The news-democrat. (Providence, R.I.) 1906-1909, 1908-01-16
WANT DEP0s|T0RS
ON UNION TRUST
VOTING TRUST
Continued from Page one.)

On Jan. IL Mr.. Peck wrote to Edward
ID. Pearce. chairman OF tho depositors
committee. the following letter:
Dear Sir-I have been identified with
the Union Trust company for over II
years-for long time as a large stock
holder, and for the past four years as "a
depositor only but always as large de-
posltor. During this period OF IL years
many people have opened accounts with
this bank at my solicitation. or on my
advice. and because OF this / think I am
justified IN making this request In their
behalf and my own.
MY object is that only people whose
money Is at stake and whose interests
are Vital, almost and certainly para
mount, should have representatives upon
the voting trust already named by you.
There can be no question as 10 the
right OF the depostors to this represen-
tation-the right to take part I'm the dc
liberations OF this voting trust and TO
have voice in the selection OF the dl-
rectors who are TO manage their proper
~.
~. therefore, ask IT not az a favor. but
as right that representative depositors
be added 10 the list OF voting trustees"
COMMITTEES REPLY.
The following reply. signed by Nathan
w. Littlefield. secretary OF the depositors'
committee, was sent Mr. Peck:
Your letter OF the 10th inst. relative
10 increasing the board OF voting trustees
In tho plan OF reorganization OF the
Union Trust company, was presented by
Edward D. Pearce. Esq. chairman OF the
depositors' committee. at a largely at
tended meeting OF that committee this
day Jan. IL. and carefully considered at
length by the committee. The result OF
their deliberations is embodied I'm a vote
which was passed by them as follows:
1T was voted that the secretary com.
a Wi hr Anlx sat,I
that the change requested by him IN the
number OF voting trustees is, i'm our opin-
Ion. inadvisable and impracticable as
matters have now progressed so far that
the introduction OF such n change would
cause delay and would not be productive
OF sufficient good to Justify such n
course. The committee would probably
have been quite willing TO increase the
number of trustees TO seven II request
had been made while IL had the plan un-
der consideration and before IL had act
ed upon the same and before the plan
had been presented TO the court and made
public"
The names OF these three depositors
were mentioned as possible additions 20
the voting trust IL IL should be decided
10 add couple TO this number Newton
ID. Arnold. Leander X. Peck and William
A. Copeland
NOT PROPERLY REPRESENTED
Discussing this phase, Mr. Peck SAYS:
II had no desire personally to serve ms
voting trustee. but did feel that the
trustees should be more representative OF
tho depositors. l understand that only
one OF the five gentlemen named has n
deposit In the Union Trust company and
mat Is about SIS I am not objecting 20
any or the five gentlemen. but do be-
Iieve that the trustees who name the d.
rectors and virtually control the bank
should at least include representative de-
postors
II think that II is for the best interest
OF all depositors that more should be
printed in the papers OF the deliberations
IN the committees For my part I wish
10 have my position made clear since I
induced many persons to become deposit
ors and they now want TO know my opin-
ions. I think a s per cent return would
be fdirer return than per cent and
I believe that the depositors should be OF
trustees. However, I do not wish to be
understood as fighting against tho pro-
posed plan. But do think II could have
been improved upon"
RATHBONE GARDNER
Cos Receiver Rathbone Gardner said:
When the plan first went from the re-
ceivers' committee TO the depostors com
mittee. the voting trustees were to be Sc
lected by the new stockholders. As | said
IN court. when the case was last up, the
uncertainty as TO the voting trustees was
the principal thing that had ben clisl-
cised In the plan. i personally tried as
TAR as possible. to remove this objection
pN securing the consent or the members
or the receivers committee TO serve I'm
case they were asked.
THE depostors committed without
any conference with me. or as far as |
know with anyone outside their commit
tee. went further and named the trustees
They took the responsibility OF the en-
tire plan and l believe this change was
wise one.
81 have been told by a member of the
depositors' committee that the principle
upon which they acted was 10 select men
hn had Int In thx IT...,
company. and who would be accepta bic TO
a'l parties In interest. on account OF their
known character. believe that this prin-
cipe OF selection was a wise one"
Chairman Edward ID. Pearce OF the de-
positors' committee. said he was not au-
thorizod by the committee to discuss the
question raised. and "the letter To Mr.
Peck explains the attitude OF the commit
tee"
The proposition to change the name and
location of tho Greenville National bank
10 the Olneyville National bank has been
made 10 the board OF directors OF that in
stitution. and while nothing definite has
been done as yet. IL IL thought that the
final action will be favorable to the stig-
Rested change. action depending entirely
upon the outcome of the affairs OF the
Union Trust company.
The Greenvillc bank Is now an inde-
pendent bank. and will continue so in
spite OF any change which this new pro-
proposal may bring about