The news-democrat. (Providence, R.I.) 1906-1909, 1907-12-26
RECEIVERS PLAN
WARMLY PRAISED
Continued from page One,

Continued from Page Onc.)
sary to put this plan in operation, 1
should place my estimate AT about 60
days. do not suppose the bank can re-
open much before March, as IL is an
enormous task to get the assent of 1900
depositors, the stockholders. and the sub
scription to over "a million dollars OF
stock. Many of these depositors will have
TO be seen personally IL will take a
large amount OF time and work.
"A lot OF thought has been put into
this plan. Fundamentally IL agrees quite
closely with the original scheme. Some
of the men on the advisory committee
have devoted days and nights to its con-
sideration. We think we have a per-
fectly feasible plan. / believe the sub
scriptions will be taken up. OF course.
II is not easy for every one to think the
same way, but IL seems to me that If
people use their reasoning powers and
common sense there is no reason why
the Union Trust company. should not be
placed on its feet again. II has been
successful in the past and should be so
in the future
DEPOSIToRS MEET.
Chairman Edward ID. Pearce of the de-
postors' committee declared that the plan
would be thoroughly considered at the
meeting OF the depositors' committee this
afternoon at o'clock in the city hall
1--WE shall go over IL carefully and see
lust what IL means" he said. Everyone
seems to have a different opinion about 1t
and we shall read 1t over together. II we
reach any conclusion / shall be glad TO
make IL public"
SECRETARY LITTDEFIELD.
Secretary Nathan w. Ltttlefield, of the
deposbtors committee. says:
II like the plan very much. 1t seems
to me fair and just, and / think II ought
to succeed. / have not had the time TO
enter FUZZY into the "details OF II, but /
know what the receivers plan was and
this practically conforms to that scheme.
/ think II Is one that will meet with
general approval as far as the general
features are concerned and II everyone
pulls together II should be carried
through. OF course II Is necessary to
have concerted and harmonious action on
the part OF depositOrs and stockholders,
but I think we will have IL. 1t seems to
me TO be so clearly for everybody's In
terest to have the affairs of the trust COM
pany adjusted in this manner rather than
by liquidation that nothing should be
left mdone toward the adoption of the
plan.
II think that the provisions for the is
sue of new stock and the surrender of old
stock are absolutely essential. l have
take the stock. I would not be at all
surprised II the stock were oversub-
scrfbed. know that In my own case /
would be wiring To subscribe to It,"
CITY SOLICITOR BAKER
Albert A. Baker, the city solicitor. who
represented the city. with deposits aggre-
eating about 100000. expressed himself
as follows:
1T presume this idea Of subscribing to
new stock will involve the large depos-
tors only The smaller ones can hardly
hope to take part in this to any consid-
cradle extent. The plan is much SUPER
ior TO liquidation under the ordinary pro-
cedure II Is going to make possible the
renewal of notes, thus making 1t possible
for people to pay their bills. / think
Il will also tend TO reduce the loans OF
the bank to a safer limit. In my opin-
bon al least, the bank has on some cases
extended its loan too far.
"If the bank reopens Il will naturally be
expected to do business with its former
customers and the releasing OF 80 much
idle capital as is tied up, there at present
should be most beneficial to the commun-
ity The paying off of the 1900 deposi-
tors who have an average account OF $50
each / consider AN excellent idea. They
have no business in such an institution
anyway and should have their money In
a savings bank.
IT think on tie whole the plan is the
best that can be done. although so far
have not had the opportunity to study
II thoroughly
''In regard TO the sale OF the stock. I
do not think that the city could sub
scribe and az the same time do not think
81 would be wise plan for II TO do so
II IL could. The city's assent to tho
scheme must come from the city council,
In my opinion. The plan amounts prac-
tically 10 changing the status OF the city s
money to form OF credit making the
city a creditor OF the company on time
basis. The authority to this can hardly
come from anyone burt the city council"
OTHER VIEWS.
Acknowledgement Greenough represent
ing the state which has about $4,000 on
deposit In the Union Trust company said
II have not read the report yet but
hope that II Is satisfactory one. l can
say, however, that no matter what the
nature OF IL may be. the legislature is the
only authority which can enable the state
20 assent 10 the plan. The general as
sembly meets next month and II alone
can give the state power To grant con-
sent, so far as II is concerned as de-
positor. to any scheme regarding the re-
opening OF tho bank"
Leopold Dimond says: 'I think very
favorable OF II. From what have read
were any point at all upon which am
not decidedly in favor. II might be that
concerning the number or voting trus-
teee. II strikes me that 1--WE Is rather n
small number. although, OF course, this
Is n matter OF detail and does not concern
the principle OF the plan. In its general
scope / think IL is very fine and II Is to
be hoped now that the depositors will see
tee which recommended H."
nEpOStTpRg Nyya'T M SrtApE