14213. Roseville Trust Company (Newark, NJ)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: August 15, 1913
Location: Newark, New Jersey (40.736, -74.172)

Metadata

Model: gpt-5-mini
Short Digest: fac93718

Response Measures

None

Description

Articles describe discovery of a massive shortage (embezzlement) by the missing secretary-treasurer Raymond E. Smith in Aug 1913; state examiners took charge and the institution was treated as a defunct/wrecked trust company. Directors and large depositors furnished funds and a successor (Mutual Bank of Roseville) opened in February 1914 per chronology. There is reporting of depositors' panic but no clear, discrete bank run (withdrawal queue) described; therefore classified as a suspension (closure) followed by reopening under a new organization.

Events (4)

1. August 15, 1913 Suspension

Cause: Bank Specific Adverse Info
Cause Details: State examiners discovered a large shortage/embezzlement in the bank's books attributable to missing secretary-treasurer Raymond E. Smith; bank was placed in hands of examiners and treated as wrecked/defunct.
Newspaper Excerpt: Depositors of the Roseville Trust Company were panic-stricken to-night when the news became public that the total shortage of the bank would reach, if not exceed, half a million dollars.
Source: newspapers

2. September 2, 1913 Receivership

Newspaper Excerpt: A receiver was named in bankruptcy for the ... Oaklands Motor Sales ... receiver was named ... Wilfred C. Roszel receiver was named in bankruptcy ... (receivership appointed) ; later references to receiver Wilfred C. Roszel in connection with Roseville Trust affairs and bankruptcy proceedings appear in September and December articles. (Articles report Ray F. Anthony and Wilfred C. Roszel acting as receivers/receiver's counsel.)
Source: newspapers

3. September 11, 1913 Other

Newspaper Excerpt: New Organization Must Bear Name Other Than Roseville Trust Co. LIABILITIES AND ASSETS OF OLD CONCERN TAKEN OVER Directors and Large Depositors Have Furnished $400,000 in Funds to Be Used for This Purpose. ... A new bank, bearing some name other than the Roseville Trust Company, will be organized to take over the liabilities and assets of the defunct institution. For this purpose a sum of $400,000 has been provided by the directors and larger depositors.
Source: newspapers

4. February 1, 1914* Reopening

Newspaper Excerpt: February - Mutual Bank of Roseville, successor to the defunct Roseville Trust Company, opened. (chronology entry in Dec 31, 1914 local chronology).
Source: newspapers

Newspaper Articles (22)

1. August 16, 1913 The Times Dispatch Richmond, VA

Article from The Times Dispatch, August 16, 1913

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DASHING BANKER LEADS MERRY LIFE Path Strewn With Lobster Suppers, "Joy Rides" and Gay Parties. BUT HE'S MISSING NOW Shortage Is Half-Million Dollars, and Depositors Are Panic-Stricken. [Special to The Times-Dispatch.] Newark, N. J.. August 15.-Depositors of the Roseville Trust Company were panic-stricken to-night when the news became public that the total shortage of the bank would reach, if not exceed, half a million dollars. In the belief that Raymond E. Smith, the missing secretary-treasurer of the trust company, whose help is needed to straighten out the books. had sailed on one of the transatlantic liners from New York, the wireless has been pressed into service to secure some clue as to his whereabouts. A description of the missing man has been sent to all vessels that have sailed within forty-eight hours. In tracing the career of Smith. the searchers to-day passed over a path thickly strewn with !obster suppers, automobile "joy rides" and gay parties that the dashing banker held in his handsomely furnished threeroom apartment Lose Trail of Woman. They failed to find the object of their search. but they did secure traces of a young woman to whom Smith is alleged to have paid marked attention. She was trailed to Atlantic City, but there the searchers were told that she had just left. They got no help in their hunt for the banker there. Another woman gave a clue that leads the company's officials to believe that the banker may be traveling about the country in his automobile. If that is the case, it may be very hard to find him. Mrs. Gussie Poland. who has apartments in the Hotel Grannard, where Smith lived. said that on Wednesday morning Smith took two traveling bags and a bundle that looked like a bag of laundry to his auto and rode away. That morning he had been at the bank early assisting the examiners in their work on the books. He went out for breakfast. but failed to return. later telephoning that the was at Lake. (Continued on Second Page.)

2. August 18, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, August 18, 1913

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Friend Police Assert Roseville Fugitive Trust IsGivOfficial ing Him Shelter. STATE EXAMINER FINDS NO CASH WAS TAKEN to Detectives Await Orders Search House Where Smith Is Believed Secreted - Charge Bank Did Illegal Business. The police believe that Raymond and Smith, missing secretary Roseville in treasurer E of the collapsed this city asserted Trust Company, is that hiding a man closely giving his identified It is with the bank home. is The deSmith shelter almost in positive of this, but tectives despite are the fact vanished that they treasurer's have warrant for the not quite ready to an force arrest, they entrance are into the suspected dwelling number of informants have sent that A police headquarters reports man anto have seen Smith, or a One of came swering they to his description. from Chicago. of these Lieutenant tips Keogh and Company a detective went the National Surety this ternoon with to the bank Smith and his full descrip that picture of both and to urge tion to verify should be offered a some was reward taken only as This action detectives are they think they precaution confident that since Smith the is hiding have traced in the place him to Rue Vredenburgh, who of as bank special La deputy commissioner is conducting the ing and insurance, trust company's examination Roseville at the avenue and Orange he street, office, said today judge that so nobody far as exhas been able criminally to liable. cept Smith is of our examination," 'The results "show, in my opinion are not he continued, and directors that the officers responsible unless, pos- alcriminally their negligence in the sibly. lowing through Smith a free hand with 'The the bank's business. cause of the trouble depositors is just excess this The liability to of that liability So was largely in the general record. of any far we have as shown on found no evidence abstractions. Did Illegal Business Mr. Shorn of its technical explanation language, is that the Vredenburgh's through its treasurer, charges, trust company business. He In amount, did effect, an illegal that it lent money and because in excess of of that the carried legal a portion the of saying its business goes. "under its hat, as the depositors were That some of was the caustic "irresponsible George people' E. Mutchler, secre- of comment of who was last tary 105 Roseville of the depositors' avenue, meeting he Friday that remark when meet He made depositors heard that another called for tonight in the Savey ing had Theatre, been Orange and Warren streets. "Friday's meeting," he said, directors "was to assist the few called rather embarrass them, but the than to people who are endeav the irresponsible meeting without oring to call a great majority are sanction of the people who caused probably the same Friday's meeting. unpleasantness at of seven appointed The committee however, meet continued. by the depositors will, "Their effort to tonight, will be to he assist the directors straighten out the entanglement. the to say where com He refused was going to hold its meeting of mittee Howard Watson, president the A Trust Company Central avewould nue Liberty and North Fourth street, make said ad- today that his bank bank books of the Rosevances on the Company's depositors in ville cases Trust where the depositors were hard because of the failure. pressed J Smith the missing bank Thomas father. left his home in Berkeley official's Heights Park, Bloomfield, on to without saying good-by Saturday br giving any intimahis neighbors was going The tion as to where he house is closed today for the it be necessary to Should to convene in order grand jury complaint agains Smith it P. consider understood that Judge William call. is Martin is prepared Issue a Receiver Named by Wilfred C. Roszel receiver was named in bankJudge Reilstab as Oakland Motor Sales ruptcy for the by Smith, in East Company, owned petition filed in involunOrange on of the by creditors tary proceedings among whom are the Standconcern Company and the Goodyear ard Oil Rubber Company George Furst, Tire and local attorney, represented the creditors move so Mr. First said, His first the general search would be to join in locati him, and, once for Smith before Referee have him ordered examination Edwin G Adams for condition an Under as to his financia wide scope is the bankruptcy law examination a offered bankrunt for as to the his acts, conduct property receiver may apply. it business is said, The an order to continue the the L. for of the sales company and of street Worth Company of William init is understood, is also by volved which, through an interest owned Smith letter enclosed in an envelope of to trust company and addressed aveSmith the at his apartments Central South Seventh street, was in nue the mail and the today fact The that letter-carrier, Smith's where in view abouts of are not known returned it to the to be sent back to be bank. the postoffice There, no doubt, it will by the examiners opened Clue Proves False. the fact that officials of Despite National Surety Company of Ray New the who were on the bond of York E Smith. the missing secremend -treasur of the Roseville Trust that tray declared Saturday Company. !ay their hands on him at time any the could be is still among the miss in !tand All sorts of difficulties Smith One of of tracing the way chief obstacles is the manner stand in th " which his crstwhile friends (Continued on Page i. Column 3.)

3. August 21, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, August 21, 1913

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Miss Anna McCarrick, Friend of Raymond E. Smith, Found at Atlantic City. DENIES KNOWING HIDING PLACE OF MISSING BANKER Breaks Down and Weeps When Expose Did Comes-Cries, "Why He Disgrace Me and My Mother?' Through the watch-picture clue found by The Evening Star, Miss Anna McCarrick, the woman whose name has been connected with that of Raymond E. Smith, missing secretary and treasurer of the looted Roseville Trust Company, was discovered today in her hiding place at Atlantic City by an Evening Star correspondent She was distraught, nervous and evidently suffering from excitement. "Do you know where Smith is was the first question she was asked Hasn't Heard from Smith. "No," she cried. "I wish I did The would give anything to know whole thing has driven me nearly crazy. I haven't seen him for weeks or heard from him.' When she was questioned further, Miss McCarrick broke down and wept bitterly 'Why has he brought this disgrace on me and my mother she sobbed She said that since she had been found she would return to her home, 11 Snyder street, Orange. Met Smith in Orange When Smith was an Orange councilman he resided not far from the home of the McCarricks It was at that time that he first met the five pretty McCarrick sisters Friendship sprang up between the debonaire bank official and Miss Anna McCarrick. Smith had quarreled with his wife and they had separated Nevertheless, there was nothing in Smith's attention to Miss McCarrick to cause the slightest gossip or comment. The only objection Mrs. McCarrick had to his friendship for her daughter lay in the fact that he was mar ried and his religion was different. When Smith dropped out of sight a week ago last Wednesday just at the time the bank examiners were discovering indications of a shortage in excess of $350,000, he left practically no clue behind him except Miss McCarrick's picture It was found in the case of his watch by an Evening Star reporter But the 'woman in the case," as she could literally be called, had dropped out of sight. While Mrs. McCarrick insisted that her daughter was in Atlantic City, a thorough canvas of the resort failed to reveal her whereabouts. Detectives and reporters alike failed to find her. Intimate friends who had seen her when she first went to the shore, two weeks ago, said that they could not tell what had become of her. She was found today, however, and despite her reticence, it is possible she may be able to throw some light on the remarkably clever get-away made by Smith In an effort to smooth over the looting of the Roseville Trust Company and, it is said, to stave off any criminal action against them, the directors of the bank sought today to round up every stray share of stock Twenty of the stockholders have signed the agreement presented to them by the directors representatives. That agreement seta forth that the stockholders will sell their holdings for cash at a valuation set by three Newark bank presidents, acting as appraisers. The proposed reorganization is to be financed with a fund of contributions from the officers of the bank. Already $100,000 is said to have been pledged Commissioner La Monte, head of the department of banking and insurance, will agree to the reorganization. it is reported, if the shortage is wiped out and a fund of $100,000 for the resumption of business is provided. Plan Criminal Action. While this scheme was under way, a group of the depositors, headed by H. W. Van Sant and Valentine B. Kane, worked hard on a plan to fasten a charge of criminal negligence against the officers and directors. The depositors, 200 of whom have joined a protective association to obtain justice for themselves. look with suspicion upon the directors' apparent plan to reorganize. They think that it is merely designed to prevent action on the part of the stockholders in participating in legal action to press home allegations of negligence and recover the missing $358,000. As a matter of fact, said Mr. Kane, 'I am informed by a lawyer who is an authority on banking that the officers and directors can now. upon the evidence already adduced, be convicted of gross negligence, although they are not now liable for the shortage We are going the limit in making them pay the penalty Officers Confident. On the other hand the officers and directors think everything will be easily settled. despite the fact that the loss is more than half the total deposits and may run still higher. "The way we are going to do it. said Edward D. Dunn. one of the directors, today. "we will be able to give the depositors and stockholders dollar for dollar, but it will take time. This is the agreement that is being offered to the stockholders for their signatures 'We, the undersigned stockholders of the Roseville Trust Company, of Newark, N. J., in consideration of one dollar, lawful money of the United States, to each of us in hand paid by G. Roland Munroe and Edward D. Dunn. or their assigns, receipt whereof is hereby acknowledged, do séverally agree to sell and assign to the said G. Roland Munroe and Edward D. Dunn the number of shares of stock of the said Roseville Trust Company set opposite our respective names at a such price as may represent

4. August 21, 1913 The Greenville Journal Greenville, OH

Article from The Greenville Journal, August 21, 1913

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Bank Loss Is Growing. Newark, N. J., Aug. 18.-Depositors of the Roseville Trust company were panic-stricken when the news became public that the total shortage of the bank would reach, if not exceed, ualf a million dollars.

5. August 21, 1913 The Manitowoc Pilot Manitowoc, WI

Article from The Manitowoc Pilot, August 21, 1913

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6. August 23, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, August 23, 1913

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# ROSEVILLE TRUST CO. # SHORTAGE INCREASING (Continued from First Page.) for Smith, expects to bring the total amount of Smith's personal assets up to $364,000. Of the $364,000 George Furst, attorney for Mr. Roszel, now has undisputed title to $200,000 in railroad stocks, notes and other securities. In addition he has $4,000 in cash which he has collected on the personal notes held in Smith's name. Thirty thousand dollars in notes held by Mr. Furst for Smith are still uncollected. Arthur C. Fike, of Plainfield, Smith's confidential secretary, told Mr. Furst today that Smith was the financial backer of the Interstate Realty Stamp Company, a $25,000 corporation, with its principal office at 85 Market street. Smith's name was in no way connected with the realty concern, but Mr. Fike told Mr. Furst that if a search was made of Smith's effects the books of the company would be found. A search revealed the bank pass-book, check book and canceled checks in Smith's desk. The account of the realty company was with the Roseville Trust Company. On Monday Mr. Furst will apply to Federal Judge Rellstab at Trenton for an order directing Pitney, Hardin & Skinner, counsel for the trust company, to turn over to him as receiver's attorney $70,000 worth of securities the law firm now holds, which, it is alleged, belong to Smith. The securities were found in the private lock-box of Smith in the trust company's vault when it was broken open by Deputy State Commissioner of Banking and Insurance Vredenburgh. Mr. Furst claims they are the personal property of Smith and should be turned over to the receiver. Former Judge Skinner, of counsel for the bank, raises the point that there is some doubt as to whether the securities are Smith's personal property or whether they are bank property, which he had transferred to his lock-box. The matter will be threshed out before Judge Rellstab at Trenton on Monday. Mr. Furst will also bring an action in the New York division of the United States District Court for an injunction restraining Thompson, known as a trustee for Smith, from transferring or mortgaging Smith's equity of $90,000 in a New York apartment house and other real estate which Thompson holds in trust for Smith. If the injunction is granted a suit will be started, Attorney Furst says, to compel Thompson to turn over to the receiver for Smith the equity held by him in Smith's name. Miss Anna McCarrick, of Orange, has returned to her home at 11 Snyder street, and discussing the use of her name in the matter of Raymond E. Smith's disappearance she repeated her statement to the Evening Star reporter yesterday that she knew nothing of the missing treasurer's whereabouts and would gladly inform the authorities if she had any knowledge of where he was. Three detective agencies, the police and Deputy United States Marshal Louis R. Beekman are searching for Smith. The National Surety detectives have worked out the following itinerary, which Smith is believed by them to have followed last Tuesday and Wednesday: Tuesday, August 12, at 8:30 p. m., Smith went to a hotel in Orange in his auto and met Mr. Moynihan, manager of the Home Ice and Products Company, of Dunellen, by appointment, who gave Smith $100 cash and a check for $400. At 10:30 p. m. Smith left for home. At 11:30 or later Smith appeared without auto at a saloon near his flat, Central avenue and Seventh street, and retired shortly after. Wednesday, August 13-7:30 a. m., Smith left home; 7:45, arrived at bank, where examiners were already at work; 8:15, left bank ostensibly for breakfast; 8:30, man believed to be Smith appeared at Park View Hotel and telephoned for a long time; about 9:15, was met by another man, "short and fat," with whom he afterward left; 9:30, returned to garage, where Clifford F. MacEvoy happened to meet and talk with him; no bags then in Smith's car, a National runabout, with cream-colored tonneau and red running gear; 10 a. m., Smith met representative of an auto manufacturer and authorized Briggs's signing the 1914 contract; Briggs gave him $100; 10:40 a. m., too late for Smith to take the 10:38 train. Shortly afterward he called up Teller Thompson at the bank, told him he had just learned of the suicide of his friend Schwarzkopf and he would go to his home on Rutledge avenue. This message was sent, it is thought, to gain time for his change of plans. Later he left the garage in the Oaklands seven-passenger touring car, No. 25M or 158M, which has not been seen since. Shortly before 11 a. m. he called at the flat with the auto and removed several bags. From that hour, when Smith went westward on Central avenue, his movements are unknown.

7. September 2, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 2, 1913

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BANK MAY HAVE FIGHT ON FOR NEW ASSETS OF SMITH Directors Plan Attack Upon $300,000 or $400,000 of Miss= ing Treasurer's Property. FIND HE HAS $90,000 INTEREST IN HOUSE State Banking Dept. and Depositors Inactive in Roseville Trust Scramble. A free-for-all legal fight over the $300,000 or $400,000 worth of property owned Raymond E. and treasurer secretary by Smith. of the missing Rosewas as the next twist in ville today Trust Company. the indicated tangle caused by the bank's failure. The discovery of the New York apartment house in which Smith had an of $90,000 mato the estimated the terially equity has value added of Furst, bank official's holdings. George for the receiver, attorney discovered stated today that his detectives had the apartment house and that he was now engaged in proving the claim. Since Smith's assets were found to be there has a for them. scramble so large and Only been the the general depos- State banking department whom the deficit is to fall, have itors, huge upon interpose brunt apparent- of in the the ly not yet planned to bankruptcy proceedings. Goes Ahead at Last. directors have already retained Tamblyn & The Lum, is Colyer any to represent them. If there part of $100,000 of to be recovered of their $70,000 capital and they surplus want to get it. Not only will an attempt be made protect their interests in the namto the trustee, but it is hinted the for 3 ing that of application attacked the present bankruptcy order will be on the ground that it is not according to law. as attorney for Wilfred it the receiver, has he wishes to use evident C. Mr. Roszel, Furst, that Smith's made what- esever can be realized on tate for paying the depositors. "I consider myself as much the re- he for Smith's bank creditors," said today, ceiver "as for his merchandise creditors. The examination at the bank Vre- is progressing as rapidly as L. R. denburgh, the deputy commissioner, books. and his staff can go over the Their difficulties have been multiplied used, the system of bookkeeping Not by rather, the lack of system. worked or, of the examiners has ever $ on one books so utterly chaotic. h Edward D. Dunn. one of the d1and prime mover in the pro- said f rectors posed reorganization of the bank, posithat he was in a better comà today tion than ever to promise the e plete rehabilitation of the institution. is Trust to to reopen even if "The Roseville Company I have configoing it myself," he asserted "At the next finance dently. ing $50,000 more will directors' be pledged, meet- $200,our fund up to in to reopen not bringing We hope the about bank will 000. a way that depositors such to wait at all for their money. Our have auditor expects to make a report in day or two. a laughed at rumors reported current He that he is himself in a bad shape financially. i Newark Lawyer Named as Receiver. F. Anthony, a Newark lawyer, for 8 named today as was J. Wurth, Inc., a the Louis Roy receiver Branford of auto supply house, one heavconcerns place in which Smith was ily interested. receiver was named on the ap- the The of Riker & Riker for New plication Seamless Rubber Company, of supply after the failure of the meet three notes house $4,000, the last one gating York, to 25. of aggre- which was due February on August 25 last the Rubber Wurth company On owed $7,397.81 the and Seamless gave four pay Company for $5,000, agreeing to $4,000 first still notes balance. Now with directors the the Wurth company's and canowed, they have other debts say continue the business. not action was taken on ob- the return Today's of a rule to Riker show on cause August tained by Riker & in court today one appeared answer 27. for the No Wurth company to the rule.

8. September 3, 1913 New-York Tribune New York, NY

Article from New-York Tribune, September 3, 1913

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BANK EXPERTS DECEIVED Shortages in Roseville Trust Co. Existed Long Before Crash. Simultaneously with a statement by Chester W. Fairlie, son of Vice-President William Fairlie of the wrecked Roseville Trust Company, of Newark, shifting blame for the success with which Raymond E. Smith, the missing secretary and treasurer, manipulated the books of the institution. an admission was made by the bank examiner's yesterday that Smith's operations dated back beyond a previous examination by the State Banking and Insurance Department. Larue R. Vredenburgh, a special deputy in charge of the examination of the wrecked institution, admitted that Smith's shortages extended beyond the examination made of the trust company's books in October last year, but he would not state specifically how long the alleged peculations had been going on. He excused the bank experts, who failed to discover the irregularities a year ago, by characterizing Smith's alleged methods as clever and of a kind that would easily have deceived the examiners. Vice-Chancellor Stevens, at Newark, yesterday appointed Ray F. Anthony to be receiver of L. J. Weirth & Co., one of Raymond E. Smith's enterprises. A receiver in bankruptcy is already in charge of the business, and there may be a clash.

9. September 3, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 3, 1913

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DEPOSITORS WILL AID DIRECTORS TO REORGANIZE BANK Board Meeting This Afternoon Supplemented by That of Creditors Tonight. Some of the wealthier depositors in the Roseville Trust Company will raise a fund, probably $150,000. to aid in reorganizing and reopening the bank, according to George E. Mutchler, the secretary of the Depositors' Association. There were rumors to that effect today and he was asked how true they were. "We are going to hold a meeting tonight," he said. "The directors have raised $150,000. The depositors are likely to raise the same amount. It will be best for all concerned to have the bank put on its feet again." Mr. Mutchler admitted that he and Clifford MacEvoy, the president of the Depositors' Association, were the leading spirits in the plan and that they both expected to be members of the directorate of the trust company if the reorganization was successfully accomplished. Both men are real estate operators. The depositors will meet in the hall above the bank at Roseville avenue and Orange street. Invitations are to be extended to William C. Odell, the president; William Fairlie, Harry W. Foster and Edward D. Dunn. If the plan can be worked out, Mr. Mutchler thinks that the trust company will soon be in running order. The smaller depositors, he says, will be able to draw their money dollar for dollar, if they wish to, while the larger depositors will be repaid for their advances in cash by profit earned by the stock allotted to them. At another meeting of the directors of the trust company this afternoon it was expected that the $150.000 fund already pledged to reopen the institution would be raised to $200,000. Several members of the directorate who have been backward in entering the plan for reorganization broached by Mr. Odell and Mr. Dunn expressed their intention of attending today's conference.

10. September 6, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 6, 1913

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the To protect the depositors of plundered Roseville Trust Cor the State department of banking is prepared to sue individually every the member of the directorate for huge shortage. That assurance was given a committee representing the Depositors' by Protective Association today Frank C. Ferguson, a bank examiner, who spoke for L. R. Vredenburgh, deputy commissioner of banking and insurance. Furthermore, Mr. Ferguson said on there had been such laxity he that the part of the bank officials that had no hope whatever of collecting the $20,000 due on the bond of Raymond E. Smith. the vanished secretary and treasurer. By these statements Mr. Ferguson verified two of the exclusive stories have appeared in the Evening dithat to the effect that the Star-one were individually liable in a rectors way, and the other, yesterday, that civil announcing the depositors belief collected Smith's bond could not be upon. B. Tower a justice Valen- of the Henry Michael Kane, jr., and deposipeace; B. Kane, who form the William tine committee. first visited defunct tors' P. Odell, president of the bank. asked him to demand the Na- the They Surety Company to pay $20,000 tional due on Smith's bond. 'That will be done at the proper time," 'And he when replied. will that be?" he was ing asked. "That department. is in the You hands had of better the bank see Mr. Vredenburgh. the committee called at and the bank When building, Roseville avenue met Orange street, Mr. Ferguson them. in the absence of the deputy what commissioner. He was asked bond had been done to recover on the the missing treasurer. of The directors," he answered. with and emphatic deliberation. slow have not shown any disposition to demand the money from the company. the event that they do not de"In it or make up the money themselves, mand Mr. Vredenburgh, as receiver, will sue the surety company. do not think however, that there col"I grounds upon which to that are any thoroughly convinced laxity on the part lect. there I was am conditions of the directors in allowing this clause affairs to exist. There is a of Smith's bond that requires any rewrong-doing in on his part to be to the surety company as soon in ported becomes known. That clause, as it opinion, will enable the surety my company to successfully contest payment. "It is true that the surety comdislike to have a controversy, claims, panies sometimes prefer to pay case and matter of policy. But this the is as so a flagrant that I do not think company will pay the claim. the event that we cannot receiver collect In from them, the against the money bring suit individually will member of the directorate. each all the directors but one are one unIf we can force that able to to pay, make good the entire loss, sion. director even if it strips him of every possesofficers and directors of Odell, the The company are: William P. vicetrust William Fairlie, first second president: Harry W. Foster, Smith. vice-president president: Raymond E. who has secretary and treasurer, Bannister, the James B. T. Benjamin. John Keim, William disappeared; S. Bell, W. Foster, William F. Krug, Harry Kilgus, George E. Mott, G. Frederiek C. Lurich, Harvey Scarlett, Charles Monroe, John B. D. Elmer Rowland K. Sexton and Edward Dunn. before the depositors reShortly the assurance that the bank- proceived department was prepared to Vreding against the directors, Mr. shortage ceed had hinted that the will enburgh accounts of the institution estiin be the far in excess of the previous mate of $378,000. of this increased deficit deDiscovery to the checking up of was positors' due passbooks with the depositors' ledger- procedure used in looting these The was brazen but simple. accounts no elaborate or bothersome entries There was the books. The falsifying of noted in the passbooks, of but were many correctly of them were left out the ledger entirely, had checked up only a When the he passbooks, Mr. Vrenden- which he burgh few of issued a statement in Continued on Page 2. Column 1.) for

11. September 9, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 9, 1913

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New Organization Must Bear Name Other Than Roseville Trust Co. LIABILITIES AND ASSETS OF OLD CONCERN TAKEN OVER Directors and Large Depositors Have Furnished $400,000 in Funds to Be Used for This Purpose. George M. La Monte, State Commissioner of Banking and Insurance, said today that the joint reorganization plan of the directors and larger depositors of the Roseville Trust Company had been conditionally approved by him. Coincident with this reassuring news for the directorate of the wrecked bank came the rumor that Raymond E. Smith, the missing secretary and treasurer, had been found and was on his way to Newark in charge of detectives. While no official verification of the reported capture of Smith could be obtained. his appearance at this time, it is thought, would be followed by a sensational revelation of exactly what manipulations caused the fallure of the trust company and who were the men, if there were others beside himself, who benefited. The plan for reorganization, as approved by Mr. La Monte, is this: A new bank, bearing some name other than the Roseville Trust Company, will be organized to take over the liabilities and assets of the defunct institution. For this purpose a sum of $400,000 has been provided by the directors and Upon the the larger opening depositors. of the new bank, depositors will be permitted to withdraw 75 per cent. of their deposits at once. The remaining 25 per cent. will be given to them in the shape of stock in the new trust company. This stock will be redeemable for its full value at the end of a period of either one. two or three years, probably the latter, but interest will be paid at a rate to be decided upon later. At first Mr. La Monte was no: impressed by the feasibility of any reorganization scheme, but he was convinced at yesterday's conference, it is said, that such a move would be far better than a liquidation of the affairs of the trust company that would leave the depositors with DOB sibly not fifteen cents on the dollar. The principal obstacle to the speedy consummation of this plan is the fact that an audit of the bank's books is a task of titanic dimensions. Until all the passbooks are in there is little chance that a statement evenly approximately accurate can be cast up. Three-quarters of the passbooks have not yet been taken to the bank, despite the repeated request of Deputy Commissioner L. R. Vredenburgh. Meeting Was Satisfactory. In referring to yesterday's conference to discuss the proposed reorganization Mr. La Monte made this statement to the Evening Star toe day: 'The meeting in the offices of Pitney. Hardin & Skinner was vary satisfactory from all points of view. A definite statement was made to I me of the plan of settlement that las been formulated by the directors and some of the depositors and I approved of it as it was shown to me. i "I shall make a definite statement , as soon as the preliminary work is e , completed. Everything is now being done toward expediting the set1 tlement." 1 Mr. La Monte's principal desire, it 1 is understood, is to see in tangible e shape, either in cash or securities, the $400,000 that the directors and larger depositors say that they have raised to protect the depositors and stockholders and provide a working cap. Ital for a new trust company. S Clifford MacEvoy, president of the Depositors' Association. when seen at ) (Continued on Page 2. Column 7.)

12. September 13, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 13, 1913

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TO OFFER LARGER REWARD FOR SMITH Roseville Trust Directors Again Active in Seeking Missing Treasurer. In their effort to clear up the wreckage of the Roseville Trust Company, the directors and depositors were both active today. The developments were: 1. L. R. Vredenburgh, deputy banking commissioner, said the directors would have to open their own books in starting a new bank. The directors thereupon announced their intention of putting auditors to work on Monday. 2. The directors decided to announce a much larger reward for Raymond E Smith next. week. 3. The Depositors' Protective Associaticn sent Banking Commissioner La Monte a petition demanding the revelation of those men whose worthless notes are held by the defunct bank. 4. A rumor reached the ears of the depositors to the effect that the maker of one of the largest notes held by the bank was preparing to flee. Some of the difficulties in the way of a speedy reorganization were outlined by L. R. Vredenburgh, deputy State commissioner of banking and insurance, today. "There is an enormous volume of work in connection with the opening of a set of books for the proposed new bank. All that work, of course, has to be done by the directors and depositors who are interested in the reorganization. There are 3,800 depositors, and all their accounts will have to. be transferred to new ledgers. Edward D. Dunn, the prime mover in the projected reorganization, has indicated, as exclusively told in the Evening Star yesterday, that if all these preliminaries cannot be completed by October 1 it is probable that the plan will have to be abandoned. Yet the one auditor the directors had at work on the bank's books has been withdrawn. 'Are you giving all the assistance possible to the furtherance of the reorganization? Mr. Vredenburgh was asked. 'Yes, but there are great physical difficulties to encounter, he said. "In my work I am troubled by the lack of desk room. Only so many men can work to advantage here.' Mr. Vredenburgh added that he was in sympathy with the reorganization plan When told by an Evening Star reporter of Mr. Vredenburgh's statement the directors professed amazement. "Why, that makes it better than ever for us, said Mr. Dunn. in whose offices William Fairlie, Harry W. Foster and Clifford F. MacEvoy were conferring. "We will put Edward Rorebeck, our auditor. and his assistants back in the bank on Monday to open a new set of books for the new bank. Next week we will decide on who will be president and treasurer. The depositors, who will be stockholders, will, of course, elect the directors. A more complete statement of the shortage will be obtained. the directors think, even as early as next week. The reward of $1,000 for Raymond E. Smith will be raised. The Depositors' Protective Association today sent to George M. La Monte, commissioner of banking, their petition demanding a revelation of the makers of the worthless notes now held by the defunct trust company. The names on the petition are: Frank Blanch, of 6 Boyden street; E. P. Kastner, of 280 Park avenue; Fred Muller, of 127 North Ninth street; T. M. Griffith, 284 North Sixth street: H. W. Keim, of 436 Orange street; Michael Kane, jr., of 57 South Thirteenth street; J. Chankalian, 282 Seventh street; B. Bruh, of 446 Orange street: George Glocasn Simos Chinopekos, of 4461/2 Orange street. (Continued on Page 5, Column 8.)

13. September 20, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 20, 1913

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CAN'T BOND SMITH, SAYS VREDENBURGH Deputy Bank Examiner An. swers Demand of Depositors. $90,000 in Debts Paid. Asserting that Raymond E. Smith, the alleged bank wrecker, cannot posget a second time and was for a to sibly that it away impossible bond be for Smith was assisting in secured the examiners while he getting facts and so that affairs out and a effected, L. R. Vredreorganization could figures be straightened the tangled in enburg, charge deputy of the banking defunct commissioner Roseville Trust Company, said today: "Smith is of great assistance to us in finding the holders of mortgages, notes and other securities that we have been unable to find, and if taken away at this time our progress in straightening out matters would be gr eatly retarded.' "Several of the depositors have reason to think that Smith could destroy evidence against himself or possibly make away with funds now in the bank's possession and in the vaults, an Evening Star reporter explained to Mr. Vredenburgh. 'Smith has no chance at all of stealing or destroying any evidence that we may have against him and that is in our possession at present," answered Mr. Vredenburgh, who continued his statement that "both Smith and other persons connected with the bank that might have had something to do with the wrecking were under the closest surveillance at all times. Furthermore, there is never more than a few hundred dollars odd cash about the bank that we use to pay off bills that are due. $90,000 in Debts Paid Off Mr. Vredenburg issued a statement in which 'he said that during the time the State banking department has had charge of the institution over $90,000 of debts have been paid off the sale of collateral pledged, $30,000 more be We have paid two through and paid that off. shortly collected, would bills out of money sale of some One of the bills and for pledged. $90,000 the banking securities payable inowing to a New York stitution through the good offices of Mr. Odell and Mr. Fairlie was transferred to a Newark banking instituMessrs. Odell and Fairlie assumed tion. the responsibility in order to induce the Newark bank to take over the loan.' 'The purpose or object of this was the collateral out of New York to get where it was liable to attach- been State, Since then the loan has off and their ment. paid responsibility of $30,000, has ended. We still have a loan of which will be paid up shortly out the money that we are collecting." While the Evening Star reporter in conference with Mr. Vredenwas burgh, Michael Kane, jr., and Protec- Henry Tower, of the Depositors' B. Association, entered the bank and made tive formal demand upon the exam- Smith that bond be secured for or iner he was at work in the bank, also while he be kept out. They else to know who was now rents due from persons wished the that collect- occu- and ing above the demand that the pying offices "former bank made dimade a as they term them, be a rectors," rent every time they held above to pay in the hall on the floor meeting that occupied by the bank." Mr. note of their would Vredenburgh make a answered demands, that no way he explained that there was Mr. but a bond for Smith. the of getting and Towers replied that as bail directors Kane had gone on Smith's to could also go on a bond was pro- at tect they the depositors while he work in the bank. Smith's Auto Is Seized. the first time today Smith his For have an automobile of Trust did not to motor to the own where, by virtue of he is acting as a company, in which the his special bank own assistant proposal, and adviser to examiners. automobile was seized by receiver WilHis Roszel, who is the fred C. bankruptcy proceedings official. pendin the the former bank ing against had a hard time getting As soon Roszel machine away from Smith. pothe as he surrendered and was (Continued on Page 2. Column 8.)

14. September 23, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 23, 1913

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# OLD TELEPHONE BUILDING IS PUT IN RECEIVER'S HANDS Foreclosure Proceedings Are Brought Against Property by Whitehead & Hoag Co. The Telephone building, at 158-160 Market street, today went into the hands of a receiver. Application for the receiver was made before Vice Chancellor Stevens by Henry H. Dawson, counsel for Whitehead & Hoag, novelty manufacturers on Washington street. The manufacturers hold a second mortgage of $150,000 on the property and have instituted foreclosure proceedings Interest on the Whitehead & Hoag mortgage is novy eight months in arrears. The proceedings are brought against the Glatham Real Estate Company, owners of the building. The first mortgage is $1300,000, held by the Prudential Insurance Company of America, upon which interest is overdue nine months. A third mortgage on the valuable plot is held by Fred H. Smith, jr. Taxes amounting to nearly $8,000 are also due the city of Newark. The Telephone building was purchased by Charles A. Morel from Robert Shoemaker in 1911 with two mortgages. Morel transferred the property to the Glatham Real Estate Company while he retained the third mortgage of $200,000. The Century Realty Company appears as complainant in the foreclosure sult, having assigned the mortgage to the Whitehead & Hoag Company. The present tenants of the Telephone building are the newly organized Chamber of Commerce and the Holland Hotel Company. The Holland Hotel Company occupies the ground floor, the first floor in the rear of the building fronting on Nutria street and the cellar, all of which it leases for $24,000 annually. It is not known what the Chamber of Commerce pays for its lease of the top floor. The building is six stories in height with a frontage of forty-nine feet on Market street. It was built by the then New York and New Jersey Telephone Company for its own use. It was rumored among real estate men that there was a plan on foot to take title to the building through Morel's creditors. It is said that the scheme of taking over the building was headed by Raymond E. Smith, then secretary and treasurer of the Roseville Trust Company. The plan failed when Smith disappeared from the city and the wrecked trust company was placed in the hands of the State examiners. The hearing today before Vice-Chancellor Stevens was the return of a rule to show cause why a receiver should not be appointed. No one appeared for the owners of the telephone building. The Fidelity Trust Company, of this city, was appointed receiver upon producing a bond of $20,000. While the order for a receiver for the Telephone building was being signed by Vice-Chancellor Stevens another application for an order to show cause why a receiver should not be appointed to take over the property of Charles A. Morel, former owner of the old Telephone building, was being made before Vice-Chancellor Howell in the latter's Chancery chambers. The application was made by James Willis Pierson, who was represented by William E. Hampson. In addition, Pierson asked that the court set aside the transfer of forty-two tracts of land in this county by Morel to his sister, Miss Laura Morel. According to Attorney Hampson, his client secured a judgment against Morel in the Supreme Court on August 25 last. The petitioner claims that Morel owed him $2,350.34, and that two days before the judgment was awarded Morel turned over all his property to his sister for the consideration of $1. The petition states that the conveyance was made merely to prevent payment on the judgment secured and to defraud Pierson. It is claimed that Miss Morel has no visible means of support and is dependent upon her brother for support. It is alleged that notwithstanding the transfer, Morel still receives the rents and profits from the property. The property is also said to be heavily mortgaged, while the taxes are also alleged to be in arrears. In applying for a receiver Pierson also asks that Morel and his sister be enjoined from receiving any rents until the order is removed.

15. September 26, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, September 26, 1913

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# WILL NOT ACCEPT # NEW BANK PLAN Roseville Depositors Insist on Cash Settlement as Condition of Their Support. Only if a dollar-for-dollar settlement is stipulated will the Depositors' Protective Association agree to a reorganization of the looted Roseville Trust Company. The organization's stand was announced today by Henry B. Tower, of 272 Park avenue, a justice of the peace, who represents the members. "Our reason for taking this action," said Mr. Tower, "is because a reorganization made on any other basis is foredoomed to failure. "The present proposal, of course, is for a 75 per cent. cash settlement, with the remainder in stock. If that plan should be put into effect there is bound to be a run on the new bank. "The depositors will draw out their money. Most of them will take every cent. The bank will fail for lack of funds and business, for, admittedly, it was the smaller depositors who were really providing the working funds of the trust company. Many of the apparently larger depositors, who are willing to accept the present reorganization plans, borrowed heavily from the institution for business purposes. "Now, if the new bank does fail, as seems to us inevitable, the loss will fall upon the stockholders. And who will the stockhoders be? Why, by far the great majority of them will be the depositors who accepted 25 per cent. of their deposits in stock. "If, however, the men who are organizing the new bank will pay the depositors one hundred cents on the dollar as a guarantee of good faith, the Depositors' Protective Association will not only approve the reorganization plan, but it will agree not to withdraw its patronage from the bank. The members will leave their

16. October 3, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, October 3, 1913

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# Raymond E. Smith's Assets Amount to $32,632.65, Is Report of Appraisers The appraisers appointed to value the assets of Raymond E. Smith, alleged wrecker of the Roseville Trust Company, have completed their work and compiled a report which will be forwarded to Trenton tomorrow. The entire assets collected by George Furst, attorney for Wilfred Roszel, the receiver, are worth exactly $32,632.65, according to the report of the appraisers, not including the book accounts of the alleged bankrupt's automobile garages. The accounts have not yet been adjusted by the accountants, who are still at work on them. It is expected they will increase his assets by upwards of $5,000. The majority of the stock held by Smith is valueless, according to the appraisers. Four hundred shares of the Quicksilver Mining Company stock were appraised at their face value and listed at $1,100 in the report, and 151 shares of the International Tobacco stock were put down at $5 a share. All the other stock having a face value exceeding probably $200,000 has been declared valueless. The value of the stock in the Oakland Motor Sales Company, at 28 William street, this city, was placed at $4,517. The Oakland garage, at 92 Central avenue, East Orange, was appraised at $12,824, including the auto in which Smith made his get-away and later returned in. His furniture in the Granard apartments was valued at $325. Real estate at 212 Park avenue, Orange, owned by Smith, was put down at $7,800, and his personal jewelry was declared to be worth $100. The surrender value of the insurance policies, amounting to $105,000, held by Smith, according to reports of the holding companies, is $2,838.

17. October 4, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, October 4, 1913

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TELLER IS ARRESTED IN BANK CASE Augutus R. Jennings Taken Into Custody at Office--Released on Bail. CHARGED WITH LARCENY OF $700 OF TRUST CO.'S FUNDS Am I the Only One You Have a Warrant For?' Significant Question of Banker Before He Is Taken to Jail. Augustus Randolph Jennings, of 29 Hilton street East Orange, former receiving teller of the wrecked Rose ville Trust Company was placed under arrest at 6:30 o'clock last night on a warrant charging him with the larceny of $700 of the bank's funds He was released to $5,000 bail to await the action of the grand jury The complaint was sworn out before Justice of the Peace Mathew J Treacey late yesterday afternoon and was given to County Detectives Alfred J. Hargan and James T Mason at for service Jennings was found the office of the elly-Ackerson is Building Company, by whom he now employed in East Orange, by Mason and Hargan and placed under arrest by Mason. After he had read the warrant charging him with larceny, Jennings turned to the officers with this sig nificant question: Am the only one you have got a warrant for? Informed by the officers that they duty was only to arrest him Jennings made no further comment, but started at once for the county jail with Mason and Hargan The arrest of Jennings was fore casted in the Evening Star weeks ago when it was stated on good authority that he was discharged from the employ of the bank owing to a shortage and not on account of his having been too intimate with another employee of the banking institution. In Jail Overnight He reached the jail about 7 o'clock and made no effort to get ball last night but today bright and early Rudd G Mowell, of 44 Watson avenue, and Lysander Wright, jr. of 107 Mechanic street. appeared at the prosecutor office, and after finding out that bail had been fixed at $2,500. at once proceeded to sign the papers that would free Jennings to await the action of the grand jury. jail Jennings was sent for at the and reached the Court House few minutes after 10 o'clock. The hair bond was ready and as soon as Jen. nings had affixed his name to the document he left the Court House waived with his bondsmen. having the formal arraignment. In the few minutes Jennings was in the Court House he was absolutely uncommunicative stating only that he had nothing to say at this time The warant for Jennings's arrest was sworn out late vesterday by Ray E. Mayham, an examiner in the State department of banking, who has been at work on the books of the trust company since the failure of the bank. The complaint reads as fol. lows 'That on March 18. 1912, Catherine Powers did deposit in the Roseville Trust Company through A. R. Jennings, a teller, money to the of $800. with which sum he did sum credit her in her pass book and that the said A. R Jennings on the eighteenth day of March, 1912, did cause to be credited to the said Catherine Powers on the books of the Roseville Trust Company with the sum of $100 only. and unlawfully did steal, take and carry away $700 of the said depost. May Be Other Cases. From other sources it was learned that the case of Catherine Powers who lives in East Orange, was only of many that exists in the bank one the theft of the $700 from her account being used specifically for the purpose of causing the arrest of Jennings. Neither Mr Hood nor any of with the other county officials connected the investigation and arrest of Jen. nings would even intimate at this extime whether other arrests were pected to follow or not. twenty Prosecutor Hood had a minute conference with Chief JusWilliam S. Gummere on matters tice with the criminal aspect connected company af of the Roseville Trust to diacuss fairs Mr Hood refused the taken place behind what had chief justice's closed doors of the that but would not deny chambers it had to do with the affairs of the wrecked bank Depositors to Meet The Depositors' Protective Associa- Ward's tion will hold a meeting in Hall, Seventh and Orange streets. next week to decide upon the advisa. of taking immedia action bility against the directors of the trust company Frank M McDermit, who has the to serve as counsel for to* association agreed without any fee said that the law was very plain. day trust com the directors of any If their bank to be run in manner pany allow and allow foolish careless they are liable civily," he as serted loans, they have had a cashier the bank whom they were warned in banking department not to reby the their employ and despite that have tain in continued to employ him, they are guilty of gross negligence Amboy case about tell In Perth that the years ago the court said responsible for the directors were the misappropriation of the funds by the just as if they had used cashier themselves. although no direct money criminal liability could be attached to f them. names of some of the irgest The defunct trust borrowers from the t company became known today

18. October 13, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, October 13, 1913

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BANK DIRECTORS TO MEET DEPOSITORS Conference Will Be Held Friday Night-May Plan Settlement Scheme. Directors and depositors of the plundered Roseville Trust Company will have their first chance for a heart-to-heart talk together next Friday evening. Provided the directors put in an appearance and the meeting is fairly orderly, an attempt will be made to hit upon some settlement. The directors will be asked to explain where the missing $658,000 went to. Arrangements for the conference were made by the Depositors' Protective Association today. A com mittee composed of C. W. Rieman Joseph Finley, Frank McDermit, jr. Henry B. Tower and Michael Kane, Jr., who were appointed last night at a meeting in Mr. Tower's home, 272 Park avenue, called upon G. Rowland Munroe and Harvey Mott, two of the directors, and informed them of the action that the association was taking. The directors agreed to call a meeting of their associates to confer with the members of the association in the hall above the bank on Friday night. Frank M. McDermit, counsel for the association, said that any reasonable proposal for settlement or reorganization will be seized upon with avidity by his clients. Harrison P. Lindabury, counsel for Raymond E. Smith, now held in default of $50,000 ball on charges of forgery and embezzlement, appeared in the United States District Court here today and petitioned Judge Rellstab for relief from payment of $250 indemnity demanded by Bankruptcy Referee Edwin G. Adams. Attorney Lindabury said the assets of Smith were tied up by a receiver and he was unable to produce the indemnity demanded by Referee Adams, who will sit as a special master at the bankruptcy trial of Smith. Judge Rellstab ruled that he could not make a special law to apply to the case and denied the motion. Attorney Lindabury then applied for permission to have the case brought into court "forma pauperis." Raymond E. Smith, the alleged wrecker of the bank, had difficulties, it is said, when he was employed in the Second National Bank of Orange prior to the formation of the Roseville Trust Company. Elias H. Bonnell, president of the Second National of Orange, says that there was a shortage of about $900 when Smith left his employ. He denied that the deficit was $18,000, as had been rumored. "Smith did not give us satisfaction for a long time," said Mr. Bonnell, "and finally we dispensed with his services." "When he went to the Roseville Trust Company I believed it was my duty to myself and to the banking interests of the community and to the public generally to make known to the officers of that institution certain facts about the man. This I was not able to do, as the man I spoke to refused to receive my well-intended information, declined to call at the Orange bank to diacuss the matter with me and finally called me by telephone and told me that I would be made to prove in court some of the things I had said if I repeated them." Smith emphatically denys any shortage or discrepancy while employed in the Orange bank.

19. October 17, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, October 17, 1913

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SMITH IN COUR ON HABEAS CORPUS: HEARING DELAYED to Creditors Demand Prepare Answer More to Bank Time Officials' Writ. NEW REORGANIZATION Offer Director PLAN FOR ROSEVILLE Problems to Keep Solution Liquidating Stockrom In of Court custod and the of adjudication C hear special The United tained P Linda. States Tarrison Attorney last late bury Smith the short of night and for the Furst attorney notice not prewas the conduct pared mination the matter and bank the alleged ankrupt 27. set until was October over both referee warned the be must is Smith that date. ready to sides with that they The bonds county on jail being in default held in the and forgery charges of of $50,000 Delayed. be to The heard scheduled was at opening the the the demanded Indemnity the before Adams Referee his have could tails following the the Lindabury was and, duced after demnity Attorney by amounting case day in preliminate court. $250 bankrup The today. 11 o'clock was taches after flanked Smith 10 of o'clock appeared the attended in called court shortly shortly The latter by a gallant sheriff's by office the Stadabury included of Smith's case Lindabutter intereste array besides oking Mr. Dermit Frank & M. in the bank Lum. of IcDermit original Collyer the the firm and of record. Writ. to Trenwent writ and accured from Federal corpus of the Court. Essex requiring United States in the E. to of the such court mond county Smith jail the warden produce District shall require effective tion Smith et bail the release of the of present the The cost case of number he declared ceedings summon the that Attorney State a that Furst He not the said opened be from the of charged the jail and ber appointmenteeks He take the the up Wednesday, would intended asked the Referee This Adams. date was petition approved the filed by by Pinn. Reorganization the for The plan resent reorganizaof the tion Trust Company Star the learned Evening is is of the deficit the be provided their deposits they amount the to bank in scrip cash The win the director to for deposit available wish Capital institutional The Proof. cash tors. by the depositors surplus and the Burden that must prove The creditors of bank. acts Smith committed said, the referee ruptcy before be will of consid. matter no be at all. ered that been proven until cation his transfer Smith concealed benefit assets other committee committed burden this is acts creditors solvency R leged to Prevent bankrupt bankproof of to will shift complished to the receiver Wilfred an adjudication his D and Smith Elliot. court prepared offer testimony Is Smith Smith es all during his care appeared proceed decided Worried merly the left jail bank Before case marked he indiffer attitude He that had Court Bankruptev ence Dermit with his go to surety and counsel Frank had confer no tain, M by bond pany accepted ilfford the said possible to the letter send of the them positors informing the will go into bank If It them for Ask May $20,000. you 'Are Ed. asking 000 $20 the for Dunn the give. equal rectors to glad Evoy should was be asked. amounts? he said. help." It that understood the greatest drawback is of that the fact plans are not directors willing tribute the Charles Lurich had was asked rectors, tributed "If the for giving wasn't positors chance. pay wouldn't let a) on Page 2, Column up (Continued the whole up a two- thing be cent he shown piece. said.

20. December 1, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, December 1, 1913

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FORCES CREDITORS OF WRECKED BANK INTO BANKRUPTCY Two Petitions Filed by L. R. Vredenburg in Interest of Roseville Trust. Two petitions in bankruptcy have been filed against two creditors of the wrecked Roseville Trust Company by L. R. Vredenburgh, special deputy State commissioner of banking and insurance. Mr. Vredenburgh would not give out the names of the men involved, but he said they were not directors. In one case the liabilities are very large. Mr. Vredenburgh sent the petitions to the United States District Court at Trenton on Saturday. They have been received by the clerk of the court, but the names are being withheld pending service of the bankruptcy papers. Today was the last day for depositors and other creditors of the defunct trust company to file proof of claim with the banking authorities. A number of men and women who had postponed doing this until the last moment visited the bank at Roseville avenue and Orange street, Saturday afternoon and evening and today, in order to make out the necessary papers. Plan Action Against Directors. Plans were made today for starting legal action in behalf of the minority depositors of the Roseville Trust Company. Michael Kane, jr., head of the Depositors' Protective Association, arranged with Edward M. Colie, a lawyer, of 763 Broad street, to prepare a joint statement of claims for those depositors who have not signed the reorganization agreement. The statement will be filed with the State banking department as a preliminary, so Mr. Kane says, of instituting suit of the officers and directors Roseville Comagainst the defunct dollar-for-dollar Trust pany should a settlement not be made. The plan is for the minority depositors to mail to Mr. Kane, at his home, 57 South Thirteenth street, the amount of their claim in order that they can all be incorporated in statement. It will be necesfor all the to the sary, one too, bankbooks claimants have presented their at of the bank and make legal proof claim individually. Stock Disposition a Puzzle. One of the questions that is puzzling some of the depositors is the disposition that is to be made of the $100,000 stock of the old Roseville Trust Company. Under the terms of for the reof the the organization agreement trust proposed Roseville, company the Mutual Bank of nothing as is said about this item The agreement is that Mutual Bank over specifically. the new liabilities will take of the all the assets and defunct trust company. None of the depositors. of course, contemplated that the money they assigned to the new institution would be used in buythe stock of the old, and yet nothing to ing there in is indicate, accord- wething to the minority depositors, stock in the new bank will be ofer fered in exchange for the old or what arrangement will be made. Among the bank books that have not yet been found by the banking department are those of Mrs. C. Powers, of 63 Roseville avenue, and Marv E. Garrison, of 123 Roseville avenue.

21. December 4, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, December 4, 1913

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# MORE EVIDENCE OF SMITH'S WAYS Alleged Wrecker of Roseville Trust, According to Testimony, Great "Manipulator." More evidence of the loose-handed business methods of Raymond E. Smith, former secretary-treasurer of the defunct Roseville Trust Company and alleged wrecker of the institution, were laid bare by Francis W. Holbrook, of Ackermanville, Pa., promoter of the Home Ice and Products Company, one of the "pet" companies financed by Smith. It was given in his testimony to Wilfred C. Roszel, attorney for the receiver of the corporation George F. Burst, before Edwin G. Adams, referee in bankruptcy, yesterday afternoon. Mr. Holbrook was represented at the hearing by Samuel S. Swackhamer, a prominent attorney of Plainfield and former member of the Assembly. Holbrook is the promoter of the town site of Howarth, in Bergen County, and was before the Chancery Court here several years ago on the manner in which the property was developed and promoted. # Banking Department Men Listen. Much interest was attached to the testimony given by Holbrook by the attaches of the State Banking Department and Raymond E. Mayham was an interested party at the hearing. The interest of the Banking Department officials was in the statement of Holbrook that the Home Ice and Products Company was organized in such a secretive way. The original incorporators according to Holbrook were three men, Thomas J. Eason, P. G. Spencer and Mr. McBride, a prominent real estate operator of the Roseville section, who acted as the incorporators to "please" Smith, G. Rowland Munroe and Mr. Holbrook, who in reality were the owners of practically all of the stock of the company. When the question if the three men were not merely dummies was put to him Holbrook smiled and in a sarcastic way replied: "I would not like to call the gentlemen 'dummies,' as they are respected gentlemen. They simply did it as a favor to us, because, for various reasons, we did not want to be mentioned in the articles of incorporation at the time. It is the usual custom employed." # Smith's Bill-Paying Methods Shown. Another thing that was of interest in the way of bearing out testimony of others who have been interviewed was the way in which Smith paid and collected the bills and outstanding obligations of the ice company. At times during the life of the corporation, no bookkeepers were employed, and when Mr. Holbrook wanted to know whether or not the bills he had sent out had been paid, the only way he had was to go to the persons or firms indebted to the corporation and in diplomatic way get the information. "I did not like the manner in which Mr. Smith did business, but I thought at the time he was too much engrossed in his banking business, and took his excuses at he had no time. The recent investigations show that Smith was engrossed in the banking business." Holbrook further testified that he had drawn checks on his own personal account to pay off the employees of the company, and that he made vouchers out of his checks by writing across the face of them what the money was for. "In most cases,"

22. December 31, 1914 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, December 31, 1914

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LOCAL CHRONOLOGY FOR 1914 January 8-Benefit dance of the Hebrew Boston on charges preferred by New ark merchants. Benevolent and Orphan Asylum Society at Krueger Auditorium. June 15-Opera house in Olympic Paz completely gutted by fire. January 12-Forrest F. Dryden re-elected June -Essex County Progressives I president of the Prudential Insurance Company. fuse to fuse with G. O. P. at primarie June -Herbert W. Taylor re-electe January 9-College Hero" first perchairman of Republican County Con formance for Babies' Hospital benefit at mittee. Salvatore Loponis found guilt the Shubert Theatre, of murder of Patrolman John J. M Govern by a jury on his third trial. January 25--"College Hero" benefit perJune 30- Commissioners who appraise formance nets Babies' Hospital $5,000. stock of Prudential Insrance Compan January 28-Raymond E. Smith, secrefor the purpose of mutualization B tary and treasurer of defunct Roseville value at $455 per share. Miss Mab Trust Company, indicted, and a number Rurade, of East Orange, Weds Rober ( of arrests by prosecutor's office. Cyphers. William Charles Sandy, this city, dean of New Jersey hig January D-Progressives from all over school instructors, retires on pension the State honor former State Senator after thirty-s years' service. and Mrs. Everett Colby at reception in July 2-Frederick F. Guild sworn in a Palace Ballroom. county prosecutor. July 3- City Clerk James F. Connoll February 6-Mrs. Harriet Manning killed retires, after thirty-one years of service at her home, 219 Warren street, by July 5-Rev. J. B. Pitcher, former recto Miss Hazel Herdman, of Verona, who of Orange Episcopal Church, embrace committed suicide. Roman Catholic faith. February 8-Rev. M. Joseph Twomey July 6-Alexander Archibald sworn in a city clerk. installed as pastor of First Baptist l'eddie Memorial Church. July -Norman E. Vogel, of Newark drowned at Bradley Beach. February 10-Lehigh and Hudson River July 8-Frederick Engel found drowne Railway Company and Pennsylvania in brook near Verona Lake. Mis Railroad Company indicted by Federal Frieda Andres weds Walter 1 Grand Jury on interstate rate deal Menschnet. charges. Bernard M. Shanley, of Newark, ap July 17-Typhoid epidemic at St. Mary Orphan Asylum, this city. pointed fish and game commissioner. July 18-First Infantry, N. G. N. J., goe February 11-Edward E. Gnichtel ap. to Sea Girt. pointed Grand Jury commissioner July 21 Giuseppe Garibaldi, grandson Thomas G. Haight appointed judge Italian liberator, visits Newark. For of the Newark branch of the United mer Judge Thomas L. Raymond an States District Court. nounces candidacy for the Mayoralty. The Catholic Young Men's Diocesan July 3-Newark swept by tornado; on Union of the Diocese of Newark holds killed. Newark man killed at Sea Gir banquet at Continental Hotel. July 29 -Claude H. Grady, architect, com February 16-George Nolting, fifty-nine mits suicide. years old, of 12 Ward street, murdered August 5 Miss Leopoldine Fexa wed by thugs for 16 cents on Centre Street Rev. William H. W. Reimer, pastor € bridge. Trinity Lutheran Church. February 24-Mutual Bank of Roseville, August bell of the "Old Third successor to the defunct Roseville Trust Presbyterian Church taken to Thin Company, opened. Church South. February 25 Campaign for St. Michael's August 10-Eleven overcome in torrt Hospital fund yields $150,000. wave, March -William F. O'Connor, brother August 14.-Rev. George W. Corrigan, e of Bishop John J. O'Connor, of the St. Joseph's Catholic Church, observe Newark Diocese, appointed private secfortieth anniversary of his ordination. retary to City Auditor James A. Rowe. August -John Dolan, of Newark, ele March 10--Herman Nagel, watchman at trocuted at State prison for murder < the Newark Embroidery Works, kills his wife. William Schott, a fellow worker, and August Hugh R. Maitland commis commits suicide. suicide. March -Fire in the Baker building, on August 24 George H. Kirkpatrick, a Clinton street, causes $380.000 damage, sistant actuary, Prudential Insuran March -Dr. George O. Welshman, of Company, commits suicide. 205 Mt. Prospect avenue, this city, August Reprieve granted to Ange killed in automobile collision with a Cerceriello, condemned to death f Lackawanna Railroad train in East wife murder. Orange. September 11-Newark Industrial Expos March 9-Bishop John J. O'Connor ortion opens at First Regiment Armory. dained twelve deacons to priesthood at September 22- Major Roland D. Crock Seton Hall College. disappears because of business irreg April -Rev. William J. Richmond celelarities. brates twentieth anniversary as rector October .."Peace Day" observed of Our Lady of Good Counsel Church. Roman Catholic and Protestant church April -George Koenig killed by taxi in response to President Wilson while roller skating. proclamation. April -Bishop John J. O'Connor sails October 5-Three-alarm fire destroys o for Italy. of the factory buildings of Morris Her April 7-Fourth annual charity dance of man Co., color manufacturers, at 8 the Celtic Club held at the Washington. Mt. Prospect avenue. April -Sarah Wichnowitz, five years October 25- Sunday school of "Old Firs old, run over and killed by Kinney Presbyterian Church celebrates ce street car. tennial of its organization. May 1-Joseph Perna murdered at 75 November -Thomas L. Raymond elect State street. Miss Hilda Marguerite Mayor of Newark. Republicans W Dawson, of this city, weds Nicholas elections throughout the State. Gerard Pierson. November 6-Franklin E. Hand, clerk May B-Farewell reception to Rev. James Mutual Benefit Life Insurance Co P. Poels. pany, killed in elevator accident. May --Mayor Haussling reviews First November 2 Kenneth D. Douglas se Regiment. N. G. N. J. tenced to six months in penitentiary. May 5-Testimonial dinner to James P. November 10-Ralph B. Schmidt SWO Dusenberry, retiring treasurer of Pubin as sheriff of Essex County. 11c Service Commission. November 15-Samuel Metz. brother May B-W. V. Snyder Company acquired Congressman Herman Metz, died in th by Oscar Michael & Co. city May -David B. Corson appointed first November 7-Albert Baudendistel, t assistant to Superintendent of Schools S years old, crushed to death benea Addison B. Poland. g trolley car. May --Prudential stock appraised at November Rev. James J. McKeev minimum value of $25,000,000. rector of St. Rose of Lima's Catho May 9 Aldine apartment house fire, Church, Roseville, celebrates sixtle r which resulted in death of Rev. Dr. anniversary. Alexander Hamilton Young and three y November Frank C. Young, of E others. t Orange, killed when auto bus ups May 13-Bomb exploded in front of at Park avenue and Fifth stre Matteo Parisi's bank, at 200 Bruce Newark. I street. November 23-Fire destroys Newark Co y May Dedication of new eynagogue of Works. Congregation Shere Rosen Ahadre. December 2-Prudential Insurance Co f May 20-Hottest May 20 in sixteen years. pany mutualization plan approved May -Rev. Robert Russell Wicks reS Chancellor Walker. signs from the pastorate of Arlington Avenue Presbyterian Church. 8 May 27-Rev. Percival A. Barker, pastor NECROLOGY. t of Christ's Reformed Church, vindicated and restored to the ministry by the d General Assembly of the Presbyterian January 1-Edward W. Whitehead. n Church. Severe electric storm kills one n January 18-Timothy J. Dillon, direct and does much damage in Newark. d of Liberty Trust Company and trus May 29-William C. Armstrong found of St. Joseph's Roman Catholic Chur guilty of conspiracy in connection with wreck of Roseville Trust Company. February -Former Police Commission June -Miss Florence Herold, daughter George A. Scheller. d of Dr. Herman C. H. Herold, weds Dr. February 12-Ernest G. Porter. Jean Francis Wolff. February 17--William Fairlie, preside June -Miss Amy E. Williams, daughter n of the Fairlie & Wilson Coal Co. of Joseph W. Williams, weds Albert B. y a director of the Franklin Savin Lewis, of New York. Miss Mary Institution. e Leonara Harvey weds Frank Clayton E February 20 Thomas J. Rowe, clerk Myers. Mrs. Amy B. Osborne weds the Centre Market. Joseph S. Stoneacker. d June .Forty thousand participate in March 2-Charles W. Compton, Newar X oldest undertaker. annual parade of Essex County Sunday e School Association. March 15-4 Philip Bowers, well-kno S, boat builder of this city. June 11-Kenneth Douglas, prominent social worker of this city, arrested in March 15-John the Gaffney. electri