The Providence news. (Providence [R.I.]) 1891-1906, 1900-11-17
NEWPORT
HOSPITAL
HASL0SSES
Failure Of Grant Brothers Of
New York Sad Blow 10
the Institution.

Cope Whitehouse appeared before the
Newport police commission last night to
substantiate the letter printed below.
which he wrote after the announcement
OF failure of Grant Brothers OF New York
firm which had trust funds belonging
TO the Newport Hospital and TO the par
ish and parochial school Of st. Joseph S
Roman Catholic church.
Mr.. Whitehouse says Grant Brothers
held the following Newport accounts:
The Newport Hospital funds. left by
John Alfred Hazard for it's maintenance.
df1rt t1r large estate left BY George Bab-
cock IIaza rd for ST. Josephs Roman
Catholic church, the executor OF the es-
tate being the Rev. Fr. Coye OF Taun-
ton.
Mr.. Whitehouse. who is n nephew OF
Bishop Whitchouse, was told by the po-
lice commission that his letter would be
taken under advisement.
He told the commissioners that IL was
their duty TO wire the receiver OF Grant
Brothers, +. c. Stedman. for particulars
regarding the placing Of loans by Off
cials OF the Newport Hospital.
Whitehouses letter was as follows:
At the request of several prominent
citizens and taxpayers of Newport
have examined the affairs of the Little
ttiu itpSpitdl lluSls Il illlu Nilht TIC COIiui-
tions on which the city of Newport trans
ferred the securities and duties OF this
trust TO the corporation OF the Newport
Hospital have been violated. The city
may be required by the annuitants and
others TO make good n defalcation, en-
bezzlement, misappropriatlon or shortage.
apparently amounting 10 over s50g00.
There is no marine ward in the
grounds OF the Newport Hospital exclu-
"A x..itl kaI. A.
of sick sailors.
mo part OF the net income of the
trust was vexpended In 1852 for the use
OF sick sailors.
3-The corporation is confessedly insol-
vent, and the building erected at the ex-
pense OF the trust known as the Little-
field ward. but used for the general pur-
poses OF the corporation for female pa
tients. is liable to seizure and sale.
4-The following securities appear in the
report OF 1897 as held for the benefit of
the annuitants and the other purposes OF
the trust:
Deposits In sayings bank Of Newport.
$4,000; 10 shares First National Bank of
Newport, $1,000; Ga shares Aquidneck Ma
tional Bank S32O0 ;66 shares American Ex-
change National Bank of New York,
$660O 20 shares National Exchange Bank.
$500: II shares National Bank OF Rhode
Island, $500. total, s25.500.
In the report of 1898 there is no list Of
securities given, but there Is a balance
on June ~, 1897, OF ss5.5
IL is obvious that the market value of
these securities was In excess of their par
value. IL they have been sold, the trust
fund should have shown a balance in cx-
cess OF $4,000. and. with accumulated i'm
terest and dividends, amounting TO over
$50. .000
As matter affecting public morals. as
well as the city treasury. and In behalf of
the seafaring citizens OF Newport, with
the sailors frequenting this port, Capt.
Littlefield being a sea captain, / respect
fully invite you to obtain from J. Tru-
man Burdick. treasurer,a transcript from
the books Of the Newport Hospital, show
Ing all dealings with this trust, and that
these be submitted TO the examination OF
an expert independent accountant.
In view OF the insolvency OF the corpo-
ration. &c should be required to convey 10
the city of Newport the land on which
the Llttlefield ward is built. ana to turn
over To the city treasurer the balance of
$4,000. or any securities which may re-
main. together with the amount due for
the accumulated rents. dividends nnd iu-
terest which may have been misappro-
priated.