Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-16
STATE OF MAINE.


Harry l.. Holmes, Receivers of the Water
VILE Trust Company. respectfully shows,
/. That certain parties who are de-
positors in said Company are also makers Makers
promissory notes due and owing to said
Waterville Trust Company; and that said
parties claim that the full amount or
their deposits should be allowed by the
Receivers in set-on to the amount due
npor said notes, whether other depositors
are paid in full or not
2 1t also shows that in accordance with
the well established custom among banks,
checks drawn by certain depositOrs upon
the said Waterville Trust Company mad
been presented to the Clearing House AS
ISOLATION in Boston. in the State of Mas
sachusetts. and forwarded by said Asso-
citation to the Waterville Trust Company,
said checks had been marked paid" and
charged to. the account OF the depositora
drawing them and a draft had been
drawn by the Treasurer of said Water
Vile Trust Company on its correspon-
dent, the First National Bank OF Boston
in favor of the Clearing House Associa-
tion and forwarded to said Association
before an order was received from the
Court prohibiting the Waterville Trust
Company from transacting any 1urther
business. 1t also shows that before said
order was received other checks had been
forwarded to it by said Boston Clearing
House Association for which no draft had
said order was received. certain drafts
were drawn by the said Waterville Trust
Company upon the First National Bank
OF Boston, The Atlantic National Bank
of Boston Massachusetts, the Liberty
National Bank Of New York City and the
Casco National Bank of Portland, Maine.
in favor of certain parties, and said
drafts had not been presented for pay
ment at the time said order was received.
8 1t also shows that the Treasurer of
said Waterville Trust Company and the
cashiers Of its several branches had
drawn Treasurer's. or Cashiers checks
and delivered the same to certain parties
who paid therefor either by check drawn
upon their deposits or in cash; and that
these Cashiers checks were unpaid at the
time an order was received from the
Court prohibiting the Waterville Trust
Company from transacting any further
business.
vile Trust Company was the trustee
named in certain trust mortgages and
that according to the provisions of said
trust mortgages coupons due upon the
bonds secured by said trust mortgages
were made payable at said Waterville
Trust Company, and that to meet the
payment of said coupons when they
should fall due the morteagor company
in said trust mortgages had in some in
stances made a special deposit with the
sai6 Waterville Trust Company as said
Trustee and that said deposit had not been
applied to the payment Of said coupons
at the time Of the receipt of said order of
the Court.
5. 1t also shows that after the close of
barking hours upon Saturday. May g. 1909,
certain parties gave to the officers or
agents of the said Waterville Trust Com
peny, at it's banking rooms, certain de-
pCsits to be entered upon the books of the
said Waterville Trust Company to their
credit. at the opening of the bank upon
the following Monday morning, but that
before the Bank was open on said Mon
day morning, said order of the Court was
received.
g. 1t also shows that the Waterville
Trust Company had banking rooms at
Waterville. Dexter Newport, Corinna and
Hartland. in the State of Maine, and was
the business of trust company in each
of these places; that it's principal office
was at Watervile, Maine. and that it's
treasurer conducted its business at its
banking rooms in that city under the di-
rection of it's president and board of di-
rectors: that cashiers were appointed by
fits board Of directors to conduct the bus
mess of said Watervile Trust Company
at its banking rooms in the towns in
this State, above named; that daily re-
ports of the business transacted were
made to the treasurer at Waterville.
Maine. by these cashiers. and that all
leans were passed upon by its board of
dire ctors at Watervile Maine; that GER
tain depositors in what were known as
pany in said towns of Dexter, Newport.
Cornna and Hartland. claim that they
should be paid in full whether the assets
of said trust. company are sufficient to
Waterville bank in full or not. and that
II the assets should not prove sufficient
to pay all in full. that the loss should
fall entirely upon depositors in the Wa
tervile bank
T. 1t also shows that A. IT. Emery
few days previous to the receipt of the
order of the court. deposited with the
said Waterville Trust Company, at its
banking rooms in Corinna Maine, a draft
of $60S63 drawn on a certain party in or
near Boston, Massachusetts, This draft
was left for collection and credit and no
ertry was made upon the books of the
Watervlle Trust Company other than a
memorandum that such a draft had been
forwarded to the First National Bank of
Boston. which was the Boston correspon-
dent of the Waterville Trust Company.
On May 18th. 1909. the said First Nation
al Bank of Boston received payment of
said draft and passed the amount of
terville 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 re-
ceivers, respectfully ask the court to in
strnct them:
l. Whether or not they shall allow in
sci off to the makers. sureties, endorsers
or guarantors upon notes due and pay
able 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.
.. Also whether or not the drafts
drawn by the treasurer of said Water
Vile Trust Company to cover the checks
forwarded from said Boston Clearing
House Association, and the drafts drawn
by the said Watervile Trust Company
upon it's correspondents in favor of GER
tain parties as hereinbefore stated. shall
be treated by the petitioners as preferred
claims and entitled to priority over 9TH
er claims. Also whether the claim of the
Boston Clearing House Association for
checks presented to it and forwarded to
the Waterville Trust Company and by it
marked paid and charged to its de-
positors. shall be treated by your petit
TONERS as preferred claim and entitled
to priority.
3. Also whether or not your petition
ers. as said receivers, shall pay in full
said treasurer's or cashiers checks, above
described.
4. Also whether or not your petition
ers, 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.
o.. Also whether or not the deposits
made as stated in said petition, with off,
GERS or agents of said Waterville Trust
Company after the close of banking hours
on Saturday afternoon. May Sth 1909
shall be treated by your petitioners as
deposits made with the said WateryilIe