Middlesex Banking Company (Middletown, CT)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
January 4, 1915
Location
Middletown, Connecticut (41.562, -72.651)
Bank Type
state
Routing Number
51-0168

Metadata

Notes

The company operated by selling debenture bonds and loaning money on Western property; it was placed in receivership following a stockholder vote to liquidate.

Events (3)

1. January 4, 1915 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders voted to turn over affairs to the state building and loan commissioner for settlement and liquidation.
Newspaper Excerpt
The stockholders of the Middlesex Banking company today voted to turn over the affairs of the company to John L. Dower, state building and loan commissioner, for settlement.
Source
newspapers
2. January 18, 1915 Receivership
Newspaper Excerpt
John E. Dower... and Judge Silas A. Robinson of Middletown were appointed temporary receives of the Middlesex Banking company
Source
newspapers
3. February 5, 1915 Receivership
Newspaper Excerpt
John L. Dower... and Judge Silas A. Robinson were today appointed by Judge Gager in the superior court permanent receivers for the Middlesex Banking company
Source
newspapers

Newspaper Articles (10)

Article from New Britain Herald, January 14, 1915

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AFFAIRS TO DOWER. Middletown, Jan. 4.--The stockholders of the Middlesex Banking company today voted to turn over the affairs of the company to John L. Dower, state building and loan commissioner, for settlement. This action will be taken within a few days. Mr. Dower, it is expected, will make application for a receiver. The company owns about 68,000 acres of land in the Dakotas.


Article from New Britain Herald, January 18, 1915

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MIDDLESEX BANK IN HANDS OF RECEIVERS Commissioner Dower and Judge Robinson Appointed to Look After Affairs of Middletown Institution. Hartford, Jan 18.-John E. Dower of this city, the state building and loan commissioner. and Judge Silas A. Robinson of Middletown were appointed temporary receives of . the Middlesex Banking company of Middletown by Judge Joseph P. Tuttle of the superior court in this city today. Bonds were fixed at $30,000. A hearing on the confirmation of the appointment and for the appointment of appraisers was set for Friday, February 5, at 11 a. m., before Judge Gager in the superior court at Middletown. Bondholders of the company who made the application for a receiver were Anna J. Brackett, Henry P. Smith, Florence H. Herman, Jerome W. Wilson, all of Hartford, and bondholders in Waterbury and elsewhere in the state, all represented by Stewart W. Dunning of Hartford and Howard B. Snow of Waterbury, as attorneys. The Middlesex Banking company has been doing a business of selling collateral debenture bonds, collateral instalment bonds and so-called income bonds, loaning the money so received on property in the west. Attorney Frank D. Haines, of Middletown, counsel for the banking company gave his private opinion that the assets were about $8,000,000 and the liabilities $3,000,000 mortgage notes negotiated, indorsed in blank, and other items which made the books show about $8,000,000 liabilities.


Article from Norwich Bulletin, February 6, 1915

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Receivers For Middlesex Banking Co. Middletown, Conn. Feb. 5.-John L. Dower, state building and loan commissioner, and Judge Silas A. Robinson were today appointed by Judge Gager in the superior court permanent receivers for the Middlesex Banking company of this city. Arthur In Allen of Middletown and Howard B. Snow of Waterbury were appointed appraiser's. The company is going into liquidation.


Article from The Bridgeport Evening Farmer, February 26, 1915

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Dower Returns From Southern Trip With His Reappointment Hartford, Feb. 26-Building and Loan Commissioner John L. Dower returned yesterday from a three weeks trip to the south and west. Mr. Dower and Judgel Silas A. Robinson, of Middletown, are receivers of the Middlesex Banking company of Middletown, and during his trip Mr. Dower procured their appointment in six different states-Minnesota North Dakota, South Dakota, Mississippi, Louisiana and Colorado as auxiliary receiver of the Realty Investment company, subsidiary to the Middlesex Banking company. In each case Mr. Dower appeared before the state court accompanied by a lawyer of the state and met with no obstacles in securing appointment.


Article from New Britain Herald, February 26, 1915

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DOWER SECURES APPOINTMENT. and Hartford, Feb. 26.-Building Loan Commissioner John L. Dower returned yesterday from a three weeks' trip in the south and west. Mr. Dower and Judge Silas A. Robinson of Middletown are co-receivers of the Middlesex Banking company of Middletown and during his trip Mr. Dower secured their appointment in six different states-Minesota, North Dakota, South Dakota, Mississippi, Louisiana and Colorado--as auxiliary receiver of the Realty Investment company, subsidiary to the Middlesex Banking comapny. In each case Mr. Dower apeared before the state court accompanied by a lawyer of that state, and met with no obstacles in securing appointment.


Article from The Bridgeport Evening Farmer, March 16, 1915

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Anna J. Brackett, et. al. -VS The Middlesex Banking Co. STATE OF CONNECTICUT, MIDDLESEX COUNTY, SUPERIOR COURT. To the Bondholders and Creditors of The Middlesex Banking Company, and to all others whom it may concern: Whereas at a session of the Superior Court, held at Middletown, the fifth day of February, 1915, the following Order was passed. ***It is ordered and adjudged that the Temporary Appointment of said John L. Dower and Silas A. Robinson, as Receivers of the defendant corporation, be and the same is hereby confirmed and made permanent, and that the said John L. Dower and Silas A. Robinson be and they hereby are appointed permanent Receivers of said Corporation: *** And it is further ordered and adjudged that six months from and after April first, 1915, be and the same is hereby limited for the presentation to said Receivers of claims against said corporation, and that all claims not so presented be thereafter forever barred. And it is further ordered, that such Receivers give notice to all parties concerned, of said limitation and that all claims not presented within the time limited will be forever barred, and of the address to which claims may be sent, by mail, by publishiig a notice to such effect once a week for three successive weeks in the New Haven Journal-Courier, The Hartford Times, The Bridgeport Farmer and the Middletown Penny Press, all newspapers published and having a circulation in the State of Connecticut, and by causing a copy of such notice to be mailed, postage prepaid to each known creditor on or before the thirty-first day of March, 1915. By the Court: JAMES R. EDLIN, Assistant Clerk. Now Therefore, pursuant to the foregoing order, you are hereby notified that claims against The Middlesex Banking Company must be presented to the undersigned Receivers of said Company, by mail, or otherwise, at Middletown, Middlesex County, Connecticut, within six months from and after April 1st, 1915, and you are further notified that all claims not so presented will be forever barred, as by said Order of Court provided. Dated at Middletown, the tenth day of March, 1915. SILAS A. ROBINSON, JQHN L. DOWER, Receivers.


Article from New Britain Herald, March 18, 1915

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WANT $25,000. Middlesex Banking Company Asks for That Amount. Middletown, March 18.-The receivers of the Middlesex Banking company today asked Judge E. B. Gager of the superior court for permission to spend upwards of $25,000 for seed and farming implements in western states, where the company holds over 100,000 acres of farming land. The company has issued bonds to the amount of $3,500,000 against its land holdings, and the proposal is to give each tenant $100 for seed and tools, and enable each to make a crop so that they can pay rent, interest and possibly something on the principal of mortgages they have given for land bought. Some of the bondholders oppose the plan.


Article from The Bridgeport Evening Farmer, March 29, 1915

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Anna J. Brackett, et. al. -VS The Middlesex Banking Co. STATE OF CONNECTICUT, MIDDLESEX COUNTY, SUPERIOR COURT. To the Bondholders and Creditors of The Middlesex Banking Company, and to all others whom it may concern: Whereas at a session of the Superior Court, held at Middletown, the fifth day of February, 1915, the following Order was passed. ***It is ordered and adjudged that the Temporary Appointment of said John L. Dower and Silas A. Robinson, as Receivers of the defendant corporation, be and the same is hereby confirmed and made permanent, and that the said John L. Dower and Silas A. Robinson be and they hereby are appointed permanent Receivers of said Corporation: And it is further ordered and adjudged that six months from and after April first, 1915, be and the same is hereby limited for the presentation to said Receivers of claims against said corporation, and that all claims not so presented be thereafter forever barred. And it is further ordered, that such Receivers give notice to all parties concerned, of said limitation and that all claims not presented within the time limited will be forever barred, and of the address to which claims may be sent, by mail, by publishiig a notice to such effect once a week for three.successive weeks in the New Haven Journal-Cburier, The Hartford Times, The Bridgeport Farmer and the Middletown Penny Press, all newspapers published and having a circulation in the State of Connecticut, and by causing a copy of such notice to be mailed, postage prepaid to each known creditor on or before the thirty-first day of March, 1915. By the Court: JAMES R. EDLIN, Assistant Clerk. Now Therefore, pursuant to the foregoing order, you are hereby notified that claims against The Middlesex Banking Company must be presented to the undersigned Receivers of said Company, by mail, or otherwise, at Middletown, Middlesex County, Connecticut, within six months from and after April 1st, 1915, and you are further notified that all claims not so presented will be forever barred, as by said Order of Court provided. Dated at Middletown, the tenth day of March, 1915. SILAS A. ROBINSON, JOHN L. DOWER, Receivers,


Article from Norwich Bulletin, December 13, 1915

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at the nome or MTS. nerman Jacker of Norwich. The household effects of Rhodes Davis have been moved from Hallville to Potter Hill, R. I., where Mr. Davis is now employed. R. N. of A. whist at Buckingham Memorial tonight.-adv. A call has been issued to the men of the town of Andover to meet at the town hall this (Monday) evening to form a men's club. Narcissus bulbs in attractive box, 25c. Geo. A. Davis.Patches of snow remain on lawns and fields in the suburbs, evidence that winter, long delaped, has arrived in time to put a needed punch in holiday trade. At 8 o'clock Saturday morning, in St. Patrick's church, a month's mind high mass of requiem for Michael Connell was sung by Rev. J. H. Broderick, A great variety of useful articles in leather. Geo. A. Davis.-adv. The sum of $9,352.50 has been paid by the state for school supervision. The school libraries cost the state this year $12,515 and the evening schools $14,219.01. The officers of the Mystic Tierney Cadets, the juvenile temperance organization, will be installed Jan. 12th by County Director William H. McGuinness, of Norwich. At the Second Congregational church in Stonington Sunday Rev. D. C. Stone exchanged pulpits with Rev. Giles F Goodenough of Ledyard who preached at the 10.45 a. m. service. Ladies' handbags in all the newest shapes. Geo. A. Davis. -adv. Suffragan Bishop E. C. Acheson's appointments include: March 13, 14, 15. 16, 17, 18, mission preaching in Norwich. March 19, Trinity church, Christ cthurh, St. Andrew's. The Holy Name society of St. Patrick's parish has requested a month's mind mass Thursday for John Comerford, for many years the faithful assistant sexton of the church. Rev. H. Sherman of Montville occupied the pulpit at the Colchester Baptist church Sunday, at 10.45 a. m. and 7 p.m. Rev. B. D. Remington of Colchester conducted services at Montville. Fifty printed calling cards for 25 cents at The Bulletin office.-adv Dr. Joseph H. Townsend, secretary of the state board of health states that at the present time except for a mild cas of smallpox in Rockville, reported about two weeks ago, the state is free from the disease. The monthly men's meeting held in the Colchester Congregational chapel Sunday afternoon at 3.30 was addressed by Rev. Edward S. Worcester, pastor of the Broadway Congregational church of Norwich, Christmas and New Year cards. Best assortment in the city. Geo. A. Davis. -adv. Congressman E. J. Hill has been chosen chairman of the Connecticut delegation in congress: Congressman James F. Glynn, secretarp, and Congressman John Q. Tilson, member of the national congressional committee. A check for $100 has recently been given the local branch of the Red Cross by Mrs. Charles Henry Osgood. In Sunday's acknowledgment of gifts to the Belgian Christmas fund, a donation of $100 was credited to Charles H. Osgood. Swan safety fountain pens, the only fountain pen that will not leak. Geo. A. Davis.-adv. The organist at the vesper services in St. Patrick's church Sunday afternoon was Henry Fontaine, who played for his teacher, Prof. Frank L. Farrell, who went to Stafford Springs to give an organ recital at St. Edward's church Sunday evening. Sale of Christmas novelties by Mrs. M. Jewett at 58 Church St. Wed. and Thurs., Dec. 15-16.-adv. Judge Gardiner Greene of Norwich has cut down the fee of Lawyer Stewart N. Dunning of Hartford, who prepared the papers in the application for the receiver for the Middlesex Banking company, at Middletown, from $500, the amount of his claim, to $100. At the Danbury High school Friday, in the Philomusa exercises the pupils debated the question, "Resolved, That Benedict Arnold Has Been Sufficiently Censured for the Part He Played in the American Revolution." The decision was against our famous townsman. The members of the Moosup Methodist church are preparing for a public celebration upon the payment of the entire debt of the church, to be held Wednesday, Dec. 15th. Addresses will be deliverd by former pastors and by the district superintendent, Rev. George G. Scrivner, of Norwich. Eastman kodaks of every descripntion, Brownie cameras, films, postcards (and paper. Geo. A. Davis.-adv. The Connecticut Churchman compliments the assemblage at the recent dinner at the Wauregan house, Norwich, tendered the Episcopal bishop and new suffragan bishop of Connecticut as "One of the largest and finest gatherings of men representative of New London Archdeaconry." Leases Uncas Street Residence. Mrs. A. N. Carpenter of Uncas street has rented her house on Uncas


Article from Norwich Bulletin, April 13, 1916

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DECISION AGAINST THE MIDDLESEX BANKING CO. Fail to Recover $7,500 Corporation Tax From Internal Revenue Dept. Hartford, April 12.-The United States circuit court of appeals has sustained the decision of Judge E. S. Thomas of the United States district court to the effect that the government need not refund about $7,500 in corporation taxes collected by the internal revenue department from the Middlesex Banking company of Middletown. The company claimed that the money taxes represented deposits of customers. Since the suit was brought against the government the company has gone into a receivership.