The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-22
SMITH MAY PAY
50 CENTS ON 81:
HIS BANK SAFE
Official Examination Shows
All DepOsitaries i'm New
ark Sound.
ALL FEDERAL TRUST
PAPER Is TAKEN UP

NEwARK. y. j.. Nov. 2i.---Bankers
familiar with the tangled financial af-
fairs II former United States Senator
lanes smith, Jr.. the Corner Democratic
state leader Of New Jersey. who has
placed his general business interests and
holdings N the care of the Fidelity Trust
Company OF this city. as trustee, believe
that Mr.. Smith will be able to pay his
creditors 80 cents on the dollar. IL is
GENERALLY agreed that the ex-Senators s
Indebtedness VIII aggrssaie $1.750,0OO.
made up IN IL large part of his personal
noes and indorst ments on the paper Of
others in banks IN New York. Newark
and other cities.
Formal application will be made to-
morrow to Vice Chancellor sitting i'm
this city for an order relating to the
.rusteesHip under which the Fidelity
Trust Company will liquidaie probably
AL Of Mr. smiths Affairs. Under this
order the amount of the bond 10 be Ftven
~ the Fidelity will Toe fixed.
Commissioner George VI. La Monte OF
tle state Department of Banking and
insurance isSued a StatemenS Tonight
IN waich ne said ne was satisfied that
Inc BANKS uf Newark were well able to
meet any demands made upon them.
A. the sam. time a committee of bank
prts,dvats consisting of Uzal III. McCar-
Ter Of The Fidelity Trust Company,
Charles l.. Farrell of the Essex County
Na,tnu.L Rank ana William Scheer.r Of
,bs rrior National Rank who are max
in, an ,ny.st.p,tio, of IN. books and
counts ,f tho Federal Trust ,,ompany
af the re1ues; of the board of directors
cf trNt restitution. issued another state
rar, ,u which they declared that their
investigation had progressed Gar enough
,or them 20 sxnre.s the belief that the
Federal Trust COMPANY is absolutely
,ooI f,- its every ohlieation" Mr.. smith
,esirred A. president of that compsny
Yesterday.
T.d.r.l rru.s p.uer Taken In.
An important announcements was ,i,aue
early 'n!s evening u! 'iaIh.loh neah
OF 'ne New iurh banking urn vi Neah'
I"!''' 'o'' VINO u uIre'tor vi '"e
fede'dl Irust Iohnanh' 10 the en"ct
tha' a.. OF a.r. smith paper hsiu py
tne frnetol trust 'ofHPaHS h"" oeeh
e'ea"eu up
'olu 'lt d.t'C'ots ~ t',''r ii''et-
ing E.S'erIaS, Mi, heah sali, ma II
IHeS W. u'u t"Nc az wv seNu' ''''e v. -
ftuefai th'" '' '', u''" " '''' v''''. -
!" Nv" no ~" "o.'' So ','','a ~
..' '-'oV''''V 4N' Wv
feue'a 49, as !ou se'' 80 '' spa
u't'o"' . a., a.. ....,..,,.,.
=, h@u ocei' r,,i
OF SH'.'" p"pei "'" '' ,a,n
'"S. n"u aIhouiiteu " "' aHs 80 go,
Wv '"' u''S n.i,ount ., 9. u,,''
l
''"S'ei, az C' '''' ~
books.
T.r -,ttement made by Commissioner
l.a Monte was as follows:
The prompt resignation of Mr.
Smith "a. president of the Federal Trust
Company was agreed upon at com
fr..rra netN..n him and myself in NeN
Nor, Last Wednesday and the election
90: Mr. Frigenspan as his successor last
Ngh. fA, met with the hearty approval
Of al ~ those with whom have talked
Mr F.g-usnan occupies high position
in III, commercial life OF Newark and
m H. new office he will be of great
service 10 the community.
"A,tl.g in connection with the rep
ree.utl,.ye Of the Comptroller Of the
Currency in investigating the affairs OF
James Smith. Jr. | have satisfied my
self mat the banks of Newark are
abluGiutlv able to meet all demands
aid that they are In "a Sound condition.
As is now we'll known, committee
from some Of the larger banks was
.u,d uto conference TO protect the To-
,d situation, If necessary. This COM
nlttee has worked with great public
tp.ri' and has satisfied itself and added
10 uy own confidence as TO the funda-
p..rt.I .,,,,l,,..g. % ,,nIi,i,pu I.r.
Hnn.-rs Make a Report.
,..
.'''''"' VI '''o '''"'''''''' VI