern
Are Not Correct.

o. Roland Munroe. a director IN
the defnnct Roseville Trust Com
pany whose name has appeared sew
eral times in connection with the
proposed Reorganization scheme. has
sent to the Evening Star the follow
ang letter:
VIII you kindly permit me,
hhrough you, to correct several false
impressions in Roseville Trust Com
pany matters that have gained cur
feney through press reports
First was not connected with
dhe Home Ice and Products Company
at the time its affairs seen. 20 have
been 1uggled by Raymond E. Smith,
nor for long time prior thereto. I
! was not as has been stated any
party to. or indorser on, the notes
aggregating $4,000, nor any other
, notes wrongfully used in securing
! money from the Roseville Trust Com
pany.
My first connection with that
company was as attorney, acting at
the request of r w Holbrook He
was developing a cooperative plan
Tor supplying ice to consumers with
out any middeman. The idea APP
pealed to me. The plans seemed well
Thought out and feasible Later, feel
Ding that I knew but little of what
was going on, and that I was no lon
ger of any particular use in the en-
1erprise, which was departing some
what from the lines originally
: planned, l sold my stock and retired
. from the company.
Shortly after that an office was
opened in Plainfield and I knew moth
9ng of the companys affairs, except
by hearsay, and had absolutely no
idea of any Irregularities at any
time.
acknowledgement of my offered
contribution to the fund subscribed
by the directors of the Roseville Trust
Company to help fill up the gap made
an the company's assets has never
been refused. The recent statements
In the press to the contrary were In
error The banking department has
had full information as to my situa-
J ton and attitude in the matter and
so far as | know has made no criti-
cism of it. It is humiliating and I'M
Just to have contrary reports circu-
lated
IF I may add a word on matter
of much more general interest than
I would like to say that the force of
circumstances has placed In very
false light a man of the highest in
tegrity. I refer to William p Ode11,
president of the Inflated Roseville
Trust Company. This fact is recog-
nized by those who have known his
painstaking efforts to keep in touch
with the affairs of the trust company
and his unselfish devotion to the best
interests of all concerned therein.
''It might very naturally be sup
posed that Mr.. Odell had signed the
statement to the banking department,
prepared by Mr.. Smith, without
proper scrutiny, but as a matter of
fact ! am assured. on the contrary
that he carefully checked 1t up with
the balance ledger of that date: that
he did not simply take it for granted
that the figures were right and heed
1essly swear to it, but did exercise
oil reasonable precautions before put
ting on it the official stamp of his
approval And this was entirely in
accord with Mr.. Odell's usual prac-
tiSe It was what one would expect
Of a man of his training in the han
sflling of millions of dollars as cashier
for the last thirty years of the great
II. B. Clahin Company.
ut mo- doubt is hard to understand
how such juggling as the bank exam
sners now report could have been so
llong and so successfully concealed,
but the very fact that these exam
liners were themselves deceived in
Ipreyious examinations may shed some
Hight on the matter.
81 desire to state these things in SIM
fpie justice to one whose devotion to
the interests of the trust company
and whose personality has won my
sincere confidence and respect"