Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-10-03
APPRAISERS Recommends
tions Laid Before Court.
Advise Scaling Deposits 20Per
Gent. 10 Cover Loss.
Five Per Cent. More to Enable Bank
to Resume Business.

Alfred, Me, Oct. IA scaledown of
the deposits Of the York County Saw
ings bank, which was closed Aug. II
because of alleged embezzlement by
Former Treasurer Richmond H. Inger-
soil to the extent of 20 per cent. to
cover the loss Of $3O1,OOO and of five
per cent. for surplus to enable the
bank to resume business il the court
SC decided was recommended by the
committee of appraisers at the nearing
today in the supreme court before
Associate Justice King on the petition
Of the trustees of the bank for action
by the court to place the bank on a
solvent basis.
The committee reported that the act
ual assets amount to $1,234,256.4 which
is a loss of 1901 900. The committee
found there was $4,000 in bad invest
ments made and charged off before
1904, also that there was no evidence
that the trustees were responsible for
the loss nor responsible for the con-
cealment of the same. There was moth
| ing to indicate that the officers were
| responsible for the violation of the law,
or that they had exceeded their au-
| thority. The report of the committee
was read to the court by State Bank
Examiner William B. Shelton. The
trustees OF the bank also were present
Judge King announced that he
would take time to examine the pa
pers carefully and would give his de-
| cisiOn to Examiner Shelton next Thurs
/ day.
The committee made up of A. A.
Montgomery of Portland. E. C. Lu-
ques Of SacO and A. c. Harlow of
Portland. appointed to report to the
| court what per cent. the deposit ac-
counts ought to be reduced in their
statement state that the total liabili-
ties of the bank are 81, 535, 237 O9. The
total assets which include loans,
stocks, real estate and cash on hand
are placed at 1924 .25641, making a
deficit of $300,98O.6S.
The committee in its report goes on to
state that in making the appraisal they
sought to arrive at what they believe to
be fair market value of the securities
at the present time if the bank could
have the opportunity to dispose of them
in the regular course of business, as pur-
chasers could be found.
They believe it would be proper to re-
duce the estimate of value in further
amount, to provide for the possibility that
the bank may be called upon to sell at
sacrifice.
For this reason. although the deficit in
the report is stated to be approximately
s3OlOO0, or about 20 per cent, the COM
mittee has recommended that the ac-
counts be reduced % per cent.
Biddeford, Me-, Oct. Blank Examiner
William B. Shelton today gave out an
extended statement in which he discussed
the condition of the bank and it's future
in detail, with view to reassuring the
depositors and holding them should the
institution be allowed to resume. He de-
clared in his statement that although the
committee which had investigated the
condition of the bank and it's securities
recommended 25 per cent. loss to depos-
itors it was possible, at least, that there
might later be a dividend declared which
would reduce this. He based his state
ment on the suggestion that it might be
possible to dispose of the securities at
higher rate than the present market val
ue on which the committee based it's
findings.