Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-26
WRECKED TRUST CO.
WAS BIG BORROWER
CONTINUED from First Page)

to run down Smith," said Clifford
MacEvoy, head of the Depositors'
Protective Association, in an inter-
view with an Evening Star reporter
this afternoon.
1.-THE reward of $1,000 is entirely in
adequate, and we are also surprised
to note that the directors are so INK
ious to declare dividends to them
selves and their stockholders that
they did not take the ordinary pre-
caution of joining the American
Bankers Protective Association. Had
they done this, the Burns Detective
Agency would have by this time in
augurated a countrywide search for
Smith and probably apprehended him.
IT have personally interviewed all
of the directors" continued Mr.. Mac
Evoy, land particularly those who
have not been attending the meetings
of the directors, and the ones who
have been absent have proved to me
that they have either been sick or I'M
avoidably unable to have been pres
emit. | have also advised the depos-
itors to withhold judgment, as l have
been assured by the directors that in
a. very short time they would be pre-
pared to announce that they (the di-
rectors) would shoulder the entire
loss to depositors, or certainly the
greater part of 1t, should the loss de-
yelop to be greater than their means
would permit of repaying in whole"
Judge Rellstab, of the United States
Circuit Court, sitting informally at
Belmar, today granted an order per-
hitting service on Raymond e. Smith,
the missing secretary and treasurer
of the trust company, by publication
in the pending bankruptcy proceed
inss. George Furst attorney for
Wilfred C. Roszel, the receiver, made
the application.
Permission was also granted for
Mr.. Roszel to continue Smiths auto
mobile business, both in East Orange
and Newark, for two weeks.
VIII Not Turn Over Securities.
Receiver Roszel today received a
communication from Pitney, Hardin
&. Skinner, attorneys for Commission
err of Banking and Insurance La
Monte. stating that the could not at
this time turn over to Mr.. RosZel the
$40. 900 worth of securities found in
Smiths private vault in the bank. Mr..
Roszel on August 22 served notice on
the attorneys for the commissioner to
turn over the securities. The an
swer in part is as follows;
eve have advised him and must so
advise YOU that the commissioners of
banking and insurance will refuse to
turn over to on as receiver for Mr..
Smith the securities found in the pri-
vate vault of the missing bank off,
cial. We believe that there has not
,been offered sufficient proof of Smiths
sole ownership of these securities to
Justify us in turning them over.
"The commissioner. however, will
hold them among the assets of the
bank. and in this way we believe that
the rights of neither the bank nor the
receiver will be prejudiced."
The attorneys also notified Mr..
Roszel that Mr.. Vredenburgh is pre-
pairing an itemized statement Of the
securities found in the box for the
information of the receiver.
Mr.. Roszel today made application
to Pitney, Hardin & Skinner for per-
mission to be present when the 'mys-
terious box'' in the Roseville Trust
Company vault, of unknown owner
ship, was forced open by Deputy
Commissioner Vredenburgh. This per-
mission was denied, and Mr.. Roszel
will now, he says, apply to Federal
Judge Rellstab for an order of in
spection which will extend to him the
right to attend the opening of the
box in the interests of Smiths cred
itors.
The commissioners counsel contend
that there is no proof that the mys-
terious box belonged to Smith, and
for this reason denied the receivers
request.