The Providence news. (Providence [R.I.]) 1891-1906, 1902-07-01
NOT THREE
CENTS ON
The DOLLAR
The Newport Bank a Complete
Wreck and Receiver
Desired.

Commissioners Blake and Gray. who
were appointed by Governor Kimball TO
investigate the nnancial condition OF the
Merchants bank of Newport have pur-
sued their labors sufficiently far to come
to the conclusion that the institution is
complete wreck.
II was ON Saturday. June 81, that they
were appointed I'm response to a petition
signed by four of the largest creditors
OF the bank and they devoted themselves
all last week most assiduously to the
task, even calling for the passbooks OF
depositoTs 20 untangle as far as possible
the financial snarl between the depositors
and the insurance business at one time
considered an important adjunct.
NOT 3 CENTS ON DOLLAR.
AS a result they have compiled a table
giving resources amounting TO $40. .449.0T
and liabilities OF $336,542.56. In other
words the assets possible or prospective
are less than per cent of the obliga-
t4ons.
Summarized they are as follows: Re-
sources-Notes and bills discounted
$3.50 so; real estate taxed for $500. due
from hanks and bankers. $3.50; checks
uncollected. s5729. as per bank memo
randa. $l5064 bills and fractional paper
currency, S775; silver, nckels and pen
nles, $57. Is, foreign, gold and miscella-
neous coin, $2s.4b: revenue stamps, for
warded to Washington for redemption,
1880; furniture and fixtures estimated.
5000: overdrafts on book, $s,459.46. but
only $50 considered good; bills receivable,
pledged I'm excess OF loans, estimated
good $500; total, s10.44907.
The liabilities are: Capital stock, 100000;
deposits. subject TO check. si22. $3.50; due
uepositors amounts entered only on pass
book s51s6,T5 due depositors. amounts de-
Quoted from balances, s23.500; due indi-
viduals amounts collected on notes not
due and receipts given. $1,000; due banks,
bankers and trust companies, $is.3aS 5l:
certificates OF deposits outstanding, VIZ
a74 SO: certified checks outstanding. $500;
cashiers checks. si5.lll3S; dividends un-
paid s6l4s: collections paid to bank and
not remitted for, s207.57: total $336,5i256.
WILL ASK FOR RECEIVER
Commissioners Blake and Gray propose
to forthwith submit 10 the supreme court
and ask for the immediate appointment
OF a receiver who may. likewise, meet
with many surprises. IL is hardly proba-
BILE that when his task Is completed ana
the banks affairs wound up that there
will be "A penny left for depositors or
stockholdor.
ons OF an aged and honest working.nan,
who paid Cashier Sherman $1,000. wiplAs
out, as he supposed, the mortgage on nj.
little home Such implicit confidence
had he I'm the dead cashier that he took
neither receipt nor the Cancelled note
or mortgage, Mr.. sherman, after re-
ceiving the $1,000 In cash, goes and places
It as collateral in a New York bank for for
colleo ton The note falls due on the
l2sh inst. one week from saturday, ,and
the poor old man, almost nearlprokeh,
must pay the money over again.
In another transaction, but independent
wealthy young woman OF Newport en-
trusted MIR sherman with $4,000 to In
vest for her, and that's gone for good, too.
But these are only two of probaply
many similar instances that the receiver
may unearth In the course or his arduous
labors.
Tne unsuccessful stock speculaions OF
Cashier sherman, whose attempt at SUI.
eide proved successful and whose funeral
took place at an early hour IN Newport
Sunday morning, have caused many sad
hearts and sadder homes In the City
blythe Sea"