Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-11-11
The First Bank Chartered in 1904 Was Located in Hal
lowell --|2 Institutions Since
History Directors
Always Standing and Wealth--Augusta's in
Lead of Her Popuaion-One Large Robbery in l848

A city is judged by its social, re-
ligious and business institutions, as
well as by it's population and indus
tries. All who are acquainted with the
city of Augusta know full well the adj
vantages that she possesses in these
lines. She stands out above many of
her sister cities and occupies a place
far in the lead of that which her popu-
lation would suggest.
Years ago when Augusta and Halo
well We're rival towns, with Hallowell
in the lead, it would not have been be-
leved that the former city would
ever have grown to hold the position
that she now holds. Hallowell had
every advantage and was in fair way
to outstrip her rival, but circumstances
brought about a change. The State
House came Augustus way, and then
followed the United States arsenal, the
Insane hospital and the dam, all of
which combined to place her so far in
sister cities.
The banking institutions are often
used by business men in forming their
estimations of a city. This is where
the largest city of the Kennebec is es-
pecially strong. She has banking
record dating back to 1904, since which
Is institutions have been formed and
seven of which are now doing business
She has every reason to be proud of
her banking institutions, nearly all
pleasantly located, that are such i'm
portant factors in the business life.
The banks have often been tried and
never found wanting.
1t has been said that the estimation
of banks is made up according to the
men who are behind them. In that
case nowhere could one find better
gauge of estimation. Ever since the
days of the first bank men who have
been prominent in city and State cir
cles have been at the head of the Au-
gusta banks. Names of men of ma
tional reputation as we'll as Of State
and local, are to be found here.
Names of men in every walk of life
solid men in every respect; men with
business sagacity, honest intentions
and far sightedness.
The history of Augusta banking
dates from 1904 and covers the good
and hard times that have followed.
One or two of the first ones We're I'M
fortunate and had to suspend business,
in one case there being many losers,
but taken as a whole the work is a
very clean one. The greater number
Of those that have closed their doors
have done so by surrenderng their
charters at the time they expired. Al
the present time we have three nation
$4,000, two savings banks with tota
deposit Of $7.272,55 one Safe Deposit
and Trust Company capitalized a
100000, and a loan and building asso-
citation doing substantial business
profitable to it's patrons. This in 6
city of 1900 population is something
that shows Augustus standing in tht
banking world.
The national banks have each goot
surplus and are all of them above thu
slightest reproach. all considered a.
solid as rocks. The savings banks ar,
also among the best in the State. Thu
Augusta Savings Bank is one tina
stands third in size in Maine, and Will
the Maine Savings Bank. the Portland
Savings Bank. pays one-third of tn
State tax of the 100 savings insttu
tions. 1t has almost as many de
positors as there are people in the city
are paid about s225,O0O yearly in divi
dends, last years dividends averaging
3a per cent. Then the kennebec Saw
ings Bank has 1852 depositors and pay
annually in dividends about s32,O ot
The deposits and all the particular
regarding these two banks will, like /
the case of the other banks, be foun
together with their brief histories I'm
der their separate heads.
1t may be interesting to know tina
of dividends since the two saving
banks have been in operation, the
have paid out to their depositors MOI
than the valuation of the city. nearl
s7,oOO.O0O That is the reputation
the two banks. Then what are thos
of the others that are doing bushes
with the business men who are draw
ing checks at all times? The volun
of Augustus banking is immense
larger than anyone would natural
suspect of the city.
The total deposits cannot, of cours
be learned, as the national banks ca
only at times give the amount that
apparent, though checks may ha
been drawn upon them. However