Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-12-15
THE MAINE SAVINGS BANKS.
Report of the Bank Examiner-Facts and
ktgures OF Great Interest to the People.


be q document of great interest to the people,
whether they are so fortunate as 10 have money in
| the banks or otherwise.
There are but two banks of discount and de.
| posit now transacting business in the State the
Eastern Of Bangor, and the North of Rockland.
On the Slh Of March the Mercantile of Bangor
surrenderedits charter, paid out its entire capital,
and has surplus of about SIS 900 to be divided on
final settlement The two former are in a pros
porous condition, paying their stockholders per
cent per annum
In the case of the American bank in Hallowell,
which for some time has been in the hands OF
receivers the court has ordered final dividend of
So per cent to be made TO holders of outstanding
certificates of Indebtedness. Cash now remains
in the hands of the receivers to pay the outstand
ing certificates, when the affairs OF the bank will
be finally adjusted.
The number of organized savings banks in the
State is the same last Year, sixty four four of
which have become insolyent and have been
placed in the hands of receivers, as follows Win
| throp savings bank, Winthrop; Scion savings
bank, Soon; Buck port savings bank, Buckspoit;
| Lewiston institution for savings, Lewiston.
The assets of the Winthrop bank, including the
| recovered bonds, were found to be Sis ,222S3
| The claims allowed against the bank, besides
| those of depositors, have been fully paid. A div
dend of 40 per cent. has also been paid to depos
| itors. The further percentage to be paid them Is
l
| Should this be favorable to the bank, it Is be-
| lieved it will pay another dividend of about 80
per cent. Bonds amounting to about 81 900 were
pledged to the bank collateral for money loaned
| These stolen. OF these, So, 900 were Iecov
| cred and have been returned to the owners on
payment of their notes The balance, which WAS
| u. S. bonds, has not been recovered Parties who
| pledged them having refused to make payment of
| their notes unless the bonds were returned or
paid for the notes have been put in suit.
The total assets of the Scion bank were S3l,
| 62S40. Two dividends Of GO and % per cent
| respectively, have been paid to deposors, amount
| ing to $50 ,0I2 0S, and it is believed that final
div den nd and settlement of the affairs Of TIN, bank
| will be reached a. an early date.
| The assets that came into the hands of the re-
| ceiver of the Bncksport savings bank were $780,
| $50 10. The commissioners reported the Gains
| against the bank to be Sl63, jjS 81. A dividend
| Of 40 per cent to depositors was authorized by
the court, payable in November, amounting to
S65, 409.54, which added to other bills, amounted
| in the aggregate to S6j 916.4l Nearly three
| fourths of the dividend authorized has already
| been paid to the depositors.
| The receiver of the Lewiston bank has received
from assets sold and collected, S3O7 ,3l9 80
amount of assets undsposed Of S4S1 300. The
| books, on examination in April last, showed La
bilities follows Dae to depostors, S153 6I2 80
bills payable, $50 600; profit and loss, S23 sos %
No dividend to depositors can be made till the
January term of the supreme Judicial court in
Androscoggin county, at which tms 1t Is believed
l
| The deposits and profits Of the sixty banks now
| doing business, on the 9th day Of November last
were 1927 SIS 76iT0. Last year, 49,, 0o3 3l4.2S
| This statement shows a decrease in the deposits
| of the banks during the year ending Nov. 9th
1876, of "a 264, $40 IS. including 81 029, 963. g.
deposits of the three banks that have been placed
| in the hands Of receivers. The decrease OF de
| posiors for the same period is 10 100. The whole
| number is 90,62l. The average to each deposition
is S306. The decrease in the deposits of the pas
year is due in part to the depressed condition Of
. | business, the unusual Withdrawal from actual ne
cessity by the lsboring classes. and largely in
consequence of runs" upon the larger banks
| because two or three of the weaker ones went to
| the wall.
OF the sixty banks, three suspended pay men
during the year, viz: The Thomaston in Decem-
Der or January the Waterville and Brunswick il
May. These banks, owing to the depreciation Of
some of their investments, were insovent, and il
: order to do no injustice to their depositors, sus
! pended payment. The Waterville savings bank
has placed itself ia a sound condition, and Is now
| receiving deposits and tiansacting business with
restored confidence. This was effected by ar
agreement entered into by its depositors, to re-
duce the deposit account of each depostor, so d:
| TO divide Its losses upon investments equitaby
among them. The Thomaston and Brunswick
savings banks are endeavorng to effect a like
result, but as yet without success.
Last year the securities owned by the bark
| upon which the payment of interest coupons and
dividends were suspended, amounted to 81, l9O,-
II
424.34 less than last year.
1t will be seen that fifty six out of the sixty
banks are reported therein as having sufficient
available assets to pay their liabilities. are solvent
and worthy of public confidence The four there
in named which reported as not having sufi
cent available assets to pay their liabilities
the Thomaston, which is about 20 per cent. insol
vent; the Brunswick, about IL per cent; the
Camden about per cent. and the Orono, about
| per cent.
| Three of the sixty banks have not declared div
idends the past year. Fifty-seven have declared
and paid div idends at the following rates, viz -
81 three per cent. semi-annually; s, three per
cent and two and one-half per cent. semi-annu-
ally; l. three per cent. and two and three fourths
| per cent. semi-annually; 7, two and one-half per
cent. semi-annualy; |, two per cent. and two
and one-half per cent. sem. ANNUALLY; ,, three
| per cent, each passing one dividend.
OF the 81 banks that paid dividends q per
| cent. semi-annuay, "a we're banks having deposits
less than 100000 The institutions have gener-
ally the past year confined their dividends to the
| earned profits of the preceding six months after
deducting taxes and expenses. In doing this they
have been unable to pass but very small per
cent. to II reserved fund. and in many cases moth
| Ing
OF the 90,62l depositors, 7iG2S hold deposits
| whose balance is $500 and less, amounting to
| SS,4lS, S5l A., an average to each of SIP 81
| SS99 whose balance is over $500 and not exceed
ing 81 900, amounting to ST. 323, S02.9l, aver
| age to each of S7l0.6l; 6,9l4 whose balance is
to SlO,975, 022, an average to each of 81 587 SO
| 1877 whose balance is over $1,000 amounting to
0eS, i94 SO, an average to each of 81 ,36l 81.
This statement indicates that a little over FIVE
ninhs of the whole deposits stand to the credit of
| depositors holding small balance e. comprising
| S3,527 deposit accounts, while those holding bal
ances above $1,000 comprise only 1904 deposit
| accounts.
The Examiner approves of the bill reported by
the commission TO codify laws, recently assembled
| in this city, and examines it in detail We have
already published the bill and need net repeat its
| provisions.
On the matter of investments the security of
the banks largely depends; the restriction of div
idends is regarded as sound policy the reserved
fund should be constantly kept as a protection to
| depositors against poor investments and bank
robberies. 4, A reserve or surplus eff ten per cent.
of the assets would not be excessive.
With one exception, that of New Hampshire,
the banks IN Maine are paying higher tax than
any other State in New England. The tax in
Massachusetts, is three -fourths of one per cent,
reduced from one to three fourths per cent. about
two years since. In Connecticut, one.half of one
per cent, on real est4te loans; on other invest