8773. Fidelity Trust Company (Portland, ME)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: March 20, 1933
Location: Portland, Maine (43.661, -70.255)

Metadata

Model: gpt-5-mini
Short Digest: 42182674

Response Measures

None

Description

State-appointed conservators were named for the Fidelity Trust Company (Portland, Me.) in March 1933. Subsequent articles reference large RFC advances to the Fidelity Trust conservator (July 1933). The sources show a state action suspension (conservatorship). The materials do not clearly document a successful resumption of normal independent operations; classification selected as suspension_closure (no clear reopening evidence).

Events (1)

1. March 20, 1933 Suspension

Cause: Government Action
Cause Details: State appointed conservators under emergency banking act (state action placed the trust company under conservatorship).
Newspaper Excerpt: The appointment Portland's two trust companies ... conservators for The appointment Portland's two trust companies, the and the Casco Mercantile, Fidelity tonight.
Source: newspapers

Newspaper Articles (5)

1. March 20, 1933 The Springfield Daily Republican Springfield, MA

Article from The Springfield Daily Republican, March 20, 1933

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CONSERVATORS NAMED TRUST COMPANIES FOR Casco Mercantile and Fidelity of Guardby State Appointees Portland, Me., March of conservators for The appointment Portland's two trust companies, the and the Casco Mercantile, Fidelity tonight. Braun appointed by Robert Chief Justice William Pattangall the Maine supreme judicial Henry Verfor Fidelity for Casco Braun, treasurer of Porteous, Mitch Braun, store, the Fidelity Trust no nection the Mercantile, had served repbanks which cooperation with the Casco Both conservators were authorized the banks them business. The companies after had banking holiday. Appointment under the emermade banking act passed by the state Legislature Both institutions they would receive deposits which

2. July 31, 1933 Evening Star Washington, DC

Article from Evening Star, July 31, 1933

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(Continued From First Page.) companies were from 41/2 to 5 per cent. Among the larger loans to banks authorized were: The Casco Mercantile Trust Co. conservator, Portland, Me., $1,800,000; the Fidelity Trust Co. conservator, Portland, Me., $4,341,776; the Baltimore Trust Co., Baltimore, Md., $3,454,000; the Hopkins Place Savings Bank of Baltimore, Md.. $2,660,000; the receiver of the Federal National Bank of Boston, Mass., $1,050,000; the receiver of the New Jersey National Bank & Trust Co. of Newark, N. J., $1,325,000; Harriman National Bank & Trust Co. conservator. New York, $7,133,524: the Bank of North Dakota, Bismarck N. Dak. $3,498,000: the American National Bank. Nashville, Tenn., $1,500.000: the Equitable Securities Co., Dallas, Tex., $1,000,000. Other Large Loans. Among other large loans authorized tere $35,000,000 to the Progress Mortgage Co., San Francisco: $1,093,860 to the Military Investment Co., Port Huron, Mich.; $2,000,000 to the Mortgage Bond Co. of New Jersey. Jersey City: $4,820,000 to the Argile Mortgage & Loan Co., Cincinnati: $2,200,000 to the American Mortgage Co., El Paso. Tex., and $1,070.000 to the Midland Mortgage Co., Houston, Tex. a The corporation also authorized $1,320,000 loan to the Pacific Coast Joint Stock Land Bank of San Francisco: $1,400,000 to the San Antonio Joint Stock Land Bank of San Antonio, Tex and $410,000 to the Fremont Joint Stock Land Bank at Lincoln, Nebr. Of the advances made for self-liquidating and reconstruction projects, $6,500,000 was authorized for the unified Rehabilitation Corporation at Los Angeles for rebuilding earthquake stricken areas. A $1,000,000 advance was authorized to the Liberal Kansas Relief Corporation. Sold $70,000,000 in Notes. The report showed that the corporation sold $70,000,000 in notes in June to the Treasury. making a total of $1,585,000,000 of notes outstanding at the close of business on June 30, at which time the cash balance on hand was $3.283,014. The report was made public by South Trimble. clerk of the House of Representatives, to whom it is submitted during the recess of Congress. State totals of loans authorized for banks and trust companies in June were: Alabama, $23,000: Arkansas, $100,000; California, $105,000; Colorado, $102,000; Connecticut, $270.000; Florida, $82,000; Georgia, $224,852; Illinois, $256,500; Indiana, $144,500; Iowa, $475,000; Kansas, $31,000; Kentucky, $593,355; Louisiana, $940,511; Maine, $6,146,776; Maryland, $6,274,000; Massachusetts, $1,115,000; Michigan, $1,903.795; Mississippi, $521,500; Missouri, $772,800; Montana, $59,164; New Jersey, $1,657,650: New York, $7,330,736; North Carolina, $108,000; North Dakota, $3,501.500; Ohio, $952,500; Oklahoma, $165,612; Oregon, $65,295.01; Pennsylvania, $868,000; South Carolina, $80,000; South Dakota, $30,000; Tennessee, $2,050,240; Texas, $1,494.811; Vermont, $50,000; Virginia, $38,939; Washington, $212,786; West Virginia, $86,000; Wisconsin, $1,247.

3. August 30, 1933 The Times Record Brunswick, ME

Article from The Times Record, August 30, 1933

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DEPLORES (Continued from Page One.) rate this company would make about $700,000.00 year. looks as though normal times this company would gilt edge investment. Since the above were acquired the New England there has been paid out by them labor salaries total of about $29,000,000.00. In the week ending July 29th, 1933 five cotton mills employed persons paid out $93,178.17 1932 they employed 2,238 persons and paid out That increase 3,951 persons and week ending July 29, 1933 the Maine Seaboard Paper Co., paid and employed persons; Crosset Shoe Co., paid out employed 96 persons; the Keyes Fibre and employed persons; the Maine Steel Products Co., and employed sons. Apart from these companies the Central Maine Power employes about 700 persons and the annual The Bath Iron Works on account its being in my and ing morally and financially interested its account owning lot of real estate in this course the success of the Bath Works makes my property good deal more valuable affects every other loproperty owner in the way, And then again went down the old Goss Marine Iron Works the Gen. Hyde when abandoned plant him his son, John, building ways, wharves, chine shops until was one of the equipped plants the country. Taking all these circumstances together readily appreclate grateful to Mr. Wyman, as the New England Public Service came here bought when was being junked, and great deal had already taken out the plant when they took The plant had gone into receiver's hands and so far able to certain was the largest individual bondholder when it went into receivership and took my licking gracefully together small of the investment. felt worse about plant being junked than about the my Mr. Wyman, not being shipbuilder, bought this sold it to Mr. Newell very not only that, but assisted Mr. Newell in establishing line of credit through the delity Trust Co., without which would have been unable to give bonds ships and obtained material and labor after the Now this Bath Works, with its $7,000,000 able to along without having made good ord increased the the plant, and through successful erations the others who are able and to come with them and participate in the and the they obtain. Mr. Newell and his associates are the owners, control plant, but had not been for the helping of Walin its hour of need, this plant would entirely on the this time. With most of these numerous other plants have cited to, headthe same way, that say people in the immediate these plants should be grateful preciate Mr. Wyman's efforts their behalf, and coming to the these great 8006 people, exclusive of the Central Maine Power Co., and paying out weekly or $5,707,484.64 annually and these figures are likely to show marked This certainly wonderful right the midst the world wide the citizens of Maine should each and every one proud and the efforts this wonderful and man who has done very much for them. These plans that have cited you above, not the main industry which Mr. Wyman has been building The Central Maine Power Co. has been his special for many years. He has made every effort to develop this company and Maine's resources. This great company has functioned through pression, done what many other companies have been unable paid its preferred stock holders full, and now well on the road to better times, having its output the ratio 1,000,000 kilowatts 700,000. The Central Maine Power employs about 700 persons its annual payroll $1,020,000. This, aside from many construction jobs that not come under the regular payroll. Also, has have amount which employment great other The statewide criticism of Mr. Wyman account of the banksituation the Fidelity Trust Co., Portland, Maine, and the Augusta Trust Augusta, All kinds of charges have been made, all the way from the deto spending to enrich and his As near as have been able to ascertain the facts, the following the situation. During the depression active banks as well as individuals and other business have suffered. near could learn from men who ought to be able to judge, banks are going pay about 85 per more to the positors. After paying the large and unnecessary cost of as say to the things indicate that in this wrecking job they are faring than other parties involved but am quite certain that this wrecking job was unmost any other individual had our securities and real before the the money in either of trust and got 85 we per should great deal better off than we are going to give you illustration of what happened The depression certainly misleading. its course had periods way down when the ablest men, including President Hoover, declared the was over. In one of these periods good Public Utilities stock called North American, which had paid over 100 continuous stock dividends, which took them over period of years, went down to $100 per share and one of the most bankers know bought did not owe nickat that time had around 3,000 shares of good stock of various kinds. have made practice through life, which may be good or bad, of buying hiring the and pay. for them earned already 300 shares of North American, when got down $87 and bankers were buying thought would buy three hundred shares hired it. This North American stock kept going down until reached $15, or about 1-6 what paid for when bankers the depression was over. had had liquidate at this time and pay, would have been lasting dent in life's earnings. Banks cannot take the depositors money and lock up strong box and keep there, then pay dividends the depositors. They have loan and for collateral some such have cited above. This stock selling around and the present time 31 bringing per cent on citing this show you that instead buying that time, even sold the 300 shares North American that then had at share put ceeds in the Augusta Trust Co. or the Fidelity Trust Co. on deposit, would be paid about per cent. wish the attention some of the depositors to the fact that liquidate this stock today would get about per cent what would have had sold deposited the proceeds in either of these closed Trust companies. have other good stocks that are in the same about every man or corporation that has any of these securities in about the position. not obliged hoping that the market will improve in value. will cite to of my experiences in real estate. and graded lot Bath, Maine on Washington street, 25 years It cost me that time. the other day for which you some idea of real estate value Bath at this time, and shows that held by banks real estate are about as bad as other and this unfair to both stockholders and Now these depositors think that are the losers. will tell you where think Mr. Wyman suffered more, to, than most of Here this giant with his great ability and life time of hard from boy up, not only losing lifetime's earnings, but being for the and discredited by an army of depositors, lawyers, politicians. of no for any one deny is so common politicians and others, that time for each every and woman who believes in who has been indulging in this of talk propaganda, realize that instead Mr. Wyman making any money out these depositors he has entirely investment these banks: and Financial corporation that they say formed beat the stock holders tells put into and every any depositor worse off than this? The money loaned on estate that in normal times were vent had sufficient value to take any indebtedness they might incur. these hard place that life long customers, and to liquidand ruin them was probably the reason that banks be liquidated in depression and have never been favor of liquidating these banks could possibly bank that in pay per cent could got along plan. the ment into these banks who are qualified to judge as to the value of securities estate normal times and found that under those these banks solvent, and the these thereby stopping any these banks until better these banks could have continued to My who ought to know, that the capacity of the delity times would be the Trust Co., four or five thoudollars year, and the net earnings would be about of this which gest had followed, they would not be passing the valuable equity, the earning capacity these else and them. In other words, earning capacity, with the value in its and real estate had used an individual would handle his the would have been better for stockholders and depositors. In years their earnings would have paid the depositors and the would still these valcourse, people that they should have liquidated the prosperous times, but venture to say that there was more than one two hundred who did this. Therefor, they going blame Mr. man because they did not liquidate that the these conditions, paid per been pretty managed, when about every person holding would do to liquidate at per cent of what could in normal times. cannot hold Government bonds the reason that about every the Government oversubscribed from to 10 times the amount required the return on them is so small that order to pay the depositors reasonable interest the banks could not afford to buy this kind securities. They have certain amount of Government securities order establish bank. This is about all they afford to take and pay interest to the depositors. want to your attention to the some this amount of money to and these corporations that have cited The depression put them practically out of business. want also call your attention that the move toward recovery had to include these industries. In the group will notice textiles, that in my opinion are leading the world covery today, while the other industries close second.

4. August 31, 1933 Morning Sentinel Waterville, ME

Article from Morning Sentinel, August 31, 1933

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Victim of Injustice From Page One) so freely distributed the otherwise press do damage whose life has been devoted Maine business and people are apt and about the state who and have supporters and that Walter has been of the outof this well think state can afford to insuch treatment of has done my state of Maine than for living dead. call your attention to his not all, too numérous to write are units controlled or "Industrial the New England Public which Mr. Wyman Co., and active head, are: Bates ManufacMan cturing Co., York Cushnoc Paper Co., Keyes Fibre Steel Products Mills, Crosset Shoe Fibre of which Keyes heard in July 1933. made this company would It though in normal times would be gilt edge above units were acNew England Public by Co. there has been paid out labor and salaries total week ending July 29th. cotton mills emand paid out persons wages. In the corof 1932 they and paid out That an of $27,813.82. persons and week ending July 1933 Maine Paper paid and 246 perthe Shoe Co. paid out and 96 Keyes Fibre Co. paid cut and employed 411 persons: Maine Steel Products paid and employed 64 per- Many On Payroll from these companies the Central Mane Power employs persons and the annual Iron Works on account my and financially interits of owning real this of course of the Bath Iron Works my property good deal and effects every local owner the And then again went the old Goss Marine Iron the late Gen Hyde an abandoned plant stayed with him and his son. ways, and shops until it was one of equipped shipbuilding in the country. Taking together you readily appreciate why so Mr. Wyman, the New Public Service Co. came bought when it was beand great deal of had already taken out the plant when plant has gone into hands and far as was the largest bondholder when It went receivership and took my gracefully together with the worse the plant being than did about the loss Wyman, not being shipbought this sold Newell very low price, that. but Mr line Fidelity Trust he would have been give bonds obtain conconstructed ships and and labor after Bath Iron Works, with contract able without made and increased value plant, through these operations have secured of others who are able willing to become associated them and the and the they and his are the and therefore control this had not for the helping hand of Walter in hour of need. assume that this would plant entirely on the junk heap of these numerous plants that have cited to say that people in the immediate these should be grateful and appreciate Mr. in their the these great 8006 the Power annually and these likely show marked This certainly wonderthe midst of the world and the citizens each and every efforts and remarkable man done for them. much Central Maine Power Co. plants that cited you the Wyman has been The Power been special for many has made effort to every great company has company and through the done what many have full, and now the to better its output in the The Central Maine Power Co., ployes about 700 persons and its nual payroll This, aside from many construction jobs which do come under the regular roll, Also, has to have an immense amount of equipment which means employment of great many other people. principal statewide criticism of Mr. Wyman of the banking situation the Fidelty Trust of Portand the Augusta Trust of Augusta. All kinds of ridiculous charges have been made, all the way from confiscating the depositors' money to spending it enrich himself, and his associates. As near as have been able to ascertain facts, the following the situation. "During the depression active banks as individuals and other business have suffered. near could learn from men who ought to be to judge, these banks going to about per cent, to the depositors. After the large and necessary of as it, wish to the things to that in this wrecking job they are faring better than any other but that this wreckjob most other individual had disposed our securities and estate before the depression, deposited the money in either these and should great deal better off than we now. am going to you an of what happened to me, was leading. In its course had periods all the way down when the ablest men, Hoover, the over. In one these periods good public utilities stock called North American, which had paid over 100 stock which them period down $100 per share and one the most vative bankers bought did not owe nickel at that and had 3,000 shares good stock of kinds. made life, which may be good these stocks, hiring the and paying for them already had shares of North when got down to $87 bankers at thought would buy three (300) more shares and hired to it. This North American stock kept down going until $15 about of paid for when the was had had to liquidate at and pay, it would have been dent in my ings. Banks cannot take the depositors and lock box and keep there, then to the depositors. They have to loan and take for some such stock cited above. This stock selling around and the present time bringing 31 per on what paid for this show you that had, buying that time, sold the shares of North American that then had at share and put the proceeds in the Augusta Trust Co. the Fidelity Trust Co. deposit, would paid about 85 cent. wish call the attention of some of the depositors fact that if liquidate stock today would get per cent what would have had sold and deposited proceeds in of these closed Trust companies. have other good stocks that in same situation and about every business man or corporation that has of these securities in about same position. was not obliged to sell any stocks have them hoping that the market will improve value you one of real bought and graded lot on Washington street, 25 years ago. cost me and good that time. the other day for $300 which gives some idea of real estate value at this and shows mortgages held by banks estate about other and liquidation or appraisals at this time unfair both stockholders and depositors. depositors think that they are the only lesers. will where think Mr. Wyman fered more, to, the most Here this industrial giant his ability and life of hard and strenuous work. from boy losing lifebut being criticized for the and discredited army of and of no for anyone to deny it so and politiand others, that time for each and every man and woman who fair treatment and been indulging in this of propoganda, realize that instead Wyman making any money out of these depositors entirely lost his investment these banks; and the Financial Corthat they was formed poration beat depositors get rid responsibility, he tells he put into and lost nickel any off than this? The money to business concerns real estate that normal times on had sufficient value to care any indebtedness they take incur; put these banks might place that had life long cus- did hard and to and ruin them probably principal that these banks could in depression and liquidated solvent never been in favor of have these banks could avoided. that possibly that can be liquidated percent could depression pay under sort the had sent plan. these banks who are into judge as to the value of estate in normal and curities and found that under those and times these banks were thereby stopping these on banks until run these banks could times continued to function. My unfrom who ought to the derstanding men know. that gross of the Fidelity Trust Co., normal times would be about and of the Augusta Trust Co., $400,000 or $500,000 year, the earnings would be about onethird of this amount. this course which suggest had been followed, they would be passing the valuable equity, the earning of these banks over someone else and not receive nickel for them. In other words, this earning with the increase of value and real estate had been used as individual would handle his securities, the result, would have been better for both stockholders and depositors. few years their earnings would have the and depositors the stockholders these Trust Companies. Of course, wise people now might that they have liquidated the securities in prosperous times, but will venture say that there not more than one two in hundred who did this. Therefore, they are going to Wyman did not liquidate these banks in and pay them would say that the concerns liquidated under these conditions, that paid per cent had been pretty when about every person holding securities would do well to liquidate at per cent of what they could pay normal times. "Everyone cannot hold government bonds reason that about every issue the government 10 times amount required and the return on them small that in order to pay the depositors the banks could not afford buy all this kind of They have to amount in order establish bank This about they afford take and pay interest the want to your attention to the that banks used some this of money assist that have cited The depression them out of business. want to your attention that the first toward covery had include these same industries. In looking over the will notice that group my are the today, while and the other close second. And fair to assume when get back business these prove be good investments and able liquidate any loans debts that they may have going to speak of class of people you might say are not only the men, but women, children do not hear mentioned except parties concerned in this want to briefly of these In the first place, think that the is drastic think that bank be the stock in other the holder loses any his investment about enough. Depositors usually put their money in the bank because they think the best investment they can Stockholders buy stock for the same reason, and when class of stockholders, no matter who, lose all they have and then if they hapto have anything have that assessed in addition to the loss of the amount other words lost their investment twice law have said before too drastic. there any money in this which the depositors are both the deposiget all theirs the ers for more there enough to satisfy the claims of the depositors. The government changed this regarding national banks but the state banks are under double liability and these drastic rules. my opinion the could well afford to chances on these banks for the probabilities are that when normal arrive these banks have been solvent. "Some of these banks that are solvent today, what called So indeed, that in times, an individual would mortgage his soul to obtain ten dollars. type of bank is neither useful nor or times. the banks which are willing to loan these in normal times, both labor and these industrial have depend on to keep the industrial machinery in easy enough now for these critics to what should have been done. Wyman pursued the usual course and depressed condition of the entire country the whole world responsible for the result. calling your attention to all these and the number employed and amount the payroll to substantiate statement that have made that Mr. Wyman has done more for the of Maine than any man living dead. If not, find the man. many of these banks the apof and other mortgages thrown out because had been Obviously they had not taken consideration fact that we were just passing through three four of worst depression that the world had known Men, women and corporations all had struggle well they paid the interest on these obligations, business labor practically standstill. am told by liable men that many of the assets these banks thrown out. not matter who the financial dorsers were, payments the were notes went the discard. When these amateur pursue such course in these times could break most bank corporation. especially when you add run on the bank open them long enough for insiders to grab their deposits close them an idea at times that this whole banking by some schemers to profit by getting in on these new double their associates trimming the depositors when these ready function. might good idea to trace the money being supplied to establish new and finally, who manage them and profit expense of both stockholders and "Closing of banks next to

5. August 31, 1933 Kennebec Journal Augusta, ME

Article from Kennebec Journal, August 31, 1933

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Walter S. Wyman Stoutly Defended by Councillor Frank W. Carlton Terms Augusta Man an Industrial Giant Who Has Greatly Aided State Enterprises Gives Instances of Unselfish Interest Injustice is being done to Walter S. Wyman, an industrial giant and if country gets back to normal business, President Roosevelt must have the cooperation this type man, get plans by politicians seeking for office who might clerk and chauffeur, thereby being small factor in the great group humanity who are anxious that the President's inflating values and capital, and join him his efforts to unload this devastating depression. making this statement to defend the forgotten man, who has for the and should be credit for great good he has done and dofor peoand for the business interests throughout the State that substantiatstatement are more pressive than just my or any other man's opinion People apt to forget the achievements great men they and the propaganda so freely distributed through the otherwise likely to do damage man whose has been devoted to developing Maine business people to be misled and go about condemning been, their stantial and benefactors and that Walter Wyman has been outstanding victims this criticism and that this State afford indulge such unfair treatment man, who, my opinion, has done more for the Maine than any man in living Now will your attention his achievements not all, they are too numerous to write about Industrial units controlled sisted Public which Wyman has been and the active head, Androscoggin Bates Edwards Mfg. Co. Hill York Mfg. Maine Seaboard Paper Cushnoc Paper Keyes Fibre Mills. Maine Steel Products Co., Crossett Shoe The Keyes Fibre Co. of which we have heard much made July 1933 looks though times this company would be a gilt edge investment Since the above units were acquired by the England Public Service Co. there has been paid out by them in labor and salaries total the week ending July 29th, 1933 the five cotton mills employed persons and paid 178.17 in The corresponding of 1932 they employed 2,238 and paid out 813.82. This increase of 3,951 persons and week ending 29, 1933 the Maine Seaboard Paper and employed 246 Crossett Shoe and the Keyes Fibre and employed 411 out the Maine Products paid out $1,351.84 and employed 64 from these companies the Central Maine Power employs about persons the annual $1,020,000.00. The Bath Iron on account of being my financially interested in its welfare financially on account of owning in this success Bath valuable fects other local property owner the same down the again Works Gen. abanstayed building and machine shops best equipped shipbuilding plants the these circumstances readily appreciate am grateful as the New England Public Service Co. came here bought being and been the plant when they took The plant has gone into receivhands and ascertain was the largest bondholder when took my gracefully together with small percentage ment. worse the being junked than did about the investment Wyman, being shipbuilder bought Mr. Newell and not but Mr Newell in establishing credit through the Fidelity Trust without which he would have unable to give bonds obtain ships and obtained material labor having obtained Now this Bath Iron Works. with its able along without him, having made good record and the valof the plant, and through these the confidence others able and willing to become associated with them and participate the risks and business they obtain Newell and his assoclates are the owners, and this plant. had not been for the helping hand Walter Wyman its hour need. to assume that would entirely on the junk heap at this With most these numerous other that have cited you heading the same say that not only the people in the mediate vicinity plants should be and efforts their behalf, and in coming to of these great industries employing 8006 people, exclusive of the Central Maine Power Co., and paying weekly these figures marked This right in midst of the world wide depression and the citizens Maine should each and every proud the efforts had done so very much for them. Central Maine Power Co. These plants that have cited above, the industry which Mr Wyman has been instrumental building The Central Maine Power been special undertaking for many years He has made effort develop and Maine's resources. This great functioned through the depression, and what many other companies unable paid its stockholders is the road better having increased its output in the ratio 1,000,000 watts The Central Maine Power employs about 700 persons and its annual payroll aside from construction jobs that do come under the regular payroll Also. has to have an immense amount of equipment which means employment of great many other The principal statewide criticism Mr. Wyman on account of banking situation in the FidelTrust Co. of Portland, Maine, and the Augusta Trust Co. at gusta, Maine. All kinds ridicucharges have been made, all the way from confiscating the depositors' money to enrich himself, and his associates. As near as have been able certain the facts, the following is During the depression active banks as individuals and other businesses have suffered As learn from men who ought to to judge, are going to pay about per more to deposAfter the and unnecessary liquidation as see wish say to the depossome things indicate that this job are faring other parties quite certain that this wrecking job was unnecessary most other individual had disposed securities and estate depresdeposited the money in ther of these trust companies and 85 per cent, should have been great deal better off than are give what happened depression was certainly misleading course periods all the way down when the ablest President Hoover declared depression these periods Public Utilities stock called North American, which had paid stock diviwhich took them over down $100 per share one the most bankers know bought did not nickel that time had around 3,000 shares stock various kinds made practice through good or the money and paying for earned already had 300 shares North American, and when got down to $87 and bank buying would three hun more shares hired $25,000 This North American stock going down reached or about 1-6 what paid conser said the depression was had had to liquidate this time and would have been an dent in my Banks the deposikeep and dividends itors have to loan and take for collateral some such stock cited above This stock now around 26 per for am citing this to that had, instead at that time, even sold the shares North American then had share put proceeds the Augusta Fidelity Trust deposit would be paid about 85 cent wish the some the depositors to the fact that this stock get about 31 of what would had sold and deposited the in either of these closed Trust companies good stocks that are in same business corporation that has of these in about same was not obliged to sell stocks have yet, hoping that the market cite one periences real estate bought and graded lot in Bath, Maine Washington street, 25 years ago It cost me $1,500 was good investment that the other day for $300 which gives idea estate Bath this time shows that held banks on real estate about bad other and liquidation appraisals time unfair and Now these depositors they are the only losers where think Mr Wyman fered Here this with his and life time of from boy up. not only losing lifetime's earnings but criticized for the and discredited an depositors, no use for so among certain politicians and others. that time for each and every man and woman fair treatment and who has indulging this sort talk propaganda realize that making money these depositors he has entirely lost his investment in these banks and the Financial corporation depositors and get holders he put $250,000 into and lost every Is any worse off than this? The money loaned business concerns and on estate that in normal times solvent had sufficient value to take care of any indebted ness incur put these banks hard place that had long and to liquidate and ruin them was probably the principal reason that these banks could liquidated in a depression and be solvent. have never been in favor of liquidating these possibly avoided. seems that bank that can be liquidated in could depression and pay 85 cent have along under this sort of plan. the had sent into these banks who are qualified to judge as the securities real estate normal times and found that under those these were solvent, and the Government guaranteed these depositors, thereby stopping any run on these banks until better times these banks could to func. tion. My understanding from men who ought to that gross earning Fidelity Trust Co. times would be about and the Augusta Trust Co. and hundred thousand dollars year and the earnings would be about of amount this course which suggest had been followed. they would not passing valuable equity earning capacity of these banks over to someone else and not receive nickel for them. In words. this the inof in and real had been dividual would handle the result, would have been better stockholders and depositors. In few years their earnings would have paid the the stockholders still these valuable Of course. wise people now might say they should have the securities in prosperous times, but will venture to say that there not more than one two in hundred who they are going to blame Mr. Wyman