The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-01-22
SUSPENS SION.
A Bath Savings Bank Closed by q
Run upon It.
TIE BANK SOLVENT AND ABLE TO
PAY ITS BITS.
Especial pespatch to The press ,


BATH, Jan. 20.-The suspension OF tbs Pee
ple's Twenty-Five Cent Savings Bank took
place on Friday morning. This was owing to
baseless rumor OF the unsoundness of the
bank owing primarily to the fact that 1t had an
unavailable cash deposit In the defunct Pacific
Bank, Boston, of $4,000. On Thursday last
small depositors in such unusual numbers drew
out their money that a run on the bank was an
pretended. Consequently the trustees held q
meeting and directed the cashier on Friday
morning to refuse to pay over any more money
until the Bank Examiner had investigated the
affairs of the bank This judicious course met
general appreciation, as fair to all concerned
and allayed all symptoms of excitement. This
officer was Immediately sent for. He,com-
pieted his labors on Saturday and states that
the, ,~eonl-has- SAnn 000 on -dannsit -sr.--.l.s
bank they will realize 80 cents on the dollar.
If they reasonably wait and let the suspension
be only temporary, they will realize dollar for
dollar. The annual statement of the bank by
the Bank Commissioner of May, 1882, repre-
sented the deposits, S4o2, ,377; liabilities, $4O9-
7S0; resources, S423, ,66S; surplus, S133SS This
was reckoning the deposit in the Pacific Bank
at its nominal value.
The accounts of the bank have been found
to be all straight. No censure is cast upon the
managers of the bank; they are business men
of the highest standing. The whole trouble
has arisen, as before stated, by the failure Of
the Pacific Bank. This savings bank has been
in operation fourteen years. R.
ITO the Associated Press.l
A run occurred on the Peoples Twenty five
Cent Savings Bank at Bath. which has caused
that institution to stop payment. The run has
been quite light, but on account OF prevailing
rumorS the depositors were becoming nervous
and there was immediate prospect OF q general
clamor for money. To protect itself and its
creditors the bank has stopped payment until
the excitement should subside. Tho failure OF
the Pacific National Bank Of Boston, in which
this institution had S42, 600 deposit, has been
the chief source of uneasiness Bsnk Exam
iner Richards Is in Town in response to q tele-
gram from Cashier JohLson. He states that
The concern is solvent, with asurplos Of about
S15, 600 above all liabilities. There Is no cause
for alarm and depositors generally are now TAX
ing this view Of the matter. The money on
deposit in the wrecked Pacific Bauk is pre-
sumsbly safe, as the stockholders of national
banks are liable to the depositors out the pros
pect of lengthy and com plicated litigation
places uncertain value n this particular
item of assets
The amount Of deposits in the twenty-five
cent savings bank is $400, 900, and there could
be but small percentage Of loss TO individuals
in any event
Should any act of the depcsitors precipitate
matters the bank will have to shut down per-
haps ten per cent, but If allowed to 60 on and
let matters take their course, with the present
fdent that the depositors will save all.