7737. Solon Savings Bank (Solon, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
October 2, 1875
Location
Solon, Maine (44.950, -69.858)

Metadata

Model
gpt-5-mini
Short Digest
570b980e2866470c

Response Measures

None

Description

Articles (1875–1883) consistently report the Solon Savings Bank suspended/failed due to heavy losses from depreciated railroad bonds; receivers were appointed and the bank remained in receivership with settlement plans (estimated to pay depositors in full). No run is described. OCR errors corrected (e.g., 'Selon' -> Solon).

Events (3)
1. October 2, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy investments in European & North American Railway bonds and Western city/railroad bonds that depreciated, causing insolvency.
Newspaper Excerpt
The Reporter says that the Solon savings bank has failed, or at least suspended. The bank has invested largely in European and North American Railway bonds, and in Western city and railroad bonds. The bonds have recently much depreciated in value, hence the difficulty.
Source
newspapers
2. February 3, 1876 Receivership
Newspaper Excerpt
The Solon Savings Bank, having met with losses, in consequence of depreciation in the market value of railroad bonds in which it has invested, has undertaken to wind up its affairs. At the late session of the court at Skowhegan, Henry Bodwell was appointed Receiver, and O. R. Bachellor and Moses French Commissioners.
Source
newspapers
3. December 16, 1877 Other
Newspaper Excerpt
Those which have been placed in the hands of receivers are the Winthrop, Solon, Bucksport and Lewiston Institution for Savings, paying respectively, 40, 85, 40 and 50 cents on the dollar. There will be an early settlement of the affairs of the Solon bank...the Solon bank 100 per cent.
Source
newspapers

Newspaper Articles (13)
1. October 2, 1875 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 2, 1875

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# STATE NEWS ANDROSCOGGIN COUNTY. The Lewiston Journal says that ice half an inch thick formed Tuesday night. The North Turner cheese factory has made the past season twenty tons of cheese, against eleven tons last year. This factory took the premium at the state fair for the best conducted factory in the state. The Mechanic Falls Herald says that typhoid fever is very prevalent in the town of Minot and Poland this fall. Mrs. Livermore lectures in Lewiston next Thursday. The Journal hears that surveys of the Augusta and Lewiston railroad are now in operation in that city. T. B. Thorne, a Lewiston builder, was severely injured by a fall from a building in Manchester, N. H. CUMBERLAND COUNTY. The News says next Monday Mr. George H. Cummings retires from the Cumberland House and will be succeeded by Mr. Tilton of Buckfield, an experienced landlord. The Baldwin and Sebago cattle show and fair will be held at East Baldwin, Tuesday, Oct. 12th. The News says that Hon. W. W. Cross started for Bridgton last week with a drove of 66 cattle, but disposed of them all on the way. He is buying another herd, which he will drive in a few weeks. The Bridgton News says that F. J. Littlefield has sold his music store and sewing machine business to Preston U. Hamlin and B. W. Stevens. The News urges all churches to abandon the use of fermented wine at the communion table, because there are 18,000 reformed men in the state, many of whom are now church members and liable to have the old appetite awakened by a mere taste of alcohol. FRANKLIN COUNTY. Mr. R. S. Morse of East Dixfield, has purchased the farm of A. J. Hall, about six miles from Wilton village. The farm contains 450 acres of land, and Mr. Morse intends to convert it into a sheep farm. Maj. Seward Dill writes us from Phillips that the North Franklin Agricultural Society fair at that place, commencing Thursday, adjourned till Monday on account of the rain. KNOX COUNTY. The Gazette says that notwithstanding the general hard times throughout the country, we think Camden has suffered as little as most towns and villages in the Union. Our manufacturers, D. Knowlton & Co., Henry Alden, the Woolen Manufacturing Co., C. H. Barstow, W. G. & H. E. Alden, the Millers and others, are all running very nearly if not quite their full force. Besides this, there have been built, and completed, a large number of dwellings-near as we can now call to mind, sixteen-besides numerous additions and repairs. Maggie Mitchell appears in Fanchon at Rockland, Oct. 15. She has several other appointment in the state. KENNEBEC COUNTY. Charles Hallett, Esq, of West Waterville, one of the oldest and most respected citizens, died Tuesday night. The Journal says that Jepthah Encampment No. 8, I. O. O, F., was instituted in Augusta on Thursday afternoon and evening by M. W. Grand Patriarch O. G. Douglass of Lewiston, and the officers of the Grand Encampment. This encampment commences with eight charter members, and ten initiates were admitted and exalted to the R. P. Degree. Some 30 applications were reported for admission. LINCOLN COUNTY. Hon. Washington Gilbert of Bath, has been engaged to deliver the address before the Lincoln Agricultural Society at Waldoboro, Oct. 13th. The News says that the students of Newcastle Academy have instruction in music twice a week. PENOBSCOT COUNTY. The Whig says that late Wednesday evening as Mr. Geo. Wright was returning to his vessel he was obliged to cross the schooner H. L. Doe before he could reach his own schooner, the Annie Wilder. The hatch of the H. L. Doe was open, and not noticing it he fell headlong about ten feet in her hold, striking upon his head and severely fracturing his skull. Elmore Saunders of Brewer, while working on the barque Herbert at Oakes' lower yard, fell from one of the stagings last Tuesday, striking on the hard beach, breaking several ribs and receiving severe internal injuries. He fell a distance of 35 feet, and his injuries are so serious that he may never be able to work again. PISCATAQUIS COUNTY. In response to the suggestion of the Dexter Gazette, the Piscataquis Observer extends an invitation to the editorial fraternity of the state to be present at the fiftieth anniversary-the golden wedding-of Mr. Geo. V. Edes, the vetern editor of the Observer, the oldest printer in the state. SAGADAHOC COUNTY. Young Trott, who was so severely injured in the Topsham paper mill, Tuesday, by falling into a revolving wheel, died Thursday. SOMERSET COUNTY. The Reporter says that the Selon Savings Bank has failed, or at least suspended. The bank had invested largely in European and North American Railway bonds, and in Western city and railroad bonds. These bonds have recently much depreciated in value, hence the difficulty. It is thought that the stockholders will lose little or nothing. Mr. S. D. Greenleaf of Starks, has gathered about 100 bushels of eranberries, also 1000 bushels of onions. Prof. L. A. Torrens will hold a musical convention at Skowhegan Oct. 26th. At the Supreme Court, George Mack plead guilty to one case of horse stealing, and was sentenced to five years in the state prison. Fred Jones was found guilty of rape. WALDO COUNTY. The autumn session of the Grand Lodge of Good Templars will commence at Belfast next Tuesday morning, and continue two days. The members of the Order may obtain tickets for half fare on the boats and cars. A large attendance is anticipated, and some of the leading speakers of the day will be present and address the public meetings. WASHINGTON COUNTY. The Advertiser learns that Mr. Benjamin Shattuck of Red Beach, Calais, lest, a few nights ago, by the frost, some 200 bushels of cranberries, worth between $300 and $400, on his upland meadows. Those on the marsh land were not injured. The cranberry crop is about the best crop raised in this section. The Sentinel says that a bold smuggler was chased while going through Cobsock Falts, by the Lubec customs officer, one last week. Finding he was likely to be caught the smuggler commenced throwing overboard kegs and cases of liquor, jugs, etc.; thinking these of more value than the boat that contained them the officer picked up all he could, which amounted to several hundred dollars worth. The boat has since been seized. The Falls is a dangerous place to go through. The Sentinel states that a small boy, only child of Mrs. W. H. Sears of Pembroke, was drowned by the upsetting of the boat in a whirlpool. YORK COUNTY. Mr. Frank Norton of York, a laborer in the construction department, met with a serious accident Wednesday, the 29th. He was employed in taking a rope from a steam windlass, when his right arm was caught by the machinery, and before the engine could be stopped, most of the flesh from the elbow down was torn off. The armless child recently born in Biddeford died last week.

2. October 8, 1875 Vermont Farmer Newport, Saint Johnsbury, VT
Article from Vermont Farmer, October 8, 1875

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ments were completed Wednesday arrange- for his release on $25,000 bail. No attempt has been made to bail Halleck and Brown. The trial of these parties is not expected before November. Mr Tomey, the treasury clerk who has been out to Colorado to investigate the charges of fraud and embezzlement preferred against ex-Marshal Shaffenberg, reports fenberg is guilty upon all the charges, and that his embezzlement will probably reach $100,000. Schaffenberg is now under $20,000 bail. There was a narrow escape at Washington, Sunday evening, from a repetition of the terrible accident in Holyoke, Mass., last winter. One of the side altars in St Patrick's Catholic church had been profusely covered with lace and flowers, in honor of the feast of the rosary, and during the ser. vice this inflammable stuff took fire from a candle. Many persons in the congregation became, stricken and started for the door. The flames were soon extinguished, however, and the exercises were resumed. A large and fine crop of oysters is promised us, this season. The great plantation Owners at Newark bay, Amboy, and other points along the Sound are expecting a yield of 2,000,000 bushels and profits of $500,000 to $700,000. Partakers of the fried, the roast, the stewed, the raw, will appreciate the information that in the neighborhood of New York city 2000 men and 1000 vessels of all descriptions are engaged in supplying the oyster market. MAINE. The Solon saving bank has failed, on ac. count of large investments in European and North American railroad bonds and in Western railroad and city bonds, which have reeently much depreciated in value. A drunken father at the funeral of his only child, and the last survivor of his fain. ily was a painful sight at Saco, recently. The Calais city bonds for $100,000, is. sued for the Dewey's Island railroad. fall due, next year, and an arrangement has been made with the St Croix and Penobscot railroad, which has to pay them, to issue new d bonds for the amount at once. NEW HAMPSHIRE. A general reduction of wages took effect in all the Laconia mills, Saturday. John Cairos of Dover, 50 years old, fell down-stairs night. and broke his neck, Sunday of Henry McGrath, a prominent citizen of y Canaan, died suddenly, Sunday morning, and as some circumstances indicate that he was poisoned, an investigation is to be held. t By the recent death of Mrs Mary Brickett of Claremont the First Congregational church of Hempstead receives 85000. left ett. to it by her husband, the late James Brick. Henry Pierson, an Englishman 70 years old, was killed by falling down-stairs at is Hinsdate, Friday night. Paul True of Salisburg, 90 years old, was found dead in a field at Warren, Sunday afternoon money, etc, amounting to over $400 was found in his pockets, undisturbed Another horrid murder is to be added to the long list in New Hampshire. Miss Lang. or made, daughter of James F. Langmade, a on highly respectable citizen of Suncook, left ek home Monday morning, for school, having st half a mile to walk, part of the way through he some woods. As she did not return at the à usual hour, search was made and the woods scoured, and at eight o'clock, last evening, y her body was found in the woods half a mile ce from the road, with the head nearly severed SO from the body she had been outraged and he murdered. Intense excitement prevails in the community. y se massachusetts. in The first fatal case of epizoütie at Boston ho occurred Monday. he X. The store house and stable of Howe ve Norris at Vineyard Haven was burned at Monday. Loss $2,000 no insurance. all A freak of nature on the Wilbraham road between Springfield and Sixteen Acres, is y a tree, one side of which is birch and the other side maple. William Smith and George Miller, the ut Jefferson Borden mutineers, were sentenced to be hanged in Charles street jail, B oston, to January 14. uen, Boston expended $94,313 for her public parks, last year, over $30,000 more that st four year ago. be Martha Hutchinson recovered a verdict o a $12,500 against the Boston gas-light com ald pany for înjuries received in a building which was blown up by gas at the great fir aly in November, 1872. 180 a The collector of Salem has advertised th at United States custom house in that city fo ar sale, in default of the payment of 8173 as by sessed on the property for constructing public sewer. ne he The total value of real estate, governmen th bonds and funds invested in Massachusett: W corporations held by the religious, charita es ble and literary institutions of Boston, an he exempt from taxation, is $20,049,200. isPercy C. Clapp, who was recently a rested at Hyde Park on a charge of inces mpreferred by his insane daughter, has him an self become insane, and been removed to a ormind. asylum, while his daughter is regaining he A fire, originating from spontaneous com bustion, in the attic of the Washington mill at Lawrence, Monday, destroyed a larg rer amount of cotton yaro on the floor below loss on the building $2,000, and on th stock and machinery $5,000, insured Boston companies. vy, sie, It is feared that George R. Cooley, fo ud. over two years clerk for George H. Plum of Westfield, who went to his home in New tor York recently, with $100 of Mr Plumb's and $2,000 worth of credit goods, 8750 from

3. October 14, 1875 The Republican Journal Belfast, ME
Article from The Republican Journal, October 14, 1875

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The Skowhegan Reporter learns that the Solon savings bank has failed, or at least suspended. The bank has invested largely in European and North American Railway bonds, and in Western city and railroad bonds. The bonds have recently much depreciated in value, hence the difficulty. It is thought the stockholders will lose little or nothing. "The first step toward wealth," says an exchange, "is the choice of a good wife." And the first step toward securing a wife is the possession of good wealth.

4. February 3, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, February 3, 1876

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# Maine Business Notes. A car load of Katahdin iron has been shipped to E. & T. Fairbanks, the celebrated scale builders at St. Johnsbury, Vt. F, M. Tibbetts of Lagrange is hauling logs from township No. 2, South of Burlington, for the Prentiss estate. He employs 24 horses, 2 oxen, and 20 men. He has also 24 horses hauling bark from the same township to Lowell tannery. Bark is hauled from No. 3 east of Burlington to the Lowell, Lincoln, and Winn tanneries. Parties have applied for permits on same township to take bark to the tannery at Grand Lake Stream. Gen. Smith has eight lumber crews hauling soft wood by contract in Pleasant Ridge township. The Dresden Ice Company have commenced to fill their houses—2,800 tons. They have a fine field of ice. The Stevens Ice Company will fill their houses as soon as they can get in an engine, probably the last of the week. A. G. Chase shipped 1,200 tons of ice from Parker's Head, last week—taking it directly from the pond to the vessel. The Rockport Ice Company on Monday, Jan. 31, housed 7820 blocks of ice, equal to 1030 tons. They are at present employing nearly 200 men and some 40 teams. Messrs. Emerson, Stevenson & Co., West Waterville, have resumed the manufacture of axes. Bingham, in addition to the starch factory, is to have a new tannery next spring. The Solon Savings Bank, having met with losses, in consequence of depreciation in the market value of railroad bonds in which it has invested, has undertaken to wind up its affairs. At the late session of the court at Skowhegan, Henry Bodwell was appointed Receiver, and O. R. Bachellor and Moses French Commissioners. Shaw's new tannery in New Limerick, six miles from Houlton, is expected to be in operation sometime in March. It will be of sufficient capacity to tan 500 tons of sole leather, requiring 6000 cords of bark annually. The main building, which will contain 200 vats, is to be covered with an iron roof to protect it from fire. A large boarding house has been built for the workmen and the village is springing up around the tannery, which will be likely to largely increase during the coming season.

5. February 9, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, February 9, 1876

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Maine Business Notes. Mr. Cary finished filling his ice houses on Saturday last in Hallowell. He has stored over two thousand tons of most excellent ice. The granite company at Carver's Harbor have commenced the foundation of a steam grindstone shop. It is to be near the Sands quarry, so called. Henry Bodwell has been appointed receiver and O. R. Bachelor and Moses French commissioners of the Solon Savings Bank. Cotton for the Lewiston mills now comes all the way by rail from Memphis, Tenn. Messrs. Norton and others of Lewiston contemplate putting 30,000 tons of ice into their storehouse on the Kennebec, unless a sudden cold snap on the Hudson causes a change of plan. The number and tonnage of vessels belonging to the district of Bath June 30, 1875, was as follows: 78 ships, 26 barques, 10 brigs, 112 schooners, 43 sloops and 16 steam vessels, the aggregate tonnage of which was 131,245.63.

6. December 16, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 16, 1876

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LIABILITIES. Capital stock $125,000 00 Circulation 3,512 00 Deposits 72,290 30 Due on dividends 2,175 06 Due on books 3,076 00 Discount 1,804 20 Profits 31,686 79 Total $239,545 25 ASSETS. Loans $165,321 36 Bank stock 700 00 Real estate 4,000.00 Due from banks 42,498 38 Bills of other banks 9,164 49 Cash on checks 17,861 03 Total $239,545 25 The American Bank of Hallowell now owes on final settlement $1669, with assets to pay this in outstanding certificates of $1468.72. ASSETS OF THE SAVINGS BANKS. The number of organized savings banks in the State is the same as last year, sixty-four, four of which have become insolvent and have passed into the hands of receivers, viz: Winthrop savings bank of Winthrop; Solon savings bank of Solon; Bucksport savings bank of Bucksport; Lewiston Institution for Savings of Lewiston. The assets of the banks now actually doing business, are as follows, as compared with last year:

7. December 17, 1877 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 17, 1877

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BY TELEGRAPH. MAINE. MAINE SAVINGS BANKS. Fifth Annual Report of Examiner Belster. [Special to the Press.] AUGUSTA, Dec. 16.-The fifth annual report of Bank Examiner Bolster gives a gratifying exhibit of the condition of our savings banks. The improvement in their condition is very marked and there has been a corresponding increase in public confidence in them. BANKS OF DISCOUNT. The report first deals with banks of discount of which the only one left is the Eastern of Bangor, the Mercantile of the same city having surrendered its charter in March, 1876, and the North of Rockland, having opened its books as National Bank, on the 15th of last September. The Eastern is thoroughly sound and in a prosperous condition. During the year the receivers of the defunct American bank of Hallowell, have paid dividends to the amount of $580.24. The amount of certificates now outstanding is $896, and the cash on hand to pay the same is $788.48. LOAN ASSOCIATIONS. The Peoples' Loan and Building Association of Richmond, is the only one in the State. It was incorporated in February, 1875, and is in a Sound condition with assets to the amount of $20,178.42. The receipts and disbursements for the two years ending March 19, were $18,730.11. The system on which it operates has been frequently explained. SAVINGS BANKS. The number of savings banks now organized in this State is sixty-four, the same as last year. Those which have been placed in the hands of receivers are the Winthrop, Solon, Bucksport and Lewiston Institution for Savings, paying respectively, 40, 85, 40 and 50 cents on the dollar. There will be an early settlement of the affairs of the Solon bank and Lewiston Institution for Savings, but the final settlement of the others will be delayed by pending litigation. The deposits and profits of the sixty banks now doing business, on the 5th of November last, were $26,898,432.76. The assets, as compared with 1876, are as follows: ASSETS. 1876. 1877. Invested in United States bonds...$ 602,419 16 $ 982,869 47 State of Maine bonds 137,319 75 97,216 50 Other state. county and

8. December 19, 1877 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 19, 1877

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Mr. Park on Russia. Rev. A. L. Park of Gardiner, gave the second lecture of the popular course at the Free Baptist church. last evening, to a large audience, his subject being "Russia," a very timely one, by the way. This lecture, together with several others, was prepared at the request of his own congregation, and delivered to them the winter after bis return from spending eleven months abroad. It embodies much curious information about the great empire of the North, its government, cu-toms and peculiarities. Few of our countrymen who visit Europe find their wav to Russia, because of the long distance that separates it from the rest of Europe, and also the strictness with " hich travellers and their luggage are inspected at the frontiers. Nowhere in Europe are passports so much used, even the inhabitants being compelled to obtain them when going on business from one Russian city to another. The imperial palaces were described as very numerous and splendid beyond belief. The display of jewels and gems, solid silver carriages and rooms made in malachite and ambe, were represented as fairly bewildering. and equalled only in the "Arabian Nights." The richness of the church serv ce, and the dress and appearance of the clergy, corresponded with the maguificence of the court. The revenues are derived largely from the government monopoly of the liquor traffic and the rich mines of Siberia. Some remarkable churches in Russia were described, one of them costing NL venteen million dollars and roofed with hammered gold. The great be 11 of Moscow was alluded to, and other bells of great size, not only heavier than any elsewhere in the world, but also more precious, being made of silver and gold, as well as the ordinary copper and tin, and worth a dollar a pound for old metal. A ske ch was given of the iomantic career of Peter the Great and of the liberation of the serfs by the present Czar. The lecturer praised the personal character of Alexander I, though he denounced the despotic, autocratic form of government of which he is at the present day the only European representative. As to the war in the East, the speaker sympathized with Russia, as superior in her civilization to Turkey. The lecture closed with a humorous account of the reasons why Russian chronology is "old style," twelve days bewind all the rest of the world. The lecture was deeply interesting from beginning to its close, and showed that much thought had been bestowed in its preparation,-fully justifying all the good words that have been said about it in the localities where it had been delivered. Bank Examiner's Report. According to the fortheoming report of the Bank Examiner of Maine, Hon. W. W. Bolster, the number of saving banks now organized in this State is sixty-four, the same as last year. Those which have been placed in the hands of receivers are the Winthrop, Solon, Bucksoort and Lewiston Inst tution for Savings, paying respectively, 40, 85, 40 and 50 cents on the dollar. The deposits and profits of the sixty banks now doing busine-s, on the 5th of November last, were $26,898,432.76. The assets, as compared with 1876, are as follows: Assets. 1877 1876.

9. December 16, 1878 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 16, 1878

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inthrop, $11112.83 $114.53.38 $1061 12 73 -10c. 3530-34 3762840 354 93 ets. acksport, 160,196.13 163,530.98 716.87 60 ets. 00 nation'n. 839,778.44 753 053 13 4,266.71 78 ets. 66.00 79,823.50 Final dividends to depositors have been made in Winthrop Savings Bank and the Lewiston In itution for Savings Amount of expenses al owed settlement of the fairs of the Winthrop Sav Bank W** $14,899.87 Thissum includ- the ward of $10,000 in procuring $66,'00.00 stolen the bank at the time of its robberr in 1875 be amount paid to depositors $83 976 99 and to persons $14 899.87 Amount collected from assets $98,876.86 Amount of expenses al in settlement in the Lewiston Institution for avings wa $15,379.14. Amount C' llected from asset. $608,472.17. Amount paid to depositors 587,363.55. and to other persons $19,645.85 mount uncalled for $1,462 77. There will be an settlement in the Solon Savings Bank, and probable final settlement in the Bucksport SavBank, within eighteen menths. Thirteen of the fifty-nine savings banks now dobusiness, have had their deposit accounts re by decree of court, under the provision of thirtv six of the act to revi-e and consoli the laws relating to Savings Banks, approved ebruary 8, 1877, as follows; Brunswick Savings stitution, Thomaston, Orono, Camden, Bangor, ndroscoggin County, Pen broke. Calvis Skowhe. Bridgton, Anburn, Dexter. Frankl County. It is believed that ultimately there will be no to depositors in the Auburn and Bangor that the losses in the others will range two to ten per cent., exceat Thomaston. hich will be about twen tv per cent. The losses these banks with one exception are comparativesmall, and in all the result of shrinka es that not he for seen, many of which are tempoThe losses in the savings banks of this State largely the result of shrinkage of assets which within a reasonable time mainly rec ver their If the law of our State forced the disconnuance of business and the closin of a bank henever the losses rendered it insolvent, it ould be the very means of foreing the sale of its preciated assets without giving time for apore making permanent what might have been a temporary loss. Notwithstanding the foolpanic of the past, based on hare assertions of signing men, the savings bank. of this State will examin ation, and the facts wil fully justify statement that theseinstitutions with the large nount of money held and invested by them. with exceptions, have been well managed and pruconducted through all times. 1. i- believed it may be saiely stated, that the $23,173,112. which these banks now hold, have suffered less shrinkage than any like amount of capwhich has been invested by the best business of the country, since the inauguration of our war. The result of the law of 1877 authorizthe court to reduce the deposit accounts of positors. so as to divide losses pro rata among so far, has been beneficial to all concerned. recommends that the law be so amended as to opower the court to reduce the deposit account

10. January 14, 1881 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 14, 1881

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THE SAVINGS BANKS. Annual Report of Examiner Richards. Bank Examiner Richards, in making the twenty-fourth annual report of the savings banks of Maine to the Governor and Council, says that the great ordeal to which savings banks were subjected in 1878 and 1879 has not beon destitute of beneficial results, it having demonstrated to the satisfaction of managers and depositors that moderate profits, with perfect security, are to be preferred to high rates of interest from hazardous investments and that an ample reserved fund is of greater importance than the amount of dividends. The conservative disposition which characterizes the present management of the savings institutions of our State is a gratifying assurance of the general determination to make them, in fact, a safe depository for the savings of the people. There are at present fifty-five savings banks in active operation in the State. During 1878 the deposits decreased $3,725,320, and during 1879 the decrease was $186,363. The past year, on the contrary, there was an increase of $1,968,183. The aggregate of the reserved fund held by the banks on November 1, , 1880, amounted to $607,629.63. The examiner remarks on the tendency to decrease real estate investments and invest in public funds and railroad bonds as more easily converted into cash. The propriety of investing in railroad stocks is, at least, vuestionable. Some banks continue to make loans on names alone. Although no losses have occurred from such loans, it is a violation of the law, to which the attention of the bank officers has been called. The great'increase of deposits and the difficulty in making safe and more remunerative investments has necessitated the temporary depositing of large sums in national banks at a very low rate of interest for monthly balances. One bank has made a dividend ef per cent, 19 a dividend of 5 per cent, 1 a dividend of 42, 12 a dividend of 41, 5 a dividend of 41 and 16 a dividend of 4. One has made no dividend, having been enjoined. The attention of the Legislature is called to the fact that the present State tax on the banks amounts to at least 20 per cent of the revenue of the banks. The Bucksport, Hartland and North Anson banks have practically closed their affairs during the year. October 3d the Bucksport bank voted a final dividend of 111 per cent, making an aggregate of 711 per cent paid the depositors in settlement. The North Anson bank voted to surrender its charter last January. The Hartland bank reported November 1st the amount due depositors to be $14, with cash in bank of $14. The Newport and Solon banks are in the hands of receivers. It is estimated that the Newport bank will finally pay depositors from 65 to 70 per cent, and the Solon bank 100 per cent. On account of the depreciation of values in 1877 and 1878, 13 banks availed themselves of the relief afforded by law, of reducing their deposit accounts. Seven of these, namely the Androscoggin County, Auburn, Bridgton, Calais, Dexter, Franklin County and Skowhegan, have been able to partially or wholly restore the amount so reduced to the credit of depositors. The injunction granted to the Wiscasset bank, to restrain the payment of 80 per cent of its deposits, has been continued. The bank has loans of $22,000 in the town of Wiscasset, the security of which is rendered uncertain by a the financial condition of the town. With low estimate of its assets the bank has a surplus above liabilities of $12,670.40, and with the earnings of another year it can pay its depositors dollar for dollar, without realizing from its loans on mortgages of real estate. The two banks of discount, the Eastern and Mercantile of Bangor, have surrendered their charters, are redeeming outstanding circulation, and will soon make a final settlement. In closing Mr. Richards reminds the bank officers that their efforts should be directed to the disposal of such real estate as they haye been obliged to acquire by foreclosure. The present activity in business and the great appreciation of values affords savings banks an opportunity to prepare for the reaction which is not unlikely to follow. The safest securities should be obtained, income should be regarded of secondary importance. The highest satisfaction is expressed with the general management of the savings banks.

11. February 11, 1881 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 11, 1881

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THE BANKS PAY 20 PER CENT OF THEIR EARNINGS INTO THE STATE TREASURY EVERY YEAR The State Bank Examiner, Hon. Fred E. the Richards of Camden, has presented twenty-fourth annual report of his department in conformity to the law of the State. It is a of voluminous and interesting document which we can give but a brief synopsis. Each of the State banking institutions has been visited during the year, and a careful baland thorough examination made, a trial ance taken, the bonds, stocks, notes, books cash. d and other securities examined, and the these proved to exactly correspond with vouchers. F BANKS OF DISCOUNT There are but two banks of this character acting under authority of the State, whose Eastaffairs are not entirely closed. viz. the Both and Mercantile banks of Bangor. of ern these have surrendered their charters, and are redeeming the outstanding circulation, and will soon make a final settlement. SAVINGS BANKS. There are three savings banks that have the practically closed their affairs during viz. the Bucksport, Hartland, and year, October 3d, the receiver of the Savings Bank made a per cent., an dend Bucksport North of Anson. 111 making tinal divi- aggregate settleof 711 per cent. paid the depositors in Savment. The trustees of the North Anson Bank. in October 1879. voted a final divi- voted dend ings of its funds, and, in January last, of surrender its charter. The treasurer the to Hartland Savings Bank. November 1st. be reported the amount due depositors to 814. and cash on hand 814. There are two banks whose affairs are and besettled by receivers-the Newport will Solon ing banks. It is estimated that there 70 finally be paid depositors,by the first 65 to per cent., and by the latter 100 per cent. BANKS WITH DEPOSIT ACCOUNTS REDUCED. of the depreciation of values the years of 1877 and banks availed during savings On account themselves 1878. their of thirteen the deposit relief afforded by law. of reducing been account. Seven of these have already the able to wholly or partially restore amount so reduced. and the indications the are t that. within a short time, nearly all banks, whose deposit accounts were reduced, the will be able to restore the full amount to credit of their depositors. On account of the peculiar financial condition of the town, an injunction was granted July 3d. by Judge Danforth, restraining payment to depositors in the Wiscasset Savings the Bank. of more than 20 per cent. of amount of their deposits. With the estimated value of the assets of this bank, which, careful examination, is regarded sufficiently upon low. the bank has a surplus. above the all liabilities, of $12,677.40, and with deearnings of another year, it can pay its positors dollar for dollar. without realizing from its loan on mortgages of real estate. 2 DEPOSITS. During the year 1878, the deposits of the In savings banks decreased $3,725,320.00. 1879. the decrease was $186,363.00. The of present year there has been a net increase $1,968,183.00 RESERVED FUND. The of the reserved fund held the banks November 3d. 1879, was to November 1st. 1880. it 721.98: by aggregate amounted 8519.- is $607,629.63. The safety of depositors dependent upon this safe-guard to secure against losses. that the Examiner recommends the law be amended, so that this fund five shall amount to ten per cent. instead of per cent. of the assets of the bank. before an extra dividend be declared. INVESTMENTS. mortgages of real estate have ever as the best the of bank officers been While experience regarded possible has the security, demon- availastrated. to their satisfaction, that bility of money loaned on real estate mortis inadequate to meet, at all times, gages, the demands of depositors. whose deposits The by them are regarded as a loan on call. mortgage loans have. in consequence, been gradually reduced. and investments in securities more easily converted to cash have been made. The propriety of investing the deposits of savings banks in railroad stocks, the Examiner thinks is. at least. questionable. Some of the banks continue to make loans on names alone. Although no losses have been refrom such loans. it is. nevertheless, a ported violation of the law. to which the attention x of the officers of such banks has already been called. The Examiner hopes that these loans will soon be collected. and no new transactions of this character be negotiated. DIVIDENDS. : The fifty-five savings banks have made dividends as follows one, 6 percent; nineteen. cent: one. 4 3.4 per cent: twelve, 1-2 per per cent; five, 4 1-4 per cent; sixteen hav4 per cent. One has made no dividend, ing been enjoined. STATE TAX. The bonds issued by municipalities and of railroads years ago. bearing high rates form an important factor in the reof the banks. These and interest, rapidly sources maturing. investments securities at possible. much are of interest only, are of the banks must less. year Bonds, of The lower grow earnings rates correspondingly sufficiently unquestionable of necessity, by value year. to be held by savings banks, bearing 4 1-2 at cent interest. can only be purchased if per premium. and the present State tax. assessed a and collected without expense to the State, must amount to. at least, 20 per cent. of the revenue received from such safe ine vestments as are afforded the banks at the present time. AGGREGATE STATEMENT, Nov. 1, 1880.

12. December 12, 1882 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 12, 1882

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Maine Savings Banks. The report of Mr. Fred E. Richards, State Bank Examiner, is at hand, and shows that the Savings Banks of Maine are in prosperous condition. The amount of deposits, we are told, has increased, the new investments have been wisely made, and very many of the securities owned, upon which the payment of dividends or interest was suspended some years ago, have during the past twelve months become dividend-paying stocks. The only possitle loss of consequence sustained during the year is to those banks so unfortunate as to be depositors in the Pacific National Bank of Boston, and it is doubtful if any loss be éventually incurred in thistransaction. The securities held by the thirteen Savings Banks whose deposit accounts were reduced by decree of Court during the years 1877 and 1878 have, the Examiner says, so much appreciated in value that nearly all of these banks have made partial or final special dividends within the last two years to the depositors whose accounts were so reduced. He reports that, with the exception of interest, it seems probable that in the end very little loss will be sustained by those interest ed in these banks at the time of the reduction. In the case of the Wiscasset Bank, enjoined in 1879, the injunction was dismissed last April, and the Bank, he says, now merits and receives the complete confidence of its depositors. The affairs of two banks are yet in the hands of receivers, the Newport Bank and the Solon Bank. It is estimated that the first named will pay 75 per cent. to depositors, and the last named 100 per cent. In the first case several suits are pending and an early settlement of affairs is not probable. In the case of the Solon Bank there is no litigation attending settlement, and the final dividend will soon be declared. The increase of deposits is marked. In 1878 the deposits decreased $3,725,320, and in 1879 further decreased $186,363. In 1880 the deposits increased $1,968,183; in 1881 the increase was $2,900,180; from Nov. 1881 Nov. 1, 1882 the increase has been $3 029.334. The amount now on deposit is $29,503,889. The number of depositors during the year has increased 7,512, the present number being 95,487, of which 76,602 are depositors of sums not exceeding $500 each. The average amount to the credit of each depositor is $308.87. The reserved fund is $958,893, an increase during the last twelve months of $87,877 The dividends declared range from 31 to 6 per cent., thirty-five of the fifty-five banks paying four per cent. The Examiner recommends the modification of the strict law of 1877 rigidly limiting the investment of deposits, arguing that' the statute was enacted while the country was suffering from the financial panic of 1873, and that its provisions are now unnecessarily rigid. In this recommendation we are not prepared to join. The restrictive statute may to some extent interfere with sound investments, but it has proved a strong shield to those investors who can afford to take no risks, and who prefer small and certain returns to promising hazards. If error be made it is better to make it on the side of caution. The Examiner also suggests a reduction of the State tax. At the time the one per cent. tax was imposed investments yielded seven and eight per cent. But the interest is now no more than four per cent. So the tax now is much more onerous. One fourth of the gross earnings of depositors is appropriated to the State. The complaint seems well taken, and the Examiner makes a pertinent suggestion when he urges that a reasonable reduction in the rate of taxation will increase rather than diminish the aggregate amount of revenue, while a policy less liberal will have a tendency to transfer these deposits to the Savings institutions of other States, or to distribute them,among the 96,000 depositors, completely beyond the reach of taxation.

13. January 30, 1883 Oxford Democrat Paris, South Paris, ME
Article from Oxford Democrat, January 30, 1883

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MAINE SAVINGS BANKS. The report of Mr. Fred E. Richards, State Bank Examiner, is at hand, and shows that the Savings Banks of Maine are in prosperous condition. The amount of deposits, we are told, has increased, the new investments have been wisely made, and very many of the securities owned, upon which the payment of dividends or interest was suspended some years ago, have during the past twelve months become dividend-paying stocks. The only possible loss of consequence sustained during the year is to those banks so unfortunate as to be depositors in the Pacific National Bank of Boston, and it is doubtful if any loss be eventually incurred in this transaction. The securities held by the thirteen Savings Banks whose deposits accounts were reduced by decree of Court during the years 1877 and 1878 have, the Examiner says, so much appreciated in value that nearly all of these banks have made partial or final special dividends within the last two years to the depositors whose accounts were so reduced. He reports that, with the exception of interest, it seems probable that in the end very little loss will be sustained by those interested in these banks at the time of the reduction. In the case of the Wiscasset Bank, enjoined in 1879, the injunction was dismissed last April, and the Bank, he says, now merits and receives the complete countdence of its depositors. The affairs of two banks are yet in the hands of receivers, the Newport Bank and the Solon Bank. It is estimated that the first named will pay 75 per cent. to depositors, and the last named 100 per cent. In the first case several suits are pending and an early settlement of affairs is not probable. In the case of the Solon Bank there is no litigation attending settlement and the final dividend will soon be declared. The increase of deposits is marked. In 1878 the deposits decreased $3,725,320, and in 1879 further decreased 8186,363. In 1880 the deposits increased $1,968,183; in 1881 the increase was $2,900,180; from November 7, 1881, to November 1, 1882, the increase has been 83,029,334. The amount now on deposit is $29,503,889. The numher of depositors during the year has increased 7,512, the present number being 95,487, of which 76,602 are depositors or sun's not exceeding 8500 each. The average a mount to the credit of each depositor is $30.8.87. The reserved fund is $958,893, an increas during the last twelve months of $87.377. The dividends declared range from 31-2 to 6 per cent., thirty-five of the fifty-five banks paying four per cent. The Examiner recommends the modifcation of the strict law of 1877 rigidly limiting the investment of deposits, arguing that the statute was enacted while the country was suffering from the financial panic of 1873, and that its provisions are now unnecessarily rigid. 1u this recommendation we are not prepared to join. The restrictive statute may to some extent interfere with sound investments, but it has proved a strong shield to those in. vestors who can afford to take no risks, and who prefer small and certain returns to promising hazards. If error be made, it is better to make it on the side of caution. The Examiner also suggests a reduction of the State tax. At the time the one per cent tax was imposed investments yielded seven and eight per cent. But the interest is now no more than four per cent. So the tax now is much more onerous. One-fourth of the gross earnings of depositors is ap. propriated to the State. The complaint seems well taken, and the Examiner makes a pertinent suggestion when he urges that a reasonable reduction in the rate of taxa. tion will increase rather than diminish the 3 aggregate amount of revenue, while a po- to cy less liberal will have a tendency h insfer these deposits to the savings instit tr. utions of other States, or to distribute them among the 96,000 depositors, completely beyond the reach of taxation.Whig.