Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-20
CAN'T BOND SMITH,
SAYS VREDENBURGH
Deputy Bank Examiner An.
swers Demand Of Depositors.
$50, 900 in Debts Paid.

Asserting that Raymond e. Smith,
the alleged bank wrecker, cannot pos
sfbly get away a second time and
that it was impossible for a bond to
be secured for Smith while he was
assisting the examiners in getting
facts and figures SO that the tangled
affairs could be Strengthened out and
a reorganization effected. L. r. vred-
enburg, deputy banking commissioner
in charge of the defunct Roseville
Trust Company, said today: .Smith
is Of great assistance to us in finding
the holders of mortgages, notes and
other securities that we have been
unable to find,, and If taken away at
this time our progress in straighten-
ing out matters would be greedy re-
tarded."
Several of the depositors have rea-
son to think that Smith could dcs-
troy evidence against himself or pos
sibly make away with funds now IN
the banks possession and in the
vaults" an Evening Star reporter
explained to Mr.. Vredenburgh.
"Smith has no chance at all of
stealing or destroying any evidence
that we may have against him and
that is in our possession at present,
answered Mr.. Vredenburgh, who con-
tinued his statement that both Smith
and other persons connected With the
bank that might have had some
thing to do with the wrecking were
under the closest surveillance at all
times. Furthermore, there IS never
more than few hundred dollars odd
cash about the bank that we use TO
pay off bills that are due.
$4,000 in Debts Paid on
Mr.. Vredenburg issued statement
in which he said that during the
time the State banking department
has had charge of the institution over
500. 600 of debts have been paid off
through the sale of collateral pledged,
and that shortly $4,000 more would
be paid off. I'VE have paid two bills
for 100000 out of money collected,
and the sale of some securities
pledged. One of the bills payable
owing to a New York banking in.
stitution through the good offices or
Mr.. Odell and Mr.. Fairlie was trans
ferred to a Newark banking institu-
ton. Messrs. Odell and Fairlie as
su,ned the responsibility in order TO
induce the Newark bank TO take over
the loan.'
1.-THE purpose or object of this was
to get the collateral out of New York
State. where 1t was liable to attach
ment. Since then the loan has been
paid off and their responsibility has
ended. We still have a loan of $4,000,
which will be paid up shortly out of
The money that we are collecting"
While the Evening Star reporter
was in conference with Mr.. Vreden-
burgh, Michael Kane, jr., and Henry
B. Tower OF the Depositors' Protec-
tive Association, entered the bank and
made formal demand upon the exam
iner that bond be secured for Smith
while he was at work in the bank, or
else that he be kept out. They also
wished to know who was now collect
ing the rents due from persons occu-
pying offices above the bank and
made a demand that the former di-
rectors," as they term them, be made
to pay rent every time they held a
meeting in the hall on the floor above
that occupied by the bank"
Mr.. Vredenburgh answered that he
would make a note of their demands,
but explained that there was no way
of getting a bond for Smith. Mr..
Kane and Towers replied that as the
directors had gone on Smiths bail
they could also go on a bond to pro-
tect the depositors while he was at
work in the bank.
Smiths Auto Is Seized.
For the first time today Smith
did not have an automobile of his
own in which to motor to the Trust
company, where, by virtue OF his own
proposal, he is acting as special
assistant and adviser to the bank
examiners.
His automobile was seized by Will
fred C. Roszel, who Is the receiver
in the bankruptcy proceedings pend
ing against the former bank official
Roszel had a hard time getting
the machine away from Smith. AS
soon as he surrendered and was po-
s tContinued on Page 2. Column 81