8831. Waterville Trust Company (Waterville, ME)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: May 10, 1909
Location: Waterville, Maine (44.552, -69.632)

Metadata

Model: gpt-5-mini
Short Digest: 8d69b1cc

Response Measures

None

Description

The Waterville Trust Co. was restrained by a court injunction (May 10, 1909) and subsequently placed in receivership (decree July 1/2, 1909 and receivers took possession July 10). No run is described; closure was by court action and receivership/liquidation followed.

Events (2)

1. May 10, 1909 Suspension

Cause: Government Action
Cause Details: Temporary injunction issued by Associate Justice A. M. Spear at request of State Bank Examiner W. B. Skelton restraining the Trust Co. from receiving or paying deposits pending investigation; branches included in order (Dexter, Newport, Hartland, Corinna).
Newspaper Excerpt: Business was suspended Monday and no deposits were received or paid out, in compliance with the injunction.
Source: newspapers

2. July 2, 1909 Receivership

Newspaper Excerpt: A decree was handed down by Associate Justice Albert M. Spear ... appointing Charles F. Johnson and Harry L. Holmes as receivers of the Waterville Trust Co.; the corporation perpetually enjoined from doing business.
Source: newspapers

Newspaper Articles (21)

1. May 11, 1909 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 11, 1909

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MR. SKELTON'S STATEMENT. Bank Examiner Skelton gave to the press Monday afternon the following statement on the injunction proceedings against the Waterville Trust Co. of Waterville: "I do not care to make a detailed statemer in this matter at the present time, and may not do so until the case is taken up for hearing before the court. "The Waterville Trust Co. has quite a block of paper on which a loss must be suffered. How much this loss will exceed the surplus and undivided profits canont yet be told. The notes are very generally secured by collateral. but some of this is of uncertain value. "About a year ago the affairs of the principal members of the syndicate whose notes are now in default. were placed in charge of a committee representing the creditors. The two railroads, the Portland & Brunswick and the Waterville & Oakland, which constituted an important part of these assets, were admirably managed by the committee and there was strong reason to believe that these and the mining interests would be advantageously disposed of within the allotted time. "This time expires, however, on May 11. and knowing that the committee had not accomplished what it expected, I went carefully over the details with them and with the directors of the Trust Co., and concluded that the present action was necessary in order to assure all depositors equal protection. The injunction granted Saturday evening and served this morning will keep everything in the precise condition existing at the close of business Saturday noon, except that notes due the Trust Co. may be reduced to cash as they mature. "I cannot say now what further action I may take. No receiver will be appointed at present. The present executive board is anxious to work the matter out in such way as to prevent the liquidation of the bank and this department will co-operate with them in their efforts. If this is accomplished, the bank will be in a position to resume business with full confidence in the future stability of the institution, because provision will have been made for charging off or otherwise taking care of the present doubtful investments. "None of the interests which are responsible for the present troubles are, or will be represented on the executive board. and under the very radical changes which were made two years ago in the laws governing trust company investments it is no longer possible for loans of the class and volume which have precipitated the present difficulty to be made by this or any other trust company.

2. May 11, 1909 Daily Kennebec Journal Augusta, ME

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WATERVILLE NOT ALARMED. Waterville, Me., May 10.-(Special).Although the entire city and vicinity was deeply interested in the edict of Associate Justice A. M. Spear whereby the doors of the Waterville Trust Co. have been closed on complaint made by State Bank Examiner W. B. Skelton of Lewiston, no great fear appears regarding the safely of the deposits or anxiety on the part of the depositors. Business was suspended Monday and no deposits were received or paid out, in compliance with the injunction. Of course the situation is regarded as serious, especially in this city, as (Continued on Page Two).

3. May 11, 1909 Daily Kennebec Journal Augusta, ME

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ones being losses on loans which did not result satisfactorily. It was understood much money was lost through the Terry Manufacturing Co., whose plant was sold for $70,000 last week on a foreclosure order to satisfy a mortgage held by a Lewiston bank. At the annual meeting three weeks ago there was a lively contest for directors and several members of the heard were replaced by new ones. Charles H. Merrill, a wealthy Bangor man and a large dealer in wool in the Boston market, was elected president to succeed Edward J. Lawrence of Fairfield, the well-known ship owner. The stockholders are said to be men fully able to meet any assessments made upon them to clear up any losses. The following unsigned notice was posted shortly before noon: "Under a restraining order from the supreme judicial court of the State of Maine, the Waterville Trust Co. is prohibited from receiving or paying out deposite. Money may be received for notes as they mature." Horace Purinton, vice president of the bank and a prominent contractor. declared that the depositors are all right and the stockholders will have to settle. also that everything will come out well. Charles F. Johnson, counsel for the institution. said the directors found that they would have to make an assessment and felt it would not be safe to make it in the general run of business because rumors might start that something was wrong with the bank and start a run that would injure it. He considered that the method taken was the best one under the circumstances and that it was a move simply to protect the depositors. He said that besides the capital stock of $100,000 an equal amount can be raised from the stockholders and added to the resources of the bank. He believed the depositors would receive all their money. Mark Gallert. a merchant here for 47 years and one who nas maintained an active interest in the management of the bank. did not consider the situation serious and asserted the depositors were in no danger of loss. The city of Waterville for years had kept the city money in this bank until a few weeks ago, when a new system was inaugurated and bids were asked for the deposits. The Ticonic National Bank was the highest bidder and all the city money was transferred to that bank. There were unimportant runs by small depositors on the other banks of the city today because of the closing of the Waterville Trust Co's. bank. many withdrawing their savings. All demands were met promptly and the banks were not bothered to any extent. State Pank Examiner Skelton stated that no receiver would be appointed at present and that he shall take no further steps until the directors have an opportunity to see what they can do He confidently believes the depos-

4. May 11, 1909 New-York Tribune New York, NY

Article from New-York Tribune, May 11, 1909

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MAY REOPEN WATERVILLE TRUST CO. Efforts Being Made to Prevent Liquidation.of Maine Institution. Waterville, Me., May 10.-The failure of the Waterville Trust Company to open its doors today. because of an injunction issued at the request of the bank examiner caused no excitement, although it inconvenienced many business men who had accounts at the bank. The bank's liabilities are placed at $1,500,000. State Bank Examiner William S. Skelton said today: "No receiver will be appointed at present. The present executive board is anxious to work the matter out in such a way as to prevent the liquidation of the bank, and this department will cooperate with it in its efforts." Charles H. Merrill, of Bangor, Me., president of the Waterville Trust Company, has been at the head of that banking institution only two months. It was erroneously reported last night that Mr. Merrill was on his way to Montana. Mr. Merrill to-day expressed the belief that the bank would not go into liquidation.

5. May 13, 1909 The Republican Journal Belfast, ME

Article from The Republican Journal, May 13, 1909

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THE WATERVILLE TRUST COMPANY. Business Suspended Pending an Investigation. An injunction has been issued by Associate Justice Albert M. Spear of the Supreme Judicial Court restraining the Waterville Trust Co. from receiving or paying deposits, pending an investigation. The complaint was made by I William B. Skelton of Lewiston, State bank examiner, after an investigation last week and papers were served on the bank officials at : Waterville Monday morning. The company maintains branches at Dexter, Newport, Hart$ land and Corinna, and these are included in the court order. This action created no surprise , in banking circles as the condition of the company for some time past has pointed to such a result. There is said to have been no sem$ blance of excitement in Waterville over the i closing of the bank and confidence is felt that the depositors will be paid in full. In an interview at Bangor, Charles H. Merrill of that e city, president of the Waterville Trust Co., L does not give a very encouraging view of the situation. t "The despatch printed in the morning papers is misleading," said Mr. Merrill," and gives the e impression that I have been the president of e the Waterville Trust Co. for a long time, when 1 the truth of the matter is that I was elected in 1 March this year and have been president scarcely two months. I have known that the bank was in bad condition for some time, and ) my wife and I being the largest shareholders in the bank I put up a fight for the presidency T this spring, and won out by just a small margin. I wanted to find out where things stood e and I couldn't as long as the crowd that was in charge of the banks business were there. i Mr. Merrill said he was not an experienced banker, but as the largest stockholder had been aware that the securities that the bank has $ held have not been what they were represented to be for some years, but he had not been a director in the institution and had no voice in the matter. He said further: i "The condition that now prevails at the bank t is due largely to the fact that a syndicate of t men have hired money from the bank and the securities that they have given in return have not been adequate. 1 "The syndicate has been composed of E. J. r Lawrence, Cyrus W. Davis, his partner, Mr. Soule, A. F. Gerald, A. B. Page and L. A. Nye, e They have been directors in the bank and they e are the syndicate that has hired money to a build railroads and invest in western mining property, etc. The trouble with the securities that they have put up for the loans is that they have been of so uncertain a value that no 1 one knows what they are worth. They may not be worth what some think they are and tren they may be worth more. "The bulk of the securities held by the bank for their loans are bonds of the Portland & Brunswick railroad, stocks and bonds of the I Waterville & Oakland railroad, stocks and bonds of the Silverton, Gladstone & Northern S railroad in Colorado; stocks and bonds in the , Gold Prince and Gold King mining companies e in Colorado, and securities in a cattle company in Cuba. These make up the bulk of the securities of the loans made to this syndicate. "Outside these loans the bank has a general J business that is good. The bank has valuable e branches that are under careful management and are doing a fine business. The trouble is with the Waterville bank alone."

6. May 13, 1909 The Somerset Reporter Skowhegan, ME

Article from The Somerset Reporter, May 13, 1909

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At the request of State Bank Examiner Skelton, on Saturday last, Judge Spear of the Supreme Judicial Court, issued an injunction against the Waterville Trust company, restraining that institution from receiving or paying out funds. The Company may receive payment for notes that may become due. This Company, operating at Waterville, has branches at Corinna, Dexter, Hartland and Newport. No undue excitement was caused at the announcement, which is a credit to the people, who have always considered the Bank as strong and sound. The chief cause of the present condition of things is the investments made years ago in what are now unproductive stocks and bonds of electric railroads and gold mining companies. All the shareholders are by law liable to the assessment of 100 per cent on the stock held by them, for the protection of the depositors; and we understand that these shareholders to a man will come forward promptly and make the sacrifice without any compulsion. The Bank Examiner says he confidently believes that matters may be adjusted by the present executive board, without the appointment of a receiver, and that the depositors will be fully taken care of. So the depositors in the home bank, and its branches as well, have no occasion to feel nervous. The institution will soon reopen its doors on a new era of prosperity, with all the dead-wood eliminated.

7. July 3, 1909 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, July 3, 1909

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RECIEVERS Appointed for Waterville Trust Company. Charles F. Johnson and Harry L. Holmes Are Named. Corporation Perpetually Enjoined From Doing Business. A decree was handed down by Associate Justice Albert M. Spear of the Supreme Indicial court Friday appointing Charles F. Johnson of Waterville and Harry L. Holmes of Fairfield as receivers of the Waterville Trust Co. The receivers were ordered to furnish a bond in the sum of $100,000. The full text of Justice Spear's decree is as follows: 1 That said Waterville Trust Co. and its officers are perpetually enjoined from the further prosecution of its business as a trust company. 2 That Charles F. Johnson of Waterville and Harry L. Holmes of aFireld be, and they hereby are appointed to receive assets of said Trust Company, to collect, get in and receive the outstanding debts and money due to or on account of said Trust Company: to receive and take possession of all the effects and property of every kind or nature of or belonging to said Trust Company, upon their filing a bond with the clerk of this court in the sum of $100,000, with sufficient sureties, to be approved by this court, conditioned for the faithful performance of their duties as such receivers, and that the defendant Trust Company deliver over to such receivers all its effects and property aforesaid in its possession and subject to its control, and also all money, notes, securities, drafts, bill of echange, checks, or other evidence of indebtedness due to said Trust Company together with all books of account, accounts, receipts, vouches and papers of every nature belonging to or pertaining to said Trust Company's business The said receivers are hereby ordered and directed to report all actions, rights, or causes of action belonging to said Trust Company for court's direction thereon. The said receivers are further ordered to make report annually to the bank examiner in November and at such other times as the said examiner requires, of the progress made in the settlement of the affairs of the defendant Trust Company. The receivers are further ordered to continue insurance on all the real estate in which the bank is interested. 3 That said receivers receive and decide upon all claims against said institution; they shall give such notice of the times and places of their

8. July 8, 1909 The Somerset Reporter Skowhegan, ME

Article from The Somerset Reporter, July 8, 1909

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Instead of going on with the business, as was at first thought best and expedient, the affairs of the Waterville Trust Company are to be closed up. Judge| Spear of the Supreme Court has appointed as Receivers, Charles F. Johnson of Waterville and Harry L. Holmes of Fairfield, they to furnish a bond of $100,000. They are to take possession of all the effects and property of the Company, make collections, etc., and await the further orders of the Court.

9. July 8, 1909 The Republican Journal Belfast, ME

Article from The Republican Journal, July 8, 1909

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Receivers for Waterville Trust Co. AUGUSTA, July 2. Permanent receivers for the Waterville Trust Co. of Waterville were appointed today by decree of Associate Justice Spear of the Supreme Court. This bank was closed May 10th, when a restraining order was issued by Judge Spear on complaint of State Bank Examiner, Wm. B. Skelton. The receivers appointed today were Charles F. Johnson, who is counsel for the company, and Harry L. Holmes, treasurer of the company.

10. September 16, 1909 The Republican Journal Belfast, ME

Article from The Republican Journal, September 16, 1909

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THE WATERVILLE TRUST CO. The Receivers Make a Report to the Bank Examiners. Charles F. Johnson of Waterville and Harry L. Holmes of Fairfield, receivers of the Waterville trust company, have submitted a report to William B. Skelton, State bank examiner, giving the total amount of collections $153,810. They state that this amount, with $216,366, the cash on hand July 10, has been deposited with several banks under an arrangement by which interest at the rate of 2 percent is paid. They say this statement has been mailed to each of the 5881 depositors: The receivers further say: "We confidently hoped that a dividend of 25 percent could be paid to depositors by the middle of August, but on August 5th we were notified by an attorney that he represented a large number of depositors in the Dexter, Newport, Hartland and Corinna branches of the company, and that he claimed that these depositors should be paid in full and that any loss should fall upon the depositors in the Waterville bank. "We communicated with Judge Spear of the supreme court, who instructed us to pay no dividends until these matters should be settled. We hope to bring this matter before the court for its speedy determination." Bank examiner Skelton, in reviewing the matter, says that the losses will be suffered chiefly on loans and discounts. He says there will be a substantial loss on the Calais street railway company bonds, of which the company holds $32,000, purchased at par in 1894. There must also be some loss on the real estate, which consists of bank buildings at Dexter and Newport and the Gerald property at Fairfield. "It is right, however, in view of the effect such failures as this have on general banking business," says Mr. Skelton, "to say that no substantial loss will be suffered on loans made since the trust company law of 1907 was enacted. These excessive and doubtful loans were made before that time, when there were practically no legal restrictions and would not now be possible under the law."

11. September 17, 1909 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, September 17, 1909

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al Bank of Boston of said draft and passed the amount of the same, $608,63, to the credits of the Waterville Trust Company, although the Waterville Trust Company on said date had been prohibited from receiving or making payments on account of deposits. Your petitioners, therefore. as said receivers, respectfully ask the court to instruct them: 1. Whether or not they shall allow in set-off to the makers, sureties, endorsers or guarantors, upon notes due and payable to said Waterville Trust Company, the full amount of their deposits in said Waterville Trust Company, where the amount due upon said obligations or notes exceeds the amount of said deposits. 2. Also whether or not the drafts drawn by the treasurer of said Waterville Trust Company to cover the checks forwarded from said Boston Clearing House Association. and the drafts drawn by the said Waterville Trust Company upon its correspondents in favor of certain parties as hereinbefore stated. shall be treated by the petitioners as preferred claims and entitled to a priority over other claims. Also whether the claim of the Boston Clearing House Association for checks presented to it and forward d to the Waterville Trust Company and by it marked "paid" and charged to its depositors. shall be treated by your petitioners as a preferred claim and entitled to priority. 3. Also whether or not your petitioners. as said receivers, shall pay in full said treasurer's or cashier's checks, above described. 4. Also whether or not your petitioners, as said receivers, shall pay in full the special deposits made with the said Waterville Trust Company as trustees, to meet the payment of coupons upon bonds secured by trust mortgages in which said Waterville Trust Company is named as trustee. as stated in the above petition. 5. Also whether or not the deposits made as stated in said petition, with officers or agents of said Waterville Trust Company after the close of banking hours on Saturday afternoon, May 8th, 1909. shall be treated by your petitioners as deposits made with the said Waterville Trust Company, and whether or not said deposits shall share ratably with all other depositors in the distribution of the assets of said Waterville Trust Company. 6. Also whether or not the depositors in what were known as the branch banks of the said Waterville Trust Company at Dexter, Newport, Corinna and Hartland, Maine, shall share ratably with the depositors at Waterville, Maine, of the said Waterville Trust Company in the distribution of the assets of said company. 7. Also whether or not it shall treat said draft left with it by A. H. Emery as a deposit, or whether said claim of said A. H. Emery shall be treated as a preferred claim and entitled to priority over claims of other depositors. Wherefore, your petitioners pray that the court will order a hearing upon this petition and such notices thereof as it may proper. CHARLES F. JOHNSON, HARRY L. HOLMES, Receivers. STATE OF MAINE. Kennebec County Supreme Judicial Court Upon the above petition it is hereby ordered that a hearing be had at the Court House at Augusta in said County of Kennebec. on the twenty-fifth day of September, 1909, and that notice thereof be given by publishing this petition and the order of Court thereon for three days successively in the Waterville Morning Sentinel, the Daily Kennebec Journal, the Bangor Daily Commercial and the Bangor Daily News. the last publication to be at least seven days before the date of said hearing. A. M. SPEAR, Justice Sup. Jud. Court. A true copy. Attest: C. W. JONES, Clerk. s16-17-18

12. September 17, 1909 Daily Kennebec Journal Augusta, ME

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STATE OF maine. c County. Supreme Judicial In Equity. n B. Skelton, Bank Examiner VS. lle Trust Company. tition of Charles F. Johnson and . Holmes, Receivers of the Waterist Company, respectfully shows, det certain parties who are in said Company are also makers, or endorsers, upon certain ry notes due and owing to said said lle claim posits Trust that should the be Company: full and allowed that by amount due the of S in set-off to the amount d notes, whether other depositors in full or not. Iso shows that in accordance with established custom among banks, rawn by certain depositors upon Waterville Trust Company had sented to the Clearing House As1 in Boston, in the State of Masits. and forwarded by said Assoo the Waterville Trust Company, cks had been marked "paid" and to the account of the depositors them and a draft had been y the Treasurer of said Waterust Company on its correspone First National Bank of Boston of the Clearing House Associa1 forwarded to said Association n order was received from the prohibiting the Waterville Trust J from transacting any further . It also shows that before said s received other checks had been ed to it by said Boston Clearing ssociation for which no draft had awn. It also shows that before ler was received. certain drafts wn by the said Waterville Trust y 'upon the First National Bank on, The Atlantic National Bank on, Massachusetts. the Liberty Bank of New York City and the ational Bank of Portland, Maine. r* of certain parties, and said ad not been presented for paythe time said order was received. lso shows that the Treasurer of terville Trust Company and the of its several branches had Treasurer's or Cashier's checks vered the same to certain parties 1 therefor either by check drawn eir deposits or in cash; and that shier's checks were unpaid at the

13. September 18, 1909 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, September 18, 1909

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STATE OF MAINE. nebec County. Supreme Judicial In Equity. illiam B. Skelton, Bank Examiner VS. terville Trust Company. petition of Charles F. Johnson and L. Holmes, Receivers of the WaterTrust Company, respectfully shows, That certain parties who are dein said Company are also makers, or endorsers, upon certain missory notes due and owing to said terville Trust Company: and that said claim that the full amount of deposits should be allowed by the eivers in set-off to the amount due said notes, whether other depositors paid in full or not. It also shows that in accordance with well established custom among banks, drawn by certain depositors upon said Waterville Trust Company had presented to the Clearing House Asin Boston, in the State of Masusetts, and forwarded by said Assoto the Waterville Trust Company. checks had been marked "paid" and to the account of the depositors them and a draft had been by the Treasurer of said WaterTrust Company on its corresponthe First National Bank of Boston of the Clearing House Associaand forwarded to said Association an order was received from the prohibiting the Waterville Trust from transacting any further It also shows that before said was received other checks had been to it by said Boston Clearing Association for which no draft had drawn. It also shows that before order was received. certain drafts drawn by the said Waterville Trust upon the First National Bank Boston, The Atlantic National Bank Boston. Massachusetts, the Liberty Bank of New York City and the National Bank of Portland, Maine. of certain parties, and said had not been presented for payat the time said order was received. It also shows that the Treasurer of Waterville Trust Company and the of its several branches had Treasurer's or Cashier's checks delivered the same to certain parties paid therefor either by check drawn their deposits or in cash; and that Cashier's checks were unpaid at the an order was received from the prohibiting the Waterville Trust from transacting any further It further shows that the said WaterTrust Company was the trustee in certain trust mortgages and according to the provisions of said mortgages coupons due upon the secured by said trust mortgages made payable at said Waterville Company, and that to meet the of said coupons when they fall due the mortgagor company trust mortgages had in some inmade a special deposit with the Waterville Trust Company as said e'and that said deposit had not been to the payment of said coupons he time of the receipt of said order of Court. It also shows that after the close of hours upon Saturday, May 8, 1909, parties gave to the officers or of the said Waterville Trust Comat its banking rooms, certain deto be entered upon the books of the Waterville Trust Company. to their at the opening of the bank upon following Monday morning, but that the Bank was open on said Monmorning, said order of the Court was It also shows that the Waterville

14. October 7, 1909 The Independent-Reporter Skowhegan, ME

Article from The Independent-Reporter, October 7, 1909

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LAW COURT TO DECIDE. Whether Trust Co. Branches Shall Be Liquidated Separately. The session of the Law court, sitting at Augusta in December will settle the questions of whether the branches of the defunct Waterville Trust company, at Corinna, Hartland, Dexter and Newport should be liquidated separately and whether the makers and endorsers of notes, who are also depositors in the Trust Co. should have the right to set off one claim against the other The final determination to refe: noth questions to Law court of the State was arrived at September 25th when the receivers and depositors met before Associate Justice Albert N. Spear in Augusta. The Waterville Trust Co. was the first trust company in Maine to ever go into a receiver's hands. It was closed last July by Bank Examiner Skelton. Charles F. Johnson of Waterville and Harry L. Holmes, the former cashier of the bank of Fairfield are the receivers of the suspended institution.

15. March 1, 1910 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, March 1, 1910

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giving them individually, any adequate understanding of the conditions. That part of his report, which concludes the preliminary statement, is as follows: "On May 8, 1909. I secured a temporary injunction against the Waterville Trust Company, enjoining it from doing further business except the collection of money due it. On July 1st, after several unsuccessful efforts to induce capitalists to take over the company and assume its liabilities, the injunction was made permanent, and Hon. Charles F. Johnson and Harry L. Holmes were appointed receivers. "The receivers filed their bond and took formal possession July 10, 1909, at that time making the following report of its condition as shown by the books of the company. RESOURCES. Stocks, bonds and vessel property, $203,280.40 Loans and discounts, 727,031.07 Real estate. 85,082.37 Furniture and fixtures, 23,775.00 Cash items, 10,429.64 Cash on hand, 5,279.08 Cash on deposit, 211,187.19 Overdrafts, 145.58 $1,266,210.33 LIABILITIES Capital stock. $100,000.00 Profit and loss, 21,359.06 Demand deposits, 179,737.14 Time deposits, 924,738.60 Notes payable, 25,000.00 Boston Clearing House Assosociation, 5,673.53 Holders of outstanding New York, Boston and Portland drafts, 9,093.37 A. H. Emery, Corinna, Me., collection item, 608.63 $1,266,210.33 "The receivers entered at once upon the discharge of their duties, and on November 15 the date of their last ro-

16. March 1, 1910 Daily Kennebec Journal Augusta, ME

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$782,684.38 "It was hoped to pay the depositors a very substantial dividend by the early part of September. but while preparations were being made for such payment notice was served on the receivers that certain depositors intended to demand separate liquidation for the several branches. This question and questions relating to certain claims for set-offs have been referred to the court, and it is altogether likely that decisions may be reached and end paid before this report leaves the hands of the printers. "The Waterville Trust Company was organized February 20, 1893, with a very liberal charter. It should have proven one of the most prosperous banking institutions in the State. Its failure is due entirely to excessive loans to persons directly or in... connected with its management at a time when the State had no adequate legislation regulating this class of institutions. "The control under which the bank was first established continued until 1900. This management left several investments on which considerable loss must be suffered. Included therein are $32,500 Calais Street Railway Company bonds, purchased at par in 1894, loans to W. H. Moore Lumber & Woodworking Company, now amounting to $34,026.47, and a very large investment for vault, furniture and fixtures, carried in 1900 at $42,245.45 and since charged down to $23,775. "The present commissioner is not fully advised as to the circumstances under which these investments were made. While rather large under the conditions then existing, the trustees may have been entirely free from self-interest, except in the purchase of the

17. July 30, 1910 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, July 30, 1910

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# SPARKS FROM MAINE WIRES. The county commissioners the counties of Androscoggin and Sagadahoc met Thursday at Lisbon Falls in joint session to consider a petition of the municipal officers of Lisbon asking for the repair of the bridge over Little river between Topsham and Lisbon. As soon as the meeting was called to order, fatal defects in the notices were discovered and upon motion of Edward W. Wheeler of Brunswick, who appeared for the town of Topsham, the petition was dismissed. It was shown that the town of Topsham had never been properly notified of the meeting. At the last meeting Topsham voted to discontinue the road but no damages were assessed, as it remains a question whether the road has been legally discontinued or not. On the road in question there is not an inhabited house, but nearly all the land is owned by citizens of Lisbon and no way to get across Little river except by this bridge which for some time has been considered unsafe. It is expected the matter will be further heard later. In a fit of temper caused by his wife's refusal to accompany him back to New York, Cleveland Savage of Livermore Falls took his own life, by shooting, Thursday afternoon at Wales. The body was found Friday morning and will be taken to Livermore Falls for burial. Besides the widow and daughter a mother, Mrs. Samuel Bean of East Livermore, and three brothers. Mark Savage of Lewiston, James Savage of Livermore Falls and Leslie Savage of East Livermore, survive. His age was 24 years. Alfred Dionne, aged 9, son of Mr. and Mrs. Ludger Dione of Auburn, is supposed to have been drowned Friday afternoon in the Little Androscoggin river. The father identified clothing found on the bank as his son's. Searchers with boats and grapples have as yet failed to locate the body. During the heavy thunder storm of Thursday afternoon Aldena, the 15-months-old adopted daughter of Mr. and Mrs. Bert Chandler of Burnham, met with a serious accident, which, it was feared, would cause blindness. Mrs. Chandler was engaged in ironing and the little one was playing near a screen door when a sudden flash of lightning seemed to play about Mrs. Chandler's iron. The child immediately began to cry and upon investigation it was found that she was badly burned across the forehead, eyes and nose. Medical aid was summoned and the loss of the eyesight was feared at that time. Friday morning there was some encouragement that the sight of the right eye might be all right, but the outcome is yet in doubt. Since the Waterville Trust Co. went into the hands of the receivers, Hon. Charles F. Johnson and H. H. Holmes of Waterville there has been more or less speculation as to the final ownership of the handsome brick block on Main street Dexter, erected by the Trust Co. several years ago. It is now expected that the block will be sold within the next few weeks and the members of Plymouth Lodge, L. O. O. F., are interested in the matter, inasmuch as the lodge recently voted to make an offer for the building and a committee to handle the matter was appointed. It is understood an good authority that the lodge committee has made an offer for the building and that if the offer is accepted the lodge will become the owner of the property.

18. September 21, 1911 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, September 21, 1911

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# WILL HAVE GRIST READY. Investigating Committee Will Do Considerable Preliminary Work. It is understood upon good authority that the plan to be adopted by the special investigating committee of the 75th Legislature will be to secure as much information as can be obtained along the lines upon which the inquiries are to be made, before the public meetings are held, so that when witnesses are summoned before the committee that body will have fully outlined the line of inquiry that is to be pursued. For that reason it is doubtful if any public hearings will be held before the middle or last of October. Meanwhile, Hon. Cyrus R. Tupper of Boothbay Harbor, the legal counsel of the committee, works on each day at his office at the State House, going over and getting together material that will be of aid to the committee in its various lines of inquiry. It was stated, Wednesday, by one familiar with the work of the committee, that the force of workers had been increased by one by the appointment of Lewis G. Whipple of Waterville, an auditor to the investigating committee. Mr. Whipple has been employed as an expert accountant by Senator Johnson and has acted as auditor for the receivers of the Waterville Trust Co., and in connection with the affairs of the Portland and Brunswick Street Railway.

19. April 6, 1912 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, April 6, 1912

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STATE OF MAINE. Kennebec, SS. Supreme Judicial Court In Equity. William B. Skelton, Bank Examiner vs. Waterville Trust Company et als. Charles F. Johnson of Waterville in the County of Kennebec and the State of Maine and Harry L. Holmes of Fairfield in the County of Somerset in said State, having filed their first account as Receivers of the Waterville Trust Company, it is hereby ordered that a hearing upon said account be had before this Court at the Court House in Bangor in the County of Penobscot upon the twenty-second day of April, A. D. 1912 at two o'clock in the afternoon. and that notice thereof be given by publishing this order three times in the Waterville Morning Sentinel, a newspaper published and printed at Waterville in said County of Kennebec, and three times in the Daily Kennebec Journal, a newspaper published and printed at Augusta in said County, the last publication in each case to be at least fourteen days before said hearing. A. M. SPEAR, Judge Supreme Judicial Court. A true copy, C. W. JONES, Clerk. Attest: apr4d3t

20. May 2, 1912 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 2, 1912

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Of 100 Per Cent. Upon The Stockholders Of the Defunct Waterville Trust Company Ordered In Decree Issued, Wednesday, by Associate Justice Spear. A decree was handed down. Wednesday, by Associate Justice Albert M. Spear in the equity case of William B. Skelton, bank examiner, vs. the Waterville Trust Co., ordering an assessment of 100 per cent. upon the stockholders of record of the defunct bank. The decree sets forth that from the assets of the Waterville Trust Co., which have been sold by the receivers, Hon. Charles F. Johnson and Harry L. Hoimes, and reduced to cash, but $60,346.74 remains and that this sum and the amount that can be realized from the sale of assets yet unsold will be insufficient by $107,058.90 to pay the claims of ell depositors in full. The doors of the Waterville Trust Co. were ordered closed by Associate Justice Spear, May 10, 1909, upon petition of William B. Skelton of Lewiston, who was then bank examiner. Justice Spear, July 2, 1909, appointed Hon. Charles F. Johnson and Harry L. Holmes, receivers. The text of the decree ordering the assessment upon the stockholders is as follows: Kennebec SS: Supreme Judicial Court in Equity. William B. Skelton, bank examiner, vs. Waterville Trust Co. This cause came on to be heard on this 22d day of April, A. D., 1912, upon the petition of Charles F. Johnson and Harry L. Holmes, receivers of the Waterville Trust Co., to ascertain and determine the value of the assets of the Waterville Trust Co. remaining in their hands and unsold, also to determine and award the amount of the compensation of said receivers for their services in said action, also to ascertain and determine whether any assessment should be ordered and decreed upon the capital stock of said Waterville Trust Co., and the amount of said assessment. And after notice and hearing upon said petition, it is hereby ordered, adjudged and decreed That the amount of money which can be realized in any event from the sale of the property remaining in the hands of said receivers at this date and unsold will not exceed the sum of $200,585.31. That, after deducting the dividends to non ent of the focè

21. December 17, 1912 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, December 17, 1912

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Receiver's Report On Affairs of the Waterville Trust Co. Senator Charles F. Johnson of Waterville and Harry L. Holmes of Fairfield, receivers for the Waterville Trust Co., have filed the following report on the affairs of the trust company with the State banking department: RECEIPTS.