Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-10-11
EXPECT SMITH TO
REVEAL LOOTING
OF WRECKED BANK
Former Treasurer, In Jail, Said
to Be Preparing a
Statement.

Revelations of the real jugglery
that resulted in the wrecking Of the
Roseville Trust Company are expect
ed from Raymond E. Smith, the for
amer secretary and treasurer, WITHIN
a few days.
20 His story is bound to be sensa-
tional. for it is believed that he VIII
explain where every cent of the miss
q ing $685., 900 went 10.
He sent word out from his cell to-
day TO an Evening Star reporter that
he was mot ready TO talk yet IL IS
known, however, that he is preparing
to make a full statement.
He is now the only man who is &C
tually in jail for the looting of the
bank. and there is little likelihood
that he will be able to obtain the nee
eseary $4,000 ball.
Augustus Randolph Jennings. the
ex-teller, was released today on two
bonds. Edward L. Angster, of 2l5
= Thirteenth avenue, qualified for $4,000
on property valued at $500 in Maple
wood: and Rudd G. NOVEL;, of "A
Watson avenue, East Orange, quail
led for $4,000 on property valued at
81, 600 at 10 Wilcox place, East Or
= Rnge.
McDermIt Smiths Counsel.
Frank McDermit is now Smiths
counsel He made application to
surety company today for bond OF
$4,000 for his client.
...4"If we can get Smith free and per-
suade him to tell the whole story
of the looting of the bank" said Mr..
McDermft, 81 am sure the depositors
viii be able to get their money quick
Iy. 1t is a far surer method than any
of the proposed reorganization
schemes"
The Depositors' Protective Associa-
ton. which has given the directors
week in which to make some explana-
ton to save themselves from arrest, is
Smith Is occupying cell two in tier
one of the north wing of the county
jail. He was sitting out In the corri-
dor chatting with Leon Hayward, a
: policeman Of the Second precinct,
who is a prisoner on an assault
charge. for several hours this morn
ling.
% He was told that Robert NJ. Petty,
president of a bank in Washington,
. N. j., had occupied cell four In the
same tier from April II to May IS last.
What happened to him." Smith
asked carelessly.
"Oh, he was sent to the Trenton
pen for eight years, was the an
swer.
At that Smith sat bolt upright.
That sounds awfully good, doesn't
ft?'' he exclaimed bitterly.
There was a rumor current in Rose
Vile today that a druggist was trying
to buy up passbooks at fifty cents on
the dollar. The supposed purpose was
TO offset mortgages or notes for the
full amount of the deposits credited
by the passbooks. L. r. Vredenburgh,
the deputy commissioner, had an
nounced that deposits would be
credited for the full amount on what
ever sums the depositors owed the
bank.
When he was told about the rumor
, today Mr. Vredenburgh said that such
a scheme would be futile since only
the depositor in whose name the book
was issued would be allowed to can
Gel his credits against his debts.
Mr.. Vredenburgh defended himself |
against Mr. McDermit's charge that
the examiners We're slow in their |
work He referred to a national bank |
in Providence where the examiners
did not give out a figure until three |
months after it had been closed He |
said that it was wise not to hasten |
arrests in a case Of this kind since |
the Imprisonment of any official or
employee of bank Immediately made |
1T impossible for the examiners TO OBJ
tain any further information from
him.
The rganization of the bank by |
depositors has been suggested by |
Clifford F. McEvoy, president of the .
Depositors' Association, but his |
scheme met with little enthusiasm by .
the depositors today. They are tired .
Of waiting for their money, and are
anxious to see a speedy accounting.