Merchants National Bank, Waterville, ME (Charter 2306)
Merchants National Bank, Waterville, ME (Chartered 1875 - Liquidated 1905)
Town History
Waterville is a city in Kennebec County, Maine, on the west bank of the Kennebec River. The city is home to Colby College and Thomas College. As of the 2020 census the population was 15,828. Along with Augusta, Waterville is one of the principal cities of the Augusta-Waterville, ME Micropolitan Statistical Area.
The area now known as Waterville was once inhabited by the Canibas tribe of the Abenaki people. Called "Taconnet" after Chief Taconnet, the main village was located on the east bank of the Kennebec River at its confluence with the Sebasticook River at what is now Winslow. Known as "Ticonic" by English settlers, it was burned in 1692 during King William's War, after which the Canibas tribe abandoned the area. Fort Halifax was built by General John Winslow in 1754, and the last skirmish with indigenous peoples occurred on May 18, 1757.
The township would be organized as Kingfield Plantation, then incorporated as Winslow in 1771. When residents on the west side of the Kennebec found themselves unable to cross the river to attend town meetings, Waterville was founded from the western parts of Winslow and incorporated on June 23, 1802. In 1824 a bridge was built joining the communities. Early industries included fishing, lumbering, agriculture and ship building, with larger boats launched in spring during freshets. By the early 1900s, there were five shipyards in the community.
Ticonic Falls blocked navigation farther upriver, so Waterville developed as the terminus for trade and shipping. The Kennebec River and Messalonskee Stream provided water power for mills, including several sawmills, a gristmill, a sash and blind factory, a furniture factory, and a shovel handle factory. There was also a carriage and sleigh factory, boot shop, brickyard, and tannery. On September 27, 1849, the Androscoggin and Kennebec Railroad opened to Waterville. It would become part of the Maine Central Railroad, which in 1870 established locomotive and car repair shops in the thriving mill town. West Waterville (renamed Oakland) was set off as a town in 1873. Waterville was incorporated as a city on January 12, 1888.
Bank History
- Organized August 4, 1875
- Chartered October 23, 1875
- Liquidated June 1, 1905
- Absorbed by Waterville Trust Company, Waterville
In January 1877, the directors of the Merchants National Bank were John Ware, Geo. C. Getchell, C.C. Cornish, J.C. Mansor, John Ware, Jr., C.M. Barrell, and Gideon Wells. The president was John Ware and Geo. H. Ware was cashier.[1]
On December 15, 1898, the Waterville Trust and Safe Deposit Company changed its name to the Waterville Trust Company.
In December 1904, the comptroller of the currency announced in a bulletin the election of Cyrus W. Davis, late the Democratic candidate for Governor of Maine, as president of the Merchants National Bank in place of John Ware.[2]
In January 1905, at the annual meeting of stockholders, the following directors were elected: W.M. Dunn, Cyrus W. Davis, Charles F. Johnson, E.J. Lawrence, Red Pooler, A.B. Page, and F.C. Thayer. The board organized with the following officers: Cyrus W. Davis, president; E.J. Lawrence, vice president; W.M. Dunn, clerk.[3]
In April 1905, the Merchants National Bank of Waterville which was established in 1874, was closing up its business, preliminary to merging its stocks into the Waterville Trust Company. Both companies were capitalized at $100,000. John Ware and H.D. Bates, respectively, were president and cashier of the Merchants National Bank, and E.J. Lawrence and H.L. Holmes, president and cashier of the Waterville Trust Co. The National bank stock was sold to the Trust Co., four or five months ago and the liquidation of the accounts began Monday, April 10th. Mr. Lawrence would retain his position as president. Mr. Bates would succeed Cashier Holmes, who became vice president and a member of the board of managers. President Ware, who held a controlling interest in the national bank, retired. There was no increase in capital stock. The trustees were E.J. Lawrence, Mayor Horace Purinton, former Mayor Cyrus W. Davis, Dr. F.C. Thayer, S.A. Nye and P.S. Heald. The Waterville Trust Company was located in the Masonic Building, Common Street, Waterville, Maine, with branches at Newport, Dexter, Corinna, and Hartland.[4]
Luke B. Spencer entered the Merchants National Bank in 1886. At the time it was called the Ware's bank. The bank was located in the store later occupied by F.A. Lovejoy and Lucy Townsend Connor.[5] In 1905, C.W. Vigue remained as assistant at the Waterville Trust Company and Luke B. Spencer went to the Peoples National Bank as bookkeeper.[6]
On Monday, May 10, 1909, papers were served on bank officials at Waterville suspending the business of the Waterville Trust Company. The injunction was issued by Associate Justice Albert M. Spear of the Supreme Judicial Court restraining the trust company from receiving or paying deposits pending an investigation. The complaint was made by William B. Skelton of Lewiston, state bank examiner, after an investigation the week prior. Charles H. Merrill of Bangor and president of the Waterville Trust Company since March said that "a syndicate of men had hired money from the bank and the securities that they have given in return have not been adequate. The syndicate has been composed of E.J. Lawrence, Cyrus W. Davis, his partner, Mr. Soule, A.F. Gerard, A.B. Page and L.A. Nye. They have been directors in the bank and they are the syndicate that has hired money to build railroads and invest in western mining property, etc." The bulk of the securities held by the bank were bonds of the Portland & Brunswick Railroad, stocks and bonds of the Waterville & Oakland Railroad, stocks and bonds of the Silverton, Gladstone & Northern Railroad in Colorado, stocks and bonds in the Gold Prince and Gold King mining companies in Colorado, and securities in a cattle company in Cuba.[7]
In January 1912, a new bank to be known as the Kennebec Trust Company was being formed in Waterville with quarters at the former rooms of the Waterville Trust Company on Common Street. The organizers were L.H. Soper, C.B. Kelleher, W.A. Hager, J.A. Vigue, C.G. Rancourt, Frank Redington, H.G. Hodgkins, Mrs. C.H. Barton, Martin Blaisdell, Norbert Krutzky, Robert L. Wentworth, Ellen W. Hall, Arthur Davian, L.A. D'Argy, Carroll N. Perkins, S.E. Whitcomb, Edwin T. Morton, Frank Langlois, J.N.G. Bernard, F.B. Hubbard, Charles F. Johnson, Stanley A. Cobb, E.H. Kidder, B.G. Tufts, C.B. Gillman, Sumner Rowe, Flora A. Barrelle, Victoria Arnold, A.F. Armstrong, Augustus Carey, Sam A. Mitchell, The Wardwell-Emery Co., H. Albert Cummings, D.B. Cragin, Vilbon Pomerleau, J.M. Barker, F.H. Austin, all of Waterville; J.L. Dean of Winslow, J.H. Kelleher of Portland, M.L. Keyes and W.R. Kreger of Fairfield, and W.H. Stoble of Winslow.[8]
Senator Charles F. Johnson of Waterville and Harry L. Holmes of Fairfield were receivers for the Waterville Trust Company.[9] In February 1917, a last dividend was paid to depositors for the defunct Waterville Trust Company making a total of 90 cents on the dollar paid the depositors.[10]
Official Bank Title(s)
1: The Merchants National Bank of Waterville, ME
Bank Note Types Issued
A total of $546,850 in National Bank Notes was issued by this bank between 1875 and 1905. This consisted of a total of 50,516 notes (50,516 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Series 1875 3x1-2 1 - 1880 Series 1875 3x10-20 1 - 4600 1882 Brown Back 3x10-20 1 - 6149
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1875 - 1905):
Presidents:
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
Sources
- Waterville, ME, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ Kennebec Journal, Augusta, ME, Wed., Jan. 17, 1877.
- ↑ Evening Express, Portland, ME, Wed., Dec. 14, 1904.
- ↑ Morning Sentinel, Waterville, ME, Tue., Jan. 17, 1905.
- ↑ The Bangor Daily News, Bangor, ME, Wed., Apr. 12, 1905.
- ↑ Morning Sentinel, Waterville, ME, Fri., May 5, 1916.
- ↑ Morning Sentinel, Waterville, ME, Sat., Apr. 10, 1915.
- ↑ The Republican Journal, Belfast, ME, Thu., May 13, 1909.
- ↑ Morning Sentinel, Waterville, ME, Tue., Jan. 9, 1912.
- ↑ Morning Sentinel, Waterville, ME, Tue., Dec. 17, 1912.
- ↑ The Bangor Daily News, Bangor, ME, Mon., Feb. 26, 1917.