Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1915-11-23
FEDERAL TRUST
SITUATION HAS
QU|ETED DOWN
Furry Over the Smith Embar-
rassment Is Apparently
at End.
NATIONAL EXAMINER
COMPLETES HlslREPoRT
Claims Against Estate of For
sner Senator to Be Filed
in Ninety Days.


The local financial situation which
resulted from the announcement of
the embarrassment in business of for
mer United States Senator James
Smith, jr.. has qnieted down and an
optimistic outlook was taken today
by all concerned. Public confidence in
tile Federal Trust Company and the
clty's banking interests generally has
been SO wonderfully demonstrated
that scarcely a furry marked the
passing of the crisis.
An inventory of Mr.. Smiths assets
5 now being made by his trr stee, the
Fidelity Trust Company, and will be
nled with County Register Walter A.
Evans probably the latter part of
the week. Pending the completion of
this schedule, little more than con-
lecture about the exact condition of
The estate Is possible. It is expected
that the procedure as a matter Of
course will result in receivership APP
pointments for the various enter
prises in which MT Smith was the
controlling factor.
Federal Inquiry.
OF the Federal authorities inyesti-
gation United States Attorney I'll.
Snowden Marshall of this district,
said today;
s'Mr. Smiths financial affairs have
been laid before me by Charles
StarelS, head national banking ex-
aminer. Mr. Starek asked me to con-
slider them, so that might know all
the circumstances of the case"
The business transacted at the Fed
eral Trust Company yesterday and
today was normal. In fact the nums
Der of deposits yesterday was some-
what above the average. even for
Monday. No accounts were With
drawn. The banks business today
demonstration of public confidence
that has been given, the Federal is
now considered o greater force than
ever in the city's banking affairs.
Christian W Feigensran, who sue
ceeded Mr., Smith as president on Sat
urday, said today that I'VE will prob
ably issue a. statement Saturday
showing the amount of business for
the week. The directors held a
meeting iaHt night. which had been
called in case any question arose that
called for immediate action. low
ever. nothing was found Of pressing
imp9rtsncs aEs sii @ nao ob,isatioos aassaas
" AAtN trtiHes - ttPlt SteA hAatAt vas -
pressed by the directors for the re-
port Of Bzal II. McCarter, Charles u.
Farrell and William Scheerer, the
three bank presidents who examined
the affairs OF the Federal and vouched
Tor the Iatter's solvency.
5000 Depositors.
The Federal Trust Company has
from 5000 TO 5000 depositors, a great
number of them having small ac-
counts. That not one of these deposit
tors sought to withdraw his account
following announcement of Mr..
Smiths difficulties, has been COM
mented upon by bankers everywhere
as indicating that the banking inter-
ests of Newark surely have the con-
lidence of the people. All the deposi-
tors had been assured yesterday of
the banks excellent condition, a
statement having been mailed them.
The notice of assignment published
by the Fidelity Trust Company calls
for the presentation of claims against
the Smith estate within three months.