The Portland daily press., 1899-08-28
THE NORWAY BANK.
omeial. Say There Is nothing Mach
The Matter.

otuntnB Oh tne doors Oh tne NVfNa{ oeF
ings bank. The bank is an institution
that has been doing business for more
than so years and this Is the first time
that It's doors have been closed to Its
depositors and patrons.
The president OF the bank Is Mr. Cyrus
S. Tucker, and the directors are: Messrs.
O. L. Hathaway. c. ". Ridion, George
E. Tuhbs, A. S. Kinball and ". W. San
born.
| MIR. Il. H. Noyes, who was elected tenn
porsry treasurer at u special meeting held
August II, the day after the death Of
Treasurer s. S. Stenrns, has been a director
Of the bank for long time. During the
last year or more, ~ Mr.. Stearns's sick
ness grew more serious, he put In much
of his time In the bank, assisting and
looking after the trsasurer's work.
| His familiarity with the methods made
him the logical man to replace Mr.
Stearns. Mr.. Noyes has an extensive
clothing business and he did not feel like
giving it up to accept the bank treasury
ship, which pays only In the neighbor :
hood of s7v0. But to help matters along
and prevent a serious break hs agreed to
accept the position temporarily.
Judge Stearns, the late treasurer, who
died the week before last. was elected
to the position In May. 1894 Hs succeed
ed his law partner. the late Henry NJ.
Bearce. who had been treasurer number
of years.
MIR. Stearns was a native Of Lowell and
moved to Norway nearly 20 years ago.
| He was young lawyer then, and after
waru formed partnership with Mr..
Bearce. He was shrewd politician and
possessed law practice which paid him
well.
This, with his bank salary, gave him
an income of generous proportions.
While not a man who was known as
Saving" Mr.. Stearns was not a man of
extravagant inclinations. Those who
knew him intimately, say that while he
might have lived up to, he did not ex-
coed his Income.
His bond as treasurer was for $4,000
and the men who are on that document
are worth in aggregate, not far from half
million. For business reasons they pre-
fer that their names should not appear
at this time, but they eyince no unsasi-
ness regarding the outcome of the inves-
| tigation.
AN OFFICIALS STATEMENT.
An official of the bank, whose MANS is
not given,i quoted as making the follow
Ing statement:
"There Ia nothing to be said at this
time save tnnt we have discovered an IT.
regularity. What causes thar irregulari-
ty we do not know. We have no grounds
for saying that there is deficit and II
there was one we.rould not say at pres.
emit whether it was co cents OF $1,000. 1t
may To only an error in bookkeeping,
or 1t might be an old tangle just come TO
light. We do not know. All we can do
is to await this Investigation and refuse
to speculate on the possibilities. Per-
sonally, do not think that there has
been any defalcation and till 1t Is proven
by the figures shall refuse TO call any
man defaulter.
There has not heen the slightest alarm
among depositors and nothing saVoring
of run has occurred.
This case is the first to come under the
provisions of the new banking law and
hank men all over the state will watch
its workings with great interest.
MIR. IIMBbRLAKE TALKS.
Bank Examiner Tlmberleke today made
the folio wing Statements to a reporter of
| the Lewiston journal. He was en- his
way from Portland, where he had been
TO secure an order from Judge Strout
closing the bank pending an investiga.
| ton.
81 really do not want to talk about this
matter,' said he. shut must say that 1
do think that some Of the statements that
hive APPEARED In the papers are prema-
ture and are not warranted by the facts as
they have developed. l feel, therefore.
| that l am compelled to speak in order
| that In ustice to the memory of dead
mnn public sentiment may bs suspended
until this matter is officially cleared mp.
'The business OF thu bank Will bio IN
tarrupted only for brief time. cannot
state just how long, but 1 should say that
about three weeks VIII be sufficient to
call in the books from the depositars and
compare them. ! will state that the as
sets of the bank are just to q cent as we
would expect TO find them. That is rs
far as the books of tho hank show.
81 make this statement emphaticaliy.
I expect that the hank wiz ultimately
resume business On solid basis without
loss to deposilors.
/ "Ihe conditions were such that it was
thought best to ascertain the exact liza
bility Of the hank as 1t wonld appear from
depositors' books
1.-THE court was therefore petltioned I'M
der Chapter so Section q. Lava of 1850.
to restrain the officers Of the Institution
from, first, paying or receiving deposits;
second. authority to collect aud deposit
money In other banks; and third, were
directed to get in, verify and audit all
the depositors' books and report TO court,
"3his places the entire control Of the
bank In thu hands Of the court ard nc
depositcr can be preferred even If there