Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-16
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president,
WILLIAM FAIRLIE,
HARRY w. FOSTER.

Vice-PresidentS.
The depositors were more hopeful
today because of the reported discov-
cry of some assets of sound and
collectable character. The smaller
sum now mentioned as the total def
icit. 225,O00, is nearly, If not fully,
covered by the assets of the Rose
vile Trust Company, amounting. II
is believed, to $4,000. This is made
up of 500, 900 capital, 5000 surplus,
$4,000 or more undivided profits and
Smiths bond of $4,000.
1t is practically certain that the
bank examiners will hold further
investigation after the examination
is completed in order to determine
whether the directors of the Rose
will Trust Company we're guilty of
criminal negligence in permitting
things to go on as they did.
The fact that the directors were
warned to get rid of Smith three
years ago and refused to accept his
resignation when he offered 1t will
play a large part in that investiga-
ton, and there are other significant
facts which will be brought into
question.
Examiners who have been conduct
ing the audit of the banks condition
are convinced that the state of af-
fairs at the bank could not have ex-
listed without the knowledge or the
employees.
Some of the directors and the off,
GERS also should have had knowledge
of what was going on If they acted
up to the duties of their positions, Is
the intimation from a very high
source concerning this phase of the
situation. This being So it is not
surprising that the State banking de-
partment will carry the investigation
further than the mere survey of the
books.
While these figures quoted as to
the banks resources present a rosy
aspect for depositors, some of the
sums may not be available without
some kind of legal complication
There may be some objection on the
part of the National Surety Company
to paying the bond OF Smith until
further investigation to determine
the liability of the directors is held.
The stockholders will not find the
news at all encouraging and they
may also have something to say
about the responsibility of the direct
ors.
Depositors Organize.
Depositors of the Roseville Trust
Company have organized to look
after their interests and will seek
conference with Mr.. La Monte or a
representative of his department.
That was decided at meeting of a
committee of seven held last night
in a hall in the Roseville section. To
procure a criminal investigation. il
necessary, and to fight for their
rights, meeting of depositors was
held yesterday afternoon in Wards
Hall, Orange and Seventh streets. The
hall was crowded with about 200 de-
positors of the Roseville Trust Com
pany, some of them excited and all
of them determined that something
ought to be done. The result of the
meeting was that an organizatio
was formed of more than fifty. who
handed in their names to Secretary
G. e. Mutchler. From this member
ship committee of seven was ap-
pointed. They held a conference last
night at another hall nearby with
Edward F. Clark. a lawyer, of 165
Broadway, New York. who was three
years president of the Guardian
Trust Company of New York. and
who is said to be an authority on
banking and banking laws. The
committee of depositors consists of
the Following business men of the
RoseVille section: Clifford r. Mac
Evoy, chairman; G. e. Mutchler.
secretary; Thaddeus F. MacEvoy,
Harry A. Strohmeyer, Joseph ].
Reilly, II. j. Bierman and Joseph
Greeble.
The committee met together with
other depositors who had not already
joined in the movement. They held
session in private in order that the
plans advanced might not become
known to the directors of the bank
The pnnfaranna 10 fa1
hours. At it's conclusion the follow
ing statement was handed out by
Clifford f. MacEvoy:
THE committee appointed this aft
ernoon at the meeting of depositors
of the Roseville Trust Company, to-
gether with a number of depositors
not members of that committee. met
this evening and determined to OBJ
tain an early conference with repre-
sentatives of the State Banking De-
partment. AS soon as more detailed
information is available the commit
tee will outline plan of action. Ii
was the unanimous opinion that, in
the absence of definite information
another general meeting of depositors
would not be advisable"
Farewell from Suicide.
Smith was expected on the day he
disappeared at the home of
w. r. Schwarzkopf, who committed
suicide by taking cyanide last
Tuesday. One reason why that
was SO was that there was a fare
well message there for him IL he ar
rived. The suicide had remembered
Smith in the note he left when he
decided to die by his own hand. For
the three days intervening between
the discovery of the suicide and the