Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-09-10
Roseville Trust Men
Have Subscribed d
That Amount To-
ward New Bank.
MONEY WILL BE PLACED In
ESSEX co. NATIONAL BANK
Additional Sum of Like Pro-
portions Has Been Pledged
for Use if Needed in Operation
of Rejuvenated Concern.

The directors of the wrecked Rose
Vile Trust Company plan to pay over
to trustees late this afternoon the
100000 they have subscribed for
opening a new bank.
William Fairlie, Edward D. Dunn
and William P. Odell are to be the
trustees. They will deposi the money
In the Essex County National Bank.
Erward D. Dunn, who has person.
ally guaranteed an additional 100000,
will continue to hold that amount
subject to the direction of George M.
La Monte, State commissioner OF
banking and insurance.
The depositors have pledged an
other 100000. They will vote to pay
it over to the trustees at a meeting In
the near future, it is expected.
This will provide working fund OF
100000 to finance the project sue
cessor of the Roseville Trust Com
pany
Queer sidelights were thrown to-
day on the life of Raymond e. Smith.
the absconding treasurer.
He carried life insurance policies
amounting to $4,000. Yet all his as
sets. according to Philip D. Elliot,
one of the appraisers in the bank
ruptcy proceedings against. can at
THAT would be a very liberal es-
innate. SO far as I can see," said Mr..
Elliot I'm fact, the assets We have
actually investigated at present
would hardly realize more than
$75, ,O00
sThere is a lot of mining stock,
with garish names of the gilt-edge
get-rich- quick species among the Sc
curities. I don't for a moment think
he bought those stocks. He was far
too astute a man to do that. But ne
got them in some way or other. We
are going to have broker expert
. enced in mining stocks go over them
in case there happens to be some OF
value among them.
1--WE have policies of $4,000. They
make a very big showing on state
! ment. but their actual value to us,
unless Smith should suddenly die, IS
only, what the companies VIII pay Tor
their ssurrender-$2, 500. ,ts.
Wilfred c. Roszel, the receiver, said
this afternoon that there were about
twenty insurance policies in all.
About one-tenth of the total amount
is for the benefit of Smiths wife,
from whom he is separated. HIS
father and mother are benehciar1es
for the other nine-tenths.
The appraisers will meet tomorrow
morning at 1890 in Mr.. Furst's ONCE
smith Rumor Causes FURRY.
The rurnor that Smith had been
seen at Seventh street and Seventh
avenue last night caused furry of
excitement in the Roseville section.
A large crowd gathered at that place.
Investigation proved the -rumor un-
founded.
Conferences were the order of the
day for directors and depositors OF
the wrecked trust company. William
Fairlie. Fred Kilgus, CllHord r. Mac.
nvoy and Harry w. Foster met at
noon in the office of Edward D. Dunn
Another meeting of directors and de-
positors was scheduled for o'clock,
and tonight the Roseville Business
Mems Association will hold session:
Three e-quarters of the depositors
passbooks have been examined An
additional discrepancy OF sZS,ooo N was nas
revealed This added to the $4,000
frst found makes a shortage of $4S.5Oo
in the one item of passbook juggling