Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-05-03

The report on the streets yesterday that IN e
W aterville Savings Bank had failed, seemed to be
confirmed by the facts. We understand that 1t
| suspended payment yesterday. business and
financial men have been looking for this result for
some time although we trust that the result to the
dep osors will not be disastrous has been pre-
dictcd. BY the last Bank Examiners Report, we
learn that the deposits amounted to $49S 1888 %
reserved fund 81 4l5.l5; interest, SIS, POS 0S it
had 9l4 depositors, decreasing the past year 81.
Amount deposited the past year sos, pills;
amount withdrawn the past year, $780,, S2460; de-
crease Of deposits the past year, $94,6l342.
Among the securities reported we find public
funds, 1887 80; railroad bonds, Sll9,2S3 so;
bank stock, 1913 927; other securities, So 000 real
estate, S96l342 loans on real estate, S2l2, Gl46l
personal collaterals, SS,l3o.20.
We find nothing in the report of the Examiner
that indicates the unsoundness Of any Of the &C.
curities held by the bank, though if be had done
so it would have been good work in the public in
teress. We presume. however, that the figures
following the omnous words. RAILROAD bonds,
in which it appears the bank had invested
$ll9, 2S3.50 must account for failure. 1t is pre-
sumed that these arc Western bonds on the cou-
pons Of which pay ment has been suspended.
LATER-Since writing the above our reporter
has returned from Waterville aud furnishes us
the following facts relating to The suspension III
says that for the past six months there has been
quiet and constan. run on the bank in progress.
Two weeks ago, the trustees found that in conse-
quence of the suspension of the Lewiston Savings
bank the calls Of depositors began to Increase, and
Yesterday the run eliminated in the doors of the
bank being closed, while the following announce
ment was distributed in printed circulars, and
posted on the doors of the bank
To tie DeDositors Of UaterriHe Sarinqs Bank
Soon after this Bank commenced operations dc:
posits flowed in so rapidly that it became impo,si
bic to loan them. Driven as the Trustees were
to invest in such securities the market afforded
some of these early investments proved unfortu-
nate and although none are considered worthless,
some of them at present are paving NO dividends.
But as the funds of the Bank are to . very large
extent loaned on fr-i class mortgages. and as the
dividends have always been made from the earn
ings of the Bank, the Trustees have all along felt
confident of their ability, IL undisturbed by pres
sure Of run, to pay to every dep0sitor the full
amount of his deposits. OF late, however, depos-
its have diminished, and notices of withdrawal
were already coming in as rapidly as they could
be provided for, when the suspe nsion of several
institution like our own precipitated such = rush
Of notices to withdraw a. to render it impossible
to meet their demands without ruinous sacrifice.
In view of there facts, the Trustees in order to
afford impartial protection to all The depositors,
have decided TO u.pend for the present, bt tn the
receiving and paying out Of deposits, confidently
hoping that npon consultation with the Bank Ex-
aminer some method may be devised by which the
best interest Of every deposition shall be secured
10 the meantime they deem it proper to say to
depositois that there is reason to hope that with
little time for judcious handling, the securities
and assets in possession of the Bank may be ade-
quate TO pay nearly the full amount due each de-
positor and they suggest that it is for the inter-
est of each depo.itor TO retain his deposit Book,
instead of selling it at large discount as is some
times done in similar exigences.
We have applied to the Bank Examiner, and he
is now investigating the affairs Of the Bank and
will soon report in full as to its status.
BY vote of the Board of Trustees.
Attest +. X. DKUMMOND, Clerk.
Wa.ervlc, May !, 1876.
The fregoing announcement Of the suspension
was the general topic of conversation on the
streets, and by these who were not aware Of the
true condition Of the bank. there were many
erroneous opinions expressed.
Mr. Bolster, State Bank Examiner was all day
Yesterday engaged in a careful examination of
the books of the institution. We learn that he
places the liabilities of the bank at SAG 0l233,
which includes profits and reserved fund. OF this
amount, Si27 ,232 As is due depositors The total
assets, based the present market rates Of secu-
rites, he estimates at S396, 63l.lo, making de-
felt Of $50 60l3j. lie is of the opinion that de-
posters will get not less than S. per cent. and
most likely 80 per cent. of their deposits.
There is but little excitement in Wateiville
growing out of the suspension, which it is hoped
will be only temporary, and that the bank will not
go into the hands Of . Receiver. though it is not
unlikely one will be appointed
The suspension, Mr.. Bolster says. was no fault
of the officers Of the bank, but the fault Of the de-
postors. He says the officers have done all in
the ir power to place the bank = sound basis,
interests Of depositors. No irregua,ity is to be
found, and not one dollar of the deposits has ever
been used directly or indirectly by the officers.
If the bank is allowed to 60 on, he thinks that
wi hin FIVE years it can pay all its liabilities, and
be one of the soundest Institutions in the State.
Pennington Locals.
Work has at last begun upon tine ruins on the
corner Of Maine street and Broadway,-thc scene
of the coniagation last fall. The walls of the
brick building on the corner have been pulled
down and = large portion Of the bricks cleaned,
ready for RELYING. The Sandy River National
Bank was located in the second story of this build
ing, and was supported by brick foundation laid
from the bottom of the cellar. In order to avoid
the trouble and expense of taking this bank down
entirely. . platform was erected and the former
was easily moved upon it, thus facilitating the re-
moval Of the masonry beneath. After the new
block is erected it will be an easy matter to put
the bank in its desired position. 1t is matter of
qualification to the citizens that the present DESC
late aspect of our village is to be greatly altered
before autumn. by the erection Of ornamental and
substantial edifces.
Thursday morning last, while the passenger
train crossing the bridge between this place
and West Pennington, sparks from the fre-box of
the locomotive set the grass upon StOyells inter-
vale on fire, burning over many acres.
Travellers report the travelling very bad il and
about Franklin county, owing in part to the guam
tity of frost in the ground. Occasional rains and
SHOWS help along the general dissgreeableness.
Thi. is Spring, spring, gentle spring" that poets
tell us SO much about.
Certain Farmingtonians are agtating the waters
Of patriotism with impulsive movements toward
the proper observance of the glorious Fourth.
Just one hundred years ago was made the first at
tempt at permanent settlement within the limits of