Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1915-11-20
JAMES SMITH, IR.,
PUTS AFFAIRS IN
TRUSTEES HANDS
Fidelity Trust Company to
Handle Business Interests
Of Former Senator.
RESIGNS PRESIDENCY
OF FEDERAL TRUST co.
Latter Institution Not involved
in Any Way With MIR.
Smiths Affairs.


Announcement was made today
that the general business Interests of
former United States Senator James
Smith, ir., have been placed in the
care of the Fidelity Trust Company,
which will act as trustee.
It also was announced that NJ.
Smith had resigned as president and
director of the Federal Trust Com,
pany.
The directors of the Federal Trust
Company met this afternoon in the
offices of the Fidelity Trust Company
and invited President Uzal II. Nc
Carter and President Charles L. Far
relI, Of the Essex County National
Bank, to make an Investigation of the
Looks Of the Federal company.
Accompanied by the clerks of the
State banking department, Mr.. Nc
Carter and Mr.. Farrell Immediately
went to the Offices of the Federal
Trust.
The result Of the naming of the
Fidelity Trust Company as trustee
~, 10 tta ahso,,ta ,ro,.otio, 80 an
=, - =
= 's'Asois :.
nnuerstood tnat. every claim VIII De
paid In fnil
The reason for the naming of a
trustee was due to the fact that one
Of the commercial companies In which
ha has hean Interested was fa,nd ~
IL ~ s,,ch ersr.;a,aco,,a;t,o, .ha+
:. ,.S y - " '.'t. - -
-. Dss,,,.s ..'s''.,s' ~ p.osoes s.. u
siiSieiviF, ueS,uSu
~ 'ne usseeanip 20 thal al Misnt
pe paid IN fuil-
IT rs known that none of the for
Eser senator's indebtedness. or the in-
debtedness OF any of his companies,
is IL tha Esa5lera fyr,,st 1so,,, ~ ~ ,Te
s,,,.....,.l s.,' = ss..[ss = Il y
~ on1 s'tFaf'e ps Wy s.s'its, 80 y
i'o way ceAnsclea with ms pankns
interests.
Confirmed by Mr. La Monte
This sta atene,,t s.rss4 en-, ,,f;,,,,s,a t,,fy.,,,
~, NJ 49,, g
-.
s'i'ss'ip'is'l, q pailhins ana insurance
Under the terms OF the trusteeship
with the Fidelity, as established by
Mr.. Smith. ali Of his properties VIII
be nut in trust for The nrotaction' ! "a
,,,tf,..st - Nj. ,..-ss.l,,..
interests OF ms creditors.
Is sstimateo tnat the total in-
ueDteuusss u WI smith VIII reacn
si,soVvVV. soVerlng nus various pusi-
ness ense.prises; his assets, II IS ex-
spscteu' WIZ eas'iy reacn that amount
ana perhaps q great oeal more. Thei
lormer senator Is conndent he VIII
meet every opilgation.
State Banking Commissioner La
Monte said:
i can only confirm the report that
Mr.. Smith is TO resign as president
of the Federal Trust Company. Tha
federal Trust Company is In veTv
strong financial condition accordinsv 70
all the Information In Inv possession
This shows that the hank has 81 (,f,l :
COO capital. $500. .of0 II s,,rnIus. a,,d
more than s2 O00. 900 uudfvified y,rofifs
this affording amnle nrofactia,. 81, III III
tho denositors ), - -,
Mr. Ia Monte said Mr. sn,;th haa
eisc,,ssed the nnastion ~ ,,is ,sas..rs,s 10y
lion with him on several ooeasio5s' s,1 -
~. ,,..,,..'.. 81 ouoaslons.
s,rsts, ~ es nus ,es,, = n,set n,s WIN WHICH M1 .
qam,a,, :. rn 5sss TaIsa,, :" q = S,-...,, :
r-sss.. = 2 Z, -, = - y - w wiiiili,
~ <ln,,l ,Su Nsa'ty Sunppany
B1't,n sea,L ene lsewaIk Daliy Aussrlising
ruonsiipis Sonlpany, pupnshers OF
4 sne NeWarh hVehihg star ana the
newark Eagle.
MIR. Smiths Career.
Forner Senator Smith ;e ono ~ tba
hast rpou,,, MAJ, i, A,,,a,.,,,.,,, ,,.l;.sa-
80 ,s.1sas 49,, 'ee.'a poi-sieS
anu has pesh iusheiheu with new
Jersey business practically all his
life. He was born in Newark in 1851
son Of James Smith merchant and
contractor.
James Smith. ir.. followed the
leather manufacturing business as a
ii1nfor 1ne,1,l,er of tbe arm ~ T "a
Halsey a smith. manufacturers If
patent and enameled leather. This
concern onerafed \ nlanf IN snrine
street IN later Years M, Smith ha.
come tbe sole owner Of the comnanv
xsth the result thai nropres,s ssrsi,y i've
anirit was Injected Ia The end fhat the
CONCERN grew IL 1,rosnerons nrono,.-
fions Modern ed,,;n,,ent was ~
staIled ana la+a,. Az t,,.,s, ~ n 70
ssa1' s5arsl, anu ,aaer the nfm OF =; ,,,ds r;
with = niapt at Nsu, " ana Nst,aan
streets -"
n 1Sas former Senator c,,,;t, tee-a,
,1fare a., acti,,a 3,stast =. ..istS..,
s,,d he so,, becs ,e,.
men M He was first elected [ as q - Dam.
ocratic member of the Common Coin-.
.l III from srS ! normally n RanybI;aan ward
As time went on the personal mag
net,s,n ana persoi,aljtv ~ the man
naan helped 70 s,,rro,,nd ~ hi,, 'J m,t,, ma,