1809. Merchants Trust Company (Waterbury, CT)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: December 23, 1931
Location: Waterbury, Connecticut (41.558, -73.051)

Metadata

Model: gpt-5-mini
Short Digest: 097998d8

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Other: Long receivership with multiple dividends paid later; RFC loan applications and attempted reorganization documented.

Description

Large withdrawals and inability to open occurred Dec 23, 1931; directors suspended business same day. Examiners took charge Dec 24, 1931 and the Citizens & Manufacturers National Bank was later confirmed as permanent receiver (Feb 5, 1932). The institution remained closed and in receivership thereafter, with liquidation/dividend actions through 1934.

Events (4)

1. December 23, 1931 Run

Cause: Bank Specific Adverse Info
Cause Details: Directors cited depreciation in market prices of securities and impaired liquidity; difficulty reducing loans and steadily decreasing deposits led to withdrawals.
Measures: Directors suspended business (posted 90-day clause in savings banks); solicited/arranged support/loans from local banks and National Credit Corporation; assurances to depositors; police kept order.
Newspaper Excerpt: Within a few minutes after 9 o'clock early visitors to the bank were greatly surprised to view money withdrawn ... the notice that the institution would not open to-day ... Thousands of depositors of The Merchants Trust company must now await developments.
Source: newspapers

2. December 23, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension was voluntary by directors in response to impaired liquidity from depreciated securities and falling deposits; intended to protect depositors and seek remedies.
Newspaper Excerpt: The action of the directors of the Merchants Trust company in deciding to suspend business this morning ... the present situation has been developing over the past year ... the immediate crisis developed because of the depreciation in the market prices of securities which has seriously impaired the liquid position of the company.
Source: newspapers

3. December 24, 1931 Other

Newspaper Excerpt: EXAMINERS TO TAKE CHARGE OF THE BANK Four Bank Officials of State Are Now Going Over the Books of Merchants Trust Co ... Four bank examiners took charge today of the books of the Merchants' Trust Company ... preliminary investigation to determine the solvency of the institution is now well underway.
Source: newspapers

4. February 5, 1932 Receivership

Newspaper Excerpt: The Citizens and Manufacturers National Bank confirmed as permanent receiver for the Merchants Trust Company and time limit of four months was set for the filing of claims against the closed bank following hearing before Judge ... to-day.
Source: newspapers

Newspaper Articles (23)

1. December 23, 1931 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, December 23, 1931

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Local Banks Will Take Speedy Action (Continued From Page 1) tarily, the Sanditz & Traurig Bank banks. This will prevent any raid officials declared but matters are upon the treasuries of the banking now in the hands of State Bank institutions by panie-stricken deCommissioner Basset. positors and will serve to protect Charles Kazemekas of Kazemetheir interests eventually. All dekas & Company, Inc, private bankpositors, however, have been given official assurance of receiving $50 ers of the Brooklyn section, stated early this afternoon that his bank's weekly, which will be the maximum amount of withdrawals until doors had not yet closed. He adfurther notice. mitted, though, that a meeting of the officials of the bank: would take Plenty of Funds With thousands of dollars en place "sometime this afternoon" to route to Waterbury from Boston, discuss the situation, New York and Hartford and exAccording to reports, both the pected here this afternoon or in Sanditz and Traurig and Kazemethe morning at the latest there is kas banks deposited much of their no fear of a shortage of funds and funds with the Merchants Trust banking officials have promised to company and were, therefore cooperate with all their patrons to greatly affected by the suspension prevent any embarrassing situaof business at the latter institutions. tion. One of the most essential facts Payrolls Cared For discussed at the special meeting Despite the closing of the Merthis noon was the fact that the Nachants Trust company, the city's tional Credit Corporation had appayroll was taken care of to-day proved of a substantial loan by as in the past. The city's deposits local banks to the Merchants' Trust are scattered through several local Company. This was cited as evibanks. No concern over the safety dence that the corporation had suof the municipal deposits in the preme confidence in the solvency Merchants Trust company was exof the bank which failed to open pressed to-day at the City Hall. this morning. It also substantiThe Chamber of Commerce and ates the impression that the directhe mayor's office were both kept tors of the Merchants' Trust Combusy to-day answering queries on pany acted voluntarily to bring the closing of the bank. In both their affairs to a crisis and to places persons asking information place matters officially in the were infromed that as far as could hands of the state bank commisbe ascertained there was nothing to sioner. It also serves to protect worry about. them from any personal responsiThe city's deposits in the Merbility in event of any unpleasant chants Trust company total about incidents. $230,000. However, the net deBelieve No Rumors posit is approximately $130,000 in Notwithstanding the circulation view of the fact that the city has of many wild rumors as to bankan outstanding loan of $120,000 ing cooditions in Waterbury the from the same bank. meeting of the bankers today was Public Await Results one marked by optimistic confidence and with statements of asThe conference of banks led to surance by Lewis S. Reed of the the statement that if the public Citizens-Manufacturers and chairwould remain unmoved by the inman of the senate state committee cident and awaited results they on banking, E. O. Goss, Edwin S. would discover that their confiHunt, Fletcher Judson. John P. dence in the ability and integrity Elton, Wilbur P. Bryan, Edwin S. of the banks of Waterbury would Northrop and others present at the not be misplaced. Lewis S. Reed, meeting. who is very familiar with banking Test of Confidence conditions here and throughout While admitting that the incident the state, was very confident that affecting the Merchants' Trust Waterburians would act wisely in company and the general public this emergency. He was also the was one of sincere regret it was authority for the statement that not an occasion to warrant pessome of the largest banks of the simism. It was an emergency that country have pledged their supwould perhaps test public confiport and would rush thousands of dence in banking institutions. but dollars here to meet any unusual demand. if persons refused to be stampeded by unfounded reports they would As a safeguard for both the appreciate readily the fact that the banks and depositors notices of interests of thousands would be the 90-day clause were promptly protected without the loss of a posted in savings banks. "We are penny. trying to make it plain to the peo9 Within a few minutes after pie," remarked Wilbur P. Bryan of the Colonial Trust company that o'clock early visitors to the bank were greatly surprised to view money withdrawn at a time like the notice that the institution this becomes "hoarded money' and retires from circulation. It would not open to-day. In a reworks to the disadvantage of all markably short time the city was concerned." buzzing with comments. Thousands Thousands of depositors of The of persons paraded past the instiMerchants' Trust company must tution seemingly amazed by the now await developments. They development, but there was no have the assurance of the direcevidence of disorder or excitement. tors, who include many of WaterNaturally scores were disappointed bury's most successful business and shocked, but there was no A men, that they will not suffer any manifestation of resentment. loss. President Henry Weyand has small squad of policemen remained announced that the condition of in the vicinity of the bank during the bank would be made known to the day and kept the sidewalk the public within a few days and free of obstruction of curious speca statement published. He also astators. sures everyone that their interests While the city was recovering will be protected. from the shock of the affair aiIn addition to the wild reports rectors of the bank held a meeting circulated, there were stories told and issued the following statement: of persons being unable to cash Directors' Statement checks to buy gifts, pay rent, doc"The action of the directors of tor bills, insurance premiums and the Merchants Trust company in for other purposes. Some told of deciding to suspend business this unusual deposits being made only morning was taken when in their yesterday with the Intention of judgment it became apparent that having them paid out in checks. the interests of the depositors The Merchants Trust Company would best be served by such acwas organized November 28. 1910, tion. The present situation has with a capital of $100,000. Its debeen developing over the past year posits at the end of the first year because of the difficulty of reducof its existence were $150,000. In ing the amount outstanding on 1917 the deposits were over $2.loans and discounts combined with 000,000 and its surplus $88,000. At steadily decreasing deposits. The the annual meeting the bank immediate crisis developed because showed the results of excellent proof the depreciation in the market gress during the ensuing 13 years. prices of securities which has seThe first quarters of the bank were riously impaired the liquid position at 142 Grand street and a number of the company. The total deposts of the bank are of years ago the institution moved less than six million ($6,000,000.00) to the present location on Bank street. dollars of which three million six hundred thousand ($3,600,000.00) A year or so ago new land adjoining the County court house on dollars are in the savings department. The capital surplus and unLeavenworth street was bought by

2. December 23, 1931 The Waterbury Democrat Waterbury, CT

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raid This will prevent the any banking banks. the treasure of deupon institutions by serve to depositors their interests and will eventually. have been All given $50 positors, however, of receiving maxiassurance will be the until mum amount official weekly, which of withdrawals further notice. Plenty of Funds of dollars en With thousands Waterbury from Boston, exroute to and Hartford and or in New York this afternoon there of no pected the morning here of a shortage at the latest promised funds and to to is banking fear officials all have their patrons situaprevent cooperate any with embarrassing facts at the that tions. One of the the most special essential meeting Nadiscussed was the fact had approved this tional noon Credit of to a Corporation the substantial Merchants' cited loan as Trust evi- by corporation that the in the dence Company. local banks confidence This was failed solvency to had open suIt preme the bank which also substantidirecthis of morning. impression that Trust the Comates tors of the the Merchants' voluntarily to and bring to pany acted to a crisis in the affairs officially place their matters of the state bank to commis- protect sioner. from any any Believe No the hands incidents. them bility in It event also serves of personal Rumors circulation unpleasant responsiNotwithstandinmora as to bank- the was of ing many co® ditions wild bankers in Waterbury today confimeeting of the by optimistic of asone marked with statements of the dence and Lewis S. Reed and chairthe senate Edwin Citizens- Hurance man of Manufacturers E. O. state Goss, committee John P. S. S. on banking, Judson, Edwin Northrop meeting. Hunt, Elton, Fletcher Wilbur and others P. Bryan, present at the Test of Confidence the incident While admittingerchant#" the that general public Trust affecting company and sincere the regret it pes- was not an an was one occasion of It was test to emergency public warrant confi- that simism. would dence in perhaps banking refused to institutions. be they stampeded would but if persons reports fact that the be appreciate by unfounded of readily thousands the the loss would of a interests protected without 9 o'clock penny. a few minutes to the after bank were Within greatly early that visitors surprised the institution to In a view rethe the notice open to-day. city was markably would not short comments. time Thousands the instibuzzing with paraded past the of tution persons seemingly but amazed there was by no evidence were development of disorder or disappointed excitement. no A Naturally scores but there was and shocked, of resentment. remained manifestation squad policemen the bank during small vicinity of the sidewalk in the free the of day obstruction and kept of curious recovering spectators. While the shock city of was the affair meeting alfrom rectors the of the bank following held statement: a and issued the Statement of Directors' action of the directors company in Merchants business the "The suspend Trust when in their that this deciding was to taken apparent judgment morning it became of the depositors acinterests served by such has The over the past difficulty the tion. been would developing best of the be present outstandingwith situation of reduc- year on ing because the amount discounts combined The steadily crisis developed market which immediappreciation loans the and decreasing deposits. in the has because seriously impaired prices of of securities the liquid position are of the total company. deposts of ($6,000,000.00) the bank six less The than of six which million million hundred dollars thousand the savings depart- undollars are in surplus and million ment. The capital total one ($1,300.dollars to divided three hundred profits which thousand amount depositors rep000.00) against resents a the protection depreciation of the in officers, surplus assets. In the opinion of the capital sufficient the save and the amount undivided depositors profits is from any loss." to Sanditz Traurig, & Traurig. local priand 10 o'clock bank bankers, of vate Sanditz morning. closed Officials closing at the was pri- at denied this that the by the suspension The marily caused Trust Company. opened for the Merchants & Traurig Bank this morning an intensive and business Sanditz closed at at 9 "run" o'clock 10 o'clock on the following funds deposited The closing there. was ordered volun-

3. December 24, 1931 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, December 24, 1931

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EXAMINERS TO TAKE CHARGE OF THE BANK Four Bank Officials of PEOPLE BACKING State Are Now Going Over the Books of MerCONFIDENCE IN chants Trust Co-PresOUR CITY BANKS ident Weyand Again Insists Depositors Will $800,000 Came Rushing Get Dollar for Dollar Into Waterbury to FulOTHER BANKS IN fill Any Demands-PeoCITY CONFIDENT ple Themselves Are Showing Their True Four bank examiners took charge today of the books of the Spirit Merchants' Trust Company, which yesterday morning on a vote of its The arrival of over $800,000 in board of directors failed to open currency for distribution among for business, and the preliminary local banks to meet any possible investigation to determine the demands was a development secsolvency of the institution is now ond only in importance to the magwell underway. The examiners nificent spirit of confidence shown with A. F. Austin of Hartford in by the public of Waterbury in 10charge were detailed here under cal banking institutions following the direction of George J. Bassett. yesterday's action of the directors state bank commissioner. Mr Basof the Merchants Trust company sett was expected here sometime not to open its doors. today for a conference with officials of the bank. To-day while some banks reported unusual demands for withAs the examiners carried on drawals, others reported normal their work this morning officers holiday business and the surprisand directors of the bank held a ing fact that hundreds of new deconference to decide upon a course positors were secured. Scores of of action to protect the present business men and persons accusand future interests of the institutomed to frequent usage of checks tion, An announcement of genopened new accounts to-day and eral public interest was expected are' apparently prepared to wait at the close of the special meeting. until the affairs of the Merchants It was expected that some action Trust company have been adjusted. would be taken at the conference Hints of reorganization and possion an application for the appointble action of a local bank taking ment of a temporary receiver. A over its complete affairs were cursuperior court judge would rerent to-day, but until an inventory ceive the petition and take action has been made of the bank's assets possibly Saturday. Attorney John all possible courses of action are H. Cassidy, representing a number but speculation. of depositors of the bank, anLewis S. Reed. president of the nounced today that he was willing Citizens-Manufacturers bank and to co-operate with the officials or chairman of the state senate bankthe receiver in any possible manner as to bring about a satisfactory ing committee, remarked to-day that the public's attitude and calmadjustment. (Continued on Page 2) (Continued on Page 2)

4. January 14, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, January 14, 1932

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Old Bank Help Is Hired Back (Continued From Page 1) ness to properly administer the affairs of the bank-at the present time the temporary receiver practically conducting bank in the place of the business of the Merchants Trust company except that no deposits are being received." Another order of importance is that gives authority the agreements for the due the bank where the receiver belives that the maker good faith desires to meet the notes. the cases where receiver that the maker does not intend to meet the notes, receiver is to bring immediate actions for the lection the notes. The order there hundreds of the states notes coming due promissory Among the assets of the Merthe statement as October listed to the value of consisting of stocks bonds. The given authority enter no immediate to market for these until furthe because application points out the market value these the of business on December was substantially than value set the bank's These selling on the market at greatly reduced prices, the states, tempts made to sell them the receiver amount less the value on the books. Other orders secured by the receiver include: secure bonds and insurance protection; instructions in regard to the collection of collateral loans; instructions regard the segregation permission to retain counsel pending action in the courts against Merchants Trust company; instructions in regard to of for in the Merchants Trust and permission to purchase and regard to the order* on instructions concerning collateral loans, accept either collateral or payments on the loan. Part of the assets of the Merchants Trust company consist of demand notes, commonly known as collateral loans, which the maker deposited as collateral the the note payment with interest. the receiver attempted to force the payment of the loans, would have sell the securities held as collateral. With the market on the time, loss would be by receiver. The court order states that where collateral loans are not secured by sufficient underlying collateral the temporary receiver should notify the maker to either reduce the the said collateral or deposit the temporary receiver, secure the same. Where the ceiver believes the maker will ultimately pay the same the temporary receiver receives partial payments and accepts additional lateral shall not procede with the underlying collateral, without first presenting the facts the court. The receiver points out in seeking permission to carry insurance bonds, for protection to itself it should insurance damage brought against the which owns the property 65 Bank street, and that surety bonds or protection should be obtained in event of misemployes. Permission given carry burglary and fire the order regarding collection of unsecured notes, the receivpoints that among the assets great many such which have security for payment the of the and such endorsements appearing These notes are coming due day and some of them are not being either part full. Hundreds of them daily, the application The that where the receiver believes the maker of note in good faith but is unable to make complete of the the should par. tial and carry the note under agreement the makIng of partial payments until liqui- in

5. February 5, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, February 5, 1932

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Shift $200,000 In Notes To Savings From Commercial Four Months Allowed for Filing of Claims Against Merchants Trust-Judge Peasley Asked to Rule on Status of Set Offs in Closed Institution Affect= ing Heavy Transfer of Paper The Citizens and Manufacturers National Bank confirmed as permanent receiver for the Merchants Trust Company and time limit of four months was set for the filing of claims against the closed bank following hearing before Judge Frederick M. Pensein superior court to-day. The filing of claims applies to anyone having claim against the Merchants Trust Company excepting the depositors. Notices of the time limare to be advertised in all papers the city. In setting four months as the time limit, Attorney Francis Reeves, the receiver. explained that depositors will not have file because the law says they have priority over other claims excepting administration expenses. Judge Frederick M. Peasley ing set in closed banks which expected to set precedent that will affect future motions regarding the Merchants Trust Company. The was short calendar session of superior court to-day. Matson asked that $730.21 he had on deposit as checking account in Naugatuck Bank Trust company at the time of suspension, applied against note the bank amount $5,000. his contention, as argued by Attorney William Larkin, that he secured the note from the commercial side the bank that unruling court, the amount he had on deposit the checking or commercial side the bank. could be applied against the loan. Attorney W. Gager, appearing for the Naugatuck National Bank pointed out that the note since transferred the savings side of the bank and that supreme court ruling is that set off can apply when the note or loan is savings Attorney argued that Mr Matson did not control the the note and felt he was entitled the set The question Judge Peasley must decide whether the right of set off can apply if made from commercial department and then later is transferred the savings side by bank officials. important to the Merchants' company inasmuch as reported that approximately $200,000 worth of have been transferred from the commercial the department in the Merchants' Trust company. officiating. Burial will be in the spring in South Sharon. CASEY Irene Brew Casey. age 33 years. wife of Francis Casey, died yesterday her home on Dayton street, Sandy In addition to her husband she is survived by her father, William Brew: two sisters, Marguerite and Catherine; one brother, Frank, of John of Sandy Hook: aunts. Catherine nad Mary Brew of Waand three uncles, Thomas of Sandy Hook. John of Waterville and Frank of Kansas City. The funeral will place tothe Sandy Hook o'clock to St Rose's church where requiem mass be celebrated at o'clock. Burial will be in St Rose's cemetery, Sandy Hook. GOW James Gow. age 89 years, of 33 West View street, died suddenly yesterday while visit to the home son, Harry Gow of Derby. He is by two sons, Andrew of this city and HarDerby: and daughter, Mrs Catherine Thompson of ShelThe funeral will be held afternoon o'clock from the home son in Derby with burial in Oak Cliff cemetery, Derby. ALVEY-Edward Alvey of Spark street, died at the Norwich hospital last evening. He was born in Holyoke. Mass but had resided this city for 30 survived his wife Nellie: two sons, Edward and Richard; and daughters, Mary of New York Anna of Willimantic. The body was removed to the Clark funeral home, 20 State street from where the funeral held, time arrangements be announced later. been received by relatives hereabouts of death on Saturday, in New York city, of William H. Hunter, 69. He was, for over 30 years, the Sheffield Farms of New York, dealers fancy farm dairy products. He the brother of Mrs W. Palmer Oakville. Funeral services and burial were in New York. BORELLI Borelli, age 58 years, died morning at the Waterbury hospital after brief illness. He came to this country from Italy 37 years residing for the first 20 years in Stony Creek and the past in this city. He was stone cutter by trade but discontinued this line of work years ago when was employed by the Chase Rolling Mills where he worked up to the time of his illness. He was well and highly among the Italian residents of the city. Mr Borelli is survived by his wife, Graziella; Michael and Santo, one daughter, Mrs Sher man this one Rocco of New and two sisters, Filomena and Josephine Borelli of Italy. The funeral will be held from his late home 29 street, time and arrangements to be nounced Antionetta Santolupo, 66 widow of Lupo died this morning at her home 147 Fairfield avenue, after brief illness. She was native came to this city ago residing here that Mrs Santolupo leaves one Pellegrino and daughter, Filomena Lombardi of this city. funeral will held Monday time ments to announced later. DIED February 1932, Lane Grove street. Private services Burial in Riverside cemetery. Norwich, February Alvey, street. Funeral arrangements later. this Februkiss Lone Oak avenue. neral Monday afternoon church. Burial South Sharon. this city, February 1932, Salvatore of Bronson Funeral arrangements later. this city, FebruAntoinetta lupo Fairfield Monday time and arrangements later. MASS NOTICES niversary will St for the the soul of the late John Mitchell Helen Lane Smith, widow of Richard Smith, died yesterday morning her home, 195 this the daughter of the late Merritt and Olive (Ives) Lane of Waterbury. She was acquainted Waterbury citizens who be deeply grieved to learn of her She educated in local schools and at Grove Hall, New Haven. She communicant John's Episcopal church, but following her in 1875 to Richard she memthe First church. She descendant of several prominent families, among them being Thomas Hooker, founded Hartford. and Rev James the first trustees Pierpont, of Yale college. Her husband died She is survived by five daughters, Mrs Sanford bur Bryan, Mrs Warren Kaynor and Mrs Sperry, terbury and Mrs Wendell Curtis of Rochester, and eight grandchildren. first anniversary mass Funeral will be held tobe morrow will be Intermorning ment will in the Conception church, the Friends requested to omit the of the soul of repose late Kane. sending of floral offerings. Edward month's mind mass THIS IS SPEED Berlin.- in 90 morning is the goal by Reinfor Margaret's soul church, of the late Thom- hold Tiling, rocket of Germany. He plans to build pasSheehan. anniversary mass the Facred Heart church, o'clock, the for of late Elizabeth McCarthy. CARD OF THANKS We many friends, neighbors relatives, Street Fire House, Hill Athletic for their kindness and recent sympathy shown during beloved mother sister. Mrs Sadie Rielly. AND GEORGE THE FAMILIES. senger rocket which carry him aloft and transport him around the world that time. He plans to have it completed before the end of this year. WING FLAP Dayton, wing flap for airplanes which. it, is said, will duce speed from 65 to an has been Howard M. Reinhart. The flates are placed on the under side of the plane wing and are operated from the cockpit. are sald to also lifting capacity and aid in taking off.

6. February 22, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, February 22, 1932

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W. T. GRANT CO. STORE ON FIRE MERCHANTS TRUST COMPANY MAY REOPEN Stubborn Blaze Gave "America has furnished to the world the character of entitled Washington. And respect if of American mankind." Fire Companies One ONE MILLION had done that alone have the institutions nothing DOLLARS MAY Of Hardest Battles WASHINGTON BICENTENNIAL BE BORROWED 1732 1932 CHINESE BEGIN Discovered in the Storerooms on Lower Receiver Has Filed an Aplication With Superior Court for Right to Borrow That Sum From the Reconstruction Finance Corporation Will Act on Request Friday DEPOSITORS WOULD RECEIVE BENEFIT First steps toward a possible reorganization of the Merchants Trust company have been taken with the filing of an application in superior court which asks permission for the receiver to borrow a million dollars from the Reconstruction Finance Corp. The application which was filed Saturday, states the reason for the loan is to "facilitate and make possible the reorganization of the Merchants Trust Co. and its reopening for the purpose of its normal banking business, or to pay an immediate dividend to depositors of the savings department." ASK IMMEDIATE LOAN The superior court will be asked to act on the application at the short calendar session to be held Friday morning before Judge Frederick M. Peasley. The application was filed by the Citizens & Manufacturers National bank, receiver for the Merchants Trust Co, and is signed by Attorney Francis T. Reeves, its counsel. Provided permission is granted, an application will be filed immediately for the loan. It is expected that the money would be forthcoming within a short time thereafter, inasmuch as the Reconstruction Finance Corp has been operating since its organization several weeks ago. The application would be made through the manager of the New England district whose office is located at the federaly reserve bank at Boston. Managers were assigned to various districts throughout the United States after congress passed the reconstruction finance act. Charles G. Dawes, former ambassador to England was put at the head of the corporation. The application of the receiver for the Merchants (Continued on Page 2.)

7. February 26, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, February 26, 1932

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of the Merchants Trust Co have agreed on the reorganization and reopening plan and provided this plan is not followed, that a distribution of less than 30 per cent would be paid savings account depositors. Mr Reeves said the Merchants Trust Co had savings deposits at the time of its closing of approximately $3,600,000 and that if the distribution were made it would approximate about 30 per cent. The loan would be negotiated the same as any collateral loan. That is, the receiver would turn over as collateral, first mortgage notes, stocks and bonds in sufficient quantity to represent adequate collateral for the million dollar loan. The Merchants Trust, the application states, had first mortgage notes totaling $1,700,000 at the time of its suspension of business. # THE RECONSTRUCTION FINANCE The Reconstruction Finance Corp. came into being through the passage of an act by Congress several weeks ago. Mr Dawes, who was the former ambassador to England, was put at the corporation's head. The United States was divided into districts and managers placed in charge of each district. The local loan would be negotiated through the New England division, whose manager is located at the Federal Reserve Bank at Boston. The Reconstruction Finance Corp. was given about two million dollars to work with. About $200,000,000 of this sum Mr Reeves explained, was set aside for the assistance of banks which encountered difficulties such as that facing the Merchants Trust Co. Providing Judge Peasley rules that the application for the loan may be made, immediate steps for its realization will be taken.

8. March 4, 1932 Hartford Courant Hartford, CT

Article from Hartford Courant, March 4, 1932

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Closed Waterbury Bank To Ask $1,000,000 Loan Waterbury, March Trust Company will apply to Finance for loan which will either an early dividend the savings depositors in the bank or facilitate reopening of the closed banking inFrederick M. ley the Court this morning the application submitted the and Manufacturers National Bank. receiver for the Merchants Trust Company. Lewis Reed and Thomas Moore. officials the Citizens and National Bank go Boston to confer the gional director the Federal construction on proposed Mr. Reed on advisory committee of the fund

9. September 16, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, September 16, 1932

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DIVIDEND LOOMS 10 P. C. COMMERCIAL Merchants Trust Asks Permission To Make Payment $200,000 Available If Court Grants Request-$14,344 Allowance to Receivers Covers Actual Cost of Operating Defunct Institution Permission to pay a 10 per cent dividend on the commercial side the Merchants Co, first in this department, be asked of the superior court next Friday. Attorney Francis T. Reeves, counsel for Citizens and Manufacturers National receiver, stated today. The application is expected to be filed to-day or but will not be of until week from to-day. About $150,000 will be paid out should the court grant the application. This will be the dividend paid out by the receiver taking over the erchants Trust Co. A 10 per cent payment was made couple of months on the savings side. Mr Reeves there is about $200 000 available for the Judge Allyn Brown granted the motion asking as an allowance to the receiver, covering expenses in the conduct of the business since last January. Thomas F. Moore. in of receivership at the bank, stated this represents actual cash paid out by the Citizens and Manufacturers National bank to its executive officers as receivership. salaries while This enin the gaged money was the refrom its own funds. ceiver As far as an allowance to the receiver for the receivership concerned, Mr Reeves stated that the status the depositors the closed bank would be considered In other first. words, he explained that if all the depositors paid and the receiver feels has done creditable job in the operation of the receivership an application would be filed for an allowance. Mr Moore pointed out that when it the Merchants Trust Co closed, was in critical situation inasmuch as its deposits 10 per cent the total all the banks of the city He said that the board of directors of the Citizens and Manufacturers National bank did not desire to take over the receivership. but only did so upon the insistence of the commissioner, who suggested that be done in the light of public That service to the community. has been the idea behind the movement, Mr Moore stated, and if the receiver feels that creditable job been done, then perhaps small allowance to cover the services rendered would be sought Mr Reeves stated that when receivership was started last Jan. the weekly $600 but since that time the employes been cut 15 per cent, working on weekly shifts, one week on and one week off, and that the number has diminished that payroll to-day is Mr Reeves $300. also lauded the law- MASSES. TEHAN-A month's mind mass requiem be at Francis row Xavier church, for the pose the of the late Mrs Anne Conlon Tehan. SALINARDI-1st anniversary mass will be of urday September Lady of Lourdes repose the soul of church, the late for Mrs the Marie Salinardi. yers of Waterbury in commenting upon the fact that 220 motions have been filed in court since the receivership was started, but not one contest materialized over any one of the motions. He thought it fine gesture on local lawyers' part. Judge Brown reserved decision on the question to the receiver should take pass books given as collateral for loans, in keeping with recent supreme court decision. These books ac. cording to Mr Reeves, are allowed to be taken when the notes mature and apply the amount of debt against the balance listed on the book. Attorney J. Joseph Smith suggested that the consider whether the setting off of these debts be at once, only when dividends are declared Permission to sell certain securities totaling about $40,000 was granted. Mr Reeves explained that the present market value these above the figure set by the appraisers, and in some cases, greater than the Merchants Trust Co paid for them.

10. November 18, 1932 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, November 18, 1932

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of Trustee Bankrupt Estate of I. M. Shapiro Wanted Funds in the Merchants Trust Co Be Decided as a Preferred Claim SIMILAR CASE IN THE HIGH COURT A ruling of the United States Supreme court governed the decision which resulted in the denial of the claim for preference made for an estate included among the deposits of the Merchants Trust company, it was reported in the superior court here to-day. The claim for preference was made by Attorney Phillip N. Bernstein, trustee of the bankrupt estate of the I. M. Shapiro company. His counsel, Attorney Max R. Traurig, filed a claim asking that the estate, amounting to approximately $9,000 on deposit in the Merchants. Trust company, at its suspension, be given preference over the other claims, because it was debt owed the United States, as represented by the bankruptcy court. The claim was heard by Judge Newell Jennings presiding over the court here last spring. There was no law governing the case in this state, it developed, but the United States Supreme court had a case, similar in all respects to the local one. It was decide to await the Supreme courts cision. The high court handed down a decision recently in which it held that claims such as the one made in Waterbury are not to be given preference over other "claims, because they are only ordinary claims and not debts owed the United States. (Continued on Page 8.1

11. April 7, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, April 7, 1933

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Plan To Reorganize Merchants Trust Co. (Continued from Page 1) der this plan, the depositors instead According to reports the reorganof waiting from time to time for ization plan would be in conformdividends on their deposits would ity with the emergency bank legdraw interest from their preferred islation passed under President stock. Franklin D. Roosevelt's suggestions. Interested citizens would be canvassed to purchase some of the In that legislation, authorization stock and the Reconstruction Fifor the reopening of closed banks was vested with the bank commisnance Corp would be queried on gioner in each state. The legislapurchasing blocks of the stock. The funds realized in the sale of tion provided that closed banks that were not too insolvent, could this special issues would bring into realization, sufficient working capiapply to the bank commissioner in tal with which to reopen the bank each state, for permission to issue on an unrestricted basis. The offipreferred stock to secure working cers of the bank would then be capital. Under the plan being discussed faced with paying only 25 per cent for the reorganization of the Merof the deposits and these would be chants Trust Co, a petition to reonly the deposits in the smaller amounts. open would be filed with State Bank Commissioner William BlodAccording to Attorney Smith, the situation will remain as it is until gett, provided the state legislature action is taken by the state legispasses the bill now before it which is drawn in accordance with the lature on the bill now before it. provisions of the measure passed Attorney Francis T. Reeves who by congress. presented the receiver's motion askThe closed bank would issue preing for permission to pay a ten ,ferred stock which would have priper cent dividend, offered no obority over all other claims against jection to Attorney Smith's request the bank. for a two weeks' continuance. Seventy-five per cent of the deHe pointed out that the receiver positors of the Merchants Trust Co has $308,000 in cash that has been would be asked to purchase this realized from liquidation of part of the assets of the closed bank preferred stock issue, paying for it by turning over their deposits in since the last dividend payment. the Merchants Trust company. UnOnly about $25,000 of that amount, he said, is money taken in on savings side assets, the balance being received from commercial side asGovernor Signed sets. He said approximately two milState Salary Cuts lion dollars' worth of assets in the savings side are in first mortgages, (Continued from Page 1) which will be impossible to liquidate at this time unless some plan "Accordingly I asked the general of reorganization or liquidation is assembly two years ago and again presented. He added that it will be this year to authorize me to proa long time before a dividend can ceed in this way. The authority in be paid savings depositors. He also both instances was denied me. It is pointed out it did not seem fair equally well known that I would that commercial depositors should eliminate from the payroll a rather have to wait for a dividend on large number of political office their deposits when the receiver is holders who are receiving comaccumulating so much cash on that fortable salaries for little or no side. He said the receiver could service to the state, particularly easily pay a 20 per cent dividend those who are on the payrolls of to commercial depositors out of the two departments. cash now on hand. "These office holdres are in the

12. July 28, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, July 28, 1933

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Can't Be Paid Prior To Other Bank Deposits Must Be Listed as "Other Liabilities" and Paid After Savings and Commercial Depositors - Claims, Some Hundreds of Them, Are Listed Under Various Headings Hundreds of claims filed against the Merchants Trust Company, the Merchants Trust Company afwho asked the court to fix the status of the claims after the mass of ter its suspension are given the status of "other liabilities" and will claims was filed against the closed bank. not be paid until after savings and commercial depositors are paid, It was upon agreement of counaccording to a decision handed sel interested in the. claims and down in superior court today by Attorney Reeves that a hearing on Judge John Richards Booth of all the claims was held before Danbury. State Referee Isaac Wolfe during The claims come under the headthe spring term of the superior ing of "Claims based upon checks court here. issued by the Merchants Trust Referee Wolfe handed down his Company," "Collection Items," "Definding on the claims in a bulky posits Transferred," "Savings Dedocument. His finding recomposits Withdrawn" and "Checks mended the granting of some and Certified to by the Merchants the dismissal of others. Trust Company." Attorney Reeves then filed a The decision follows a request ;by motion asking the court to determAttorney Francis T. Reeves, counine the status of the claims. cil fo rthe Citizens and ManufacPreviously his motion asked that turers National Bank, receiver for

13. August 12, 1933 The Waterbury Democrat Waterbury, CT

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State Police In The Milk Strike Local Bank Seeks New Dividend Merchants Trust Co. May Dispose Of Its Mortgages Receiver for the Bank Will Ask Superior Court to Allow Liquidation of Million and a Quarter of Frozen Mortgages Through the Home Loan Bank System MAY MEAN 20 OR 30 PER CENT DIVIDEND The Citizens and Manufacturers National Bank, receiver for the Merchants Trust Company sees possibility of liquidating the miland quarter worth of frozen mortgages of the closed bank plan be considered by Judge Frederick M. Peasley at the chamber session of superior court next week, probably Monday. At the chamber session, Attorney Francis T. Reeves, counsel for the receiver is expected to present several applications asking the reclever to accept Home Loan Bank bonds in place of mortgages held by the Merchants Trust Company. Permission must be secured from court before any action can be taken plan. The receiver will point out to the court that the point has been reached where payments of the million dollars worth of gages will have to be demanded. The plan is simply this: A person owing the Merchants Trust company mortgage, can file an (Continued on page

14. December 22, 1933 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, December 22, 1933

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Sanction To Do So Given This Morning By Judge Jennings Assets of Merchants Trust Co May Be Offered to Those Willing to Exchange Bonds for Them-Receiver Has About $232,000 Worth of Bonds on Hand to take in because the Home Loan Authority to offer assets of the office cannot loan other mortMerchants Trust Co to anyone willgagees of the Merchants Trust Co ing to exchange Home Loan Bonds bonds on their mortgages, because for them, was granted the receivthe mortgages are not eligible for er for the closed bank by Judge loans, under the stipulations passed Newell Jennings in the superior by congress. court to-day It is one of the In other words, there are only most important orders granted in $300,000 worth of mortgages in the the receivership. Merchants Trust Co, upon which It means, according to Attorney Home Loan bonds can be offered, Francis T. Reeves who explained because of technicalities. the proposition, that banks who The big feature of the order up to the present have refused to passed today is that banks and accept Home Loan bonds in mortother individuals who come into gage liquidation, can now accept possession of the Home Loan bonds them, and exchange them at the can bring them to the receiver for Merchants Trust Co for mortgages the Merchants Trust Co and exwhich are held as assets of the change them for assets of the MerMerchants Trust Co. chants Trust Co. Attorney Reeves pointed out that Banks that up to now have the receiver now has about $232,turned down the bonds as a means 000 worth of bonds on hand which of liquidating overdue mortgages, came to the receiver through can now offer the bonds at their mortgage liquidation. face value to the Merchants Trust Of this amount, about $198,000 Co receiver and can get in exworth have been applied for by change a perfectly good, paying savings depositors who want to exmortgage of the same amount as change their dormant deposits for the bonds. the bonds. The court has granted The receiver hopes by this plan, such authority to the receiver. Atto exchange the bonds with depositorney Reeves said that by the first tors of the Merchants Trust Co for of January the receiver will have their deposits at 85 per cent of received about $$300,000 worth of their face value. This should make these bonds. That amount constitutes all of a considerable liquidation for the receiver. the bonds the receiver will be able

15. January 4, 1934 The Waterbury Democrat Waterbury, CT

Article from The Waterbury Democrat, January 4, 1934

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$130,569 Realized Through Mortgages Merchants Trust Receiver Reports Business For December - Home Loan Bonds Taken For Mortgages The monthly report of the doings $12,022.17; demand loans $65; colof the Citizens & Manufacturers lateral loans $10,047.81; industrial loans $159.25; personal loans, $1,National bank, receiver for the 145.71. Merchants Trust Co, for the month of December was filed to-day in the superior court clerk's office. The ALL BANDITS IN report shows first mortgages in the amount of $130,569.19 were liquidated through the acceptance RAID CAPTURED of Home Owners Loan Corp bonds. Disbursements from the com(Continued from Page 1) mercial side amounted to $14,375.72 and from the savings, $3,James Bozzuto, 23, of 1058 Bank 040:52 Included in the comstreet, manager of the place, was mercial disbursements was the shot in the chest when he failed to $7,500 fee of Attorney Francis T. obey the instructions of the gunReeves, counsel for the receiver, men. Young Macerino has admitand the $4,460 commercial dividend ted that he fired the shot. He is to Dora Feinn. Salaries and other unable to explain the motive exincidental expenses make up the cept that his fingers were itchy." difference. Spallone was arrested the mornIn the savings side was a paying following the hold-up, the local ment of $1,798.84 to the City of police having obtained a tip as to Waterbury for taxes due the city the marker numbers on the maon Waterville street properlq. chine. He was captured as he sat The report shows the receiver in the car parked in front of his has cash on hand in the amount home in Brooklyn, N. Y. Macerino of $102,801.84. Payments received returning to New York after hidby the receiver came from the foling in Pittsburgh was captured by lowing sources: Bills discounted, the same detective who aprehended

16. January 6, 1934 The Waterbury Democrat Waterbury, CT

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Home Loan Bonds Quoted On Market At Very High Mark The Price Is 92, the Highest Figure Ever ReachedThis Is Good News to Depositors of the Merchants Trust Company Savings depositors of the Merchants Trust Company will be pleased to learn that Home Loan bonds are quoted today on the market at 92, the highest figure they ever reached, as a result of the press reports from Washington that President Roosevelt is contemplating the guaranteeing of the principal payment of the bonds. Savings depositors of the local closed bank had applied for $416,000 worth of these bonds. They will be assigned

17. April 7, 1934 The Waterbury Democrat Waterbury, CT

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Merchants Trust Co. May Be Reopened (Continued from Page been quietly studying the reorplan and that members its personnel will call upon the officials in charge of the receivership today to toward tion of the plan. will See Commissioner It is also, that the bank present plan before him for views. The committee representing former directors of the Merchants Trust Company, but stockholders, to advices. The committee, when it calls officials charge of will make liquid analysis of the assets of the closed bank. It understood that the committee looks upon reorganIzation much detail will have to be worked Plan In Abeyance what reorganization will could not learned detail. but is understood that the assets of the company be assets they stand show appraisal they be would pay all claims depositors in full still surplus quarter million dollars. It understood that provided favprably toward would raised ahead with actual reorgani- Depositors Hopeful reorganization of Reports clased bank, which had assets appraised than dollars its closing ber 23, have been current since after the doors were fully forward dream. although futile taken that dream never became The present really going ahead not expect made. that the of the ship appears in favorable light the persons interesting themselves in the reorganization plans.

18. April 9, 1934 The Waterbury Democrat Waterbury, CT

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(Continued from Page 1.) because Attorney Reeves was engaged in a probate court matter for the whole day. Plan Is Feasible Attorney Reeves admits that the plan for reorganization is feasible. He confirmed the Democrat's story Saturday that a plan to reorganize the bank for reopening had been launched. The depositors of the bank which closed in 1931 are eagerly awaiting the announcement of the plan. It is understood that their reaction to a plan such as is proposed would be favorable. Attorney Reeves declined to make public the names of the committee or the stockholders who are interesting themselves in the reorganization. He said the men behind the movement prefer to remain in the background until the state banking commissioner makes known his views. Assets of Bank The assets of the Merchants Trust Co. are appraised as of April 1 as being worth $3,077,874.36. The total depositors' claims against these assets amount to $2,833,721.17. Included among the assets are bills discounted, known more familiarly as notes, valued at $631,314.02 and first mortgages of $859,119.19. It is reported that under the plan either of these two assets could be used as a basis for securing a loan from the Reconstruction Finance Corp. toward the reorganization. According to advices from Washington there is considerable sentiment in favor of the so-called McLeod bill which provides for the government's paying all depositors of closed banks in full. The bill would utilize the funds of the RFC, which would acquire the assets of closed banks. The RFC then would take over the job of liquidating these assets in place of receivers. What Depositor Says As one depositor pointed out today, these mortgages of the Merchants Trust Co. are paying 6 per cent interest and income is being received by the receiver from the other assets. This income is used in carrying on the receivership and accumulating cash, which from time to time is used for payment of dividends. So far the commercial depositors of the closed bank have received three 10 per cent dividends and savings depositors, two ten per cent dividends. There is cash in the hands of the receiver of $178,539.77. Stocks and bonds included among the assets amount to $179,993.75. Real estate, including a valuable piece on Leavenworth street and the building which the bank formerly operated on Bank street is listed in the assets as $540,885.39. That item also includes the real estate that has been taken in foreclosures. Collateral loans included in the assets amount to $493,047.34. Personal loans are listed as worth $130,573.76; industrial loans, $3,186.22 and second mortgage loans of $19,318.35. Other securities are listed as worth $31,780. It is expected that the committee will make a liquid analysis of these assets when the conference with Attorney Reeves is held.

19. May 15, 1934 The Waterbury Democrat Waterbury, CT

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This is done in a spirit of cooperation with the Superior Court and the Receiver; to relieve individual depositors from the hardship of delay and to facilitate the liquidation of the Merchants Trust Company. Depositors, particularly with checking accounts, may verify their balance by calling the Merchants Trust Com. pany, 65 Bank Street.

20. June 27, 1934 The Waterbury Democrat Waterbury, CT

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Merchants Trust Co. To Declare Dividend Receiver for the Trust Co Has Filed an Application in Superior Court - Would Pay 10 Per Cent to Both Savings and Commercial Depositors Permission to pay another divi. dend to depositors of the MerSTEEL HELMETS chants Trust Company in sought by the receiver for the bank in an application filed in superior court F GERMANY ARE today. The application will be heard by Judge Edwin C. Dickenson in court Friday morning. If MUCH EXCITED the application is granted, It is the intention of the receiver, the Citizens and & Manufacturers National Bank, to make the dividend payThey Have Been Ordered ments by the middle of July, The receiver will make a 10 per Absorbed - They - Are cent payment to depositors of both the savings and commercial de. Ready to Resist partments of the bank If permission is granted, Attorney William BY EDWARD BEATTIE E. Thoms, counsel for the re(United Press Staff Correspondent) ceiver said. Berlin, June 27-(UP)-Leaders $200,000 Is Needed Thomas F. Moore, receiver ofof the steel helmet organization, ficial, announced that approxicomposed of World war veterans mately $300,000 is needed to make and reaching into every German the payments. The receiver now hamlet, today brought into the has about $250,000 on hand but open their fight with the Nazi Inanother application to be heard storm troops and in an official Friday, the receiver will ask perproclamation announced that they misison to sell 1,330 shares of stock would not, be suppressed. of the Chemical Bank and Trust Responding angrily to demands Company of New York, which of Nazi leaders for their complete should bring in about 853,000 adabsorption by the storm troops, ditional in cash If the stock in sold tantamount to death of the organiat Itm present quoted price. It is zation, the steel helmet-or Stahlquoted at $40 per share on the helm-leaders said: market. The stock is included "The existence of the Stahlhelm among the assets of the Merchants in guaranteed by the signatures of Trust Company and was appraised President Von Hindenburg, Chanat $26.50 per share. cellor Hitler, Ernst Roehm (suIf the dividend payments are preme commander of all Nazi milmade, it will make four 10 uer Itary organizations) and Franz gent dividends to commercial deHeidte (minister of labor and coinLeadon al the Mahtheim

21. June 29, 1934 The Waterbury Democrat Waterbury, CT

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(Continued from Page 1.) the amount of 10 per,cent. Under the court's order the money will be paid by the middle of July, Attorney Thoms placed Lewis 8. Reed, vice president of the Citizens and Manufacturers National bank, receiver, on the stand to read is statement of the condition of the closed bank, how the dividend money would be paid and reasons why the dividend should be paid. The receiver will borrow the money from the commercial wide to pay the dividends. There was some talk of reorganization several months Ago and steps had been taken In that 11. rection. Those interested 'In the bank's reorganization had in mind requiring the cash, then close to $200,000, in the reorganization plan. What Mr Reed Said Mr Reed maid there are 3,106 depositors remaining in the savings department of the Merchants Trust Co and the urgency of their need for funds, prompts the re. celver to recommend the dividend. Mr Reed recalled that the borrowing from the commercial mide to make the dividend payment was done In July of 1933 when $275.000 was borrowed. Up to now he said there have been two navings and three commercial dividends paid depositors, each being at the rate of 10 per cent.

22. October 5, 1936 The Waterbury Democrat Waterbury, CT

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Commercial properties are increasing in value. There is less vacant commercial real estate in Connecticut today than there has been in several years. Rent income from commercial property is increasing. Owners can now lease for longer periods. Shortage of good commercial properties that can be rented is shown by increased commercial building. The 16 Closed Banks of Connecticut are making a special effort to convert both their commercial and their residential real estate into cash in order to pay additional dividends. Thus many exceptional values are available through the closed banks. One example of the income-producing properties owned by these closed banks is a three-story brick and frame building located at 33 Willow Street, Waterbury. In desirable neighborhood. Contains seven attractive apartments and three stores. The present income from rent is $270.00 per month. This rent could be increased under present conditions. But even at this figure the property returns a gross yield of 10% on your investment. Priced at $32,000.* Do You Pay Rent? If you do not own the building in which you are conducting your business, and if 2 change of location would not harm your business, you may find it cheaper, and in many ways advantageous, to buy one of these commercial properties at today's low price. Do You Want A Sound Investment? Because real estate is increasing in value, there are many opportunities in our list for sound investment, often at 2 higher yield than you can anticipate elsewhere. If you do not own your home and can put a small amount of cash into a home of your own, there are many excellent residential properties on which a mortgage to permit monthly payments may be arranged. Call, or have your own broker call, at our nearest, officer WALTER PERRY Bank Commissioner, - Receiver MERCHANTS TRUST CO. Phone 4-5133 65 Bank Street . Waterbury, Conn., Also offices in HARTFORD, NEW HAVEN, NEW BRITAIN, BRIDGEPORT, MANCHESTER, EAST HAMPTON, STONINGTON, and WINDSOR LOCKS ...... sales are subject to the approval of the Superior Court

23. April 17, 1942 The Waterbury Democrat Waterbury, CT

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company, which occupies the first floor, other tenants include the Hartford ordnance district office of the war department on the second floor; third floor, Barrow, Wade, Guthrie and Co., International Business Machines, Henry C. Robinson Co., and the law offices of Judge T. E. Conway and Atty. John F. McLinden. The building, which is air-conditioned and of modern construction with banking vaults and walnut paneling on the first floor, is bounded on the north by property held by State Bank Commissioner Walter Perry for the closed Merchant's Trust Co., on the east by Leavenworth street; and on the south and west by the Chase company. It has a frontage of 35 feet with a depth of 122 feet. In discussing the planned change Mr. Smith said: "Our association was chartered October 11, 1935, and bursements are listed at $26,246.77. It is stated that $9,049.16 of the claims allowed by the court have been eliminated by compromise leaving a balance of $4,511.68 to be settled. The statement reveals that the only thing which can prevent the company from coming out of receivership would be inability to obtain chemicals and glassware necessary for the manufacture of the company's product. It is stated that chlorine gas which is necessary for the manufacturing is severely rational at the present time. If the company can continue to obtain materials it is said that dividends on the remaining claims will be paid in the near future.