The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-26
THE DEPOS|TORS.
Meeting Of Merchants Saw
ings Bank Creditors.
Three Hundred Interested Persons
Listen TO Statement Of Accounts.
Schedule of Securities Held by the
Bank-Lack Of Faith.

In response to call issued by Il. 9. Hop
kins, attorney for certain depositors In
the Merchants Savings Bank, now In
Liquidation, largely attended meeting
OF the depositors was held in
Lyceum Hall, 90 Westminster street, this
afternoon. The meeting was called for 2
o'clock, but considerable delay was caused
by examinations OF bank books and the
taking OF each depositor's name and
amount credited to him. Finally, at
2:so o'clock. Mr.. Hopkins called
the meeting to order and Mr..
Bosworth secretary. There were present
nearly 300 depositors and 1t was stated
that many more were unable to attend
who wished to. The question under dis
cussion was the advisability of petitioning
the Supreme Court to appoint a receiver,
many disgruntled ones believing that
President Angel and the board of direct
ors had been drawing salary and interest
long enough.
The first business was the reading by
Mr.. Hopkins of the returns made to
the Supreme Court at the time the
turns, including the statement made
to the State auditor OF the Sc
curities held by the bank on
Nov. IL, 1894. The last named was the
most important of all, the pre-.
from time to time and read and re-read
by all. Among the securities sched-
uled were stocks in the fol-
to s5S,s7o: City National, corsicana;
Citizens, Minneapolis; Lime Rock
lures National, Levenworth;
Mercantile Trust Company, Providence;
Seattle Trust Company, Seattle; State
National, Vernon; Third National, Prov
jdence.
The railroad shares, aggregating s23, 500,
are as follows: Chicago Junction a. Union
Stock Yards Company, Denver City Cable,
bioux City Traction.
There were $3.50 worth OF Nicholson File
figure.
The miscellaneous stocks, aggregating
SS3, ,175, comprised the following: American
Loan and Trust Company American Build
ingCompany, Beatrice Mortgage Company,
City Real Estate Trust Company, Dakota
Loan and Trust Company, Equit-
able Mortgage Company, Investment
Trust Company OF America, common and
preferred; Providence Mutual Investment
Southern Kansas Water Company.
s2sa,ooo, were Cape GirarJtau Southern,
Denver City Cable, Lincoln Street,
Louisville,. New Albany & Chicago,
Richmond & West Point Terminal.
st. Louis Suburban. Seattle, Lake Shore
d Eastern, West End Street, D1luth
Transfer, Kansas City Elevated.
The miscellaneous bonds amounting to
s26l 800 are Brush Electric, Grape Creek
Falls Granite Company, Silver Spring
Min neapolis Gas Company, Castle
Creek Water Company, Fort scott Water
Company, National Water Works
sSS CoS%panyL Lish. shsloyyals doypssy. sDEns Matsr
Kansas Water Company, Topeka
Water Company, American Investment
Company, Dakotah Loan x Trust Com
pany, Equitable Mortgage Company, FL
delity Loan & Trust Company, Investment
Trust Company of America, Oakland Loan
and Trust Company, Washington Trust
Company and the Western Farm Mort
gage Trust Company.
Many of the depositors were satisfied
that as many Of the Western securities
had deprecated greatly, it would
be senssless to let matters run on
in the last is months it
had cost them s22 900, and although the
bank had paid one dividend OF 10 per cent.
and promises another the Iirst Of April,
they prefer receiver who can only
draw, draw s2sCo co.. year, or $4,000 for the
the securities at auction, believing they
can get 80 per cent.
Mr.. Dyer said he had been depositor
since 1859 and II the depositors would ia
vor q receiver as suggested be would vote
for IL.
f. j.. Brown said the board and
president had used poor judge
ment long enough and he
wanted his money. A receiver was the
only proper thing in his estimation.
AS the bank stands today it is solvent,
depositors want to know whether their
money is worth 100 cents on the dollar or
not.
Others thought II given six months
more the securities would greatly appre-
ciate, quoting the Denver and some other
roads as picking up already.