New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-15
$305,0 Shortage Found in
Newark Institution When
Official with Craze for
Autos Disappears.
WOMAN MAY PROVIDE CLEW
Missing Man Used a Big Red
Machine in Trips with Her,
and Detectives Hope to
Trace Him Through
Acquaintance.

The Roseville Trust Company. OF
Newark, was closed yesterday by
George NJ. La Monte. banking COM
missioner Of New Jersey. with deficit
in its ~ = of at least 100000, and
| II was said by the bank examiner late
last night that the shortage may reach
a half million dollars.
! Raymond T.. Smith, treasurer and
secretary OF the institution, is
missing and detectives, employed by
the National Surety Company. OF New
York, which bonded him, are seeking
him in Atlantic city. here. on trains,
, and on lips by means OF wireless
messages.
| The young man is separated from
his wife, and. as his acquaintances eX-
pressed IT, IS auto mad" He was
said to be greatly attached TO young
woman whose home is in East Orange
and with whom he made many trips
| In his big red automobile. She was
said 10 be in Atlantic City yesterday
and the detectives hope to trace Smith
through her
Some Of the large depositors in the
trust company said they believed a
large sum of money and valuable Sc
curties were taken from the vaults OF
the company just before the arrival OF
the bank examiners. in the hope. pos
sibly. that the taker would be able to
make terms with the officials Of the
institution.
Smith left the trust company's ONCE
Wednesday morning. He explained
that he came 10 work without his
breakfast and was going out to eat.
lie has not been seen In Newark since.
Ii was said. however. that he tele-
phoned TO his office Wednesday after
noon and said lie was in Lakewood
and would board the first train to
Newark He lived at the Roseville
Hotel and was known as good
fellow"
Repu,ed Owner Of Motor Company.
There is said 10 be close connec-
tion between the closing OF the trust
company and the seizure BY the Of
ficials Of the Oakland Motor Sales Com
pany. Of East orange. Smith was re-
puted 10 be the owner Of the motor
sales company. He kept his own auto
mobile in the concerns garage and
often drove machines kept there.
Following the levy yesterday after
.,t.fu
stock. one OF the officials OF the State
Banking Department said the depart
ment would seize any property II could
find belonging 10 Smith In an effort
10 recover for the depositors as much
as possible. The levy recalled the death
Tuesday morning OF William A.
Schwarzkopf who was employed by
the motor sales company. He killed
himself with cyanide Of potassium.
The explanation for his act was that
his mind was affected by an automobile
accident.
William p. Odell. who is associated
with the II. B. Clafin Company. Of New
York. is the president of the Roseville
Trust Company. He said yesterday
that conditions In the trust company
were such that 1t was not likely the
concern could resume business All the
company's officers were reticent and
referred inquirers to the State Banking
Department.
s702,e75 Of Depositors' Money.
In the June report Of the trust com
many the assets were given as 81 .OoO,6h
and the deposits S7O29I5. There was
surplus of $4,000, undivided profits OF
SAB 600 and a paid up capital OF Sloo.-
600 The capital and surplus Will be
wiped out by the shortage, according To
the bank examiners. The City Of New
ark and the County Of Essex are de-
positors. but neither has a large sum IN
the institution.
The first intimation depositors got
that there were irregularities was con-
tanned in a printed notice pasted on the
door Of the institution yesterday morn
ing. This notified depositors that the
state Banking and Insurance Com
missioner had taken possession.
o