The Barre daily times. (Barre, Vt.) 1897-1959, 1922-03-02

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! ing to accept 4 per cent inter
est on the deposits as they OK
listed October |, 1920, compound
ed semi-annually thereafter at til,
rate of 4 per cent per annum IN
settlement of the interest which La:
accrued on said trust funds since No
vember %, 1920.
8. That among the assets of said
bank are loans of ID. M, Barclay ag
gregating about $4,000 with interest
and including the indebtedness Of tie
Standard Granite Company, which are
secured by a mortgage on the Bar.
clay granite quarry. so called, in
the town OF Barre, and the receiver has
no other security for the same except
$4,000 Of preferred stock of Peerless
Knitting Mills company and 500 COM
mon stock of said company. That
said Barclay is now paying on said
Indebtedness $1,000 each month under
an agreement with the receiver APP
proved by order of this Court, which
provides for such payments each
month until January l, 1923 That is
doubtful If said mortgage can be sold
for more than $4,000
10. That there are other losses ag-
gregating from S25 900 to $4,000 and
perhaps more which are bound 10 &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, 1927.
III. That If said bank goes to com
plete liquidation other losses are bound
to occur which can be saved if all Of
the assets can be turned over to go
ing bank in Barre to liquidate.
IL. That with the approval of the
Bank Commissioner of the state, arti-
cles 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 10 be paid for
At the rate of $3.50 per share, thus
q capital stock of $4,000
ind surplus OF $4,000 to be paid for
N cash.
ID. That your petitioners have been
informed and believe and aver the fact
o be that nearly all of the stock of
he Barre Trust company has been
so that very soon the Trust
ompany will be organized and ready
o commence business.
IA. That the incorporators Of the
Barre Trust company have made the
GLOWING proposition to your petition
rs: That the Barre Trust company
vii take an assignment of the lease
4 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 aud under /
is control such a sum as will pay
he expenses of the receivership and /
II claims allowed in full without in
crest after Nov. %, 1920, provided the
etitionsrs provide guaranty fund Of
thousand dollars as addi- |
ional security for the payment Of the
pans of ID. NJ Barclay aforesaid, and
hus provide for the payment Of the
rust funds before mentioned with in
crest at four per cent per annum from
ct. I, 1920, as aforesaid.
Is. Your petitioners are informed
nd believe and therefore aver that
Irgc number Of the depositors Of the
ARE Savings Bank and Trust COM
any are in favor of accepting this Of
II made in behalf of the Barre Trust
,mpany, and your petitioners know Of
D other way in which depositors can
,ceive the payment Of the full amount
their claims without interest.
lG. That your petitioners believe
lat Il is for the hest interests of the
ockholders OF the Barre Savings
ank and Trust company TO have all
the stockholders ordered BY the
'urt to pay an assessment of one
mdred per cent on their shares Of
pital stock provided such stockhold-
; as care 10 are permitted to partici-
tie in the guaranty fund Of $4,000
the amount for which each stock :
,lder Is liable 20 an Assessment in
N Of paying their assessments in
-h in order that such offer Of the
lrTe Trust company may be accepted,
"a in the event that such an assess.
emf Is ordered by the court your petit
,ners viii undertake to pay the as
ssments Of those stockholders. who {
cline 20 pay their assessments, pro- Z
ded the right j. given your petit
,ners to bring suit for such assess
snts in the name Of the receiver and
= beneficial interest in said assess
snts il assigned and transferred to
r petitioners, and in the event that
Cd an order j. made levying an as
ssment upon stockholders. and giving I
2 stockholders % assessed an Oppor-
nifty Of contributing 20 said guar =
~ fund in lieu Of paying an assess
mt the petitioners hereby offer TO
ovide such additional guarantees So I
~ Be necessary 70 bring the total 4
grantees for the Barclay loan. with
? assessments paid in cash. up to
800 IN amount
III Wrrrpfrre IL retifio-ers r,~.w