Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-14

: According to Mr. Johnston, the Sec
retary and treasurer of the trust
company, Raymond r. Smith, 40
years old, who was formerly an Or
anse alderman. but whose home has
latterly been in the Roseville Hotel.
l23 Roseville avenue, has disappeared.
The news of the banks collapse
spread like wildfire. A number of
inquirers called up the Evening Star
to discover what had caused the
closing Of the trust company.
According to the last publish -
statement of the Roseville Trust
Company, as of June 4, 1913, 1t had
a capital stock of 100000, surplus of
S5O,00O undivided profits of S43.O19.04.
and total deposits of SOL, ,9566S.
Many large business interests made
the institution one of their deposito-
RES. and the Board of Freeholders of
Essex county had $1,404.93 in it. The
city treasurer had placed in it funds
amounting to $S,020.9S
me last previous examination Of
the trust company was made in Oc-
toper, " 2. The examiners dropped in
Yesterday to make their seIni-annual
inspection. Smith greeted them cor
daily and even helped them for
time lie finally excused himself and
remarked that he would return in a.
short time. They had not gone far
when they discovered a big shortage.
Commissioner La Monte was noti-
fled and he ordered the examiners to
take over the institution in his name-
The banks president, William p.
ODell, of 179 North Sixth street,
was summoned from Asbury Park.
AT the hour for opening today, this
notice appeared on the door
The Commissioner of Banking
and Insurance of the State Of
New Jersey has taken possession
of the properties and business of
the Roseville Trust Company,
(Signed) ELLIOTT HARDON.r
Later on another notice was pasted
up. 1t read:
The depositors' checks cannot
be paid by the Roseville Trust
Company and the usual method
pursued by depositors in order to
protect their checks is to deposit
sufficient funds in some other in
stftution and paste on the door of
window of this institution a no
tce requesting the holders of
such checks to present them to
the institution selected where they
will be paid"
Commissioner LaMonte is in Sus-
sex county for the day. His deputy,
Mr. Johnston, when asked as to the
extent of the deficit by an Evening
Star reporter, said
THE official examination COM
menced yesterday morning. A large
deficiency in the assets was discov-
cred and the treasurer, it seems. has
disappeared You can draw your own
conclusions
I'VE haven't any of the details
here. The examiners are going on
with the work. The deficit will prob
ably be considerably in excess of the
capital and surplus.
This morning the institution did
not open its doors. The commis-
sioner took possession of it.
The trust company was incorpor-
ated in July 1908, and began busi-
ness on December l, 1908. The pres-
en- officers arei William P Odell.
president; Raymond E. Smith, Sec
retary and treasurer; William Fair
lie, first vice-p president. and Harry
w. Foster. second president.
The directors are:
William j. Banister, William T.
Benjamin, Worthington II. Ingersoll.
William f. Keim, Charles c. Zurich,
Clinton F. McCord, G. Rowland Mun-
roe, William w. Woodward, Fred
erick Kilgus. George e. Krug, Harvey
Mott. John B. Scarlet, Elmer K. Sex
ton, Edward ID. Dunn and James B.
bdulSltls
Raymond e. Smith before his con-
nection with the Roseville Trust
Company. was assistant cashier and
receiving teller of the Second Ma
tional Bank of Orange He had been
connected with the Second National
for a number of years and was well
known in financial circles in the city.
He had a pleasing personality and
was extremely popular with the men
he met in business.
In 1906 he was elected as a Re-
publican to the Orange Common
Council for three-year term. during
which period he was a member of
the finance committee of the council
While in Orange his residence was at
Park avenue and Day street. but
after a disagreement with his wife,
who was Miss Bessie Garfield. he
moved to Newark and took UP his
position with the Roseville Trust
Company. His wife is now said to be
living apart from him in New York
CITY,
ANAatHAt NAGEN nIEG