The Portland daily press., 1870-01-12
:.aP Gil, ssaa.sss

G seial months ago, or u; the llnIs u he
election of Mr.. Edward p. Gerrish, the then
Cashier, to the position of President of the
Casco National Bank, we published short
sketch of that institution which proved so in
teresting to our readers that we determined if
possible to secure like sketches of the other
banks, to be published at the time of the an
nual election of officers. The gentlemen to
whom we applied cheerfully consented to pre-
pare such history of their respective, banks.
and they will severally appear in our columns.
We publish to-day very interesting history of
THE NATIONAL TRADERS BANK.
The National Traders Bank of Portland
was among the last of State banks to organ
ize under the National Bank act. 1t was
changed from the Manufacturers and Ira
ers IN July, 1865, capital S250COO. Originally
chartered February q, 1882, with a capital of
$loo,Oo0, 1t commenced business in OCTOBER
following, on the corner of Plum and Fore
Stleets, Ia rooms previously occupied C py Eol-
lectors Ilsley and Chandler as the custom
House. The first Directors were loshua
Richardson, Daniel Chamberlain, Stephen
Waite, Christopher Wright, Martin dore,
Mason Greenwood, and Nathahiei L: Deering;
Joshua Richardson was chosen President, and
James Oliver Cashier. Mr. Oliver was then
clerk in the United States Branch Bank
After holding the Office of Cashier six months
he resigned, to accept better situation in
Lynn. Edward Gould, the present Cashier,
was then taken from the counting room of
Dana 81 Smiths, aud entered upon his duties
in April, 1S33-salary $500. The capital was
increased at that time to $150,OO0, and the sal
ary raised to $1,000, after the next October.
The bank had pretty good success for few
years, and then encountered the troublous
times growing out of the Eastern land specu-
iatlon,-the general suspension of specie pay
ments in May 1887, the failure of the U. S.
Bank, and the almost general wreck and pros
tration that followed.
Property could moi be sold for money, and
the bank was compelled in accordance with
the prevailing custom to take security in
houses stores wild land, mills, and shares in
various kinds OF corporations. A large amount
OF resources being thus made unavailable, it
was decided to reduce the capital one half
and thereby save part of the State tax. The
shares were reduced to $50 each, and the sus-
pended capital finally closed at loss of nine
teen per cent.
After long season of depression and dark
DAYS for Portland, the U. S. Bankrupt ac tof
1912 untangled the commercial knot, and set
many enterprisng men at liberty. The bank
business revived, a new set of thrifty custom
ers were secured the loan kept kept lively and
active, and from time to time the capital was
again increased to its present amount. Regu-
lar dividends have been paid since the reduc
tion Of capital in 1889, but since 1874 they have
been large, never less than cent per annnm,
and averaging for the twenty five years just
closed, 8 1-8 per cent. In other words, one
hundred dollars invested in the bank in 1845
has yielded in dividends, $22S-free from all U.
s. Internal Revenue tax.
The Cashier was nineteen years without a
clerk, receiving after the first ten years, occa-
of necessity were early pressed into service.
Since 1852, the increased business of the bank
required permanent help; and the several
clerks employed have discharged their duties
with cOmmendable skill and fidelity, as fol-
lows; William E. Gould, 6 years; Arthur Nc
Lellan, years; John M. Gould, 1.-TWO terms)7
years; Edward A. Noyes, 5 years; VIM. II.
Brazier, 6 years.
Nodefalcation or irregularity has ever been
discovered in the bank, nor any important |
vortism The losses from counterfeit money, |
forgeries and fraud have been remarkably !
light. The bank owns no real estate, but oc-
cupies rooms in the second story of the Mer- |
chants National Bank, fitted up in convenient |
style. The present surplus is $4,000 or about |
80 per cent.
Tie Boston account from the commence |
ment. has been kept with the Suffolk Bank, |
and the New York with the Phenx Bank, |
without change since 1887. Both havelprompt- |
lly rendered monthly accounts, which have |
been carefully examined, and all errors imme
diately adjusted.
The long intercourse and correspondence |
with these banks has been most harmonious
and satisfactory
Joshua Richardson, the first President, re-
signed in 1852 and was succeeded by Rufus |
Horton who died August 1867. A. K. Shurt-
left has held the Office since that tine.
The cashier has but one senior in office in
the State,-Mr. Dodd of the Kenduskeag bank
Bangor, who was elected in 1882
In addition to the first board Of Directors,
the following have since held the office: Neal |
Dow chosen in 1888; Samuel 3. Stevens. 1885; |
Lewis Pease. 1886; VIM. e. Greeley, 1887; Ru |
fus Horton 1887; Prentiss Mellen, 1898; Flea |
Frederick G. Messer, 1860; Richard Q. Conant,
1868
. The money and securities were removed
from the safe at the time of the great fire in
1866, but they would have been equally secure
if left The books and large amount of pa |
pers, blanks, &c, kept in the large stone vault
came out in good order.