davidaulloa/AmericanStories huggingface dataset:
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30
NATIONAL EXCHANGE BANK
is IN fine CONDITION
Capital Unmpared and Surplus Least Equal Says Angus
Pierce Presdent-Holdngs of Union Trust Paper Ex
planned.

The following is a copy OF the report OF
the condition OF the National Exchange
bank made 10 the receiYers of the Union
Trust company, and annexed TO the lat
ter's report filed In court.
IL rs "A complete copy. with the excep-
tlon that the tabulated statement annex
cd 10 Mr.. Farrington's report is omit
ted:
es Westminster street Providence, r; l.
Messrs Cornelius s. Sweetland. James
NJ. Scott. Rathbone Gardner. Receivers
OF the Union Trust Company,
Dear Sirs Your letter requesting a
statement of the present condition OF the
National Exchange bank was duly re-
Ceivcd and presented TO the board or OIL
rectors OF tile bank. and this reply is sent
you by it's direction
At the time your letter was received a
committee OF the board appointed for that
purpose had begun It's regular semi-an-
nual examination Of the affairs and con-
ditions of the bank The members Of
that committee. believing that thor
ough and detailed eXamina ton was de-
sirable. engaged 10 assist them cert-
fed accountant Mr.. Wesley harrington,
OF New York. His examination has Just
been completed and adopted az the re-
port OF the committee A copy, OF the Ie-
port omittlng the appendices lwIlcn, TOW, now
ever. will be furnished you upon requesD
il hereto annexed and furnishes COIL
nlete and satisfactory statement OF the
condition OF the bank on on nov: c,s 81 i"'
VALUE OF ASSETS.
II is OF course. extremely difficult 10
furnish. especially at the present time.
inst estimate OF the value Of such assets
as the notes and bills discounted. Prob
ablv no two persons would agree aoso-
I,,telv as 10 the present value OF certain
commercial paper. The board. however.
has examined carefully all such paper
held by the bank. and. apart from items
hereinafter referred TO, believes that II
a. OF at least such average good quality
as is usually found In banks OF good
standing. and that except In case On
forced Liquidation. no considerable
amount should be- deducted from the
book value. with the exception OF three
notes amounting to sss7.35 none OF tha-
banks paper Is overdue. on none II the
interest unpaid. and 90 far as is known.
In no case has the maker or endorser
failed a detailed list OF tho notes and
bills discounted aud call loans with the
collateral is enclosed herewith. furnished
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

for your private information alone. and
to enable you to form your own estimate
OF their value.
As TO the other items: the real estate
carried on the bank as worth $4,000, IL
the banking house estate. which extends
through on Exchange street from West
minister street to Exchange place. IL is
assessed by the Providence tax assessors
at S252, 400 and is, In the opinion OF the
board, worth more than It's book value.
All the bonds arc carried on the books at
par. The United States bonds are worth
| a little above par. The other bonds have
recently shrunk I'm value. a deduction OF
| Is per cent from their book value would
seem to cover any loss list OF these
] bonds is added TO the list Of notes and
| bills above mentioned and for the same
| purpose.
UNION TRUST PAPER
Tn only other items TO which reference
need be made arc those involved under the
general head OF losses sustained by reason
OF the failure OF the Union Trust company
These are three or possibly four in num-
bcr:
OD The bank holds a cashiers check OF
the Trust company for $1,000. This was
one OF a number OF similar checks to va
rious Providence banks In exchange for
bills the day before tho failure.
90 The Trust company had collected for
the bank. but had not paid over, the sum
OF S362i so.
90 The bank holds the notes OF two OF
the officers OF the Trust company for
$4,000. and $4,000. respectively. which are
secured by pledge OF various securities,
OF which 100 shares OF stock In the Trust
company forms about one-half I'm each
case. The value OF the securities and OF
the notes Is not determinable at present.
90 The bank received the day before the
failure checks amounting Co t2t5oS.fe, GER
tilted by the Trust company. I'm each case
the bank holds the maker of the check re-
sponsible for payment.
CONCLUSIONS.
other than thc abuve the bank holds ao
paper Of the Union Trust company or %
any of It's officers; it has no other loans
secured by stock IN the Union Trust COM
pany, and has suffered no other losses by
Continued on page Eight.
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

The Union Trust Co. may yet pay in full but enforced
liquidation would loss to deposors.
Cornelius S. Sweetand, Rathbone Gardner and James M.
Scott the temporary receivers filed their report in the superior
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30
POLICE BOARDS
EYES UPON men
UNDER SUSPICION
The Police Board is Keeping Sharp Eye Saloons
That Are Inclned to Evade Break the Laws.

IF there arc places where liquor is be-
ing illegally sold. or which young girls
frequent this board does not know OF
them and does not propose to tolerate
them. The saloon keeper who conducts
such place will lose his license just az
quickly as the offense is proved against
him. and due warning has been given
some men who have been under suspi-
cion."
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

"Our board has had this subject under
consideration for some time" said Chair
man William III. Luther this morning.
"and IL has been taken up with certain
parties against whom complaints have
been made, or who have been suspected
OF permitting such conditions TO exist
They have been told what they may ex-
pect IL proof Is produced before the board
OF their failure to comply with the law.
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

AZ the regular meeting Of the school
committee held last evening a resolution
was adopted calling the attention OF
the state authorities to violations by chill
dren OF the employment laws and urging
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

The full abstract of the made for the under instruc
Presiding Justice Sweetand of the superior be-
low There valuable paragraph the report than the
following
should be made avoid permanent receiveship
banking the should
plan put operation whereby deposors could OBJ
way realize part of their claims without wait
ing for the long process of liquidation
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

The cash deposits TO the credit OF the
receivers Nov %, 1907. amount to 1880
S9.54. on Nov. u, 1907. there was out
standing in notes, discounted time loans
with collateral discounted. demand loans
unsecured and demand notes with collat-
eral, the sum OF s12, 2,l7e,Sl9.3o. or this
amount small percentage only could bs
properly classed as uneollectible and
worthless. There would have been diff
Guilty in getting these loans repaid in full
receiver say "A criticism TO be made up
on the loans as whole Is that they are
large in comparison with the resources OF
the borrower. not larger than such re-
sources. but so large that call for pay
ment would in many cases necessitate re-
course 20 the capital used in the busi-
ness. and result in disaster.
STOCK CARRIED AT HIGH PRICES.
The report comments on the high price
at which certain stocks were carried by
this bank one OF the instances is that
OF shares OF the National Exchange bank
There is no doubt that this last named
bank is sound in every way. the receivers
lief that its shares carried by the Union
Trust company at $Si.l2 per share were
worth that price. at present In regard &C
two items the report is quite ulain. There
are 1900 shares of the Broadway Securl-
ties company held at Sl25, coo the receivers
find of lltte or no value As TO $50 shares
of Central Construction carried at $500
the receivers say they are valuelcss. The
report calls attention 10 the large amount
OF stocks Of undoubtd intrinsic value for
which nowhere near reasonable price
could be obtained II they were thrown on
the market.
AS was expected. the report devotes
good deal of space TO the affairs OF the
Norfolk and Southern Railroad company
the largest investment OF the Union Trust
COMPANY. amounting 60 some s2,0il.0oo
while il is declared 10 be an undesirable
investment for n trust company, the, re-
ceivers say the properties are valuable
and there was a need OF immediate cash.
This need was met
LIQUIDATION OPPOSED.
II the company is iquidated under
receivership the temporary receivers be
lIeve the capital and surplus will be
wiped out. there will be nothing for the
stockholders and IL will be Impossible 10
nay the depositors I'm full. They believe
a. the hank was permitted TO resume bust
ness in the usual way and the same conf
dence was given the bank in the future
as I'm the past all would be well-that b.
~ the Norfolk and Southern Railway
company answered expectations. In the
course OF their summing up the receivers
say: 1--WE are certain tnat the process Of
Iiouidation will be long and tedious. NJ
our own peril and for the assurance OF
dcpositors whs nay be tempted to part
with their claims for small cOnsidera-
tion. we express our belief that unless the
country Is entering upon long period
OF general financial depression and unless
tho investment in tho securities of the
Norfolk aud Southern Railway company
should prove to- be n total loss, which We
regard as impossible. ~ per cent should
bc the smallest reasonable estimate VI the
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

u Providence iate tonight and snow or
ain and warmer Sunday. High pressure.
attended by fair weather. prevails over
Tie far west.
~ r.. BBYSTONE
Local Forecaster.
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

was central this
morning over ILL.,
nois. and IL caus-
ing snow I'm In
diana. Illinois and
the western lake re-
gion. A considerable
change 10 warmer
has taken place
from the Mississip-
pi valley to the
Rocky mountains.
The storm will
probably ca us Q
snow and warmer
In the vicinity
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30
WEATHER NOTES

The southeastern disturbance has pass
ed out over the ocean and the rain has
ceased I'm the South Atlantic states. High
pressure. attended by fair and cold wea-
ther prevails over the east. storm has
develored over the Mississippi valley. IL
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30
UNION TRUST COMP ANY
Receivers Tell the Court
Nay PAY Up IN full

Under Conservative Management and With the Confi-
dence and Cooperation of DepositOrs the Outlook
Will be Bright-Enforced Liquidation Might Result
in Paying Depositors More Than 80 Cents on the
Dollar-Of More Than 900 in Notes Only a
Small Per Cent is UnCOlleCtible.
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30
81 OFTs ALLOWED.

A. analogous 90 this. requests were
made TO the receivers to allow indorscrs
of paper held by the trust company -
take up such paper or pay II when duo.
setting OF I'm like manner against TIA
amount thereof deposits standing 20 TIE
credit " the indorsers AS the receivers
The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

for your private information alone. and
to enable you TO form your own estimate
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
AROUND THE FARM.

The pullets, II they have been prop
eriy bred and fed, should now be doing
steady laying.
You never saw a scrawny hen lay
ing. It Is the well-fed hen. the one
that looks neat and trim.
Rusty iron placed In the drinking
water at this season serves an excel
lent purpose as q tonic.
The ideal farm Of the future will be
the one where father. mother and the
little folks are the happiest-
II the farmer succeeds. the country
prospers. peace, and plenty reign and
the world rejoices. Journal.
What business have you to sing
Home Sweet Home" until you have
provided q full supply Of dry fuel I'M
der shelterf
He who takes the surplus water out
Of q field In an old section Is as great
benesact-r AZ he who irrigates .
desert, Rural New Yorker.
Keep . note book near you, and, as
<hey come to your mind. make . list
a the seeds yo1 will need. Before
you know Il, e win be time TO make
garden again. Send for the catalogues
~ read them.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
HEN MANURE AND CORN.
Big Crop Which One Farmer RaIssd
by Ito uss.

Last spring had some 80 barrels
Of hen manure collected during the
winter from $50 hens, writes cor
respondent Of Farm and Home. !
planted 2A acres to corn, one acre
to yellow and ~ acres to late
white corn. The yellow corn was
planted May "a. harvested Sept. ~.
and yielded 1873 bushels of ears. The
white corn was planted May q. har-
vested Sept. q and yielded It's BUSH
els OF ears, all good, sound corn with
but very few small ears.
Tho land was plowed and thorough.
ly fitted three days before planting
and the corn planted three feet apart
each way. In seven days 1t was ready
to cultivate. IN two weeks 1t was
again cultivated, hoed and thinned
to four stalks In each hill.
It was then left uutil 20 inches high
when the hen manure was put on q
good handful to each hill, not directly
on the hill but little to one side for
fear 1t would burn the tender stalks.
The hitler was then run each way,
showing the dirt up to the hill and COW
ering the m.eanre thoroughly. Moth
ing more was oCne to 1t until = was
four feet tall, when 1t was again
thinned and suckered. taking oa,t
everything but the four stalks. Somo
Of this corn grew i, feet and yielded
two large ears to stalk.
This ended our labor until harvest
ing time when the corn was cut and
put into stocks Of 80 hills each and
loads Of good bright fodder. There
was no other fertilizer used and the
land was not above the average land
In this locality. so that am fully con-
vinced that the hen manure was the
prime cause of producing this large
crop of corn. Nearly all the farmers
in this section of New York raise
sweet corn for the canning factories
and 1t does not yield more than from
$40 to SIS per acre.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
SINGLE YEAR EXPERIMENTS.
They are Not to be Relied on for Con-
elusive Evidence.

Single year experiments are little to
be relied on. There are so many con-
ditions that enter into the growing of
crops that It Is impossible to say that
q certain thing comes from certain
elements or factors, II the experiment
be conducted for but one year. II the
experiment when repeated gives the
same results through several years we
may be sure that the results are pro-
duced by some causes which can be
well defined. It Is a mistake, says
Farmers Review, for experimenters
to report experiments till they have
ben carried on far enough to mean
something. In the cases of certain
fields there Is always a varia-
ton between different fields, which is
sure to affect the yield. How great
this variation is, 1t is difficult to tell,
and we do not know that any one has
tried to measure this variation. Thus,
II field is MANFRED and seeded In a
certain way 1t will not produce the
same amount of seed on both sides of
1t or on the two halves. It would be
possible by cutting each half up into
small squares to find the amount of
natural variation.
Single year experiments therefore
are Of little value as determining the
value of processes. Yet some of our
farmers have allowed themselves to
be directed in the future course in
farming by tho outcome Of a single
experiment on their farms. This is
extremely unscientific.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
THE STORY.

T. IERCELY the battle ragged and
i gradually the army of Israel was
driving the great hosts of the enemy
backward. All day long the struggle
had continued and now the sun was
nearing the western horizon and two
hours more would see 1t disappearing
below the mountains crest. Defeat
now seemed certain to Adoni-zedec
king of Jerusalem and to the other
four kings who had federated them
selves with him in the assault upon
the stronghold of Gideon, and the
only CLEAN Of hope for their shatter-
ed armies as they gradually fell back
before the men of Israel was that
darkness would ere long be upon
them and they would then be able to es-
cape under its friendly cover. And
what though the Gibeonites had es-
capped them this time through the
help OF Israel, they would recoup their
shattered armies and some day later
came upon them unawares and punish
them for the treaty Of peace which
they had made with Israel.
It had come almost as complete
surprise to find that the army Of
Israel had come up to the help Of the
people of Gideon. and they had learn
ed during the day while the battle was
on that Joshua by forced march dur
ing the darkness OF the night before
had fastened from Gilgal to Gideon
and had his divisions drawn up in bat
tie order when the great armies Of the
i've kings had appeared. 1t is little
wonder therefore that at the very be-
ginning they should have been dis
concerted, and before the day was
half over 1t became evident that
Joshua would win the victory. and, as
we have said. Adoni-zadec and. the
four kings with him, as they took
council together, watched s-tAe- de-
scending sun, and thanked their gods
that soon darkness would give them
the opportunity of making good their
escape, II II did not also give them
the chance to strike here and there
against their powerful foe.
Filled thus with the purpose to save
the remnants Of their armies. word
was sent through the ranks that a.
soon a. darkness had come they were
to scatter and come together again at
Makkedah.
LET the front ranks maintain a.
strong line as possible, and fall
back gradually when the major part
OF the forces together with their sup
- = : - -
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
sERMoNErTE.

FaIthfulness to q Promise
There 10 no moro striking illus
tration In the Bible, we think,
Of the faithful fulflllment Of .
pledge given than this Incident
Of Joshua going up to the aid OF
Glbeon. Here was people
doubly desplsed In the eyes Of
Joshua and the people Of Israel,
first, because they were a heath
en- people, and second, because
they had tricked Israel Into .
dlstasteful alliance. And yet,
when the cry for help came
Joshua and the people with him
hesitated not but made haste to
90 up to the defense Of the Glib
eonites. Under strict Inter
probation Of the agreement
made, Joshua was under no OBJ
legations to fight Gibeon's bat
ties, and what more natural
feeling for Joshua and the peo-
Pile of Israel, who but a short
time before had wanted to de-
stroy the Gibeonltes notwlth-
standing the oath Of Joshua and
the princes Of Israel, than for
them to welcome the peril which
threatened Gibeon az an easy
and fortunate escape from
most distastefuI alliance. But
no. The spirit Of the agreement
was that Gideon should dwell
with them In the land; she had
identified herself with Israel,
and had acknowledged the gu
premacy Of the true God; there
fore Israel would fight for her.
Because Of the promise Joshua
and his men would face peril
and hardship. Glbson's plea for
help should not 90 unheeded.
What a noble devotion to lofty
ideals.
To-day there 10 not the same
fine conceptions, the same faith
fitness In the fuIfillment Of .
promise. The modern Joshua
looks for technIeaiItles, the legal
ioophoIe which will let him clip
free from the fuIfilIment Of an
obligation. He keeps the agree
mont that he cannot escape, but
az for doing more, not he. II
the 0lbeon who 10 In trouble
can show undIsputed claim upon
his time and resources, then he
will 90 up to his help, but "
there 10 convenient escape from
the promise given, then he will
let Gideon shift for himself.
But Joshua Of cid had the d.
vine conception Of the Impor-
lance and lnvioIablIity Of an
oath, and he did all and more
than that oath demanded. And
God honored such spirit Of self
sacrificing devotion by giving
Joshua power over the forces Of
nature, and frightening the day
% that the task undertaken
night be fully done.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02

the slabs. Dotted line, chains or
strong wire. d D1, rings to connect
double-tree clevis. Hitch at D and
stand at G, on plank laid on the
cross-bars. for ordinary work; or hitch
at D1 and stand at e for ditch clean
ing or to make the drag throw more
dirt to the left. To move dirt to the
right, reverse position Of driver and
hitch. II working clay or gumbo
road. put iron, old wagon tire. or
something Of the sort, on lower edge
of drag at end Of six months; for soft
or soil, at the end OF IL months.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02

ways in the northern states. It is a
low-growing. perennial plant. not ris-
ing much above the ground, but
spreading widely on the surface. The
people at the south have found 1t q
valuable plant for pasturing. as 1t will
grow on exceedingly poor soils. It IL
supposed to have been introduced into
this country in tea chests from ia
pan and China. 1t was first noticed
in the vicinity Of Charleston in 1849,
but little attention was paid to It on
account Of its Insignificant appearance.
1t requires no attention in any way
and so far as nitrogen is concerned.
1t is soil renovator. 1t Is very per-
sistent grower and where 1t once gets
foothold 1t roots out most other
plants. Being low grower 1t Is ex-
ceedingly easy to be plowed under. It
furnishes good grazing from July,
when 1t has obtained good growth.
until frost comes.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
EVERYBODY pRAoI

When the smiles Of spring appear.
Drag the roads;
When the summer time Is here,
Drag the roads;
When the corn Is In the ear:
In the winter cold and drear:
Every season in the year;
Drag the roads!
When you've nothing else to do,
Drag the roads;
II but for an hour or two,
Drag the roads.
It will keep them good as new,
With q purpose firm and true,
Fall in line! It's up to you:
Drag the roads!
Would you do the proper thing?
Drag the roads.
Set the system on the wing:
Drag the roads.
Give the drag a lively swing;
Toss the laurel wreath to Kingi
Hats on! Everybody sing:
Drag the roads!
M. Abertus Coverdell.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
Unique Midday Services.

An Innovation in church circles has
been the holding OF midday services
In the new Madison Square Presby-
terrain church. New York city. the pas
tor OF which is the great Tammany
Hall fighter, Rev. DR.. Charles H. Park
hurst. These services commence at
1910 o'clock and last just Is minutes.
The organ plays for ten minutes be-
fore the meeting begins. DR.. Park
bursts aim has been to keep the gath
'erings as simple and informal a. pos
sible. They have been In the way OF
an experiment, being held every week.
day except Saturday.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
JAPAN CLOVER.
Good Points Of This Plant az Forage
and Soil Crop.

This is clover that has received
a great deal of attention during the
past ten years. 1t Is found growing
abundantly in the southern ntates and
has even shown itself along the high.
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
DRAGGING THE ROAD.
The Use Of the Log Drag Again I'm
phaslxed.

The use Of simple log drag, made
as shown in the cut, drawn length
wise Of the road over the ruts when
the frost is coming out, will All up the
hollows, smooth of the bumps and
make bad road passable. The drag
Is made as follows:
The two halves Of split log, q ..
nine feet long. ten to IL In. thick, set
on edge, 80 In. apart, both fiat sides to
the front Strong oak or hedge bars,
b b, the ends of which are wedged
In two-inch auger holes bored through
The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1907-02-02
Covered earnvard.

a covered barnyard IL q rarity in
the west In the east they are quite
common. While the initial cost of .
covered barnyard would be considera-
BILE. the saving that would occur from
their use would soon pay for them.
Shelter IL absolutely essential to the
well being Of the dairy COW.