Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-02
OANK MAY HAVE
FIGHT ON FOR NEW
ASSETS OF SMITH
Directors Plan Attack Upon
100000 OrS4OO, 900 of Miss
ing Treasurer's Property.
FIND HE HAS 100000
INTEREST in HOUSE
State Banking Dept. and De-
positors Inactive in Roseville
Trust Scramble.

A free-for-all legal fight over the
$1,000 or 100000 worth of property
owned by Raymond E. Smith. missing
secretary and treasurer of the Rose
Vile Trust Company. was indicated
today as the next twist in the tangle
caused by the banks failure.
The discovery of the New York
apartm 1T house in which Smith had
an equity of 100000 has added ma
terially to the estimated value of the
bank officials holdings. George Furst,
attorney for the receiver, stated to-
day that his detectives had discovered
the apartment house and that he was
now engaged in proving the claim.
Since Smiths assets were found to
be so large there has been a general
scramble for them. Only the State
banking department and the depos-
itors, upon whom the brunt of the
huge deficit is to fall, have apparent
ly not yet planned to interpose in the
bankruptcy proceedings.
Goes Ahead at Last.
The directors have already re-
tained Lum, Tamblyn & Colyer to
represent them. If there Is any part
of their capital of 100000 and surplus
of $4,000 to be. recovered they want
to get 1t.
Not only will an attempt be made
to protect their interests in the nam
ing of the trustee, but 1t is limited
that the application for the present
bankruptcy order will be attacked on
the ground that 1t Is not according
to law.
Mr. Furst, as attorney for Wilfred
C. Roszel, the receiver, has made 1t
evident that he wishes to use what
ever can be realized on Smiths es-
tate for paying the depositors.
II consider myself as much the re-
ceiver for Smiths bank creditors" he
said today, "as for his merchandise
creditors
The examination at the bank is
progressing as rapidly as L. R. Vre-
denburgh, the deputy commissioner,
and his staff can go over the books.
Their difficulties have been multiplied
by the system of bookkeeping used,
or, rather. the lack of system. Not
one of the examiners has ever worked
on books SO. utterly chaotic.
Edward ID. Dunn. one of the d.
rectors and prime mover in the pro-
posed reorganization of the bank, sale
today that he was in a better posi-
tion than ever to promise the COM
plete rehabilitation of the institution
"The Roseville Trust Company is
going to reopen even IL I have to
finance 1t myself" he asserted conf
IDENTIFY. "At the next directors meet
ing $4,000 more will be pledged
bringing our fund up to about 5000,
900. We hope to reopen the bank In
such way that depositors will moi
have to wait at all for their money
Our auditor expects to make report
in a day or two"
| He laughed at rumors reported cur
rent that he is himself in bad shape
financially.
Ne. ark Lawyer Named as Receiver.
Roy F.. Anthony, a Newark lawyer,
was named today as receiver for
Louis j. Wurth, Inc, q Branford
place auto supply house, one of the
concerns in which Smith was heav-
lily interested.
The receiver was named on the ap-
plication of Riker & Riker for the
Seamless Rubber Company, of New
York, after the failure of the supply
house to meet three notes aggre-
eating $4,000, the last one of which
was due on August %.
On February rs last the Wurth
company owed the Seamless Rubber
Company $7,397.S1 and gave four
notes for $4,000, agreeing to first pay
the balance. Now with $4,000 still
owed the Wurth company's directors
say they have other debts and can
not continue the business.
Todays action was taken on the
return of rule to show cause OBJ
tanned by Riker & Riker on August
27. No one appeared in court today
for the Wurth company to answer
the rIlln