The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-26
TO WIND IT UP.
Petition of PheniX Savings
Bank Trustees.
Securities Held Will Not
Realize Their Full Value.
Resources Placed at $413,555.19
and Deposits $4l0,943.04.

The affairs of the Phenix Savings Bank
OF Warwick were taken into the Appel
late Court today and after the following
petition had been presented To the court
Mr.. Justice Stiness set the matter down
for hearing on April o.:
Supreme Court
Appellate Division.
Petition of Trustees of Phe-
nix Savings Bank of Warwick
for authority to wind up its
business.
To the Honorable, the Justices of the
Supreme Court, sitting at Providence
within and for the County of Provi-
dence:
Respectfully represents the undersigned
that the Phenix Savings Bank, cor.
poration duly created by the General
Assembly of this state, and located and
doing business in the town of warwick,
county of Kent said state; that they
are two-thirds in number of the prop
erly chosen and duly qualified trustees OF
said savings bank; that at special meet
ing of the said trustees duly called and
held at the banking rooms of said bank
in said Warwick on the 2ith day of March,
1897, it was unanimously voted, Two
thirds of the whole number OF trustees
concurring, that il is expedient TO wind
up the business of said bank and con-
vert its property and assets into money
and divide the same among the depositors
in proportion TO their respective interests
therein. and that proceedings be at once
instituted in the Appellate division of the
Supreme Court for the necessary author
ity to so do, duly certified copy of which
vote Is hereto annexed and made "a
part of this petition; that the present sit
uation of said bank Is as follows: Re
sources, mortgages, Sl66, 260OO; collateral
loans, S46, 450 90; personal notes, $40, BOG
%; notes of towns, -, 10000; bonds, 500,
90; bank stock, s2i, 5000; real estate,
S2S, 044 33; district notes, SIG, S37 81; IL. L.
Hospital Trust company, S6,00O0O; de-
posit in banks, S21, ,6l0.65; premium,
S275 90; casf 81, 716. Al; expenses, sl05. 10;
total Sab boz. 10; liabilities, deposits, $40,
9i3.o4; interest s., 555. %; profit and loss,
| $50. 80; total $i13 900. IL.
The reasons upon which said vote was
| founded are: that the resources of said
| bank are not of full face value; that the
| trustees did not feel justified in receiving
| new deposits; that the long continued
business depression has prevented collec-
| tions and also prevented the appreciation
| of the securities held by said bank, thai
| notices of Intention by many depositor
| under section 20, chapter l7S of the genera
| laws 20 Withdraw deposits within 90 day
| haze been given and il is believed tina
| other notices will follow and that IL Will
\ not be possible TO meet the withdrawn
| without sacrifice TO the great body OF the
1 depostors in the present financial situa
| tion and within the 80 days allowed, II i
| is attempted to realize from its invest
| mcnts and securities To meet said with
| drawals; that there are grave doubts as {
| the solvency of sa id bank and also that
! is not possible safely and properly longe
| TO continue the business of said bank.
|. Wherefore your petitioners pray that tn
| president, directors, trustees, treasurer AM
! other officers of said bank may be en-
| Joined form proceeding further in tran
| sacting the business of banking and tina
the board of trustees may be authorized I
| collect the debts dispose of th
property and from time to time, rs the
are able divide the proceeds (over an
| above tho debts of the bank and th
necessary expenses of winding up II
| affairs) among the depositors in proper
ton TO their respective interests therei
as provided in section 60, chapter l7o c
the general laws.
As in duty bound, etc.
Henry L. Greene, president
IDaniel Babcock,
Presby Hoxie,
+ Henry Howard,
Albert Il. Hill
James =. Arnold,
Francis w. Greene,
George i. Sheldon,
Hon Dexter T. Potter Ia counsel &c
the trustees of the bank.