Merchants Trust Company (Waterbury, CT)

Episode Information

Episode UID
51008371584
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
5100837 routing
Routing Number
51-0083
Start Date
December 23, 1931
Location
Waterbury, Connecticut (41.558, -73.051)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a61b717e75c5ed44

Response Measures

None

Description

The bank suspended voluntarily due to frozen assets and security depreciation; while other local private banks experienced runs, the Merchants Trust Company itself closed before a run could manifest.

Events (3)
1. December 23, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Difficulty reducing loans and discounts combined with depreciation in market prices of securities which impaired liquidity.
Newspaper Excerpt
The action of the directors of the Merchants Trust company in deciding to suspend business this morning was taken when in their judgment it became apparent that the interests of the depositors would best be served by such action.
Source
newspapers
2. February 5, 1932 Receivership
Newspaper Excerpt
The Citizens and Manufacturers National Bank confirmed as permanent receiver for the Merchants Trust Company
Source
newspapers
3. April 9, 1934 Other
Newspaper Excerpt
He confirmed the Democrat's story Saturday that a plan to reorganize the bank for reopening had been launched.
Source
newspapers

Newspaper Articles (23)
1. December 23, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 23, 1931

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

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

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

3. December 23, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 23, 1931

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Sanditz and Traurig, local private bankers, closed at 10 o'clock this morning. Officials of the bank denied that the closing was primarily caused by the suspension at the Merchants Trust Company. The Sanditz & Traurig Bank opened for business at 9 o'clock this morning and closed at 10 o'clock following an intensive "run" on the funds deposited there. The closing was ordered volun-

4. December 24, 1931 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 24, 1931

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

5. February 3, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, February 3, 1932

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by virtue of a note dated January 13, 1925. To secure the note the defendant mortgaged the property on Stiles street. The plaintiff also asks for the appointment of a re. ceiver for the collection of rents. It is the first I e : brought by the Citizens & Manufacturers National bank as receiver for the Merchants Trust Co.

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

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

7. February 29, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, February 29, 1932

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Quarter Million In Merchants Trust Receiver Reports Balance of February 4-No Attempt Yet to Unload Stocks-Huge Gain Since Day of Closing When $94,629 Was on Hand The Merchants Trust Company had cash on hand as of February 4, this year, of nearly a quarter of a million dlolars, according to. the report of the doings of the temporary receiver, The Citizens and Manufacturers National Bank, filed in superior court today. The report shows that the Bank street house had cash on hand of $94,629.42. as of December 23, 1931, the day of its suspension.

8. March 3, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 3, 1932

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Bank Allowed to Borrow Money (Continued from Page 1) loaning the sum to the Waterbury bank will be reserved. The application will have to come up for consideration by the New England committee. It appears likely, how. ever, that the loan will be granted inasmuch as Edward O. Goss, president of the Scovlil Mfg Co and president of the Citizens & Manu. facturers National Bank, which is receiver for the Merchants Trust Co has been given assurance that the Waterbury loan would be granted favorable consideration when it was brought before the committee. Mr Goss was in conforence with Charles G. Dawen, chairman of the Reconstruction Finance Corn and U. S. Renator Vrederic C. Walcott about three weeks ago. The conference was arranged by Mr Goma' son, Congressman Edward W. Goss who has been working in the Interests of the Merchants Trust Co. Attorney Francis T. Reeves presented the petition to the superior court last Friday, He explained that the reason for the loan is to bring about reorganization and re. opening of the Merchants Trust Co.

9. March 4, 1932 Hartford Courant Hartford, CT

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

10. March 9, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 9, 1932

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Permission to file an appeal to the supreme court of errors from the decision handed down last week by Judge John Richards Booth in the case of the Investment Securities company against the Kazemekas & Co, Inc, is included among the short calendar motions to be heard this Friday morning. The appeal is sought by the Waterbury National bank, recelver for the Kazemekas Co, Inc, local bank, which suspended shortly after the Merchants Trust Co: The Investment Securities Co asked the superior court to restrain

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

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

12. October 31, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 31, 1932

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Three more motions filed in the Merchants Trust Co receivership case to-day in superior court brought the total up to 253, a number never before approached in any case in the local court's history. The number is expected to be considerably larger before the receivership is wound up. The motions filed to-day deal

13. April 21, 1933 The Waterbury Democrat Waterbury, CT

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Merchants Trust Co to Restart (Continued from Page 1.) ufacturers National Bank, receiver, who filed the dividend motion, fered no objection. Attorney Smith said in asking that the motion off the calendar that the plans ing effected would greater benefit the depositors than vidend payment. Queried after his court remarks, Attorney Smith said he in position enlarge his statements at this time but would have an announcement make within short time. Judge Booth granted the motion for an allowance to Attorasking ney Herman J. Welsman for services rendered as counsel for the Company prior to its going into receivership and for ervices in several matters after the receivership. The allowed is $3,900. it to be considered general claim and will not be paid until the receive their full depositors amount. Judge Booth gave permission to the receiver quit claim its equity on North Elm street held an asset of the bank. The does warrant the receiver to attempt to redeem foreclosure judgment granted the Waterbury Savings Bank against the property Attorney Reeves said. This step considerable expense and matters. Permission to hire real estate agents sell the pieces of property the receiver has taken over as part the liquidation plan, was granted. agents will buy ers the property but the court first all sales before they are to be consummated. The court granted permission allow an claim of $400 as an item on he Federal Income tax return. son. He was unshaven, but appeared in good health. When he arrived at the house, both his and father were absent. Mrs Marcus was at the Morrison hotel, where Factor had set up headquarters to direct the hunt for his son. Factor himself had left the hotel some hours before, he was to the haunts of known kidnapers for some clue to his son's whereabouts. Release of the boy who is student Northwestern University, came after night of intense Erstwhile Capone leaders including Murray Humphries and Sam (Golfbag) Hunt. and more than 125 Chicago gangsters. the United Press learned, banded to aid Factor. Police and Federal agencies were active. Shortly before young Factor his police arrested Hunt the second time. With him took into custory Mike also Capone lleutenant. They also engaged in, gun battle speeding autoThe car appeared in sev. eral and believed to contain the gangsters hunting the Factor youth. Federal authorities spurred to action by possibility that the NOcalled had been violated, arrested four men here for questioning. others held at Tuscola, III. Earlier three suspected of mid. kidnap ring. had been seized in raid by acting information obtained from Factor's Captain Dan Gilbert. who went to the Marcus home question the youth, slad young Factor peared regarding the details "The kidnapers told me they didn't get ransom, were any bringing me home just the same, young Factor His ather this statement and he had paid no money for his son's release. Belief per. sisted that some ransom had been collected. The youth had only meager the kidnapers. "They made me take off my glasses whenever they proached. he said. "I do not very well without glasses and could not tell what the men looked like. Some the time lowcases over their heads. Other times they made me turn away they entered the room. men grabbed as walked up to apartment week took ago night. They me to the curb and forced me enter an was on the floor in the rear. The men said. 'Now find out how much your father thinks of They then led be blindfolded, up flight stairs to small room with maton the floor."

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

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LATE REALTY NEWS The following real estate transactions to-day town clerk's office: Quit Claim Deeds: Citizens tional Bank. receiver for the Merchants Trust Anna hardt, property on

15. December 29, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 29, 1933

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The receiver for the Merchants Trust company has received a quarter of a million dollars worth of applications for the Home Loan bonds in its hands up to the present time, according to a report submitted today. Attorney Francis T. Reeves, counsel for the receiver, The Citizens and Manufacturers National bank, will ask the superior court on January 5th for permission to turn over the bonds to the applicants in exchange for their savings deposits. It will represent a considerable liquidation of the assets of the closed bank. The receiver secured permission in superior court a week ago to offer the Home Loan bonds in ex-

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

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

17. April 9, 1934 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, April 9, 1934

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

18. August 14, 1934 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, August 14, 1934

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LATE REALTY NEWS / MORTGAGE DEEDS Isadore and Tillie Prillig to the Home Owners Loan Corp, property at 287 Pine street, $8,300. Isadore Prillig to Hilda B. Prillig, properity at 287 Pine street, $2,000. QUIT CLAIM DEEDS Citizens & Manufacturers National Bank, receiver for the Merchants Trust Co.

19. May 11, 1935 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, May 11, 1935

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the Culhane bill. However, such action is considered unlikely in view of the overwhelming strength shown for the bill in yesterday's voting. Waterbury has three receiverships that are affected by the passage of the bill yesterday, the Merchants Trust Company, the Kazamekas bank. The bill provides that if any closed bank is 80 per cent solvent, or more. it may borrow from the RFC and re-open. It is the claim of Senator Culhane that the Merchants Trust Company has never been less than 80 per cent solvent and, therefore, should be and will be re-opened. Chief Opponent Representative Edward Dennis of Scotland, republican, lawyer and a member of the judiciary committee, was the chief opponent to Senator Culhane's bill yesterday. He introduced an amendment which if adopted would have wiped out the intent of the Culhane bill and would have affected only banks

20. December 30, 1935 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, December 30, 1935

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LATE REALTY NEWS Quit Claim Deeds Walter Perry, receiver of the Merchants Trust company, to the Waterbury Savings bank, real estate on the east side of Park avenue.

21. January 17, 1936 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, January 17, 1936

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stitute so that it can be used for office purposes. Another Sale in View Reports were also current today that a sale is near involving the land on the westerly side of Leavenworth street lying between the coun-, ty building and the offices of the R. F. Griggs Company. This land is owned by the now suspended Merchants Trust Company. It is used for parking purposes and a gasoline station now and is the only large tract of land on the street not occupied by a substantial structure. The Southern New England Telephone Company erected the building on Leavenworth street which is now reported about to be sold. The concern occupied the structure in 1914 and remained there until a few years ago when the new office building at State and Grand streets was completed.

22. April 13, 1942 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, April 13, 1942

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Suit Withdrawn Withdrawal papers were filed in common pleas court today in the $2,500 civil action brought by Mildred Czarasty of Waterbury against Walter Perry, state bank commissioner as successor receiver of the Merchants Trust Company for injuries claimed to have been sustained

23. July 2, 1943 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, July 2, 1943

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RAPPORT NAMED BANK RECEIVER Succeeds W. Perry Also as State Commissioner; Maloney Resigns Judge Edward J. Daly of Hartford came to Waterbury yesterday afternoon for a special session of superior court where the resignation of Walter Perry as successor receiver of the Merchants Trust Company was accepted and ap-