Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1915-11-22
Deposits Large and Prac-
ticalIy No Withdrawals
by Patrons.
CHRISTIAN FEIGENSPANs
TAKES HOLD OF AFFAIRS
Fidelity Trust to Soon File
Schedule of Former Senator
Smiths Assets.

Positive assurance that the Federal
Trust Company is In the best of hnan-
eial condition was established today
by the committee of local bankers,
which made complete examination
Of the concerns affairs since Satur-
day last The assurance was backed
up by formal statement which COM
pletely removed the last vestige of
suspicion that the business failure of
former United States Senator James
Smith, jr., might have radical efr
feet on the Federal Trust Company,
Of which Mr.. Smith was president up
TO last week
The examination was headed by
uzai H. McCarter. president of the
Fidelity Trust Company: William
scheerer, president of the Union Ma
tjonal Bank. and Charles L. Farrell,
president of the Essex County Ma
tional Bank. They acted on the re-
quest of the State and federal officials
that have supervision over the bank
ing institutions of the city. This re-
quest was concurred in by the direc-
tors of the Federal Trust Company.
The examination was made bv a force
Of expert examiners, who, it might be
said. went over the affairs of the
Federal Trust with a flne-tooth comb
and took in every detail of the COM
panyss affairs up to the close of bust
ness last Saturday noon.
The formal statement of the exam
lners declares that the Federal Trust
company IS in sale and sound con-
oiuon with ABUNDANT resources TO
meet every o6iigation OF depositorss
allu ga'ief slsuiaolS ahu 10 lsaVe Sun
remaining Tor lhe stockhoiders arter
the 5atlsIactlop OF every clam the
eapital szqak 81 p, WV w w. ana fhe sur
pfuf on sg9p'apul ~ Neh as "a larse
auoun. at unuiyided profits.
bachhlK up Inc slaeeIhenl ol ane
- - y e
Rif: eehfsref ana ~. Z! = At :.
Ell 70 sA.ehu " "a - tue reuerai truse .,st
9na papg y 7iesssssaIy the aaa .F ol .aae
DIG panKHS PonceIHs they IePreSeht.
Business as Usual.
The fact that the depositors of the
E,a5efsr Trnsty c,on,nanv have tl,a'
- - = !. s.. : =.
tefasee eoiinaShsp ~ 10 sss. .oaia'y e'a1
m lis examiners was amply Demon
strated during the day. Instead OF
there being an effort to withdraw
finds, the. number of depositors was
ss ,s,,ai there beine 4 large number
81 saIlers TO extend conrra tlIlations
- ess.s,.s.i,n w Te;s-s,,s,,a,, tt,e ,,esy
a,.ss;s,e,,t ~ os The bank Mr. Feigen-
span was elected to the position at
the meeting of the directors Satur-
day. and Julius s. Rippel was elected
to the directorship. Mr.. Rippel, who
is one of the best known bankers and
linanciers in New Jersey, viii take
the place on the board that was held
bv MI. Smith.
praatinaIlv no withdrawals of de-
noslts had been made up to noon at
he FedeTaI while Edward F. Ma
,ssira tbe treasurer. reported
..s,,ie,,did Mondavs morning h1siness.'
4e sold that The deposits received
s,,e,.a I,aavv
nv - ,,.,d ,f +,,a TraderaI trust
,lisa ~ ~, :" son If t1e late chris
I'm M gens,,an fonnder of fhe great
, ,ial' - 80 - +bat ,,a,,,a IL ;s
toesi =. = e J-sis,eri,, <t,,fe,.t
~ doi,,sS me- rsceiyad . long busil,eas
3.s,, an9 ~ uaieoy.,,s, !, s,ft,caa He
rainins - me ~ t1,e t,,,
.opS eesspaelp soa.s re-. ,l,e deatl, nf
e,ss;sf,,n ~ e,eneeI the nresident Mr..
.aaai 80 T,,;+i, sav
fsiseuspaii = a'sV ~ ~ h,,ildi,,g
eIal e.lle1 lVpss 4se,,s l,srln anu p1s's
anu loals 4d,.ast;., ;ro;,7an+s 80
'9 " s.,e y.5 ,Isr,,st affices
Lns o4s sis ,,a.,aI5.i LII ~ hsif dazen
Mas We ss.i,s tt,,,4 1,,o,,as ss,,t ~,
pouausss e.. o. ~ tl,s ;,s.tits,t;,,,,
py ilisios o me A,s
see TOR fourseh.
Mr.. Feigenspan was radiant as the
days deposits continued unusually
heavy. You can see for yourself,
he said. when asked about the COM
pany's business. pointing to the con-
stant stream OF depositors. While re-
porters were waiting to interview Mr.
Reigepspan, fully a dozen of the
banks depositors had stopped to as
sure him of their confidence
THE State banking department has
assured us of its confidence, and of
it's intention to let its deposits here
remain, MT Feigenspan said. SIN
a llar s,...,,a ~ i.e W >s.sa III
rsS,, ~ '' s,,,,,att ,a,,rase,sti,,, tho
i ,,,s,9 s1,,.,.,,,l, 1s,,, ,,aiss;o,,
,a ,.,, rist5 he ,,, ,,e
'aas,t was ~ ev,,rass offlciai confidence in
spe'is epa ea,,,,,anv sv s,s ''''A
HorTf7FUt CITY Counsel James II.