The Providence news. (Providence [R.I.]) 1891-1906, 1905-05-02

the rider, section 81 relating 10 trust COM
panies with less than 10000 saying me
countenanced its retention for the sake
Of the bill which he did not believe could
pass the general assembly.
He said this part was no child OF his
and he would not have said 20 much but
people had been laying the responsibility
upon him.
Judge Harris cid not hesitate 10 rise
dp ard favor the bill with this last feat
ure intact saying that he favored II in
oomr ittee and here also
This law is for the depOsitors, the poor
people OF the state who will suffer. II Is
not the business men who suffer when
rTrTK CrTSfes conIH7 rUr rney CAN neHr
when there Is trouble In the air and with
draw their funds.
There Is no limit TO the way the trust
companies can invest the money OF the
poor people In and this provision Is
designed 20 increase the safety 7 am not
here for the purpose OF favoring the big
trus. companies as against the smaller
ones. but thins II that provision was
stricken out the proper place for the bill
would be the waste basket.
FOR SMALLER TRUST COMPANIES
Judge Palmer smoke for the smaller
trust companies who would be put out OF
business by the section of the biil and
wien Judge Harris asked for ono single
company that would he effected cited the
ltalo-American organization and said that
~ was wrong n give the whole field TO
the hg companies. There is another way
10 regulate their business instead ~
sticking on a section at the end OF the
banking examiners.
Mr.. Crafts ann9unced that ~ the
amendment was voted down he would
move that an amendment be passed TO
cover the case.
" txtft a
against he city OF Providence by allow
ing towns 70 have small banks OF less
than 100000. as n would tend 10 IN
crease the number Of banks on the out
skirts
Mr.. Allen favored the bill.
Mr.. Fitzgerald said under the per
suasive arguments OF Judge Harris he
had az one time favored the act. but upon
mature deliberation he had concluded he
would have TO oppose IT, He cited Mr..
Harris statement that there should be
some regulation Of the deposits. but said
that ~ should apply 10 both big trust
companies and the little ones II we did
that how the big companies would roar
at the "absurdity Of such a regulation"
Mr.. Fitzgerald spoke at some length
and said he was in favor OF cutting out
the section and substituting one which
provides that the paid-up capital and
surplus was one third or the deposits
incidentally he referred 10 Mr.. Crafts
statement that he thought this last
tion was necessary TO allow the passage
OF the measure and only agreed TO Il for
that reason. II do not believe In agree
Ing 10 things that are wrong for any such
reason" said Mr.. Fitzgerald
Mr.. Peck OF Warren favored the bill
saying that a bank examiner was needed
and though he opposed the $500 900 limit
at first he would rather sec the bill pass
as Il is than not at all
A TRUST COMPANY TRUST.
Mr. Bowen Of Providence said the peo.
pie in Providence opposed the measure
fearing that IL herslded trust company
trust lie called attention TO several
big trust companies that started in with
less than $780, 900 capital and the abb
sorption OF small national banks
Nr Fitzgerald cited the Central Trust
company. which will be wiped out by tho
5lll passed az haveing $4,000 paid in and
$4,000 IN Deposits while the Industrial
Trust company according 10 the auditors
report had 10 times as much deposits rs
its laid In capital and surplus.
Under my amendment the Industrial
Trust will have 10 have q paid In capital
and surplus OF $1,000 600"
The Italo-American Trust company is
all stock and no deposits nobody taking a
chance but the stock holder
Mr.. Fitzgerald quoted from the report
$500 as capital stock OF the Pawtucket
Trust company 1900 deposits as better in
proportion than the Industrial Trust COM
Tany for the protection OF the depositors.
Mr.. Murphy oi Central Falls favored
Mr.. Paimer's motion TO amend and spoke
at some length
AN HONEST STATEMENT ASKED.
Mr.. Fitzgerald urged the person favor
ms this section 10 be honest and say
whether 81 was the depositors or the big
trustH they were fAvorinR
JOlge Harris called attention 20 Mr.
Fit.gcralds statement OF trust COM
7+--rrrrf-t--urr--
thorized 20 receive deposits 90 an un-
limited amount
Mr.. Eddy OF Providence said ~ was not
ioir 20 take the figures from tho old re-
pert as 81 vas GOVERN only Incorporated
last year
Mr Fitzgerald sad he understood that
this concern now had i1S ro and several
thousands on deposits
Tho amendment vas put 20 vots ard
Judge Harris was unsuccessful IN getting