Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-09-30
SEM. cEMTEMHiAt.
Continued from page s.

vide a surplus among its depcsitorg: and
luz COST OF Its management has only
Deen fraction over one-fifth of one per
The bank started with thirteen trustees
ana from this number chose an invest
ment committee of five. but under II
number OF trustees at five. and 1t has
ever since remained at that number.
the bank has had various locations
curing Its existence, but In 1890 1t pur-
chased Its present home, and after thor
oughly repairing 1t anu building as good
ana substantial a vault as could be con-
structed. and making perfect bankihl;
quarters In July. 1891.
What a record! Has not every man
VINO has been connected with this bank
right to feel just pride in the success
Of this institution? And cannot We say
without fear of contradiction that it has
MEYER never been os r. exeelled BY any similar ns,
Only two savings banks in the State,
the Portland Savings Bank and the
Maine Savings Bank of Portland exceed
IN amount of deposits the Augusta Saw
ings Bank. The first savings bank or
the mutual order incorporated in Maine
wa, was the old Saco and Biddeford bank III
corporated in 1884, both Of which are still
doing flcurishing business, the Augusta
Savings Bank being the third one incor-
The business of the bank has increased
SO much of late years that additional as
sistance was needed. and Mr.. William G..
Ellis Of Gardiner; Mr.. George B. Keene.
employed. The last two are still serving
the bank as faithful and efficient assist
ants to the treasurer. Its present truss
is a Teco Ma Leslie Mr S Cornish Parr Mf Mr
Treby johnson and the present speaker.
In reviewing the men who have been
connected with this institution We CALI
a nd no noe fnf A rfAa
mas Libby Samuel Titcomb and James
w. North who gave years of their lives
to the interest of the depositors; who
the benefit of their rugged integrity, OF
their high character. of their wise and
conservative Judgment. They left their
Impress upon the bank. They gave u
ence will be felt for generations to come.
Nor can we forget Allen Lambard. Lot
M. Morrill,, Reuel Williams, Luther sey-
Stanley. Nathan Weston, Benjamin Da-
Wis. Richard p. Rice. Watson F. Hallett
Joseph IL. VILLA ms, William T. Johnson
Arthu Dr. psniel G. Weston ess .0hn what
an array. OF names! What memories do
they call back! Great lawyers. chief
justice of the State. railroad managers.
of Maine. representatives in Congress.
editors. clergymen, business men of the
highest character and capacity, all TAX
institution. and all giving it the benefit
Of their judgment.
Ii is wen 70 give passing reference to
the I,, origin OF savings ~. banks Many az
last century. but their history is really
confined within 4 space Of eighty odd
years. Prior to 1877. in Great Britain
So-called, savings banks were purely VOL
untary associations. and little was known
about them. In 1917 the British Parlia-
ment first recognized them by passing an
al, 1s- NoVnt to-, .Srd
ment: but the first, savings institution
n this country owed its establishment
to the philanthropic desire to aid the
iaed in PhiladeIphia In February. ISIS.
The second oldest savings institution In
this country was the Provident Institu-
ton for savings in the town Of Boston,
and still continues to do, large busi-
ness. New York followed in 1919. and it
was the intention of all these acts of In
capital no matter in what security 1t be
employed These institutions were es-
tablished to teach habits of economy and
started as the banks of the poor. they
are today conducted for the whole peo-
pie rich and poor alike. And it Is safe
TO say that no single factor has exerted
credit of the national bonds as has the
eStenslve investment therein OF savings
banks. Today the savings banks
States bonds. according to the report OF
the comptroller of the currency. the sum
of $163. SS6.92S. or more than one-third OF
held by ali banks Of the country And
when we remember that United States
bonds held by national banks are .compui,
sorry for, purposes OF organization AND
banks represent investments for trus,
institutions, and are optional, and for
investment purposes only. the contrast
Again, the investments in municipal
bonds by the savings banks are the great
factor in the progress and development
of all counties. cities. towns and villages
of this country. and have made possible
all the various municipal improvements
that contribute so mucn to the. comfort
in modern living The groW yin o. r SAVINGS e
.he country for in 1890 they numbered
ten in the Unfted States, and in 1898 they
have increased to over one thousand
banks of he country deposits amounting
to one billion nine hundred thirty-nine
millions three hundred seventy-six thous,
there are 500. 132 depositors. And this
.rust has been administered at cost tor
management estimated at one-fourth or
returned to the depositorss in dividends
the enormous. sum of ($72,O0o0OO seventy
two million dollars.
+ It is a gratifying fact that the United
States has the largest amount o. savings
deposits, and 1t has twenty-eight per
cent of the aggregate savings banks OF
the world. 1t should be borne IN mind
that twenty-three per cent of the aggre-
gate savings deposits OF the United
States is held by the savings bank of the
New England states, New AOrk. New
Jersey. Pennsylvania. Delaware and
Maryland. In the South and northwest
the savings banks have been stock asso-
Citations and are not included;
The savings banks in the United States
are pre-eminent among the savings fnsti-
.utions of the world. The average saw
denositor is 1881 And the average de-
posit per depositor in the Augusta Saw
:ngs Bank $445.2O. The average deposit
ner inhabitant in the United States Is
| seG. 73. While In Maine the average de-
nosit per inhabitant Is over 500. Dem
mark. strange to say has the largest
average deposit per inhabitant of any
| country. namely. $.5.42: Switzerland.
IS. go: France. s2l.s4; Great Britain. 2lE'
through ali the changes. made in the
| laws of Maine relating to savings banks,
and amid all the revisions Of the bylaws
| Hoard of trustees has adhered strictly TO
those wise bylaws adopted In the begin.
| Ming: mo member of the board shall
| ever be a borrower from the bank. and
M investment shall he made which does
mt receive the approval Of every mem
her Of the board. and no trustee sha.l
receive compensation for his dutsos as
We cannot be too enthusiastic or Toe
| freeiy use words of eulogy In speaking VI
| the Savings banks of the United States