Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-12-31

ident Association, New Hampshire
claims that all general assets must be
turned over to him and distributed
equally among 1.-THE creditors in all of
the states in which the association did
business. This conclusion is based up
on recent decisions of the United States
court and the court in several states
where the matter has been in litigation.
Negotiations are now pending, through
which it is hoped this matter NAV be
finally adjusted and the remaining as
! sets distributed. The creditors in this
State have already received a dividend
of twenty per cent upon their claims
on account of the special fund deposit-
ed in the State Treasury, while the
general creditors in other states have
received a dividend Of only 1923 Der
cent.
Fer several years the Bank of Nova
Scotia maintained branch at Calais.
and statements of the same were in
| cluded in the reports of this depart
ment. In 1899, a law. was enacted re-
quiring foreign banks maintaining
branches in this State to pay a tax of
one-fourth of one per cent per annum
4 VII ShC VI NuCiI BUSINESS III the
State. III 1901, the rate Of this tax was
Increased to three-fourths of one per
! cent. Soon after this increase, this
bank discontinued its agency at Calais
and transferred its business across the
state line to st. Stephen. So far as this
department is informed, no banking
| business, coming within the provisions
of this law, is now conducted in the
State. If this is because the rate of
tax is prOhibitive, the provision of law
is certainly productive of much good,
as we do not believe our State
should allow foreign Institutions to
locate here 10 compete with our own
banks.
Two foreign corporations were
licensed under provisions of chapter
131. Public Laws of 1891, to do business
in this State for the year ending
December l, 1902. viz: Iowa Loan and
Trust Company of Des Moi.lcs, Iowa.
Middlescx Banking Company of Mid
dletOwn, Connecticut. The statement
received from each of these companies
was published in some local newspaper
according to the provisions of law, and
may also be found in this report.
The following are brief statements of
the condition of affairs in each bank
ing institution now in process of
liquidation, made from the reports of
the several receivers to the examiner:
petition was filed in usvpreme
court. Dec. IS, 1896. for thl 1QufdA$ Jon
of the affairs Of the Ame IN Rnk-
ing and Trust Company, AubpAns and
L. Linn Small was appointed receiver
and gave bonds in the sum of $4,000,
and all of it's property was turned
over to him and schedules of the same
filed in court.
On February 1, 1902, a motion was
filed asking that Mr.. Small be required
to settle an account with the court,
and on Sept. Is. 1902, a decree was
made removing Mr.. Small and appoint
ing Seth M. Carter. Auburn, as re-
ceiver in his stead.
A statement of the nominal condi-
ton of the American Banking and
Trust Company, Oct. 25. 1902. as shown
by the books of l.. Linn Small, re-
ceiver. has been made by Mr.. Carter.
The liabilities are placed at Sill, 1881,
and the resources to cover the same
include the sum of $26,501.53 charged
to L. Linn Small. receiver.
When dividend was declared, Mr.
Small credited himself with the full
amount and never charged back un-
paid checks issued on the account of
the same. The above statement was
made uD on that basis, while as a
matter Of fact, dividend checks to the
amount of s956.33 are still unpaid. as
appears in the corrected statement
made by the present receiver.