The Barre daily times. (Barre, Vt.) 1897-1959, 1922-03-09

est on the deposits as they ex
! listed October |, 1920, compound
ed semi-annually thereafter at TIN
rate of 4 per cent per annum il
settlement of the interest which La
accrued on said trust funds since No
vember %, 1920.
8. That among the assets of sale
4 bank are loans Of ID. Nj. Barclay ag
4 gregating about $4,000 with interest
/ and including the indebtedness of IL,
1 Standard Granite Company, which ait
secured by mortgage ON the Rar
/ clay granite quarry, so called, IN
the town Of Barre, and the receiver has
no other security for the same except
$1,000 of preferred stock of Peerless
Knitting Mills company and 800 com,
mon stock of said company. That
said Barclay Is now paying on said
Indebtedness 81 900 each month under
an agreement with the receiver APP
proved by order OF this Court, wliich
provides for such payments each
month until January |, 1923. That is
doubtful If said mortgage can be sold
Tor more than S5D,U0U.
10. That there are other losses ag-
gregating from $4,000 to $4,000 and
perhaps more which are bound to &C.
cur in the liquidation Of the loans of
the Barre Savings Bank & Trust Co.
which should be deducted from the as
sets as made in the report of the re-
ceiver as of December 81, 1921.
IL. That If said bank goes to com-
plete liquidation other losses are bound
to occur which can be saved ii all Of
the assets can be turned over to a 90
ing bank in Barre TO liquidste.
IL. That with the approval OF the
Bank Commissioner Of the state, arti-
eles of association have been filed with
the Secretary of State for the state of
Vermont for the Barre Trust company.
and that the incorporators of said
bank have advertised TO open Febru-
AIRY 20, 1922, books of subscription fer
the stock of said bank, and it is pro-
posed to issue 500 shares of capital
stock in said Trust company of the
par value of 500 each TO be paid for
at the rate of $3.50 per share, thus
capital stock of $4,000
and surplus of $4,000 to be paid for
in cash.
IL. That your petitioners have been
informed and believe and aver the fact
to be that nearly all of the stock of
the Barre Trust company has been
so that very soon the Trust
will be organized and ready
10 commence business.
IA. That the ineorporators OF the
Barre Trust company have made the
proposition TO yonr petition
RS; That the Barre Trust company
will take an assignment of the lease
If the banking rooms Of the Barre
savings Bank and Trust company and
'ay for all Of the assets of every kind
n the hands OF the receiver and under
his control such sum as will pay
he expenses Of the receivership and !
II claims allowed in full without in !
crest after Nov. %. 1920, provided the |
petitioners provide guaranty fund OF |
twenty-five thousand dollars as add /
ional security for the payment of the |
oans of ID. M. Barclay aforesaid. and \
hus provide for the payment of the
rust funds before mentioned with in
crest at four per cent per annum from
let. /. 1920, as aforesaid.
10. Your petitioners are informed
nd believe and therefore aver that a
srge number of the depositors of the
'srre Savings Bank and Trust com
any are in favor of accepting this Of
ar made in behalf of the Barre Trust
and your petitioners know of
o other way in which depositors can
sceive the payment Of the full amount
T their claims without interest.
l6. That your petitioners believe
nat il is for the best interests Of the
of the Barre Savings
ank and Trust company TO have all
the stockholders ordered BY the
'urt TO pay an assessment OF one
nndred per cent on their shares of
Ipital stock provided such stockhold- :
: aRare to are permitted to partici-
tie IN the guaranty fund Of $4,000
the amount for which each stock
,lder is liable 10 an assessment in
m Of paying their assessments in
Oh in order that such offer OF the
srTe Trust company nav be accepted,
ID in the event that such an assess
ent j. ordered by the court your petit :
Dners win undertake 10 paw the as
ssments II those stockholders. who
cline to pay their assessments. pro-
ted the right Il given your petit
'ners 20 bring suit for such assess.
ents in the name OF the receiver and
e beneficial interest in said assess
snts il assigned and transferred 70
e petitioners. and in the event tina;
ch an order i made ievying an as
ssment upon Stockholders. and giving
2 stockholders 80 assessed an uppor.
nifty Of contributing 10 said guar
~ fund in lieu Of paying an assess.
mt the petitioners hereby offer a.
wide such additional guarantees a.
y b. Necessary 20 bring the total
grantees foT the Barclay loan. with
. assessments paid in cash. up 20
200 in amount.
~ Wherefore the petitioners pray
q The oaer a the Barre Trust con-
~ for TIE assets Of the Barre Saw.