Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-11
Is Assured by Pres. Merrill and Vice. Pres Purinton--
Bank Examiner Shelton Fully Agrees-..The
Stockholders Perfectly Able and Willing.
PRES. MERRILL's STATEMENT.

Bangor Me, May 1o.-Charles II.
Merrill of this city, president of the
" aterNllle Trust Co, was seen by a
newspaper representative today and
talked freely regarding the condition
of the bank of which he is the head.
The dispatch printed in the morn
ing papers is misleading" said Mr..
Merrill, land gives the impression that
| nave been the president of the Wa
teryIlt Trust co. for Il long time,
when 1 was elected in March last and
have been president scarcely two
months. | have known that the bank
was N bad condition for some time and
my wife and / being the largest share
holders iii the bank, | put up fight
to; the presidency this spring and won
out by just a small margin. l wanted
to find out whore things stood.
Had ! knoWn that conditions We're
as bad as they are, | should have kept
uut Of the presidency till the matter
came to a head and it was bound to
come this epiing. 1t is Il wonder to me
how the banh has kept along 50 long as
it has | believe that Commissioner
shelton did make the bank reduce
some OF its Indebtedness and put up
more securities some time ago.
The condition that now prevails at
The hank is due largely to the fact that
Il syndicate Of men nave hired money
from the bank and the securities that
they have given in return have not
been adequate.
"1he bulk of HE securities held by
the bank for their loans are bonds Of
the Portland & Brunswick Railroad,
stocks and bonds of the Watervlle &
Oakland Railroad, stocks and bonds OF
the ssilverton Gladstone x Northern
RAILROAD in Colorado; stocks and bonds
in the cold Prince and Gold King Min
ing Companies in Colorado and securi-
lies III = cattle company in Cuba
"DGtsiIc these loans the bank has a
.encrsl business that is good. The bank
ha., valuabl,- branches that are under
careful management and doing q fine
business. Tiir trouble lays with the
Natcrv!lc bal4H atone. All the share
holders in the lank are liable to the
abount of loo pr" cent. on the stock
hcld by them for the protection of the
depoSitoIs. and think that the assess
ment that must be made to continue
business vii! be nearly the amount of
the loo rcr cent. to which tn" stock
holders a." liable.
Il do not believe that the bank will
go into liquidation, as it holds valuable
charters ana properties. not only IN
Wateiville but III the towns where the
branches are.
Bangor. Nc, May 10-The Bangor
ro,,r,o...ia1 t,,i. afternoon ,,ri,t. tb.
,,.;
'oi'' rs
Charies ii Nerrlii OF TINS CITY, pfesl-
dent of the Wate.ville Trust co., Which
.iosed it's doors Monday morning on the
order Of the count, was sen by 4 Com
mercial reporter Monday. and talked
Freely regarding the condition of the
sank OF whicn ne IS the president
lie stated to the Commercial that the
shareholders IN the Watcrville Trust
90. are due TO lose heavily, probably
| n the vicinity OF loo per cent OF the
| AMOUNT If stock that they hold There
will he 4 meeting al the Stockholders
| soon and prol ably Il heavy assessment
| viii +. made. 1t is either that or the
| Dan1 goes liquidation. H." say.
| The dispatch printed in the morning
| 2auers IS mislo4ding," said MI Merrill
and gives the impression that | have
cen III, sident of the Watervills
| trust Co for a long time. when the
| truth OF the matter is that | was cleo
| .aG in March this YEAR ana hav" beef
| president scarcely two months | hay,
known that the bank was in bad cor
dition for some time, and my Wife ans
Icing the largest shareholders IN th'
hank | put m hSht lor tne NfeSi
0'i4NH ~, sp',-'T'' ,,,a,,,i ~ a., 49,,