The news-democrat. (Providence, R.I.) 1906-1909, 1907-11-30

ultimate distribution. and that a mate
rally larger return may be confidently
expected.
There is an unconhrmed report in cir
culation that the Rockefeller interests. or
those connected with the National City
bank, New York, are preparing TO make
an offer for the Union Trust company s
holdings with the idea OF changing the
Institution into a national bank.
THE RECEIVERS REPORT
The report in fun follows:
Superior Court
Providence. Sc.
Archibald O.. LoOmis VS. Union Trust
Company. Equity 1865.
To the Honorable the Superior Court:
The undersigned were appointed by de-
cree entered in this cause on the 9Th day
of November. a. ID 1907. temporary re-
ceivers OF the Union Trust company to
take and hold possession and charge of
the estate and effects of said corporation
and to preserve the same until the fur
ther order of this court. BY the terms of
this decree the receivers were ordered To
prepare and file with the clerk of the
court on or before Saturday. Nov. 30 1907.
report OF their doings as such recelv-
ers. In which should be contained "A full
statement OF the assets, liabisties and
condition OF the Union Trust company.
This order the receivers have thus far
endeavored TO obey, and they now pre-.
sent the report which they are called
upon 10 make
The receivers have caused careful
and exhaustive examination OF the as
sets. liabilities and condition OF the
Union Trust company 10 be made by
Messrs. Sufforn & SON certified public
accountants OF New York city. firm Of
high standing. recommended 10 tho re-
ceivers by competent Judges I'm no wise
connected with the Union Trust COM
pany. These gentlemen have never be-
fore examined this institution. and haze
had no relations with IT, or so far as the
receivers fsif 1F e
ncers. Their statement OF the condition
Of the Trust company as OF oct a. l9O,
the last day upon which ~ was open fos
business and also as OF Nov. 2i 1907 the
latest date which would admit OF the
preparation OF this report. is hereto ap-
pended and Will be later commented
upon.
The receivers have Interpreted the in
struction given them by the court 10 pre-
serve the assets OF tho Union Trust COM
pany as authorizing them TO collect all
moneys due the bank at the time OF the
appointment OF the first receiver. and ali
becoming due during the temporary re-
ceiVorship so FAR as possible. and this
they have done. They have collected in
THIS way up To NOV. y the sum OF $l562.-
1903. In making these collections. the
receivers have permitted the persons thus
discharging their Indebtedness 10 set off
the amount OF any Indebtedness OF the
Irust company To them, existing at the
date OF It's suspension. including any de-
posts TO their credit. That such right OF
set-off exists In This state seemed so
clear 20 the receivers that they adopted
this course without hesitation. and With
out asking the advice OF the court Iut
the court In passing upon the requests Z! /!
certain debtors whose cases involved De-.
culiar features, which made the receiv-
ers unwilling 20 act upon them without
instruction. has made it's orders fully
recognizing this principle The amount
of deposits thus applied up To Nov. Il is
SS17. .6Si.2s
SET OFFS ALLOWED.
A. analogous 90 this. requests were
made TO the receivers to allow indorscrs
of paper held by the trust company 10
take up such paper or pay IL when duo.
setting on I'm like manner against TIA
amount thereof deposits standing 10 the