The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1908-01-02
Somerset's Greatest Financial
Institution.

1uSutuIlOn-
There can be but few of the read ers
of the REPORTER but have known of
the Skowhegan Savings Bank, and we
have no doubt many OF them carry
! deposits there, either money Of their
own or money of which they have the
care, yet we presume very few realize
the magnitud and extent of the bust
ness done by that institution or who
have any knowledge of it's early years.
With the thought that the public
would be interested in the incidents
attending the formation OF this bank
and something OF its subsequent his
tory, We have assembled some in
form alton not generally known with
regard to it.
The idea OF savings institution for
the town of Skowhegan Is said to
have originated with Miss Roxana
Weston, long since deceased, who
was known to everyone throughout
her long life as "Aunt Roxie". She
was deeply religious lady and the
wish to have some place Of absolute
security where small savings could be
deposited to earn something for the
depositors was born of her desire to
see the people of her own com
munity happy and prosperous. Aunt
Roxie would have been surprised if
she could have been told that the in
stitution, formed at her suggestion,
would accumulate three quarters of
million dollars in savings during her
lifetime and that, in a comparative
ly few years after her death, it's re-
sources would amount to over two
millions, figure exceeding that of
the assessed valuation of every town
but one In Somerset county. Miss
Weston was an aunt of the late Gov
ernor Coburn. 1t was her wealthy
and distinguished nephew who was
largely instrumental in making her
idea of a savings institution effective,
and he was Its first president.
Those who had been interested in
the project met in October 1859 at the
banking rooms of the First National
Bank, the location now occupied by
Gould & Lawrence, and the organiza-
ton was effected by the election of
Abner Coburn, president, and E. w.
Farwell, treasurer. The trustees
elected at the meeting were Abner
Coburn, James B. Dascomb, John
Vosmus, Eben H. Neil and James
Bell. Messrs Coburn, Dascomb, Neil
William Parker, Samuel d. Arnold,
Isaac Dyer and Ezra Staples were
named as the incorporators. Show
hogan people of the present genera
ton will recognize these names as of
the prominent men OF the time in the
town and county. But two are liv-
ing at the present time, J. F. Pollard
and Isaac Dyer. The deposits of the
bank thus organized on the first day
of January following the organization
were but $1,000. An interesting
lbOA 10 iOuIo Al ldSO A1db,
for any two months of the past year,
the interest earnings have exceeded
this figure, and that the total deposit
then reported would not now suffice
to pay one half of the annual tax as
sessed upon the Skowhegan Savings
bank by the state.
Shortly after the founding of the
Skowhegan Savings Bank, the two
brothers of the Page family, George
N. and Edward P, became identified
with the banking business in this
ed Mr. Farwell as treasurer of the
Savings Bank in 1871, and Edward P.
Page succeeded to this Office in the
following year. No further change
was made in the treasurership until
the election of Bin w. Page, last
year. The public is familiar with the
recent change whereby the last nam
ed gentleman became cashier of the
First National bank and his position
as treasurer of the Skowhegan Saw
ings Bank was filled by the election
of Mr.. L. H. Goldsmith. The Office OF
president was likewise rarely chang
ed. Those who have succeeded
Abner Coburn in that position are
but three, James B. Dascomb, A. ii.
! Weston and Ed. P. Page.
Early in its history, and especially
/ following the election of Ed P. Page
as treasurer, it became the policy of
the bank to purchase securities of
an absolutely reliable class only. The
interest yielded was a consideration,
but security was the prime requisite
in making any investment. This led
to the ownership of municipal bonds,
Issued by towns, cities and counties,
these having the first choice, and the
bonds OF trunk line railways. These
classes of securities and the item of
National bank stocks, have always