Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-01-01

L
lies in the hope that Congress will permit
them to organize as national banks.
| When the last annual report was made
there was a deficiency in the outstanding
claims against the American Bank of Hal
lowell of S3l POO, and to meet this claim the
the Supreme Judicial Court assessed the
stockholders of the bank S42 on each share
| held at the time Of the injunction, and order
ed bill in equity to he brought by the Re-
| ceivers to recover the amount. The bill il
now pending in the courts. There is now
balance in the hands of the Receivers of ST.
6S5 80. The assessment on 44G shares re-
| main unpaid; on 1870 Of which it is unavaila-
bic from bankruptcy, &C., and large number
of the remaining shares are held out of the
State and the assessment uncollectable. The
sum now on hand will pay about 81 cents on
the dollar of the original claim, exclusive OF
interest
The other State banks have SO nearly wound
up their affairs that the public have no inter
est in them.
The Examiner deems the present system Of
national banks as vastly superior to State in
stitutons. He believes that return to
specie payments and the necessary adoption
of some system of redemption of bank notes,
would revive the old trouble incident thereto
with which all bankers under the old system
are but too familiar, and put into the hands
of the "money changers" the power to create
ba wi pf I'm
state of things which cannot be accomplished
under the present system.
The banks of discount in the State are
Eastern, Mercantile, and Veazie banks OF
Bangor, and Lime Rock and North banks OF
Rockland.
Since the last annual report, seven new
savings banks, chartered in 1868 1911, have
been organized and commenced business:
Camden Savings Bank Camden.
Hartiand savings Bank, Hartland.
Fairfield Savings Bank Kendall,s Mills
kennebunk Savings Banks, kennebunk.
Pembroke Savings Bank Pembroke.
Phillips Savings Bank Phillips.
Richmond savings Bank, Richmond
The Lumberman's Savings Bank at Old
town has closed business. AT this date 40
savings banks are doing business in the State.
with deposits, including reserve and profits,
amounting to So, 49, 1902 45, against SIG, 597,-
SIS - last year.
Accordingly there is gain in de.
posts since last year of SC lso.9I3 CT
The increase of depositors. Is 256
The average To each deposiior is 1925 80
An increase in one year of II 81
The number of depositors who have
balance less than $500 is 7,jG4
The amount of the same is s2t),996 o.
An average to each dcpositor OF liG 80
The number Of depositors who have bal
ances OF $500 and over, and less than
$1,000 is 6S1s
The number with balances exceeding
The amount of such deposits ll5t3 s0i 90
Averaging to each depostor go 10
Dividends averaging fraction less than
per cent that have been paid during
the year amounting to ll52, 1876 s.
While the income from governments and
bonds of first class cities and towns gave
from seven to nine per cent, banks had no
difficulty in making large dividends safely.
But such is not the case. The earnings of
some few banks are now insufficient, after
paying the established dividends, to carry the
legal amount to reserve. The result of
such course says the Examiner, twill be
tendency to invest in that class of securities
which promises high rates, the payment Of
which depends upon projlematieal income
class of securities In which the money of
legitimate savings bank depositors should
never be invested There is a very general
feeling, and an expressed desire on the part
of the managers of these institutions, that the
rate of dividends should be reduced, but
owing to local pride, competition, and a want
Of concert of action, it has not been accom-
plished. As a remedy for this state of things,
and as measure of safety, there should be a
reduction in the rate of dividends TO be paid,
and if no other way by law of the State,
limiting regular semi-annual dividends to six
per cent. per annum, with such extra divi
dends as could be paid from the surplus earn
ings, once in five years, thus rendering it
practicable to invest in safe securities the in
come of which is based on actual property"
The Examiner says that equity and the best
interests OF the banks demand that State
tax be imposed upon savings banks. The
tax of one-half of one per cent per annum.
required to be paid to the Government does
not fall where it was intended, and there is no
good reason why it should be longer contin-
ued. The reserve fund should be. guarded
with great care, and the semi annual examin-
atoms by the Trustees should be thorough
and searching. The practice of some institu-
tons, where connected with national or State
banks, of having the Trustees and Directors
the same, is considered by the Examiner OF
doubtful policy.
For the Family-The Standard Goods