Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-11-01
PROTEST MEETING
IS MADE SESSION
OF RATIFICATION
ROseville Trust DepOsitOrs Sign
Reorganization Agreement
Despite Pleas of Kane.

Tho meeting of the Depositors' Pro-
teetye Association, held last night in
the hall over the defunet Roseville
Trust Company. and which was called
/ by Michael Kane. jr.. to protest
against any reorganization plan
which did not provide dollar for dol
lar on the deposits turned into re-
| organization rally, and nrtil nearly
midnight members OF the association
were in the han5 signing the reor.
sanization agreement.
| Tho meeting was called to order by
Mr.. Kane. who appointed G. W. Rie-
man chairman. Mr.. Kane deliv-
cred a lengthy DISCOURSE. and asked
numerous questions which he himself
/ answered. The speaker was inter
Irupted by one Of his hearers who
asked how much money he had in the
bank, and for a few minutes it looked
as though the meeting would break
/ up in disorder.
| Tile chairman called upon Clifford
i. MaeEvoY to explain the reorgani-
zation plan which is now before the
depositors. In a clear and concise
manner he explained that certain of
the directors of the defunct bank had
subscribed S151,000 for the benefit OF
reorganization, which was to be
turned over to the depositors, 40 per
cent. cash. and the remaining so per
cent. TO be paid in "A period of years
This amount he stated, was solely
for the depostors, and all that the
donors asked was that they be re-
lieyed OF civil action.
Jerome L. Congleton, an attorney,
OF 261 Roseville avenue, a deposition
in the bank, urged the depositors to
aid in the reorganization by accepting
the proposed plan. In answer to Mr.
kane's assertion that if the bank was
reopened without those who stood
with him receiving 100 cents on the
dollar he would Immediately secure
an injunction. Mr.. Congleton declared
that 1t was not at all probable that
the Court of Chancery would grant
an injunction to plan which II
would necessarily have to approve be-
fore the bank could be opened.
William Fairlie. vice president OF
the defunct bank, also addressed the
! meeting, in which he declared that he
as former official and director of the
] bank was ready and anxious to dc
i all In his power for the depositors. II
4 was pointed out by one of the other
speakers of the evening that Mr.
| Fairlie had subscribed $4,000 toward
the fund TO pay off the doposltors.
Frank NJ. McDermit was another
lspealSer and In conclusion he said
that he approved of the present re.
forganlzation plan. lie was followed
sby AttorncN Clark whose address was
one OF the most effective of the eve.
ming, and when he concluded he was
heartily cheered. That his re-
marks met with the approval of the
majority of those present was evil
denced when the chairman announced
that reorganization was the only
thing TO do, and many of those pres
ent who had not signed the agreement
/ filed downstairs into the bank and did
so, in spite of the last appeal from
Mr. Kane as the meeting came to an
end, in which he begged those pres
ent to go home and think the matter
over.
Bankruptcy Referee Edwin G.
Adams today forwarded his official
recommendation to the Federal
judges of the United States District
Court III Trenton, declaring that he
was satisfied that Smith was bank
rupt and recommending his adjudica-
ton