Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1899-11-21
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BANK OFFICERS REPORT.
STATE OF MAINE.
In re Norway Savings Bank.

NORWAY, Nov. IL, 1899.
In matter of Norway Savings Bank
the undersigned trustees and treasurer
OF said bank make the following report:
Acting under order Of this court issued
August -, 1899, . notice was sent TO the
lsst known address Of each depositor 10
said bank and published 10 the Oxford
County Advertiser, = newspaper printed
at Norway, requesting each depositor 10
present his deposit book for verificAtion.
The total number Of open deposit SC
counts 10 this bank at the time said or
der was issued was ls4a. or this num-
Der all but 81 have been received, veri-
fed. and corrected. The total amount
due on the 90 books not verified, rs APP
pears by the books OF the bank, Is but
s3, l5s.40. The greatest effort has been
made 10 obtain each book, and II IL be-
lieved that large part OF these books
now outstanding will never be found or
presented for payment. IL Is also be-
lieved that veriication OF these &C
counts would make but little IL any
difference In the actual liabilities OF the
bank. A careful auditing OF sll OF these
accounts shows the true amount due
depositors 10 be s30S. 3ls OF, making
difference OF sl7 332 % between the la
bilities OF the bank as heretofore car
ried and present actual liabilities.
OF this difference Of sl7.332 q II has
been sscertsined that Ga 1857 resulted
from transactions OF the former treas
urer. Seward :. Stesrns, between May
Is, 1894, and May Is, 1899, that being
covered by the first bond given by him
as treasurer OF the bank. On ascertain
Ing this, the officers OF the bank, acting
Jointly with the bank examiner, COM
menced TO negotiate for settlement
with the tressurer's estate aud the sure
ties on his bond. After some delay,
made necessary Ia negotiating with so
msny different parties, the relatives OF the
treasurer, Including three OF whom were
sureties on this bond, psid in TO the bank
the sum Of 5000 TO make up 10 part for
the amount mentioned IS resulting from
transactions during the life OF the bond
mentioned. The balance, 81, 248 81, WAS
spportione6 among other sureties on the
bond, and sn effort was made To settle
with each for his proprtionste part,
which WAS SAG 81.
All but three Of the sureties have al
ready paid this sum toward making up
the amount necessary 10 protect the de-
positors for the shortages occurring dur
ing the period covered by said bond.
The balance OF this difference, S3,0S5 80
resulted from transactions after May
Is. 1899. or prior TO the time when he
WAS elected treasurer and gave bond rs
such, he having been employed AS clerk
aud had general charge Of the institution
for some time before his election. The
bond given May Is, 1894, expired by the
terms of the bond itself, May 10, 1899, at
hich time q surety bond was obtained
Of the Union Safe Deposit and Trust
Company OF Portland. This company
very promptly paid the sum Of $500 to
cover any differences that may have re-
suited from transactions Of the treasurer
lille guaranteed by that company. Its
believed that this amount will fully
cover all loss that occurred to deposit
ors during the period that bond was In
force, and the prompt settlement by the
surety company proved OF great assist
snce in obtaining the results covered by
this report.
This left difference of $2,5S5 80 un-
provided for. The examination made IL
evident that at least this difference ex-
listed prior to May 10, 1894, and during
the time Mr.. Stearns was conducting the
| sff.irs Of the bank IS clerk, xs stated
sbove. This being the case, 1t became
necessary 70 look to the bond and estate
Of the treasurer In whose employ
Stearns was at the time this difference
occurred, as the treasurer was legally
responsible therefor. Negotiations were
opened, and, after carefully going over
the mstter, Il was deemed advisable to
settle this part of the shortage for $3.50
which WAS accordingly done and this
smount paid 10 TO the bank.
10 settling with those various parties
the officers Of the bank have used every
effort to protect the rights OF the de
positors, and 1t Is believed enough hal
been secured to fully protect them from
sny consequent loss.
The total amount collected and turned
In 20 the bank on account OF the differ
ent bonds, including the amount re
esiyed from the estate Of Mr.. Stearns
lie ga 65S 81.
During the tendency Of these pro
lceedings expenses have been incurred II
| the management of the affairs OF tn
bank amounting to $339 81, - will ap
|. pear by an itemized statement heret'
attached,
II The present treasurer, after credltinl
the several amounts collected A. state
above, and charging the bank with th
ali go. "a, and Increasing the deposit &C
. count TO that amount, has deducted n
: difference between the amount receive
: from the several surettes and the vi,
, $50 "a from the Profit d Loss Account
has made up the attached statement Z
showing the true condition Of tho ban
Q on this day. K -
Wherefore We, the Aforesaid omcsr'