Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-09
WHOLESALE BANK
INDICTMENTS IS
COURTS ORDER
Justice Gummere Terms Smith
Arch COnspirator in LOoting
Roseville Trust.
ALL BANKS EMPLOYEES
NAMED IN CHARGE
Grand Jury Also Directed to
Find Bills Against Depositors
Who Overdrew Accounts.


Chief Justice William S. Gumners
today charged the new December
grand jury on the Iooting of the
Roosevelt Trust Company. Many in
dictments were asked.
The court described Raymond l..
Smith, the secretary and treasurer
of the defunct bank, as an arch-con-
spirator He directed the finding OF
number of indictments against
Smith
1t would probably be incumbent
upon the grand jury, Justice Gum
meer pointed out, to indict as well.
J. All the employees of the trust
company, including the paying teller,
the receiving teller. the bookkeeper
and his assistants.
:. The depositors, SO many in num-
tnat that he did not stop 10 name
them, who knowingly and persist
entity overdrew their accounts. One
of these depositors was also direc-
tor.
j. The president, who swore to
false report.
So far as the investigation has
gone there has been nothing to indi-
cate. so the ef-justice said, that
the directors could be indicted on
criminal charge.
The charge was the longest Justice
| Gummere has ever delivered. He ex-
pialned In detail the methods, incon-
ceivably bold in their conception. by
which the bank had been pIundered
and pointed out how, in his opinion.
they could never have been executed
without wholesale conspiracy.
Seated with the chief jllsticp On tha
bench We're Judge Harry v. Osborne
and Judge Frederic Adams. Judge
William p Martin. who usually sits
with the chief justice when a grand
jury is charged, remained away be-
cause he is depositor of the Roses
vile Trust Company.
Before the grand jury was sworn in.
Christian w. Feigenspan, president of
| the G. w Feigenspan Corporation,
| brewers. was named as foreman
Justicc Gummere began his charge
by instructing the jurymen about their
duties and emphasizing the fact that
l'tl1eyswere to be uninfiuenced by any-
thing but the testimony brought out
before them.
Now, let me turn to matter gen4
tlemen which will come before you for
| investigation" he said.
ut is a matter that formerly would
/ IldNb COlIlt btlOIt your pLtutctSSpIf3 III
office, but the Investigations have been
very much prolonged and the discov-
cries have been so few in a given time
that 1t has been impossible to lay it
before the grand inquest before this
time. refer to the wrecking of the
Roseville Trust Company.
"As many of you probably know,
| the doors of that corporation were
closed last August by the authority
of the commission of banking and in
surance.
1.-THE company had a capital stock
of 100000 1t had an accumulated
surplus of $4,000 odd. 1t had deposits
! in its banking house approximating
half a million and 1t has deposits iD
| its savings fund department approxi-
mating another half a million.
In other words, it had, or ought
/ to have had would perhaps be more
correct, in casual securities over a
million dollars-$1 100000.
'It has now, If some of its second
mortgages can be marked at the
| figure that it is hoped they can be
sold, little over half a million
I'm other words, in the neighbour
hood Of 5000, 900 belonging to the stock
holders and depositors of that com
pany is gone, so far as the owners
are concerned.
"And it will be your duty to find
out who Is responsible for the looting
of this bank-I mean criminally re-
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