The Barre daily times. (Barre, Vt.) 1897-1959, 1922-02-23

| Ing to accept per cent inter
est on the deposits as they cN
listed October /, 1890 compound
ed semi-annually thereafter at tn
rate Of 4 per cent per annnm y
settlement of the interest which La
accrued on said trust funds since No
vember 20, 1920.
i O. That among the assets Of sait
| bank are loans Of p. M. Barclay ag
gregating about $4,000 with interest
/ aud including the Indebtedness Of Nh
STANDARD Granite Company, which art
scored BY d mortgage on the Bar
| clay granite quarry, 50 called, II
| the town Of Barre, and the receiver has
no other security for the same except
| ~, 900 Of preferred stock Of Peerless
| Knitting Mills company and $500 com.
mon stock of said company. That
said Barclay il 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 J., 1923. That II
doubtful If said mortgage can be sold
for more than $4,000.
10. That there are other losses ag-
gregating from $4,000 to $4,000 and
perhaps more which are bound to De-
cur in the liquidation Of the loans Of
the Barre Savings Bank n 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 il said hank goes TO a com
plete liquidation other losses are bound
to occur which can be saved ii all Of
the assets can be turned over to a 60
ing bankain Barre to liquidate.
IL That with the approval Of tine
Bank Commissioner Of the state, afti-
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 Fefrn
airy 20, 1922, books of subscription for
the stock Of said bank, and 1t il pro-
posed to issue 800 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
providing q capital stock OF $4,000
md surplus Of $4,000 to be paid for
ii cash.
I3. That your petitioners have been
and believe and aver the fact
to be that nearly all Of the stock Of
he Barre Trust company has been
iubseribed 80 that very soon the Trust
company win be organized and ready
VI commence business.
IA. That the incorporators IF the |
Barre Trust company have made the
following proposition to your petition |
srs. 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
lay for all Of the assets Of every kind /
n the hands Of the receiver and under
iis control such sum as will pay I
he expenses Of the receivership and |
III claims allowed In full without i'm
crest after Nov. %, 1920, provided the
petitioners provide guaranty fund Of
twenty-five thousand dollars as addi.
ional security for the payment Of the
oans Of ID, NJ. Barclay aforesaid, and
hus provide for the payment Of the
rust funds before mentioned with I'M
crest at four per cent per annum from
let. |, 1920, as aforesaid.
Is. Your petitioners are informed
nd believe and therefore aver that a
urge number Of the depositors of the
,arre Savings Bank and Trp com
any are in favor OF accepting this Of,
er made In behalf Of The Barre Trust
ompany, and your petitioners know Of !
T..
aceiye the payment of the full amount
their claims without interest. Il
l6. That your petitioners believe !
hat it ID for the best interests OF the
OF the Barre Savings !
ank and Trust company to have all
the stockholders ordered by the
burt to pay an assessment Of one
nndred per cent on their shares of
lpital stock provided such stockhold
s as care to are permitted TO partici /
ate in the guaranty fund of $25 ,000l 4
, the amount for which each stock 4
,lder is liable 10 an assessment in I
en- Of paying their assessments in
sh in order that such offer of the I
ARE Trust company may be accepted,
I'd in the event that such an assess d
ent is ordered by the court your petit
oners viii undertake TO pay the as
ssments of those stockholders, who
cline TO pay their assessments, pro-
ded the right is given your petit. Il
oners to bring suit for such assess d
ents in the name OF the receiver and
e beneficial interest in said assess
ents is assigned and transferred to
e petitioners, and in the event that r
Oh an order is made leyying an as I,
ssment upon stockholders, and giving n
e stockholders so assessed an oppor-
nifty OF contributing TO said guar ),
ty fund In lieu Of paying an assess. :,
INT the petitioners hereby offer TO y
divide such additional guarantees as =
~ be necessary to bring the total ~
arantees for the Barclay loan. with -
c assessments paid in cash, up TO
5000 in amount. 81
II. Wherefore the petitioners pray G.
at the offer of the Barre Trust com 81
nv for the assets of the Barre Saw b
Is Bank and Trust company may be
'epted; Dis
Cd That an assessment Of 100 per
1t may be levied upon all OF the Fs