Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-06-27

, borough. Two other deposits, one for
| $500 and one for $4,000. were re-
| ceivcd on the same day. and the in
stitution began it's career.
| The first treasurer's report, dated
| January 20, 1885, states that there
| were then SO depositors, of whom 90
are minors, including three orphans, 10
are females, four of whom are unmar-
ried. six are widows, and six male
adults" The absence of married wom-
en- will be understood when it is re-
membered that nearly 10 years were to
! elapse before a married woman in
Maine could hold property in her own
right. The total amount of deposits
was $1S45.50, all of which had been
| loaned to the town. The first dividend
was declared, amounting to $12.S5. and
| there remained undivided profits of
$16.23. This last, however, was liable
to diminution by payment of the treas
urer's salary, for he had stated to the
trustees that he should leave it to
them to fix, at the end of the year,
upon an adequate compensation" At
the end of the year he was allowed
$50 for his services. being the sum pro-
posed by himself.
After the third year the treasurer
reports, Notwithstanding the unusual
scarcity of money, attended with the
highest prices for the necessaries of
life, the receipts for the last six
months have been as great as the most
favorable period since the organization
or the institution. In that year he had
received $397S.7S, and had paid to de-
positors S1990.S5, making the net in
crease S19S7.93. The total deposits
were $12,017S9. He also says, 1.-THE
whole expenses of the institution, in
Guiding furniture. printing, ruling and
binding, deposit books, stationery, ac-
count and record books, AND compensa-
lion to the treasurer, has been nut
S113,16-equal to $3772 per annum.'
To show the increase Of a sum Of
money left at compound interest wish
to cite the history of the Oldest bank
book in existence in the State of Maine.
On January LIST, 1886, Book No. 119,
Andrew johnson deposited IS for his
son, the late George N. johnson. I
we'll remember the elder Mr.. johnson.
and nearly all present recall George n.
who was for many years our first as
SCISSOR Eighty-eight and a half years
have gone since the deposit was made
George N. passed through his boyhood
and lived his entire life without draw.
ing penny from or adding anything
to this deposit. On January 1st of this
year the deposit with it's accumulations
amounted to $35S.0S. a gain of 1000 per
cent, or an average of so per cent, a
year 1t is now rolling up at the rate
or 800 per cent. year. At the death of
Mr.. johnson purchased this book with
its unique history from his heirs that
the deposit might be preserved. IT is
doubtful IL there is another case in
the entire country where an original
deposit has not been changed for SOs
years.
This bank from it's humble beginning
has grown until today it has a deposit
of S3,500.000. divided among 500 de-
posltors. with surplus of s26S,O and
1t has paid>a dividend each six months
OF lts existence, the total amounting to
S419o,21S.37, surely a wonderful rec.
ord.
During these ninety years, with
the exception of the Treasurer who
has held salaried position, citizens
of our community have freely given
the necessary time to the manage
ment of the business affairs of the |
Bank with no profit or compensation |
to themselves. In this period 1t has |
had only nine presidents. The first |
one. Robert Hallowell Gardiner,
served for thirty years until his /
death in 1864. The length of SER
vice of the first and present presi-
dent covers over half the entire life