Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-09-30
PORTLAND, Sept. 90.

PORTLAND, Sept. 30.
/ National Bank Examiner Ward P. Wiswell
made, today, the following report to the di
rectors of the First National Bank of Port
land, Me, which report the directors author
lied to be given to the public.
After few words of introduction, explain
ing the circumstances of the examination,
the report gives in detail the financial stand
ing of the bank:
Resources, s3,I57o73
Capital stock, 1000, 600
Surplus fund, ll2,256
The foregoing statement shows the surplus
to be Sll2.256.09 instead of S279.74llO a.
called for by the ledger, in other words, nv
statement shows . surplus fund OF Sl67, ,4s5-
Ol less than the ledger calls for. This los,
occurs upon two accounts, namely, account
of cashiers checks and that of certificate of
deposit, or, as called by the bank. interest
deposits. The deficiency in account of cash
iers' checks is as follows. viz: Debt balance
left on old account, $4,000 CO. Debt bal
ance on new account, S26, 720.04. Clerks
checks outstanding Sept. q, 1886, as per list,
Sl5, l00.l8 Total, SOL .S20 %
Estimated loss on over drafts. 500, ASP Es-
tlmated loss on overdue notes. Sll 100000
Estimated loss on demand notes. signature of
which is denied. $500 90. Estimated loss
on demand notes OF w. E. Gould. secured by
bonds, S7,4l7 90. Estimated loss on l6, 900
Eastern Car Trust bonds. 100000 Item
of taxes, 1850 95. Total, $50, 1868 43.
To make good the foregoing losses and de-
hciencles, as far as possible, Mr.. Gould has
transferred to one of your members, viz /:
Governor Frederick Robie, in trust for the
| hap 10 l.
consisting of house on State street occu-
pied by Mr.. Gould, interests in six vessels,
and certain stocks and bonds. You are better
enabled to judge of the value of this prop
erty, and as to the amount the bank will
eventually recover, than | could possibly be,
so that will express no opinion upon the
subject, and the same remark applies with
equal truth to the amount that you will re-
cover upon Cash's bond. But whatever sums
the bank may finally recover in either of the
above ways can at that time be credited TO
your surplus or profit and loss account. In
this connection it should also be said that on
one note of W. L. Gould's for 50 $50 26, the
bank holds security worth at the present time
nearly if not quite S7.200, so that out of this
security the bank will have about $500 to
apply towards other deficiencies and losses
deem it proper to add that at the time of
| my idst eAdtDiHdllOn VIZ NAY Z4tn, 1880,
found upon examination of the banks books,
and reported to the comptroller of currency,
that the report made by the cashier the last
previous to last May 24, 1886, was incorrect
and didn't show the true standing of the bank
at that time.
In closing allow me to say that the fore
going statement shows surplus of Sll2,-
256 90 to which NAV be added discounts re-.
ceived and rents of S26, 5000, making a
total of Sl3S, ,Sl6.79 out of which should
come the debit balance of profit and loss of
So. 45l 20 and the current expenses of S5l2. SO
leaving at the present time balance of the
surplus and undivided profits of Sl34 $40 80.
mentioned above, amounting to S30, 1868. .43,
you will still have a clear balance of SlO3.-
SS3 56 of surplus and profits. Although |
have not entirely finished my examination
yet have so far concluded my investigations
as to warrant me in making this report and
have thought best to do so without further
delay. have found no Irregularities except
IN relation to matters above specially re
terred to. | will also add that the loan has
been carefully examined and found in good
| condition with the exception of a probable
| loss upon overdue notes which is not an un
| usually large amount and with the exception
of the other matters in the loan particularly
called to your attention in this report.
Very respectfully submitted
ANDREW p. WIswELL,
National Bank Examiner