Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-12
DEPOS|TORS SEEK
SIGNERS' NAMES ON
WORTHLESS NOTES
Take Steps to Force Deputy
Commissioner Vredenburgh
to Reveal Them.
CLAIMED THEY ARE mot
WORTH INK WRITTEN M
Danger of Collapse of Proposed
Reorganization Now
Hinted At.

Trust Company today took steps to
force a revelation of the names of
those men whose notes have been
described by Deputy Commissioners
Vredenburgh as mot worth the INK
they are written in"
Al the same time danger of
collapse Of the proposed reorganiza-
ton was indirectly limited at by Ed
ward D. Dunn, spokesman for the
directors.
Il think the new bank viii be open
by October /. said Mr.. Dunn. IT
1t isn't possible TO open it by then,
do not think it will be opened at
all. The good will of the trust
company might be SO deprecated
that it won't pay the directors to
buy it. Nevertheless the directors
will still endeavor to make good any
losses TO the depositors''
This Is what Mr.. Vredenburgh said.
1T is a physical impossibility for
the proposed new bank to open by
October / The books of the trust
company are in such chaotic state
that an entire new set of ledgers
will have to be opened and the de-
posits taken from individual pass
complete that work by October -
Taken together these two state-
ments place the proposed reorganiza-
ton in a more dubious light than
heretofore. Until today the diret ors
and wealthier depositors We're united
in saying that the reorganization was
practically certain
The time-linlit condition now set by
Mr.. Dunn follows closely on the agi-
tation of the Depositors' Protective
Association for a dollar-for dollar set
tlement. Mr.. Dunn denied. however,
that there was any connection be-
tween the two.
Negotiations looking toward the
projected organization of a new bank
will continue, of course, just as il
Mr.. Dunn had not set October ] as a
time limit. The detailed plan will be
set forth in an agreement that will be
drafted at a conference between Mr.
Dunn, William Fairlie. Clifford f. Nc
Evoy, Edward F. Clark. counsel for
the Depositors' Association. and a
lawyer who is to be retained to repre-
sent the directors.
This agreement will be presented TO
Commissioners La Monte. II he ap-
proves. as it has been indicated he
will. he will make a contract to se]i
the assets of the Roseville Trust Com
pany to the new bank and the whole
matter will be brought before the
Court of Chancery for it's approval.
All this could be done before October
l. the directors believe.
While these details were being ar
ranged TO-DAY members of the De-
positors' Protective Association drew
up the following petition;
1--WE, the undersigned deposit
ors of the Roseville Trust Com
pany, do request and demand of
the assistant State Bank exam
iner of New Jersey TO give the
names of the makers of the worth
less notes that are in and held by
the Roseville Trust Company"
The signed petition was presented
to Mr.. Vredenburgh. but he merely
referred the depositors to Mr.. La
Monte
The intention of the petition. so
Henry 3. Tower asserted, was not by
way of prejudging the case. but for
the purpose of determining just who
benefited by Raymond E. Smith 3
manipulations
Wilfred c. Roszel. receiver for Ray
mond E. Smith and George Furst. re-
ceiver's attorney. had a stormy time
at Plainfield yesterday where they
went on invitation to attend meet
ing of the stockholders and creditors
of the Home Ice and Product Com
pany. They came very near being
| elected from the Queen City Hotei
| there.
| Near Fistic Encounter.
The visit would probably have end
ed in a, fistic encounter. if several OF
the stockholders had not locked them
selves inside a room in the hotel, leav-
! ing Roszel and Furst pounding on the
door outside.
The two Newark men attempted to
attend the meeting held in the hotel,
| but just as they were about to enter
/ the room the door was closed with a
slam very close to Mr.. F'urst's nous
tache They insisted on being ad-
mitted to the meeting. The stock
holders insisted they had business in
side and would not admit them.
Then the local men started TO bang
or the door, which naturally aroused
! the wrath of the peaceful landlord.
He telephoned up and wanted to know
! If he should send for some officers to
have the Objectionable parties elected.
He said he thought there was riot
upstairs Mr.. Roszel said he then
heard 4 voice reply that the mon were
not "disreputable characters ana TINS
made him feel better.
They pounded some more on the
door and it was opened by one, T. w.
Holhrook, of Ackermanville. Pa. hol-
DER of one share of the ice stock. and
| formerly a general manager of the
company. A war of words ensued
through a crack in the door, but tina.
was as far as the local men could get
Mr.. Roszel became angry, he says,
and shouted out TO the stockholders
1 inside that he had something to tell
! of interest about the administration
of the ice company affairs in the
hands of Holbrook. This did not gain
him an entrance, however. Then he
threatened those inside with contempt
of court for refusing to admit an
'sofficer of the federal court of this
United States"
Called Meeting Conspiracy.
Jeers of derision. however. greeted
this threat and the local men were
| then at their wits end. but they did
not give up. Raising his voice to
| loud pitch. so that the men inside the
room could hear. Mr.. Roszel says ne
told them just what he thought about
them, which was not bit compile
mentary to them. according to the re-
ceiver.
II believe this meeting is nothing
more than a conspiracy" he says he
told them. ''to deliberately wreck the
company. so that the minority stock
holders can grab the assets while the
grabbing Is going on and thus freeze
out Smiths interest of 80 per cent.
! More jeers greeted this statement.
RoszeI saws, and then he demanded