Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-02-20
Condition of the Banks in Maine.

Condition of the Banks in Maine.
| The annual report of the Bank Examiner
Of the State, Hon. VIM. Philbrick. makes a
good exhibit of the condition of the banks OF
discount and deposit and savings banks in
Maine.
| The banks Of discount and deposit are the
same reported last year. By an act of the
last legislature, the capital stock Of the
Veazie Bank of Bangor was reduced from
$50, 900 to $4,000. The bank has paid out
the surplus and continues its business. There
are but five State banks of discount and de-
| post, with an aggregate capital of 1870, 900.
Their charters will expire in October, 1875,
| and the stockholders will not ask for renew
al as the national banking system proves so
| acceptable and convenient. The outstanding
circulation now amounts to Ss,o45, the larger
part of which will accrue to the profit ac-
| count, only $500 having been redeemed the
past year. The five banks to which we have
alluded, are the Eastern, Mercantile, and
Veazie, of Bangor, and the Lime Rock and
North Bank, of Rockland.
The American Bank of Hailowell is now
| the only other State bank IN which the public
| has any pecunary interest. This bank failed
| and was placed in the hands Of receivers in
| 1865. Since that time the receivers have
been in litigation with the creditors and stock
holders of the bank, paying large sums in
expenses and costs. In 1870 the receivers
| reported that they had paid out the sum total
of Sle,64S.55, leaving on hand then $3.50
sc. Since that time the Supreme Judicial
Court hcs ordered an assessment of $40 on
each share of stock, from which source the
receivers have credited Sl0,64926, leaving
balance at this time of Sl9,46S.G2. The
outstanding claims against the bank are about
pay dividend of about SO on the dollar. As
the further sum to be realized is uncertain,
and must be small, i. seems proper to the
Examiner that some action should be had to
give to the numerous creditors the small
| amount due them and to close up the affairs
of the bank.
The number of Savings banks now doing bus
mess in the State is ffty-four, FIVE having
been organized during the past year, viz
Bethel Savings Bank, Bethel Boothbay
Savings Bank, Boothbay; Houlton Savings
Bank, Houlton; Lubec Savings Bank, Lubec {;
Winthrop Savings Bank, Winthrop. The
aggregate of deposits and profits held by
these banks on the first Monday of November
hos Loo -;tl
in the year an increase in the deposits of
IS, G6G, IS. The total amount Of deposits
in the Savings banks of the State exceeds the
total of the capital, circulation and deposits of
| all the National banks of the State by nearly
| 50 ,0o0, 900.
The increase CT depositors the past year,
has been Sll, 900, which is seventy eight per
| cent. of the increase of the year previous,
while the increase in deposits during the same
| time has been but little more than half that
Of the preceding year, showing the deposits
to be in much smaller sums. The average
to each depositor is S32l,G3, Qast year
s928. 800
| The total number of depositors who have a
balance of $500 or less is GS,321
The amount standing to their
CREDITS ss,7Cs,Cls oo
The number exceeding $500
| and not more than S 900 is 7,074
| The total amount of their de-
posts is s5,5Sl,lss 90
| The number Of depositors with
| balances exceeding 81 900
and not more than $1,000 is J,G74
| Their deposits amount to 80 $50 22J 90
| The number who have bal
ances exceeding s. 900 is o45
| together holding deposits
| amounting to $1,000, 3o7 90
The average to each depositor whose bal
ance exceeds $500 is 81 1897, and as compar-
ed with last year (sl,22o) has increased,
while those of the smaller have decreas ed
from Sl46.69 last year to $l28.32 this year.
The ffty-four savings banks have paid the
past year, dividends amounting to Sl,3Si,
so so, and taxes to the United States of $50
40 81, and to the State of Maine of $ll9
| 1894 The banks are also setting aside 9
reserve fund Of at least one half of one pei
cent. Fer annum, and provided losses do no
first occur, the reserve will soon become o
sufficient amount to be sure guarantee o
regular uninterrupted dividends. largc
saving will be made the coming year in con
sequence of the change ofthe law of Congress
taxing savings banks.
The law of last winter requiring ofthe saving
banks tax to the State of one half of one
per cent. is eminently just to other tax pay
ers and although the per cent. is small, til,
total is more than could be realized from tn
same property in any other way. Any at
tempt to enforce tax in any different man
ner would ruin the savings banks of the State
The amount realized this year is Sll9, 100. 0s