Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-09-30

was man, prudent. careful, conserva.
tive in all the relations Of life. connectet
| with the old Granite Bank. q man q
high standing ana influence in the com
nunity,. ana ne saw the bank grow from
| Its small beginnines. until, when he left
! It had In deposits $256. 77220, profit ant
lossy 81. rs; 49, and In reserve fund, $25Ov
| successor and served until August. 1sS3
when he declined a reelection. but CON
scented to be trustee which position n,
he'd until ms Death IN December. 1882
AZ years, rendering for it. with one ex
ception. the longest continuous service
I His name more than that. Of any othel
Is identified with the long history Of thi.
bank. with Its success. and with its con.
servative record. He devoted the hes,
energies of his life to this institution and
he was always proud OF his connection
A few months later in the wear 1855
Mr.. William r. Smith resigned his posi-.
on Sfw Ing s e his
this did not end his connection with the
bank. Joseph ]. Eveleth was elected az
his successor. whose memory Is fresh in
the minds of many of our citizens. Mr.
Eveleth occupied many positions of trust
and responsibility. filling them always
with fidelity and integrity. and he left an
Mr.. Eveleth only remained with the
bank two years. finding the duties OF
cashier OF the old Augusta bank SO great
that he. felt It his duty to relinquish his
connection with the Savings Bank. and
r. r. Snow was elected as his successor
Mr.; Snow rendered his resignation in
April. 1868, and William r. Smith was
urer. and remained until falling health
compened him to resign In August, 1891.
1t will be seen that William r. Smith
was forty-thr years connected with the
treasurer. His name became a house
hold word throughout the county. He
stood as the friend of every child, and
was the financial adviser of half the COM
munity. A man of varied experience. a
keen, incisive writer, great leader in
knowledge Of Investments, . strong finan-
ciaL mind. good and useful citizen. ne
died respected, honored and mourned by
thousands of his fellowmen.
I. was necessary to elect an assistant
treasurer. and Edwin C.. Dudley was
chosen, and upon the death Of Mr.. Smith.
through all its varied history. has had
five different presidents, and five differ
ent treasurers. Not desiring to detract In
the least from the. record which every
treasurer of the bank has made. 1t is only
Just to say that no one has occupied this
position who has more faithfully filled
this important office than our present
up in the success of the bank. thoroughly
versed in the value of investments, faith
full in the discharge of every duty, pos
h has o ne vs baa Sis s aer in nre
decessor. 1t will be fortunate indeed for
the bank IL he shall be spared many
years to conduct the affairs of his hign
office.
In August. 1868. on the twentieth ami
versary of the establishment OF the bank
its deposits and profits and loss account
and the whole amount of deposits 1t had
received in these twenty years was 81
?32092, TO- In August, 1878. the deposits
During the next ten years the bank
made tremendous strides, and in August,
1888. the amount of its deposits and
earnings and reserve fund was. 5;16z,-
1882. The total amount of deposits from
he day of its birth up to then was $16.-
275. S3S. IS, and the number OF its depositors
had grown to be nine thousand five hum
sen ss Dividend $500. In no no ten
years of its history did it make such
remarkable record.
of Mr.. Lambard, William s. Badger was
e!ecteu president, and served until the
day of his DEATH April 2. 1897. When
Mr.. Badger became an incorporation OF
this bank the total deposits We're 49,
600. On the day of his death its deposits
and surplus were little over six mil
lions. The growth of this institution is
business sagacity. and his high integrity
In 1879 / was made an incorporation. in
1881 trustee. and on April 10, 1897, elect
ed to succeed Mr.. Badger as president.
had completed nearly fifty years of exist
ence and had paid its hundredth divi-
dend, it had on deposit $685., 931 81; Its
earnings were $l04.773.23, it's reserve fund
was $4,000 its expense account $6.3iS.Sl.
making total of Sc. 463, 1923. q: The. total
amount of deposits that had been depos-
tied in this bank during the half century
OF its life has reached the enormous sum
Of $25. 475. 100. so, and the number of depos-
itors 1t now has is II, 36l. The total num-
Der of depositors it has had since 1t was
established is 4O,227 Its earnings OH hand
July 81 1898, and accrued interest on Sc
curities were $214, SO, and to pay its one
Aundredtn dividend required $11S000.
For the last few years 1t has been the
policy of this bank to reject many depos-
that their first obligations were TO
the old depositors, and the deposit should
not be increased SO as. to reduce the div
!dend II this policy had not been pur-
sued the bank would today outrank in
The bank has paid out during the fifty
years OF its existence SOL. 725.63 in divi-
bends. sum nearly equal to the as
sessed value of our city. While 1t has
TORS. it pays to the State one-eighth OF
the entire tax paid by the savings banks
of Maine and 1t should not be forgotten
that the savings banks Of Maine pay il
little over one-fourth of the entire State
tax.
During all these years this bank has
paid every depositor that has withdrawn
his deposit in full. 1t has paid its inter-
est in full, and can today sell within
forty-eight hours every security 1t owns,
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