Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-15
BANKS COUNSEL
TO SMITHS AID
Continued from First Pase.)

delay while Ralph e. Lum was in
formed of the fact that Smith was
needed. Smith was called from the
bank by Mr.. Lum and reached the
Court House shortly after IL O'Clock
and the formal signing of the bonds
was at once gone through with.
Expediency was the excuse given
this afternoon by those directors OF
the trust company who went on
Smiths bond. They said that Smith
| had agreed to turn over to them
| property of his valued at $6o,VOV OF
| $40. 900.
Five persons signed the bonds and
| qualified for more than 100000. The
| signers and the amounts each quail
| flied for and the property given in
| the bond were as follows: Ralph p.
! Lum, property 985 BROAD street,
worth $50, 00O mortgaged for $4,000;
| william Fairlie, property at 169 Rose
vile avenue, worth $4,000 no mort
gage; CLIFFORD F. MacEvoy, property
at 336-338 Park avenue. worth QUO,
! mortgaged for $4,000; William =.
Odeli. property at 242-24S Sixth ave-
nue., worth $4,000, no mortgage, and
Edward D. Dunn, property at boo
Park avenue, New York city, worth
| $50, 900, mortgaged 1or $4,000. This
gave a total of property interest on
| the bond of $1S0,000 with Mortgages
| of $4,000 against the five parcels.
Before the bond had been signed,
Clerk McLelland made a suggestion
| to Messrs. Dunn, MacEvoy. Fairl1e
| and Odell that. instead of tying their
property up on the bail BOND, they
| indemnify Mr.. Lum on the $l5,0OO
bond given by him on Saturday
night. Mr. McLelland explained that
! lie the individual bonds were issued,
| in case any of the signers wished to
transfer the property before the case
against Smith came to trial 1T would
lbe necessary to produce him in court
| to discharge the bond; while, If the
existing bond signed by Mr.. Lum was
allowed to stand and Undermined by
the four men. their property would
| be free as far as the courts were
concerned.
MFR. Lum Did Not Favor Plan.
This suggestion seemed to meet
with favor, but on recourse to the
telephone it was found that Mr.. Lum
did not favor the proposition. and the
signing of individual bonds was
started as soon as Smith reached the
court room. He was in the room Tor
half an hour devoting himself TO
talking to the directors who were
present and with Ralph e. Lum and
Eugene Lum, who represented all
parties concerned as counsel.
Word soon passed around the Court
House that Smith was in the build
| ing and q crowd gathered in the cor
ridors to see him as he went out. he
| had come from the bank in an auto
mobile that was waiting for him at
the High street entrance and smith
started as though he were gong out
that way. But Ralph Lum spied a
couple of newspaper photographers
waiting on the street and upset that
plan in a hurry.
He had Eugene Lum get the ma
chine in readiness and rushed It to
the subway under the Court House
steps. while he led Smith down
through the basement of the Court
House and out that way into the ma
chine, the photographers having only
a chance to snap Smiths back as he
sat crouched down in the machine as
it shot away from the Thirteenth
avenue side of the Court House
MacEvoy Aroused.
Mr.. MacEvoy. the president of the
Depositors' Association and one Of
the signers of Smiths new $4,000
bond. was very indignant when asked
| by Star reporter why he was so
much in sympathy with the direc-
tors. and said: 81 am not associating
myself with the directors except in
q way that l think will prove bene-
| fetal to the depositors."
| "Well. many of the depositors nave
complained that you are too init
mate with the directors, and want
| to know if you are still their leader
/ H.. oynt n
money and think that you are going
| too far in taking certain things in
your own hands without consulting
them" the reporter told him.
| Mr.. MacEvoy Immediately replied
| that she had been resident of Rose
vile and in business there for twenty
seven years, and in all that time his
| honesty HAD never been questioned.
and if any one questioned 1t now 1t
| was some one who was not acquaint-
| ed with the situation
| 81 am working for the best interests
| Of the depositors and the reorganiza-
| ton plan is the only feasible one, and
| for that to go through 1 must natur-
! ally be in consultation with the direc-
| tors continuously. / had no idea of
| the amount of work it involved when
| l started, but, believe me, / am doing
my share and giving up most of<my
time that 1 should be devoting to my
business in an effort to get things
| straightened out"
"The arrival of Smith will greatly
relieve the situation and the new
bank will be started in a fifty now"
was the optimistic view of Director
Edward Dunn, when seen this MORN
ing.
Smith to Aid Examiners.
1--WE have assurance from Smith
that he will help us all that he can
and will go to the bank and help the
examiners in their work, much of
which is more ineligible 20 himself
than to strangers. TIE is going to
pitch in and help all that he can and
the depositors can rest assured that
they will soon be able to collect their
money under the plan that we have
spoken about lately and which has
been published in your paper.
Our own experts will be put back
into the bank and will get the new
books necessary to reorganization in
shape so that the bank can be re-
opened shortly. Everything Is fine
and after our conference at the offices
of Pitney, Hardin and Skinner this
afternoon we will be in better po-
sition to tell the depositors what they
can definitely expect"
Sudden Surrender.