Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-02-24
MUTUAL BANK OF
ROSEV|LLE GETS
AFLY|Nc START
Opens Its Doors for Business.
With Numerous Deposits and
Few Withdrawals.


The Mutual Bank, of Roseville,
opened its doors for business today
II succeeds the Roseville Trust Com
pany, which was closed by the au-
thorities on August IA last as the
result of irregularities in its MANAGE
ment.
The Mutual opened with s350,OOo in
cash in its vaults. This is sufficient
to pay off all claims in connection
with the reorganization plan growing
out of the tangled affairs of the Rose
vile Trust
When the Mutual Bank started bus
mess this forenoon there were more
persons on hand with money to de-
post than there were TO draw money.
Clifford F. MacEvoy, the president.
announced that during the last week
deposits amounting to more than
s10.0 were received. The officers of
the bank were prepared to pay out
$3.50. 900 but there was no indication
of any such demand. 1t was said, in
fact, that the early deposits exceeded
the money drawn out.
Under the plan of the new bank
the former depositors Of the Roseville
Trust Company will receive on de-
mand 40 per cent. of their claims
against the Roseville Trust Company
and will waive the payment of the
remaining so per cent. of their claims.
Those depositors have been ap-
portioned stock of the new bank as
security for the future gradual pay
ment of the unsettled portion of their
claims The dividends on their stock
holdings will be applied to their ac-
counts in reduction of their claims.
When the, claims have been wiped
out they will still retain ownership
in the stock at its par value, despite
the fact that when that point has
been reached the stock is expected
TO have materially increased in value.
See Bright Future.
Mr. MaeEvoy and others who are
foremost in the new bank project are
unanimous in the belief that the new
institution will thrive. They base this
opinion upon their knowledge and
careful" investigation of financial,
commercial and other conditions In
the Roseville section and upon their
sincere assurances of support which
they have received.
An immense floral horseshoe. a
gift to the officers of the bank from
Roseville business men, was deliV-
cred at the Mutual this morning,
Attached to the token WAS card
expressing thes well wishes of the
donors and signed by them. One OF
the signatures on the card was that
of the late William Fairlie, president
of the Fairlie a. Wilson Coal Com
pany, who died last Tuesday. Mr.
Fairiie was interested i'll the success
of the new bank.
Mr.. Fairlie had signed his name to
-. ias of al
his death. The following was the in
scription on the card:
I'VE. the undersigned business men
OF RoseVille, desire to express our APP
probation to Mr.. Clifford MacEvoy
and his associates of the depositors
committee for their successful efforts
in the organization of the Mutual
Bank of Roseville, and wishing the
officers much success in the new
we send greetings.
tSigned
Tohn M. Rhodabeck. John S. Ben, Lip
stein Brothers, Z. J. Beck, John $.
Cruiser, RI. J. Steinlein. Richard
Thrush, A. r. Hopkins, Fred I.
Ward, Louis Levy, William z.
Macksey. William II. Shswger, J.
d. Pierson. William Fairie, D. ].
Macksey, James Crump. George Il.
Mutchler. Charles II. Bell
Mr. MacEvoy, aside from his con-
nection with the new bank. is prosi-
dent of the New Jersey Cement and
Company, director in
the Thrift Building and Loan Assoc
citation and director in the Invest
ment and Holding Company of New
Jersey. He was graduated from the
Newark Technical School and from
the engineering course in Columbia
He is thirty years old.