The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-11-20

This institution pays It's 10th semi'annua
| dividend to-day, having closed Its 10th year oil
successful operation. Ithas the largest depos'
| it of any bank in the State. Although not or
ganized till 1852 it is the third Oldest institution
of the kind in the State, the Saco and Biddeford
Savings Institution having been organized in
1927 and the Gardiner Savings Institution in
1884. From various local causes the growth OF
the bank was very slow, and in May, 1862, il
had only accumulated deposits to the amount
of S40S, 1863 o. In 1866 the bank began to feel
the influence of the distribution of money
among all classes by the business activities OF
the war, and for several years it's net increase
was over 100000 per year; or the deposit in
creased $500, 900 more in one of these years,
than in the ten years from 1852 to 1862. The
deposits now amount to the sum of $4,003, $751;
49, The first President of the bank was Gov.
Albion X. Paris, who, however, remained in
Office but few months, and was succeeded by
the late Phinehas Barnes, Esq, who resigned as
President in October, 1863, although he contin-
ned to fill the important post of legal adviser
of the bank until his death in 1871 Oliver
Gerrsh, ESQ.,, was chosen temporary President
to succeed Mr. Barnes, ald in May, 1864, the
Hon. j. B. Brown was elected President, which
Office he still holds.
The managers of the institution have been
chosen with scarcely an exception, from the
most active and public spirited men in the
community, and the funds of the bank have
been invested in such way as to secure the
greatest safety and at the same time assist in
developing the various business interests of the
city. AT least one-half of the assets of the
bank is loaned on mortgages and collateral Sc
curities to citizens of the city, while but small
proportion of the whole assets is invested in
bonds of first-class cities and counties outside of
Maine.
The first Treasurer of the bank was James
Merrill, Esq, upon whose death in 1859, Joseph
q. Noyes, Esq, was chosen his successor. AT
this time, April 1,s1S59, the deposits amounted
to $161, 825. 81, and the bank had only been kept
open on Wednesdays and Saturdays between
the hours of II and l o'clock. Under Mr..
Noyes the bank was kept open every working
day between those hours, and the office hours
were gradually extended to the regular work.
ing hours. AT his death in July, 1868, the de-
posits amounted to $2,273,266 He was sue
SoouSo W hiS SUI Il TALK MOVES, VINO nau Deen
Assistant Treasurer. .z.
The bank, up the time of the fire, occupied
one OF the small offices in the old Canal bank
building. 1t was then removed temporarily to
Free street, until the completion of the build
ing known as the Portland Savings Bank Block
on Exchange street, in May, 1867
The rate of interest paid by the bank has new
er been less than 6 per cent. compound interest,
and from May, 1866, to November, 1869, it was
7 per cent, since which time it has paid 6 10
per cent, for 1870 ami 1871, and under the new
law pays per cent for 1872. The total amount
paid in dividends since 1852 is 81, 1880, 661. 80.
In this connection it is interesting to note
the RAPID accumulation of money at compound
interest. The first deposit in the bank, july
8, 1852, of 800, was made by gentleman since
deceased, for his daughter. This deposit has
never been added to or subtracted from since.
In November, 1862, it amounted to $751; and
at this date the original 800 has increased to
1852 so.
Since the foundation of the bank no money
has been loaned on personal security No
money is loaned to any officer or manager, and
the total losses from bad debts in the last 20
years has not exceeded $4,000.
The exhibit of investments, &C., of the bank
We append:
EXHIBIT:
Deposits l9137 DEPOSITORY. ..... ,003 5ss. SO
neserve una OBSERVATION-DISCLOSURES. 32,000.00
lhIoiest. 1873 963. 80