Waterville Trust Company (Waterville, ME)

Episode Information

Episode UID
9047496791313
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
904749679 hash
Start Date
May 10, 1909
Location
Waterville, Maine (44.552, -69.632)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b81e588531df965d

Response Measures

None

Events (2)
1. May 10, 1909 Suspension
Cause
Government Action
Cause Details
Injunction issued at request of State Bank Examiner restraining the company from receiving or paying out funds due to alleged unsound investments
Newspaper Excerpt
the doors of the Waterville Trust Co. have been closed on complaint made by State Bank Examiner W. B. Skelton of Lewiston
Source
newspapers
2. July 1, 1909 Receivership
Newspaper Excerpt
Judge Spear of the Supreme Court has appointed as Receivers, Charles F. Johnson of Waterville and Harry L. Holmes of Fairfield ... to take possession of all the effects and property of the Company, make collections, etc., and await the further orders of the Court.
Source
newspapers

Newspaper Articles (19)
1. May 11, 1909 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 11, 1909

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Article Text

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).

2. 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.

3. May 13, 1909 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, May 13, 1909

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Article Text

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.

4. July 8, 1909 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, July 8, 1909

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Article Text

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.

5. July 8, 1909 The Republican Journal Belfast, ME
Article from The Republican Journal, July 8, 1909

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Article Text

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.

6. July 15, 1909 The Republican Journal Belfast, ME
Article from The Republican Journal, July 15, 1909

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With the appointment of permanent receivers the Waterville Trust company goes into liquidation, and it is reported that some of the stockholders are preparing to go into voluntary bankruptcy.

7. September 17, 1909 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 17, 1909

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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

8. September 30, 1909 The Republican Journal Belfast, ME
Article from The Republican Journal, September 30, 1909

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THE WATERVILLE TRUST CO. The Law Court to Decide Questions at Issue. The session of the Law court, sitting at Augusta in December, will settle the questions of whether the branches of the defunct Waterville Trust Co. 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 refer both 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 S. Johnson of Waterville and Harry L. Holmes of Fairfield are the recivers of the suspended institution.

9. 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.

10. January 18, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 18, 1910

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FIFTY PER CENT. Divided to Creditors and Depositors of Waterville Trust Co. A decision was handed down Monday by Associate Justice Albert M. Spear of the supreme judicial court ordering that the trustees of the Waterville Trust Co., Charles F. Johnson and Harry L. Holmes of Fairfield, pay to ali depositors and creditors whose claims have been proved and allowed as unsecured claims not entitled to a preference, a dividend of 50 per cent. of the face value of these claims on May 10, 1909. The Waterville Trust Co., with branches at Corinna, Newport, Dexter and Hartland, was enjoined from doing business last May on the petition of State Bank Examiner William B. Skelton of Lewiston and receivers appointed. The petition of the receivers of the Waterville Trust Co., Charles F. Johnson and Harry L. Holmes, respectfully shows "that they have in their possession assets of the said Waterville Trust Co. sufficient to pay a dividend of 50 per cent. to all depositors and creditors of said Waterville Trust Co., whose claims against said Waterville Trust Co. have been proved and allowed by a decree of the court as claims which are not secured or preferred. They, therefore, respectfully ask that the court will decree a dividend of 50 per cent. to be paid to all such depositors and creditors by them as said receivers on or before Jan. 20, 1910.

11. January 20, 1910 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, January 20, 1910

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WATERVILLE TRUST COMPANY. Justice Spear Hands Down Decision in the Waterville Trust Co. Case. Augusta, Me., Jan. 17.-A decision was handed down by Associate Justice Albert M. Spear of the Supreme Judicial court ordering that the trustees of the Waterville Trust Co., Charles F. Johnson of Waterville and Harry L. Holmes of Fairfield, pay to all depositors and creditors whose claims have been proved and allowed, as unsecured claims and claims not entitled to preference, a dividend of 50 per cent of the face value of their claims on May 10, 1909. The Waterville Trust Co., with branches at Corinna, Newport, Dexter and Hartland, was enjoined from doing business last May on the petition of State Bank Examiner William B. Skelton of Lewiston and receivers appointed.

12. January 21, 1910 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, January 21, 1910

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$500,000 FOR DEPOSITORS. Waterville Trust Company Receivers Make 50 Per Cent. Payment. Waterville, Me., Jan. 21.-Six thousand depositors of the Waterville Trust company, closed a short time ago by orders of the state bank examiner, will receive a little over a half-million dollars. The checks were mailed last night under the direction of Charles F. Johnson and Harry L. Holmes, receivers, and constitute a 50 per cent. dividend on the total deposits. Other payments are expected later.

13. January 21, 1910 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 21, 1910

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A 50 Per Cent. Dividend from Waterville Trust. Six thousand depositors of the Waterville Trust Co., closed a short time ago by orders of the State bank examiner. will receive in the mails of today a little over a half million dollars. The checks were mailed Thursday night under the direction of Hon. Charles F. Johnson and Harry L. Homes, receivers, and constitutes a 50 per cent. dividend on the total deposits. Other payments are expected later.

14. January 27, 1910 The Republican Journal Belfast, ME
Article from The Republican Journal, January 27, 1910

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The Waterville Trust Co. WATERVILLE, ME., January 20. Six thousand depositors of the Waterville Trust Co., closed a short time ago by orders of the State bank examiner, will receive in the mails of tonight or tomorrow, a little over a half million dollars. The checks were mailed tonight under the direction of Hon. Charles F. Johnson and Harry L Holmes, receivers, and constitute a 50 per cent. dividend on the total deposits. Other payments are expected later.

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. October 12, 1911 The Republican Journal Belfast, ME
Article from The Republican Journal, October 12, 1911

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# The Waterville Trust Co. It is understood that the court has ordered Messrs. Charles F. Johnson and Harry L. Holmes, receivers of the Waterville Trust company, to pay a 25 per cent. dividend to depositors on or before October 19th. The Sentinel is also informed that there will be further dividends as soon as assets can be reduced to cash and at such time as the court may order. The first dividend paid was 50 per cent., so the second makes a total of 75 to date.

17. May 9, 1912 The Independent-Reporter Skowhegan, ME
Article from The Independent-Reporter, May 9, 1912

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Stockholders of Waterville Trust Co. An assessment of 100 per cent is ordered against the stockholders of the Waterville Trust company in a decree handed down by Associate Justice Albert M. Spear May 1. This amounts to $100,000 and is to be used with the proceeds of the assets to pay the depositors, to whom there is still $367,990.95 due. The receivers, Chas. F. Johnson and Harry L. Holmes, have $60,346.74 on hand and they estimate that the assets not yet disposed of will yield not more than $200,585.31, leaving $107,058.90 to be provided, with no provisions for the fees of the receivers.

18. 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.

19. December 9, 1916 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 9, 1916

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Receivers' Report on Waterville Trust Co's. Condition Irving E. Vernon, State bank commissioner, Friday gave out a statement from Charles F. Johnson and Harry L. Holmes, receivers of the Waterville Trust Co., giving a report of the progress made by them in the settlement of the affairs of the Waterville Trust Company from the time of their acceptance of their appointment July 10, 1909, to date, as follows: