Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-09
The Main Loss viii Come
From the Loans.
Raard Of State Assessors Has Com.
plete List of Portraits.
STATE HOUSE CALENDAR.
Nsxt Meeting Of Governor and Council
Wednesday, Oct. 6, at 10 A. M.

;s.uod statement Wednesday
.noether with the report of the re-
oo;vers of the Waterville Trust Co.
,,hich was ordered closed by the banl,
examiner last July, and which had
branches at Corinna, Dexter, New
mort and Hartland. The report OF the
recetvers, Charles F. johnson and
Harry L. Holmes of Fairfield, made to
Rank Examiner Shelton. is as follows:
Waterville, Me. September s, 1909.
Hon. VIM. B. Shelton, Augusta, Maine
Dear Strive herewith submit tc
Won statement of the assets and
liabilities of the Waterville Trust
Company as shown by the books OF
the Company July 10, 1909, at which
time we as receivers, under decree o!
the supreme judicial court, took pos
session of the affairs and the property
Of the company, having filed the bond
required by the court.
We at once notified all parties whose
notes are held by said company that
payment Of the same must be made at
once to US as receivers.
We have collected upon notes which
have fallen due the sum of $125, S43. SO !;
accrued interest on notes and bonds
$4523.67; on account of cash items
S3545.24; on account of overdrafts
$47.5S, making a total of collections
including proceeds of sale of bonds and
stock, $153,S10.02.
The above amount with $216,466.27,
the cash on hand July 10, 1909, has
been deposited as follows: The First
National Bank $230,16680, Casco
National Bank $5S,971.56, Ticonic
National Bank $25,2S7.57, Peoples
National Bank $25,11O.2O, under an
arrangement by which interest at the
rate OF 2% per annum is paid
OF the securities of the company we
have sold the Lockwood Company
stock, so shares, at par and ACCRUED
dividends, which is an advance of 1919
over the price at which the same was
carried upon the books of the Com
pany. We have also sold the Tri- City
Railway and Light Company 5s which
were sold for $1,000 and were carried on
the books of the company for $4,000,
and the Michigan State Telephone
Company 5s for $4,95O; they have been
carried on the books of the company
for $4,725.
None of the other securities have yet
been disposed Of
There are 1881 depositors in the
Watevillle Trust Company and its
branches and we have mailed to each
of these depositors' a circular letter
stating the amount of his deposit as
shown by the books of the company
and have verified these statements in
most instances by comparison with
the books issued to depositOrs, which.
at our request have been presented for
this purpose. We have also held
session at Newport. Dexter and al
i Waterville for the purpose OF hearing
and deciding upon claims against the
company
Many parties whose notes are held
by the company are also depositors
and they claim that their deposits
should be set off against their notes.
We have decided to report all such
Claims to the court for it's determina-
ton; this will be done next week, we
snail also report at the same time the
amount due each depositor
We had confidently hoped that 4
dividend Of at least $3.50 could be paid
70 depositors by the middle of August.
Dut on August 5th we were notified by
an eminent attorney that he repre-
scented large number of depositors in
the Dexter, Newport Hartland and
sorlnna branches of the Company and
mat he claimed that these depositors
should be paid in full and that any loss
should fall upon the depositors in the
"aterve Bank.
we at once communicated with
Justice Spear of the supreme judicial
court who instructed us to pay no
uVidends until these matters should
be settled.
;, we hope to bring this matter before
'ne court for its speedy determination
anu are arranging for a hearing with
This In view.
Inc question can be presented to a
Single justice of the court and from his
,n an appeal can be taken to the
law court, which will sit at Augusta in
december next, so that even if the
question is carried to the law court
"ere cannot be a long delay before a
N'al decision is reached.
we confidently believe that the court
VIII viii decide that depositors in the home
s .",'h and its branches are to be treated
ai'Ae' as there was but one corpora
.'n and consequently but one board
~, :, directors and one list of officers, AMI
=. ~ ioa1s made at any of the branches
e'e submitted for ratification to the
seutive board of the directors, which
,. weekly at Waterville, Maine.
n,.,, sincerely regret that we were
n.a pe to carry out our purpose of
n ING to depositors dividend as pro-
as usea' as we fully realize that many
ava very great need of the money
So al of course desire to have as
a seeuy distribution as possible of the
'se's OF the Company.
not, s ordered by the court, we have
CIV Gu note of the Waterville Trust
No.apany for $4,000 to the First
na, .ohal Bank of Boston, and have
u expense bills, including interest
e o. note, state tax on depositors, real
Ne a.e taxes, ETC., to the amount of
Yours very truly,
>>eHARLES F. JOHNSON,
H.. HARRY L. HOLMES,
eu' =. +. ]. Receivers.
STATEMENT OF THE
"aterVille Trust Company,