The Providence news. (Providence [R.I.]) 1891-1906, 1904-05-25

While quite a large number OF Nation
al Banks, az also n few Savings banks
have been absorbed by Trust companies
during the past few years, the Mechanics
Savings bank is by far the largest finan-
cial institution that has been acquired,
therefore the movement is one OF much
Importance. and will doubtless be OF
great interest in financial circles.
The deposits OF the Industrial Trust
company, before the absorption. OF about
S22 900 900, will be increased thereby 10
$40 100000
The number Of accounts of the Trust
company being now over 1900, VIII ike
wise be increased 20 $1,000
Msssrs Charles c. Harrington, Joseph
Da~ol and Louis II. Comstock, president
and vice president. and Herbert N. Fen
ner trustee: OF the Mechanics Savings
bank were today elected directors OF the
Industrial Trust company.
OFFICIAL ACTION TAKEN.
The following gives the official action OF
the two institutions. by which the absorp-
tion was brought about.
Mechanics Savings Bank in Providence.
80 weybosset Street.
Providence. n. l.. May 25th, 1904
A meeting OF the board OF trustees Of
the Mechanics Savings bank was held
this day to consider the following propo-
sition from the Industrial company:
Providence. r. l.. May 24th 1904
Charles c. Harrington. Esq, president
Mechanics Savings bank In Provi-
dence.
Dear sir-we beg TO submit to the
board Of trustees OF the Mechanics Saw
ings banks In Providence the following
cffer:
Upon the Mechanics Savings bank m
Providence voting 10 divide the whole
property OF the bank among the deposit
ors. In proportion 20 their respective in
terests under the provisions OF It's char
ter and declining TO receive further de-
posits after the close Of business May
26th. 1904. we will pay 10 such OF its de-
positors as shall accept this offer within
tho time prescribed interest on their
deposits at the rate OF 3h per cent per
annum from January ist 1904. and VIII
issue to such depositors the participation
books OF the Industrial Trust company
for the full amount OF the principal of
their deposit.
Such participation books 10 be issued
az OF May LIST. 1904. and the depositors TO
be entitled 10 three months dividend
at the rate OF 4 per cent per annum,
10 be declared on the last Tuesday in
july. 1904 payable August 18th. 1904.
This offer TO be open TO all depositors
who shall accept the same OF or before
July lst. 1904.
Respectfully yours.
at SAMUEL p. COLT. President
PROPOSITION ACCEPTED.
After careful consideration by the
board Of trustees. II is voted unanimously
That the whole property Of the Mechan-
les Savings Bank In Providence be di-
vided among the depositors. in proper
tion TO their respective interests therein
on the irst day OF September. 1904. or as
soon thereafter as the same may be con.
verted into cash. or its equivalent, and
that the institution refuse to receive any
deposit from any person, whether now
dspositor or not, after this 25th day M
May. A. ID. 1904. and that notice OF sait
division. and OF this vote. be given b,
publication OF copy thereof IN the Prov
tdence Daily Journal, the Providence
Evening Telegram and the Providenc
News twice a week for three eucceHsN
weeks. the first publication OF said notlc
20 be at least three months prior 10 sal
FIRST day Of September. A. u 1904. and b,
mailing a copy OF this vote TO each de
positor whose address is known 20 thi
institution.
II ia further voted: That the above offc
OF Industrial Trust company TO exchang
the Participation Books OF said Trus
company for the books OF the Mechanics
Savings Bank Is approved, and the sam
recommended 20 the depositors IN the Ne
chanics' Savings Bank for their acce >;
ance.
CHARLES c. HARRINGTON.
President
NOTICE TO DEPos1ToRs.
Mechanics Savings Bank In Providence
Industrial Trust Company Providence
l-- prortdsnea-- L. May 18th. IeN
Deposition In Mechanics Savings Bank n
Providence
Inciosed please fnd notice OF dissolu.