The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30
UNION TRUST Go.
MAY PAY IN FULL
tconlinued from Page onel

CONTINUED from Page One)
The "doings" OF the receivers except as TO
certain special matters which will be re-
ferred 20 hereafter
They now address themselves TO a con-
sideration OF the condition OF the Union
Trust company as disclosed by the state
ments filed herewith, and the investigation
which tho receivers have been able TO
make With reference TO these statements.
attention is called 10 certain features.
J. AS already stated. they are made up
as OF october "A and November q. 1907.
The condition on the earlier date was nee
essarily determined from the books OF the
Trust company as changes had OF course
been made before tlfe accountants enter
cd upon their work The statement or
Novmbei p shows what was the actual
state of AFFAIRS on that date as the ac-
countants found a. This has been since
changed 20 some extent as collections
have been made and deposits set on. and
the cash assets have materially increased.
cash deposits 10 the credit OF the re-
ceivers November %. 1877. amount 20 ST.
SO S79.5i
BOOK VALUES.
? Values have been taken IN both IN
stances a. carried on tho books OF the
Trust company being i'm the case OF loans
the full amount due. and In tie case OF
stocks bonds and other securities tne
price al which the Trust company holus
them This Of. course. does not indicate
value accurately. Some OF the loans can
not bc collected I'm fun, and some OF the
invcstments could not be sold To-Day at
tho price az which they are carried on
the books The receivers have seriously
considered whether IL was desirable Tor
them to try 90 put their own valuation
upon the different items OF THIS char-
meter thus presenting a statement show
a.. l.f pf the nIpNont rOnli-
tion of the Trust company In dollars ana
SCENTS and are firmly OF the opinion tnat
any attempt on their part TO dol TINS
would work more harm than good. ana
Loans. for instance which In ordinary
times and under ordinary circumstance,
would be quite certain 10 be PAID IN ihll'
Ray shring alarmngly II the attempt is
mad 10 collect them I'm the course of
even the most cautious and consideratc
liauidation. Stocks and bonds of every
description, are now quoted tar DeioW tue
prices which ordinarily prevail and
doubtless below their actual value, and
on the other hand the receivers hold
thousands OF shares or certain STOCKS or
great intrinsic value, which are usually
sold I'm small blocks In limited market,
the quotation OF which would be of little
avail IL has been considered wise.
therefore. simply 10 make II known what
these investments are. TO furnish sucn
information with reference To the most
tmportant Items as the receivers have
been able to obtain, and TO leave the par
ties In interest to form their own Judg-
ment as 10 values.
g. The names OF parties Indebted 10
the Trust company and the names OF It's
depositors are not given 1t has seemed
TO the receivers that no possible good
can be accomplished by such disclosures.
Now, as TO the statements themselves.
They show that on Nov 2l 1907. there
was outstanding in notes discounted.
time loans with collateral discounted. dc
mand loans. unsecured and demand
loans with collateral, the sum or $2.1I6,
sia 70 or this account. small percent
age only could properly be classed as un-
collectible and worthless. A much larger
amount would be regarded as doubtful IN
the sense that ~ would propabiy snow
some shrinkage even IL the business OF
The Trust company had continued with
ont interruption. and may be expected IA
produce a large percentage OF loss In the
process OF enforced liquidation. criti'