The Republican journal., 1896-12-31
Banking in Maine.
Some figures from the Report of the Comptroller
of the Currency,


The history of banking in Maine is
strewn with many wrecks. The comp
troller OF the currency in his report of the
last fiscal year has taken occasion to re-
viewthe financial institutions in the State S
early days and mentions quite compre-
hensvely what the conditions of these
banks were at the time of their failures.
He says the first bank was organized in the
State of Maine in 1899. The State was
then, of course, part of Massachusetts.
In 80 years following the banks in Augusta.
Hollowell and Castine had failed. Their
circulation was $500, 600. Before 1929 the
Wiscasset, the Kennebec and the Pass
amaquoddy banks had also failed, and a
large amount of their circulation was a
total loss to note holders.
In the period between 1887 and 1889 the
comptroller says these banks had failed
with heavy losses, except to note holders
The Globe bank, the Washington County
bank, the Frankfort bank the Saltwater
Canal bank, and the Bank Of Oldtown
Prior to 1874 eleven other banks had fail
ed but the comptroller says he learns their
circulation was redeemed in full. IN 1854
the holders OF notes in the Shipbuilders
bank and the Canton bank experienced
heavy losses from the failure OF these in
stitutions. The Mousam River bal.E and
the Grocers' bank failed in 1873, but most
OF their circulation was redeemed In
1886 there was another bank failure and in
1857 five more, but their circulation was
for the most part redeemed. The total
failures among Maine banks up to this time
had been 81. OF the period following, the
report says in conclusion:
1.-The Sanford bank, which failed in
1861, up to January l, 1868, had only paid
a small amount of its circulation: the
Norombega bank of Bangor had redeemed
its circulation but no information is given
as to other liabilities; the Atlantic bank,
which failed in February, 1860, had re-
deemed its circulation, but no further in
formation is given; the Mariners bank of
Wlscasset had redeemed it's circulation
and had some remaining real estate, the
proceeds Of which could be applied to the
payment of other creditors
Nothing is said in the report of the
location of the banks, further than already
mentioned. The institutions are prob
ably remembered by the older inhabi-
tants OF Maine, and especially by those
who lost by the failures. Names eight
banks that failed between Jan. l. 1911.
and July l, 1880, had a total capital of 81. :
WV WV.
with a capital of $780, 900, Penobscot,
with capital of $4,000; Wiscasset,
with capital of 500, 900; Hallowell,
with sl5o,ooo; Kennebec, with 500, o0O
Passamaquoddy, with $50, 900; Castine,
with 800, 900; and Lincoln and kennebec
with IA capital of 500, 900. The number
of banks between 1854 and 1862 in Maine
were as follows: 1854, the banks number
ed II; in 1875 they numbered Is; in 1886
they were 70; in 1857 they were 10; in 1888
and 1859 they remained III 6S; in 1860 and
1861 they numbered II and in 1862 they
were SO. The total circulation in 1854
was 50, 69l S15 and the deposits 81, Oh, 6Ol :;
in 1862 the total circulation of the banks
was S6,4SS, 47s and the deposits s., O76,-
1O7. Between 1868 and 1896 there were but
eight bank failures in the State. These
eight banks had capital of SIS, 900, 900
in all. Their nominal assets were s AGO,
939 and their liabilities S1,376,O14. The
dividends paid by these banks were 81,
OBS, 3O6 49,