New-York tribune., 1913-08-16
VAIN HUNT FOR OFFICER
Of ROSENLLE TRUST Co.
Jersey Detectives Fail to Find
Treasurer Who Disappeared
Following Shortage.
AMOUNT STILL IN DOUBT
Angry Depositors Threaten to
Hold Directors of Institution
Responsible for Loss
of Their Savings.

Detectives have failed thus far in their
hunt for Raymond f. Smith. the missing
secretary and treasurer OF the Roseville
Trust Company. of Newark. which was
closed by the State Banking and Insur-
ance Department after a shortaga OF more
than SsN00 was discovered, on Thurs
day morning. Three groups Of detectives
employed BY the National Surety Com
pary. which is on the bond Of the miss
ing man for S3O.CNO, went in different d-
rections in the hope OF getting on the
trail OF the banker, and it was said in
Newark Yesterday that Smith would be
IN custody in d day or two.
The examiners from the State Banking
ard Insurance Department are still at
work on the books OF the institution.
They said yesterday that it would prob
ably be some days before a definite state
nert Of the losses could be obtained.
While the investigation thus far has dis
closed an apparent deficit of s275,OOO il
was said there remained much verifca-
tion work 10 be done. and that-the short
age might increase or decrease. At any
rate. a wit OF attachment. in blanket
Newark yesterday by Vice President Will
lam Fairie Of the trust company. placed
the debt against Smith at S3O5,OOo
This writ was sued out to cover any
property that Smith might have within
the jurisdiction Of the court. and on the
strength Of 4 the bank officials made two
levies yesterday afternoon similar 10 that
OF the day before at the Oakland Motor
Sales Company. Of East Orange. The
latest levies were upon the property Of
!. j. Wurth, a corporation, dealers in
automobile accessories. at No. % William
street. Newark. and upon real estate at
Park avenue and Day street. Orange.
Neither the county nor city authorities
have been asked TO interest themselves in
the bank wrecking and probably will not
be until there is complete report from
the Banking Department experts. Ninety
Of the larger depositors Of the institution
met in the Roseville Auditorium in New
ark yesterday afternoon with the idea OF
proceeding against the directors OF the
bank in an effort TO recover their money.
c. G. Lurich. a real estate man and
director OF the defunct company was
present ard listened to some severe
criticism Of the directorate and the man
agement Of the bank. He was called on
10 make a statement and told the de-
positors that he was not present as a
director. but as a depOsitOr.
He advised less haste by the depOsitors.
but was interrupted by angry men and
women. who shouted that quick action
was necessary. so that If the directors
were responsible they could not have an
opportunity Of transferring their prop
critics or otherwise thwartlng the de-
poSitors plans.
Clifford g. McEvoy. OF the New Jersey
Cement and Construction Company said
TO have had $4,000 deposited in the bank.
presided over the meeting About per
cent OF those present were women. All
were In an indignant mood. but appeared
20 be more concerned about the directors
OF the institution than about the missing
treasurer. They plan, If possible. to hoic
the directors responsible for their losses.
Ii was stated by an official Of the State
Banking Department that under ordinary
circumstances the directors could not be
held liable for funds that might have
been embeZzled Under the law they
would be accountable only for the amount
OF capital they had invested in the com
pany.
1t was disclosed yesterday that at least
two depositors placed money in the insti-
tuition on Wednesday long after the dls-
appearance OF the treasurer. Deputy
Banking Commissioner johnson explain
ing why these depositors were permitted
10 do so declared that the examination
ND 10 that time did not disclose any ir-
regularities
Thomas J. Smith. father Of the missing
banker. was the only person who could
be found yesterday who still expressed
confidence in Smith. MIR. Smith said he
could not believe that his son was In any
way responsible for the shortage unless
ne heard Il from him directly. lie lntl-
mated that it would probably be fouhd
that some one higher up would prop
IT. -. .-ora a bouf the shortage.