The Providence news. (Providence [R.I.]) 1891-1906, 1901-08-27

BY SLATER
TRUST co.
Franklin Savings Bank Agrees
TO Liquidation and Transfer
Of 100000 Assets.

That there was never greater activity
In local financial circles is made more
manifest every day. for closely following
the large increase in capital stock and
the addition OF several outside members
to the directorate OF the Industrial Trust
company of this city comes a deal by
certain banking interests in the city OF
| Pawtucket which will. no doubt, be con-
summate Thursday afternoon.
This means that only the preliminary
| and formally legal steps were taken yes
terday afternoon at meeting OF the in
corporators OF the Franklin Savings Bank
| held In accordance with call of the
board OF trustees OF that institution pro-
vidng FOR the liquidation of the bank
and the sale of all the assets 10 the re-
Gently Incorporated Slater Trust company
OF which Frank A. Sayles, the well-known
bleacher, dyer and manufacturer is presi-
dent
The Franklin Savings Bank was incor-
porated by the Massachusetts, legisla-
ture in 1887, the present east side OF The
Pawtucket river being then within the
confines OF that state A most successful
business has always been transacted so
that today the amount OF deposits and
other assets aggregate s., 600 900. the real
estate holdings including the Dexter
building at the corner Of Main street and
East avenue, the name OF which recently
was changed to the Franklin Savings
Bank building. The banking rooms OF the
slater Trust company are located In this
building
About three months ago the Franklin
Savings Bank commenced the construc-
tion OF business block on the land ad-
joining it's building. on the East avenue
side When the proposition 10 consolidate
interests with The trust company was Of
fered short time ago and met with fa-
vor the trustees OF the Franklin Savings
Bank. acting upon the suggestion OF the
trust company. ordered further opera
tions on the building 10 cease.
The foundation walls OF the new build
Ing, which was to be erected at a cost of
about $4,000. are completed. but this fact
Will not interfere with the plans in view
by the trust company. IL is probable
that important changes IN the plans for
the new building Will be made. although
nothing definite regarding this phase OF
the matter has been arrived at II IS
likely, however, that the new part will be
built TO provide additional room for the
trust company, as the absorption OF the
savings bank will rather necesitate
a move OF this kind.
There were few incorporators who did
not respond 10 the call for Yesterday ar
ternoon's meeting and Dr. A. A. Mann.
the president. occupied the chair The
proposition recommended by the board
or trustees was read and after some dis
cussion II was voted to go into liquidation
and accept the offer OF the Slater Trust
company. Also. Il was voted TO accent
no more deposits. authorizing the board
OF trustees to transfer all assets OF the
Franklin Savings Bank 10 the Slater |
Trust company. a meeting 10 be held |
Thursday afternoon for that purpose. |
The accounts OF the savings bank will |
be transferred 10 the participation ac-
yVs.N a
company, without loss OF interest The /
fgure show "A surplus OF per cent.
which will be divided pro-rata among the
iepostors OF the savings bank In the
shape OF dividend. which will be cred
ted on account or payable on or before
Oct is. Notice will immedis tely be sent
10 the 32OO deposltors Of the savings bank
II the action taken In voting 10 CONSOLE
late interests with the trust cmpany.
At yesterday afternoons meeting Of
he corporators a number OF other minor
matters I'm connection with effecting the
consolidation were acted upon. At the
1ext meeting OF the stockholders of the !
rust company IL Is probable that num-
)er OF the trustees OF the savings bank
will become directors of the trust COM
,any. The present officers OF the saw
ngs bank are AS follows: President. A.
\. Mann: vice president. Stephen A.
Ienks treasurer. j. +. Browning: trus-
ees, c. c. Burnham. Henry A. Stearns.
Henry A. Smith. Allen r. Bray. r. A.
Barker. n. II. Colwel and Adam SUIT
life.
Instead Of three savings institutions
ind as many national banks, the city of
'awtuckets financial interests by the lat
ers absorption will consist for the future
{ least OF only two savings banks-Paw-
ucket and Providence county and two
rust companies-Slater and the Paw
ucket branch OF the Industrial Trust
ompany