Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-01-02
Rev. c. P. Nash Of Concord, Mich, has recent
ly supplied the pulpit of the Universalist church


ly supplied the pulpit of the Universalist church
in Rockland.
An elegant memorial window, in memory of
Miss Martha Bancroft Davis, has been placed in
st. Luke's Cathedral in Portland.
Rev. c. Fl. Weber, of the Free B ptist church,
Saco, rendered his resignation Sunday.
Governor Coburp and VIM. Cilley, of Fairfield,
are each donors Of 500 to aid the building of q
| Baptist church in thai place.
The Rev. A. G. Morton, Of Massachusetts,, is
now supplying The pulpit of the Christian Church
/ in Lubec.
| The Rev. S. Goodenough hiss closed two
years pastorate with the Universalist church in
Bangor, having preached his farewell sermon on
Sunday last.
SUNNYsIDE.-Rev. Mr.. Fay of Bangor, received
| a Christmas present in the shape OF large and
of Portland, received from his parish and Sunday
| School many valuable preseDt..-W cdr esday the
| friends of Rev. John Spinney met at Arson, and
after partaking Of bountiful dinner furn shed by
the ladies, q HAND some donation presented to
the worthy pastor and his lady,-kev. 10. iah Bean
| of Harmony, bad donation of over $l2S recently
| from his little lock.-On Christmas the pastor of
the Methodist chuIc oh in Wayne, Rev. +. X. Colby,
was surprised with an elegant cape overcoat, and
| his wife with dress and an envelope containing
$50 IN legal tender-Rev. III. b. Mitchell, Methodist
pastor at Alfred, had variety wedding on the 18th
| anniversary of his marriage, Christmas evening.
The Banks of Maine.
We learn from the annual report of the Bank
Examiner Hon. w. W. Bolster, that the number
of banks Of discount at the present time in opera
| ton in the State, is three; number Of savings
banks, fifty-eight, all of which have been exam
| ined the past year.
The charters of the three banks of discount and
deposit will expire in October, and probably they
Ixyill oak bn ulsla For n rpp
standing circulation is So 600; they have redeemed
the past year 500; their assets amount to 36S.367.
The affairs of the American Bank in Ilallowell are
in process of closing up. 1t was placed in the
their final report at the March term of the Su-
pi enc Judicial Court. 1t is estimated that the
final dividend to stockholders on outstanding GER
tificates, will be between IS and so per cent.
The number Of savings banks doing business in
This State is ffiy-eight, two Of which have been
organized during the last year, viz: Piscataquis
Savings Bank, Dover; Scarsport Savings Bank,
5earsport. The deposits and profits of the fifty
eight banks on the I'd dav of November last were
T3l ,05l 1868. IS. This shows an increase in the
deposits of the banks during the year ending No
vember 2, 1874, Of 81 ,49j 1889. The increase of
depostors for the same period is 5,40l. The whole
number is 96199 The average to each depositor
is 1920. The increase of deposits the past year is
81 ,906 5092 less than the preceding year the in
crease of depositors 4617 less. This is owing
mainly TO depression in business, the withdrawal
of large deposits for renyestment at larger rates
of interest, which are very much less in number
than of preceding years, and the withdrawal by
depostors of small means from the urgent wants
Of necessity, who have been induced and educated
by the establishment and influence of these insti-
tutions to practice frugallty and to lay by some
thing for future need. But the increase for the
past year is very encouraging and shows that the
people have great confidence in the stability of our
savings institutions. They passed through the
panic unscathed, and are stronger than they were
before. These banks have invested in [. S. bonds
$500, III .93; in State of Maine bonds, $685.
$685. in other State, county and municipal
bonds. S9,0l9, 1924 in railroad bonds and stocks
81 326, .0S real estate, 1888, 20S.1l; on
collaterals &C. Sc O5S, 246 %, the remainder being
in cash and other reliable securities. They have
in the aggregate 81 OLA G52 60 in interest coupons
and dividends the payment of which has been tenn
porarily suspended, but what the banks have lost
in the purchase of such securities they have made
up in the purchase of bonds the value of which has
increased in the market. IL is submitted, for the
complete protection of depositors that limits
should be prescribed by law in which deposits may
be invested.
There seems 10 be no legal authority in Trus-
tees to deposit in State or National banks any
portion of the deposits or funds of their savings
institutions. If funds to be loaned in this way
the savings banks should nave the benefit Of the
loans and the higher rates of interest that are OBJ
tanned by the national banks 1t is suggested that
under proper legal restrictions, the bank may be
authorized to loan certain amount Of their funds
on names alone. The subject of taxation is deal
with and the decision reached that in order to
avoid taxation on deposits and hold to the early
policy of no taxes, il would be incumbent on the
legislature to limit deposits to small amounts, and
net allow the same person to deposit in more than
one bank. The policy of such legislation would
be mpolitic and unwisc. In order to pay the semi
annual dividends Of three per cent, the United
States tax, and State tax and the annual expenses
of the banks the rate of profits must be in most of
The banks eight per cent. on the deposits, in the
largest banks about seven and one half per cent
This leaves but small reserve, and in some of the
banks nothing as will appear by the abstract of
Treasurer's returns Ii will become necessary, in
order to continue the present rates of dividends
and make the desired increase ef the reserved
fund.- to increase the rate of interest their loans
Ii is the generally received opi"ion among the man
ayers of these banks that to fail below per cent.
semi annual dividends would materially affect the
prosperity ana welfare of the Institutions. As the
laws of the United States exempt L. s. bonds from
taxation, it is suggested that whatever of the de-
posts OF savings banks are invested in these secur
ties should be excluded.
1t will be seen from the exhibit, which has been
made that nearly two-thirds Of the deposits of the
savings banks invested in securities of the
State of Maine, and exceeding S2l 000000 in Sc
curities of New Eng iand-leaving about 80 0O0,-
900 out of New England. OF this last sum $500
765 "a is made up of that class Of investments
owned that have suspended payment of interest
coupons and dividends, leaving to New England
of the latter class Sl5o Or the amount out
of New England $772,305.9i railroad bonds
and stock. Three banks still keep the larger part
of their securities in the Union Safe Deposit Vault
in Boston, consequently such securities were not
examined this or the past year, and no evidence
except the statement Of the bank officers and the
records was furnished of the kinds and amount
held by them. The Examiner renews the sugges-
ton made last year, that there should be provi
sion of law regut ting and providing for an exam
naon of such securities if they are to be kept in
vaults out of the State.
DR.. EDMINsTER, Magnetic Physician and Heal
er by the laying on of hands, at Mrs. Scruon's,