Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-10-20
DEPOSITORS GIVEN
RIGHT TO ORGANIZE
BANK BY Ia MONTE
State Banking Commissioner
Declares United Action Alone
Will Bring Success.
UNANIMOUS CONSENT OF
ALL INTERESTED is NEEDED
New Institution May Be Known
as the Mutual State Bank.
Capital $15o,ooo.

Permission to organize the Mutual
State Bank was given to Clifford
MaeEvoy. president of the Depositors'
Association. and his colleagues this
morning by George La Monte, COM
missioner of banking and insurance
This is but a preliminary step in the
affairs of the new bank, and they will
have to gain the unanimous consent
of the depositors before they are al
lowed to start business.
Mr. La Monte, in speaking of the
possibilities of the new bank being a
success, was very optimistic, and
said: IF the depositors consent to the
plan as outlined by Mr.. MaeEvoy and
place their confidence in the new in
stitution there is no doubt in my
mind that it will be- a moneymaker
and prove a profitable investment.
However, without the unanimous con-
sent of the depositors the bank will
not be allowed to start"
S150.000 Capital
1t is understood that the capital
and surplus for the new bank,
amounting to s150.000. has been put
up. and the only thing that is keep
ing the bank from opening its doors
10 Aiit dPBA " al VI oil the dtpbEAAOi .
A meeting will be called shortly.
when the whole policy of the new
bank will be laid before the de-
positors.
L. r. Vredenburgh. in a statement
issued this morning, practically said
the same thing as the commissioner
himself. with the exception of making
il stronger that all of the depositors
viii have to agree to the organizing
of the new bank 1T must be a plan
of the depositors as whole, and not
the private scheme of a few" Mr.
Vredenburgh said.
Although no officers have as YET
been chosen for the new bank, thf
name of Clifford r. MacEvoy has
been prominently mentioned as presi-
dent. a meeting of the incorporator'
will be held shortly, when the officers
will be elected.
Many of the largest depositors wer'
very much surprised and expressed
their indigna tion that a president 70
the new bank had already been de
cided upon, according to the story ap
pearing in a local paper yesterday
! and said that a meeting of all tn
depositors would have TO be called, a
which time they would have some
thing to say about whom the officer
of the new bank would be.
Mr.. Mac Evoy Ill.
When an Evening Star reporter
called Mr. MacEvoy on the telephon'
this afternoon he was told that Mr.
MacEvoy was Ill and could not b.
disturbed. However, Mrs. MacEvo,
spoke to the reporter and explained
that it was far from being certain
that Mr.. MacEvoy would be presi
dent as he would have to be elected
by the incorporators of the new bank
Don't you think the depositors a.
a whole should be allowed to choosi
the officers for the new institutions ?
Mrs. MacEvoy was asked. NO, thi
incorporators of the new bank vii
elect the officers, although the de
positors will have notices sent then
of the plans for the reorganization.
Frank NJ. McDernit. counsel for th'
Depositors Protective Association
said today that he had warned hi
clients not to sign any agreement il
regard to the reorganization befor'
he had gone over 1t carefully and tn
state banking department had ISSUED
a statement as to the liabilities anC
assets of the defunct trust company
The executive committee of the asso
citation will hold a meeting at tn,
home of Michael Kane, jr., tonight.