The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-28

Tho three temporary receivers Of the
Union Trust company have filed with the
superior court their report. transmitting
a plan for the resumption Of the bank In
accordance with the instructions Of Pre-
siding Justice William III. Sweetland.
A copy Of the plan indorsed by the ad-
visory committee and which the receivers
"believe Is In its essential features the
best that can be devised under the con-
ditons In which the affairs Of the Union
Trust company are involved" accom-
psnies the report.
The hearing on the application for ap-
pointment OF a permanent receiver will
be held before Judge Sweetland on Sat
urday morning Jan. &. at 10 o'clock. and
II is expected that the court will con-
tinue the temporary recelvership in order
that the assent OF all interested parties
may bc obtained and the details OF the
reorganization OF the company may be
worked out
The statement filed with the court fol-
lows:
Statement OF receivers transmitting
plan for assumptions:
AT the hearing in this cause held on
the 7th day OF December. A. ID. 1907, the
application for the appointment OF per-
manent receivers was further continued
until Jan. 4. A. d. 1905.
"This was done upon tho suggestion Of
counsel for the Union Trust company.
confirmed by the temporary receivers.
that prior TO that date the receivers
hoped to be able TO present to the court
and TO the depostors plan for the re-
sumption OF business by the Union Trust
company. which plan should have re-
ceived the Endorsement OF representa-
tives OF the banking interests OF the COM
munity and OF prominent creditors OF the
trust company.
"To enable them TO accomplish this the
receivers asked a number OF gentlemen to
act as their advisory committee to con-
slider plans which might be proposed and
TO themselves put out plan which they
would be willing TO recommend to- the
creditors as practicable and desirable. The
following persons consented to act as
such a committee: William A. Copeland
Henry ID. Sharpe. Robert II. I. Goddard
Arthur l.. Kelley. Herbert j. Wells. Cy-
rus p. Brown, Henry +. Lippitt Rev.
Thomas r. Doran, Harry Cutler. James
Hanley, Joseph Dabol and Leander II.
Peck
"The committee organized promptly by
the choice OF William A. Copeland as
chairman and Henry ID. Sharpe as secre-
tary. and has given most earnest and
conscientious attention TO the duty which
devolved upon 1t. II has held five fully
attended meetiigs. considered all plans
suggested and canvassed every phase OF
the situation. On Dec. "a. 1907. II delivered
20 the receivers plan for the rcsump-
ton OF business by the defendant cor
poration, which the receivers file here
with. The receivers believe that this plan
Is In its essential features the best that
can be devised under the conditions In
which the affairs OF the Union Trust
company are involved, and that with the
endorsement OF the committee named
above Il should be accepted by all par
ties I'm interest II is certain. we believe,
TO produce results far more 10 the advan-
tage of creditors borrowers and stock
holders and the whole community than
those which would follow liquidation un-
der reccivership.
"Tho plan necessarily puts upon the