The news-democrat. (Providence, R.I.) 1906-1909, 1907-07-18

\ not.
Judge Lyman suggested that the motion
should be made even broader. 40 as To
| empower the committee 10 take such ac
| .lon, bankruptcy or otherwise, as would
seem hest. This was agreed 20. ana the
motion WAS adopted.
The meeting adjourned TO the call OF
the committee.
HOPES FOR THE BEST.
I'VE hope" said Attorney Harry c
Curtis discussing the subject this after
noon," 10 save everybody we can. bad
state OF affairs has developed. but the
question is how bad is IL?
, 1--WE know that up 10 a short time ago
certain mortgages were held by the
Home Realty company and that now
some other persons or corporations hold
them. The question is where are they?
1--WE propose TO look into all the con-
Germs allied with the Home Realty com
pany i'm order 20 ascertain just where we
were at We were given 10 understand
yesterday that these companies were
willing TO give all the Information Ia
their power. When they were asked 10 re-.
duce this consent TO writing some OF them
baked Attorney f. c. Pierce advised his
clients the Home Realty company. the
Commercial corporation and the Rhode
Island agency, 20 consent 10 "a thorough
examination OF their books, and they
consented. We learned today, however,
from Gen. Charles A. Wilson, who has
appeared as counsel that the Home In
Vestment company, the Peoples trust
company, the Central Trust company, the
Isaac L. Goff company and the Goff-
Moshier company, would not give their
consent 10 allow their books TO be ex-
amined by an expert accountant In the
interests OF the Home Realty company
creditors.
1--WE learned also that the affairs OF the
Home Realty company are so involved
and so inextricably mixed with those or
the other corporations in question that IL
would do no good 10 examine the books
OF two or three, but that an examination
of all the companies allied In any way
with the Home Realty company was
necessary. Otherwise. we would never
get to the end OF the string.
Under the proposed bankruptcy pro-
ceedngs Witnesses and books can be call
ed into the United States court and ex-
amined To ascertain what. II any. trans
actions these other corporations had with
the Home Realty company, the property
can be closed out at forced sale, and
there will be larger dividends TO the
creditors II II can be shown that many OF
the mortgages are fraudulent. Some or
these mortgages appear suspicious one
OF them that Ia undoubtedly bona fide is
that held by the Peoples Savings bank.
About all of the others are held by cor
porations allied with the Home Realty
company.
THERE ARE MANY UNFoRTUNATEs.
''The people who occupy the most un-
fortunate position In this matter are those
creditors who have contracted 10 buy
houses which are TO be surrendered TO
thcdl at certain stated periods and for
a certain stipulated price. l know OF Il
case where man contracted with the
company 10 buy house and lot for $500.
He paid In 500. made a mortgage of $500
70 the Home Realty company for the bal
ance. The Home company has put into
the house about $li00 In labor and mate
rails, yet he owes the mortgage for $500
on a place that Is now worth not more
than $500. II anybody could be induced
to advance him enough money 10 finish
this house and take a mortgage Tor the
morey advanced that mortgage would
como In secondary TO the first mortgage
for more than $1,000 more than the first
mortgage, or those from whom he pur-
chased the mortgage. have placed In the
house. There are two losers by this
original owner Ube man who
proposed 10 build). and the man down In
Alabama or somewhere else. who has In
nocentiy bough: the mortgage for $500 on
that Just now cannot be worth
the value of the labor and materials rut
into this unfinished house. These seems
To be Il lot OF such cases"
MORTGAGES AGGREGATING s7s,425.
In tho statement which Attorney John
s. Murdock read 10 the creditors this af-
ternoon II appeared that there are mort
cages aggregating s7s,525. on the proper
ties 10 which the creditors may look for
anything they may be able to get out of
the wreck, and that the Home Realty
figures its equities In these
properties TO be worth s223. $50 Al. leaving a
balance OF sl55,2l4.h for the creditors to
get IL they can.
The creditors committee as finally made
up today, Mr.. Swanson having resigned
at the meeting this afternoon. consists OF
Messrs. Chase Mills, Nickerson. Muir
dock. OF the old committee. and John A.
Tillinghast, elected today.
Attorney Edwin G.. Pierce said this af-
ternoon that To hlm Il looked as II a trus-
tee could take charge OF the Home Realty
company's AFFAIRS, protect IL from fraud
ulent creditors, carry out its obligations
10 home buyers conduct building opera
tions economically and hand over 10 each
OF the creditors In about five years 100
cents on the dollar. He was not certain
that anything at all could be realized in
any other way.
FIVE MORE LIENS.
The Phillips Lead & Supply Co.
placed FIVE liens against the Home
Realty company this morning as fol-
lows: House on Vermont avenue
sh921; house corner OF Broad street
and Massachusetts avenue $l4.50;
house on California avenue. $780,
house on Ohio avenue, ss6.3e; house
on California avenue, ss6.3e.
NEWS KEPT FROM COL GoFF.
AT Col Isaac l.. Gofr's residence II
was stated that he was in very
nervous ondition last evening, but was
more comfortable today. II was said
that he was being kept in ignorance
of what was going on In connection
with his companies. as the attending
physician gave warning that any ex-
citement might make his condition
very serious.