Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-30
BANK DIRECTORS
ARE INDIVIDUALLY
LIABLE FOR DEFICIT
Any One of Them Can Be Per-
sonally Sued on Depos=.
itOrs' Account.
BANKING EXPERT GIVES
THIS AS HIS OPINION
Notes Found in Mystery Box"
8, Now Said to Be Col
Iectible.

Any director of the looted Rose
vile Trust Company can be sued in
dividually by the State department
of banking and insurance and forced
to make good the loss to depositors.
This was stated to the Evening
Star today by an eminent member of
the New Jersey bar, who has made a
lifelong study of banking practise.
To him the real condition of the
closed trust company is better known
than probably to anyone else, except
officials of the banking department.
What he said was this:
In my opinion any one of the
officers and directors of the trust
company is liable for the full ex-
tent of the shortage in this case.
Depositors Are Safe.
This assertion, coming as it does
from an authority in banking law, Is
the best assurance the depositors
have yet had that they will be paid
dollar for dollar whether the bank
is reorganized or, as now seems more
probable. the reorganization scheme
collapses.
Deputy Commissioner l.. r. Vreden-
burgh, who is In charge of the bank,
speaking of the contents of the So
called mystery box" today said;
I'VE found several notes that we
have reason for believing the trust
company owned but which we had
been unable to find. We had sus-
pected that they had been discounted
with some other bank, and, of course,
are very pleased to have them In
The The contents of box f,1s1 was
turned over with protest to the re-
ceiver of Raymond e. Smith, the
missing secretary and treasurer
The directors have turned ueaI
ear to Edward d. Dunn's solicitations
that they subscribe another $o,0O0
each for shares in the reorganized
bank. They refused to give another
dollar toward meeting the shortage
at a meeting yesterday in the hall
over the bank premises at orange
street and Roseville avenue.
They will have conference with
representatives of the Depositors' AS
sociation this afternoon.
A fight is apt to be precipitated be-
cause the other depositors' organl-
zation, which is known as the De-
lpositors' Protective Association, Will
AlSO MAKE all dllCillPt W ie'' ~
sentatives at the meeting. III. w.
Van SAINT and Michael Kane, jr., both
said that they would attend the meet
ing or know the reason why. They
also contemned the directors for the
secrecy with which they have shroud-
ed their daily consultations
Clifford F. MacEvoy and Henry A.
Strohmeyer will appear at the con-
ference in behalf of the Depositors'
Association, together with Edward
F. Clark, as counsel.
George Furst, as attorney for VIII
fred c. Roszel, receiver for Smith,
together with A. ID. Fike, Smiths s
secretary, and an expert from Hoenig
e Co, accountants, left today to in
vestigate the holdings of the Home
Produce and Ice Company. smith
owned rs per cent. of the stock or
that concern, which was capitalized
at 100000.
Tho party will visit the artificial
ice plants of the company in Trenton
and Plainfield and in Little Gap and
Easton, Pa, and also the lake it
owns at Jacksonville. Pa.