Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-12-11
THE MAINE SAVINGS BANKs.
Report OF the Bank Examlner-COndition
OF the Several Banks-PrOPosed Legisla.
tiOn-A Less Rate OF Interest Necessary.


Report OF the Bank Examlner-Conditio
| OF the Several Banks-PrOposed Legisla
| tiOn-A Less Rate OF Interest Necessary
| The forthcoming annual report Of the Bank Ex
am liner of this State, Hon. W. w. Bolster, now il
press and nearly completed, shows that same eff
cheney and diligent discharge Of duty on the par
of that official in former years-fully bringing
to the public view all the doings Of the State ant
| savings banks in detail. AS those interested il
| the condition and management ofthese institution.
for the qavings of the people, are numerous scat
| tered all over the State, the document will be Of
great public interest.
There are but three
BASKs OF DISCOUNT AID DEPOSIT
in the State, the charters of which were extended
by the legislature Of 1875 for the term of five
from their expiration, in October last. Their out
standing circulation is 1855. Redeemed the past
year, S54. Rates of dividend the past year, and
s per cent. per annum, amounting to SE 500. Re
served profits at the time of the!I
last dividends preceding their examination
$2S30l.l6. Number of stockholders, 1863. Amount
due from directors and stockholders, as principal
and suretes, SOS, 466.76 Amount of unpaid ma
tured debts, $37S.7S Capital stock of these banks
$225 900; deposits, $llS,977.lS. Total of labili-
ties, 1884 i H. SO; total of assets, the same.
The affairs Of the American Bank at Hsllowcll,
which failed and was placed in the hands Of Re-
ceivers Sept. 9Th, 1865, are nearly adjusted. The
Receivers, at the Supreme Court, March Term 1878
in Kennebec county, submitted their final report
and the court ordered final dividend to be IN ade
to holders Of certificates of So per cent. The Re
ceivers have given notice that they will apply to
the Legislature to pass act authorizing them &c
pay to claimants who have lost their certificates
the dividends due on said certificates, affidavit
that the same have been lost or destroyed. The
Receivers have taken up and paid out on S25,9S3
Of certificates up to and including Nov 10, 1873 a,
s. per cent. the sum Of s22. S65.04.
SAVINGS BANKS.
The number organized in this State is sixty four
five of which organized and commenced business
this year, namely:
Limerick Savings Bank, Limerick.
Mechanics Savings Bank, Auburn.
Peoples Savings Bank, Lewiston.
Saccarappa Savings Bank, Westbrook:
Topsham and Brunswick Twenty-Five Cent
Savings Bank, Brunswick.
The Winthrop Savings Bank, having suffered
the loss of large proportion Of its funds, became
nsolvent, and last July its effects were placed 10
the hands of Receiver. The funds stolen have
been recovered, excepting the government bonds
| amount to sec, 100. This was effected by the Su-
preme Court authorizing the Receiver to offer q
reward of Sl0,0 Col. c. A. Wing of Winthrop
who received the stolen securities returned, acted
in strict accordance with the letter and spirit OF the
order of court. The action was also in the entire
interests of the depositors, and will enable them to
receive seventy per cent. of their deposits. For
the public good and safety, it is hoped every pri-
vate and public effort will be made to bring the
offenders TO justice. The
DEPOSITS AND PROFITS
of the sixty three banks now doing business, on
the lst day of November last, were 49,, oS3 ,3l4 2S
Their deposits and profits in 1874, were S3l ,O5l-
96313. Thus showing an increase in the deposits
of the banks during the year ending Nov. l, 1875,
of 81 ,02l ,350.55 The increase of depostors for
the same period is 1927. The whole number is
l0l 1926. The average to each depositor is S3l6.
The increase of deposits the past year is S474 0S9
"a less than the preceding year; the increase Of
depositors S14 less.
The securities owned by the banks upon which
the payment of interest coupons and dividends are
suspended by the States, counties, cities, towns,
railroad and other corporations owing the same,
last year, amounted in the aggregate to the sum
of 81 026 1920. This year to the sum of 81 $780,,
$50 % being S!64 "a more this than last year
Had the European s. North American Railway
Company continued payment OF its interest cou-
than last year, the banks owners of S41S 900
of its bonds. Some of the banks have charged off
their reserved fund to meet in part the loss this
class Of securities. There is no doubt that event
ually something will be realized from all these
non-paying securities, and large portion will be
fully paid.
The deposits of the Savings Banks Of the State
exceed the capital, circulation and deposits of the
National Banks of the State about 81 500 600.
The
IyvrSrurxra
that have been made the past year have been gen.
eralv in conformity with the law of 1874; no loss
e. have accrued on any class of investments made
within the last two years, IN any way affecting the
resources of any bank its ability to meet its La
bilites. In case there should be large per cent.
Of loss on bonds of the L. & N. A. Railway, some
of the banks will be deprived Of sufficient available
assets to pay their liabilities. Every bank in the
State has surplus atthe face value of their assets.
The danger Of making run" upon bank, on
discovery that losses have occurred is adverted to-
Il, is suggested where 8 bank is an honest one, and
bv misfortune is embarrassed, dePositors should be
required to observe proper rules, and such pro.
lection should be afforded the bank as would
enable it to continue the transaction OF Its usual
business being required to pay its depostitors only
when it can be done from the sale and collection
of securities which in the usual course of business
can be made without sacrifice and loss to the de-
positors, having due regard to its ability to pay its
indebtedness in full in part. The right to con.
tlnue business should De dependent upon mayor
or two thirds vote of its depostors representing
at least corresponding amount of deposits. 1t is
but common justice that depositors should know
how their deposits are invested.
EARNINGS.
For the past two years the Savings Banks have
been materially affected by the depression in all
departments Of business-as shown by the fact
that deposits of large sums have not materially
decreased, while there has been an unusual call for
small sums by that class who have heretofore been
enabled by industry and economy to make small
deposits and also by the fact that the supply OF
money in the large banks has been in excess OF
the demand.
Sxty-one banks the past year have declared and
paid dividends at the following rates st. three per
cent semi-annually; l, two and one half per cent