Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-02-06
MUTUAL BANK
now REALIZED
CONTINUED from First Pag-.)

(Continued from First Pags)
delicate situations that has been OBJ
fained in this city in generation"
said Irving c. Brown. He intro
duced Banking Commissioner George
n. La Monte, who took time to pay
q tribute to the memory of Congress
man Robert Bremner whom, he said.
he knew we'll Three years ago, he
said, Mr. Bremner had told the
speaker that he, Bremner, knew well
the disease he suffered from and that
the Inevitable end of it would be
death. His meeting of the end was
heroic, Mr. La Monte said.
Concerning the affairs of the Rose
vile Trust Company Mr. La Monte
said: 81 am not going to say any
thing that reflects on anybody con-
neeted with the Roseville Trust Com
pany l know what a difficult thing
it is to take up the responsibilities
of a director of a banking institution.
I have seen men face them and l
have seen men shirk them. In this
case the sitting of mems characters
took place. Some appeared as real
men and some were lacking. one
must have charity for all.
Most of them were meaning to DO
their duty and regret as much as
do that things went wrong, and some
of them put up magnificent sums OF
money Some of them aged forty
years in the less than six months that
have elapsed. The trouble was that
there was something wrong here,
sort of financial disease in this COM
munity, and you people have taken
up the cure for it.
stronger Bank.
"This bank ought to be ten times
-. Ia Ifs-fIe1 NJ
pany ever was. 1t is largely new
experiment in banking in New Jersey,
or in any other State when bank
is owned entirely by the people who
are its depositors. You are entitled
to credit when the bank has it to
extend if you leave your deposits In
the bank, but you are not entitled to
1t If you take your money out. This
bank can be the greatest success or
the most complete failure. according
as YOU support it. The State Bank
ing Department will aid at any or all
times. There is no banking instttu-
ton in the whole State of New Jersey
in which | have or could have the
same interest which | have in the
Mutual Bank of Roseville."
Edgar r. Brown, member of the
Board of Education, president of the
Eleventh Ward Building and Loan
Association and one Of the depositor-
stockholders said that the first NOV
ing reason why the depositorS should
back the new bank was the horse
sense idea of helping themselves. u
doubt if there is man here, SAID
Mr.. Brown, "who, if he had sat on
the board of directors of the Rose |
Vile Trust Company, would not have
found himself in the same situation |
as these directors do today. | Know |
them, as you know them, as good |
> men who met the grave disaster bold
~ and like men indeed
President of the new bank. Clifford |
f. MacEvoy, said: You are the CO.
partners today in this great enter
prise and the directors are merely |
your trustees. When the bank is re- |
opened and every share of stock has |
been issued to the stockholders | hope |
there win be a meeting of them all
for the purpose of electing from them
selves directors and officers who will |
perhaps more fittingly represent them
and conduct the affairs of the bank.
MaeEvoy Appauded
Mr. MacEvoy, on the mention of his
name by the toastmaster again at |
the opening and a third time at the
conclusion of his speech, was ap- |
plauded loudly and aElength. Jesse
w. Conger, cashier of Vie new bank, |
introduced as man brought up in |
Roseville, who knows the standing
of all the people in that section and
who has had fifteen years experience |
of banking in the Seaport National |
Bank of New York, said simply that
S he needs the "shoulder-to-shoulde
Co operation of all the depositor-
stockholders and promised that he /
would give him all of his effort.
Jerome T. Congleton pointed out |
the value of the stock to the deposit
ors would be when it began to pay |
dividends and become a negotiable Sc |
fcurity. The depositors ought to re-
eTnember and point out to others as
Zone advantage of banking their
money in Newark instead of New
York that in case of death the estate
would not have to pay two inheri-
tance taxes. as would be the case
when money is left in New York
banks
Edward F. Clark gave the practical
talk that everybody was waiting for.
dc said in the course of his speech:
1.-THE opening of the bank will cut
&dovn the running expenses of 1iqul- |
rdation and the assets, while they will
I be collected at some expense. will re
sdound TO the credit of the bank all
-the more for that reason. for they
ahave been marked down to sterling
svalue. The recovery on them will be |
Scredited to you as dividends.
g Il am not a liberty to say any
thing of what some of those connect |
Fed with the old bank did to help the |
new one. Some day you will learn
10 honor them for II. AS a matter of
Justice | want you then to remember
those also who failed to do their duty. |
Prepared for Withdrawals.
I'VE expect those who are in pressing
zneed of money to draw their deposits
4as soon as the bank opens. We are
prepared for that We also wish to
pay off and get rid of those who de-
eide they do not care TO trust their
money in the bank. 1t will be better
off without them than having them
finger disgruntled. No bank in the
United States will be in such a strong
position to pay off its depositors as
the Mutual Bank of Roseville as soon
as it opens its doors, for the amount
needed to pay off that forty per cent
is almost exclusively in cash. 1 ex-
pect that within two years this bank,
starting with s350,000 capital, will be
a s1,000,000 institution"