The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-07

Presiding Justice Swcetland shortly be-
fore 10 O'Clock this morning called up the
pending motion for the appointment OF
permanent receivers for the Union Trust
company.
After Hon. Rathbone Gardner had re-
ported for the receivers in favor of con-
tinuance of two weeks of the motion to
appoint receivers everyone seemed TO
agree to the statements OF LorIn NJ Cook.
Esq. who had had IA years experience as
a receiver, that il was better TO wait
weeks than years. Mr.. Cook in his open
ing sentence declared that liquidation was
the last thing to be thought Of.
MOTION FOR CONTINUANCE.
The motion for n continuance came
from John Henshaw, counsel for the
Union Trust company, and it was backed
up strongly by Senator Gardner. who told
of the work OF the receivers in trying to
prevent the hardshps that must follow
liquidation. and who gave the main fea-
lures OF a proposed continuance OF busi-
ness with new management and a voting
trust. and the present officers are to re-
sign
There we're slight differences of opin-
ion brought out on certain points. and
some discussion as TO how much time
should be given for the examination OF
the proposed plan. when its details were
worked out. At first 1t was believed two
weeks would be enough to attend to all
details, but counsel for VARIOUS interests
involved wanted a chance to examine de-
tails at their leisure before the court
should act so finally the motion for the
appointment OF permanent receiver was
continued until Jan (, 1908, and the tenn
porary receivers must file the proposed
plan, IL they can realize present hopes,
on or before Saturday. Dec. ".
Any plan must he satisfactory to the
stockholders depositors and other credit
ors Full details could not be given by
tho receivers today. as men who agreed
To reIp forward a reorganization commit
tee did not authorize the giving of their
names TO tho public until the plan had at
least a fair chance of the approval OF
the court and creditors OF the institution.
John Henshaw. when the court an
nounced the case in order, arose and said
that on behalf OF the Union Trust COM
pany. he would ask a further continuance
of tho matter of appointing a permanent
receiver for two weeks I'm order that GER
tain plans which the receivers had been
at work upon might be carried out.
RECEIVERS APPROVED 1T.
Senator Gardner then said II seemed
proper that he should state why the re-
ceivcrs approved the motion OF counsel
for the Union Trust company for a con-
tlnuance. and they did approve IT, There
might be excellent reasons advanced
against further delay unless something
definite was offered parties Interested.
The receivers had siven much considera-
ton TO a proposed plan by which tho
Union Trust company might go on and
work out It's own salvation.
Some .clks might think that In con-
siderins a plan f0r tho future or tnis
bank the receivers were exceeding their
powers and that their sole duty was to
preserve the property. as II came into
their hands. Yet the receivers hoped
that from the magnitude and number OF
the interests involved u the institution
could be saved u was worth while doing
rur---than was strictly required. When
il was recalled that onc-half or the de-
positors had less than 80 each. that there
were a great number OF savings accounts
varying in amounts from SEQ TO 5000.
one could rescnN vAat the meaning of