Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-09
LIABILITIES.
"This statement Of INV 10Th is ax

This statement of July 10th is" ex-
planned the bank commissioner in Civ
ing II out, based on values as they
were carried on the books of the trust
company. The losses will be suffered
CHIEFLY on the item carried as Loans
and Discounts There will be a SUBJ
stantial loss on the Calais Street Rail-
way Co. bonds, of which the company
holds $4,000, purchased at par in
1894, There must also be some loss on
the real estate, which consists of bank
buildings at Dexter and Newport, and
the Gerald property at Fairfield The
bank buildings were built several wears
ago and are in excellent condition
Both are well equipped for the pur-
poses for which they We're designed
and should bring fair prices. The
Gerald property was acquired through
q mortgage taken to secure a loan
made in 1901. 1t now stands at $50
$50, on the books and is let so that il
brings monthly rentals of $19916, the
hotel tenant also heating the entire
block.
AS / have said, the main loss will
come from the loans, and substantially
all from loans which those then con-
trolling the Trust Company made
either to themselves or to men more
or less directly associated with them
selves in business ventures. [ shall &c
more into detail in analysing and dis
cuSslng these loans at another time
when there may be less risk of en-
barrassing the receivers in the DISPOSE
ton of collateral.
1T is right, however, in view of the
effect such failures as this have on gen.
eral banking business, to say that no
substantial loss will be suffered on
loans made since the Trust Company
law of 1907 was enacted These ex-
cessive and doubtful loans We're made
before that time, when there Were
practically no legal restrictions and
would not now be possible under thu
law"
The hanging of the portrait of f. NJ.
Johnston of Brownville, the junior
member of the Board of State Asses
sors, in the office of the board at the
State House few days ago, completes
the list of portraits Of those who have
served as members of the board since
it was first created by the Legislature
of 1891. There are nine portraits in all,
uniform in size and arranged along
the west wall of the office, and they
make a fine looking group.
The members OF the original board
were Benjamin F. Chadbourne of Bid
deford, Frank Gilman of Bangor and
Otis Hayford of Canton. Mr.. Chad
bourne served as member of the
board until 1893, when he was succeed
ed by George POttle of Lewiston as the
Democratic member of the board,
which position he still retains
Mr. Gilman died while in office, it
being understood that he was killed by
falling from a train in 1892 and was
succeeded by Hall c. Burleigh of Vas
who was appointed to fill the
vacancy due to Mr. Gilman's death.
Mr.. Hayford, the third member of the
original board. served until last spring,
q period of IS years, the longest term
yet served by any member of the board.
On the death of Mr. Burleigh in 1895,
William G.. Marshall of Belfast was APP
pointed to fill the vacancy and served
+. Marion Simpson of Bangor, who,
after having served six years, was sue
ceeded in 1907 by William J. Thompson
CT South China, who is still member.
E. NJ. Johnston, the newest member of
the board was chosen to that position
last spring on the retirement of Mr..
Hayford.