Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-11-16
STATE OF MAINE.
oxford s..
Norway, November II, 1899.
In Re Norway Savings Bank

tSIOfu 50.
Norway, November II, 1899.
In Re Norway Savings Bank.
In matter of Norway Savings Bank
the undersigned trustees and treasurer
Of said bank make the following re-
port:
Acting under order of this court
issued August %. 1899, a notice was
sent to the last known address of each
depositor in said bank. ana published
in the oxford County Advertiser. a
newspaper printed at Norway. request
ing each depositor to present his de-
posit book for verifcatiOn. The
total number Of open deposit accounts
in this bank at the time said order
was issued was 1912. OF this number
all but 90 have been received. verified.
and corrected. The total amount due
on the % books not verified. as appears
by the books Of the bank, is but $3.15S.-
30. The greatest effort has been made
to obtain each book. and it is believed
that a large part Of these books now
outstanding viii never be found or
presented for payment. 1t is also be-
lieved that verification of these ac-
counts would make but little if any
difference in the actual liabilities of
the bank. a careful auditing of all Of
these accounts shows the true amount
due depositors to be $30S. 31S0l. making
difference of $17,332.27 between the
liabilities of the bank as heretofore
carried. and the present actual liabil-
tiles.
of this difference Of $11.3S2.21 it has
been ascertained that $1424G.91 resulted
from transactions of the former treas
urer. Seward $. Stearns. between May
Is. 1894, and May -, 1899. that being
covered by the first bond given by him
as treasurer of the bank. On ascer-
tanning this. the officers of the bank,
acting Jointly with the bank examiner,
commenced to negotiate for a settle
ment with the treasurer's estate and
the sureties on his bond. After some
DELAY. made necessary in negotiating
with so many different parties, the
relatives Of the treasurer. including
three of whom were sureties on this
bond. paid in to the bank the sum of
$4,000 to make up in part for the
amount mentioned resulting from
transactions during the life Of the
bond mentioned. The balance, S62f6.9I
was apportioned among other suretles
on the bond. and an effort was made
TO settle with each for his proportion
ate part. which was $446,2l.
All but three of these sureties have
already paid this sum toward making
IN the amount necessary to protect the
depositors for the shortages occur
ring during the period covered by said
bond.
The balance of this difference.
s3OS5. 80. resulted from transactions be-
tween May Is. 1899, or prior to the
time when he was elected treasurer
and gave bond as such. he having been
emnloyed as clerk. and had general
charge of the institution for some time
before his election. The bond given
Nav IL. 1894. expired by the terms of
the bond itself, May Is. 1899, at which
time a surety bond was obtained of
the Union Safe Deposit and Trust
Company of Portland. This company
very promptly paid the sum OF 5000 to
cover any differences that may have
resulted from transactions OF the
+raa s,,rer while guaranteed by that
oounauy. 1t is believed that this
amount will fully cover all loss that
CONTINUED on page 80