The news-democrat. (Providence, R.I.) 1906-1909, 1908-01-04
UNION TRUST CO.
RECEIVERS GET
3 WEEKS MORE

Continued from Page One)
amended so as TO read as follows: "As
soon as the permission OF the superior
court to resume business is granted said
two committees shall fix .he date for the
resumption OF the business of tho trust
| company"
MIR. GARDNERs STATEMENT :.
| In his opening remarks Mr.. Gardner
| told of what had been done by the re-
ceiyers since the matter was last before
/ the court Then he said the time had
come for the creditors as such TO take
hold OF matters and any further PROPOSE
| ton to the creditors should come as from
the creditors rather than as from the re-
ceivers The plan agreed upon had met
substantial endorsement and the main
features OF the plan must be carried out
as presented. Any one acting IN the car
rying out OF the relief measures must re-
member that the best the receivers could
do was this plan. What was TO be done,
Mr. Gardner said. II was necessary to do
promptly and there was n great deal 10
do. Many legal papers OF an important
nature would have to be prepared so as
TO bind those accepting the benefits OF
the plan. He suggested that members OF
the bar who represented creditors agree
on two or three of their number TO pre-
pare certificates, which must be OF novel
character and carefully worded.
Senator Gardner after further explana-
tions said IL was necessary that IL the
plan was approved by the depositors
prompt and unanimous action he taken
thereon. He suggested short contin-
uance in order that Il might be ascertain
ed whether the deposltors were satisfied
or not.
COL. VAN SLYcK SPEAKS.
c. NJ. Van Slyck, Esq, said much had
been heard about the depositors but he
wished to know how the stockholders
| viewed the plan proposed. lie believed
the stockholders should be satisfied bur
there were rumors about, I'm fact he had
something more definite than rumors
about the opposition OF centain stock
holders. Col. Van Syck asked the re,
ceivers for Information on this point be-
lleving il would be helpful TO know the
attitude of the efpresent stockholders.
Senator Gardner said he could not
speak for every stakeholder, but many OF
the largest stockholders favored the plan
| that had been suggested
Frank l.. Hinckley spoke in favor OF,
the plan and favored continuance OF
three weeks.
PRoMPTNEss DESIRED.
Presiding Justice Sweetland said that
much depended on promptly ascertaining
tho views OF the depositors and others in
| terested.
N. w. Littleneld, Esq. then read the
report given and made some remarks OF
l
tribute to the earnestness OF his asso-
oiates on the depositors' committee. lie
favored the proposed plan.
Arthur p. Sumner said there was $l40,
900 deposited with the Union Trust bank
by trustees and executors and because OF
this he wished to know what disposition
was to be made OF the 100000 placed with
the state treasurer
Senator Gardner said this was one of
an immense number OF details that would
have to be attended to.
Attorney General William b., Greenough
!. said he could inform counsel about the
5000 deposited with the state treasurer;
IT would remain right where It was. Mr..
! positors, but as To the state deposit IN
the bank, the general assembly could
alone take action. and OF that there were
some doubts. lie favored the plan and
said IL 1t was carried out the best in
terest OF all would be conserved.
GEN. WILSON TALKS PLAINLY.
Gen. Charles A. Wilson said he could
not take as rosy view OF the situation
plex was intelligent. and the receivers
kindly n 'f of those who had helped the- re-
OF the receivers first made that the bank
was insolvent and capable OF only pay
ing 50 cents on the dollar. The stock
holders could have no rights therefore:
and the stock was now bad. 1t r<emeo
to Gen. Wilson that this plan required
the deposltors TO rehablitate this bank
whose management had been 80 unsuc-
cessfui as conducted by its stockholders.
While the money OF these stockholders
had been dissipated by these stockholders
the depositors are asked 10 make good
$500, COO This was an absolute injustice to
| them.
These depositors. Gen. Wilson declared,
could never get more than their debt.
that is the money invested could never
make one dollar for them. 1t seemed 10
Gen. Wilson that the just and honorable
thing for the stockholders to 90 would
, | be TO turn over their stock.
Mr. Gardner briefly replied as above
noted. and as neither Gen. Wilson or any
one else had any plan To present in OPP
position to that submitted by the receiv-
ers the hearing came TO close RMS
afternoon the committee of depositors
: met to select the lawyers to prepare nec-
. essary papers.
JUDGE FAvORS PLAN.
) Presiding Justice Sweethnd just before
[ | the hearing was adjourned, approved the
| plan presented by the receivers, and
which has been much considered by the
ldepositors His honor said: 1T would pe
the part OF wisdom for the parties In In
| terest to accept IL"
Il