8720. American Bank (Hallowell, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 4, 1870
Location
Hallowell, Maine (44.286, -69.791)

Metadata

Model
gpt-5-mini
Short Digest
c8efce8f

Response Measures

None

Description

Articles describe the American Bank of Hallowell being in receivers' hands, assets liquidated, a deficiency assessed on stockholders, and court-ordered dividends. No run is described. This is a suspension leading to permanent closure with receivership and assessment of shareholders.

Events (4)
1. January 4, 1870 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank insolvent/deficient assets — claims far exceed cash assets; led to receivership and suspension.
Newspaper Excerpt
The receivers of the American Bank, Hallowell, are getting on, and report that the amount of claims proved is $43,714,26, while the cash assets on hand amount to only $13,457,38.
Source
newspapers
2. April 14, 1870 Receivership
Newspaper Excerpt
The Receivers of the American Bank at Hallowell have made at the recent term of the Supreme Judicial Court in this city, their final report upon the assets of the Bank which came into their hands. Total amount collected, including sales of property under mortgages and liens, $25699.84 ... Interest received ... 1428.16 . . . Henry K. Baker. Simon Page and Eliphalet Rowell, Receivers of the American Bank. Hallowell, having converted the assets of the bank into cash, made their final report, and the court ordered a dividend of 25 per cent. ... The court also passed an order that $43,875.00 be assessed upon the stockholders to make up the deficiency in the assets to meet the liabilities of the bank. (combined excerpts from related articles).
Source
newspapers
3. April 28, 1870 Other
Newspaper Excerpt
The assets of the American Bank at Hallowell, Me., have been cashed by the receiver, and suffice to pay 25 per cent. of the creditors' and bondholders' claims. A further deficiency of $43,875 has been assessed upon the stockholders.
Source
newspapers
4. January 1, 1872 Other
Newspaper Excerpt
There is now a balance in the hands of the Receivers of $17,685.39. The assessment on 446 shares remain unpaid; on 130 of which it is unavailable from bankruptcy, &c.... The sum now on hand will pay about 57 cents on the dollar of the original claim, exclusive of interest.
Source
newspapers

Newspaper Articles (9)
1. January 4, 1870 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 4, 1870

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DAILY PRESS. PORTLAND. Tuesday Morning, January 4 1870. Banking and Insurance in Maine. REPORT OF THE STATE EXAMINER. The second annual report of Mr. Paine embraces many interesting statements. It appears that only the Eastern, Mercantile and Veazie banks of Bangor and the Lime Rock and North of Rockland, whose charters expire on the 1st of October next, are now doing business under authority of the State. The circulation of State banks now outstanding is $102,262, The receivers of the American Bank, Hallowell, are "getting on," and report that the amount of claims proved is $43,714,26, while the cash assets on hand amount to only $13,457,38. Mr. Paine argues vigorously for the repeal of the existing State banking law. Profoundly impressed with the advantages arising from the National Banking system, he would have State banks deprived of the privilege of issuing currency. The other functions of a bank can be performed by associations of capitalists without much legislative control, a free banking system, having all the powers of banks except that of issuing money, being suggested as a means of their doing so. On this point the report says: The system proposed will serve to supply a want found very generally to exist in different parts of the State from a lack of National Bank facilities for discounts, exchange and to meet resort to imis temporary properly, has been of deposits, had Savings the and Bank procuring charters. which, very It hoped that for this reason, if no other, some such provision will be made as is now suggested. The Examiner finds in the recent decision of the Supreme Court upholding the validity of a national tax on the State bank circulation an additional reason for abandoning the State banks. There is nothing that the people of modern times look upon with more complacency than their savings banks. It was in 1778 that the first one was established in Hamburg, but it was not till 1816 that the institution was naturalized in America. Through the influence of Hon. Wm. Willis the third savings bank on this side of the Atlantic was established in this city. Now there are thirty-seven banks in the State, charters having been granted to those at Brewer, Bridgton, Eastport, Machias, Bangor, Skowhegan, Solon, Waterville and West Waterville during the year. These banks have nearly forty thousand depositors, while the gross deposits amount to nearly eleven million dollars, being an increase of $2,807,000 during the past year and of $5,241,000 during the last two years-very nearly 100 per cent. for the last period. These deposits amount to over a million and a quarter more than the entire banking capital of Maine, State and National. This exhibit will surprise persons who strenuously contend that "the rich are growing richer and the poor poorer," especially if they examine another part of the report, where Mr. Paine, speaking of the impolicy of taxing savings banks and deposits, shows that, from actual examination of deposits of over $1000, it appears that there is "almost an entire exclusion of men of wealth from the list of depositors." The provision of the new Savings Bank law forbidding loans on the security of names alone has met with considerable opposition in some quarters, but its wisdom is generally commended. The report says that there were at the beginning of the year 42 insurance companies doing business under the laws of the State. During the year three small companies have discontinued their business, a course which the Examiner commends to "all small companies having the good of their patrons in view." The following is a statement of the business of foreign companies: The whole number of Foreign Fire and and Fire Mariue Companies Going business in Maine is. 67 in underwritten Number of policies Maine in 1868 27.974 Amount $52,613,758 00 Number of policies outstancing January 1. 1869. 20,501 Amount. $39,452,746 00 $649,002 51 Premiums received during the year Losses paid duriog the year $339,906 72 Racio of losses to premiums, 52 S per et Ratio of losses to risks, 646 per cent. 39 Life Companies doing business in Me.. 10,756 Number of policies January 1, 1869

2. April 14, 1870 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 14, 1870

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Your obedient servant. WARREN JOHNSON. Domestic News. The American Bank. The Receivers of the American Bank at Hallowell have made at the recent term of the Supreme Judicial Court in this city, their final report upon the assets of the Bank which came into their hands. Total amount collected, including sales of prop. $25699.84 erty under mortgages and liens, Interest received on money while 1428.16 on deposit,

3. April 14, 1870 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 14, 1870

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Adjournment of the Court. The Court, Judge Danforth presiding, adjourned finally yesterday at noon, after a session of thirty days, somewhat longer than usual for the March term. With the exception of the first week, the time has been fully occupied, and a large number of cases disposed of. Judge Danforth does not shirk severe labor, and if judgments are delayed, the fault is not his. At the same time he maintains his popularity with lawyers and suitors. The time this week has been taken up mainly in the hearing, first of Darius Alden's petition for review against Kate Delaney, who got a verdict against him two years ago this term for upward of seven thousand dollars. The petition is based upon the alleged discovery since the former trial of new and material testimony. A large number of witnesses were examined. Bradbury & Lancaster, and Bion Bradbury of Portland, counsel for petitioner. J. Baker and Libbey for Mrs. Delaney. And second in the hearing of a motion for a new trial by the deft. in State V. William G. Kingsbury, on the ground that two of the jurors by whom he was found guilty had formed and expressed an opinion of his guilt before the trial. In this case also numerous witnesses were examined on both sides. Pillsbury for Kingsbury-Whitehouse, County Attorney, for the State. In both these cases all the testimony, carefully reported by Reuel Small, stenographer, is to be certified to the full court at their term here in May for final decision. Henry K. Baker. Simon Page and Eliphalet Rowell, Receivers of the American Bank. Hallowell, having converted the assets of the bank into cash, made their final report, and the court ordered a dividend of 25 per cent. of the amount of the receipts held by the creditors of the bank as bill holders or otherwise, to be paid to them on their surrendering their receipts to the receivers, at any time within six months. The court also passed an order that $43,875.00 be assessed upon the stockholders. to make up the deficiency in the assets to meet the liabilities of the bank.

4. April 28, 1870 Rutland Weekly Herald Rutland, VT
Article from Rutland Weekly Herald, April 28, 1870

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New England Items. - Horses are dying of an unknown disease at Dover, N. H. - B. F. Atwood's little son of five years was killed by a runaway accident at Providence, R. I., on Thursday. - Portland has a "Tenement House company," with a capital of $200,000, which intends to build substantial brick houses to let at a moderate rent. - The shoe manufactories of Dover, N. H., which now outrank in magnitude the cotton and print works of that city, have suspended work temporarily on account of the full supply of goods now in the market. - Newport, R. I., had an exciting municipal election on Wednesday, polling 300 more votes than in the State election. On local issues, James Atkinson, democrat, was chosen mayor by 259 majority. - The grand jury have found a true bill against Charles M. Appel of North Bramford, Mass., for the murder of his brother George, and against Jane Smith for the murder of Emma Sperry of Woodbridge. - The assets of the American Bank at Hallowell, Me., have been cashed by the receiver, and suffice to pay 25 per cent. of the creditors' and bondholders' claims. A further deficiency of $43,875 has been assessed upon the stockholders. - While Dr. Mary Walker was lecturing lately a sapient youth cried out: - 'Are you the Mary that had a little 'lamb?" "No!" was the ready reply, "but your mother had a little jackass!"

5. February 8, 1871 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 8, 1871

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House. TUESDAY, Feb. 7. Prayer by Rev. Mr. UPJOHN of Augusta. Papers from the Senate disposed of in concurrence. READ AND ASSIGNED-Resolve in favor of the town of Ft. Kent; an act authorizing C. Wassgatt of Swan Island, to extend his wharf; an act to increase the fees of town clerks; an act concerning the liabilities of railroads for defective crossings. Mr. SANBORN of Kittery, presented a resolve to correct the valuation of York county, and moved its reference to the Committee on Claims. The question of reference was discussed by Messrs. Sanborn, Cousens, Keegan, Bragdon, Heath, Johnson, Carleton, Morse of Buckfield, and others. The matter was referred to the York County Delegation. The report of the Committee on Education, reporting adverse in the matter of text books, came from the Senate, that brauch non-concurring with the House on the acceptance of the report, and recommitting the same with instructions to report a bill. The report was tabled on motion of Mr. CARLETON. On motion of Mr. HASKELL of Portland, ORDERED, That the Committee on Banks and Banking, be instructed to inquire what legislation is necessary, if any, in order to increase the bonds of Treasurers of Savings Banks. On motion of Mr. REED of No. 11, ORDERED, That the Committee on State Lands and State Roads be directed to inquire into the expediency of authorizing the Land Agent to convey certain tracts of land in Oakfield plantation, Aroostook county, for burial grounds. On motion of Mr. MOORE of Buckfield, ORDERED, That the Oxford County Delegation be directed to inquire into the expediency of reducing the State valuation of Buckfield, but not to reduce the county aggregate. On motion of Mr. CARLETON, ORDERED, That the Committee on Banks and Banking be required to inquire into the management of the affairs of the American Bank of Hallowell, by the receivers thereof, and what legislation, if any, is necessary to facilitate the winding up of the affairs of said bank, and which said committee shall be empowered to send for persons and papers relating thereto. On motion of the same member, ORDERED, That the Committee on Legal Reform be required to inquire into the expediency of making the time of service of legal process on corporations the same as on individuals. Mr. THOMPSON, from the Committee on Military Affairs, on order, reported bill an act to authorize the taking by towns eligible sites for the erection of soldier's monuments thereon. Printed under the rule. Mr. CLEAVES, from the Committee on Legal Reform, reported legislation inexpedient on order relating to requiring county bridges and roads to be supported by the several counties instead of towns. Mr. BRAN, from the Committee on Agriculture, reported ought to pass on bill an act to incorporate the East Oxford Agricultural Society. Read twice and tabled on motion of Mr. GREEN of Wilton. Mr. SANBORN, from the Judiciary Committee, reported legislation inexpedient on order relating to partition of real estate. Same member, from the same Committee, reported leave to withdraw on petition for incorporation of the Hibernian Mutual Benevolent Society of Bangor. Mr. WYMAN, from the Committee on Banks and Banking, on petition, reported bill an act

6. February 14, 1871 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 14, 1871

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of incorporate the Merchant's Ware House Company, approved March 10, 1870; an act additional to an act to incorporate the Penobscot Log Driving Company; an act relating to the Literary and Philomotheon Society; an act relating to the collection of taxes in the town of Brownfield; an act surrendering the charter of the Maine State Seminary; an act to incorporate the Buxton and Bonney Eagle Branch Railroad Company: an act fixing the time when acts of incorporation shall become null and void. FINALLY PASSED-Resolve in favor of the town of Fort Kent. On motion of Mr. VOSE, Adjourned. HOUSE. MONDAY Feb. 13th. No Chaplain present. Papers from the Senate disposed of in concurrence. READ AND ASSIGNED-An act to incorporate the Segeunkedunk water power and manufacturing company; resolve in favor of a bridge over Moose river on Canada road; an act to amend section 47 chapter 27, concerning recognizances in appeals from magistrates; resolves in relation to binding acts and resolves of the States; an act to incorporate the Saco Water Supply Company; resolve in favor of plantation No. 11, R. 1, in Aroostook; resolve in aid of road in Indian township; an act to incorporate the fire department of West Waterville; an act to amend an act to authorize the further extension of the Androscoggin railroad; an act to exempt railroad corporations from liabilities in certain cases; resolve in favor of the road across Indian Township in the county of Washington, an act defining the notice on petitions for assessment of damages for lands taken by railroad corporations; an act to repeal an act creating a State liquor commissioner: an act to authorize Thomas Taylor to employ and use steam power to transport passengers and freight in the towns of Farmington, New Sharon, Phillips and other places; an act to amend chap. 40 of the Revised Statutes of 1871 relating to fish and fisheries; an act amendatory of chap. 51 of the Revised Statutes relating to railroads. The following message was received from the Governor: To the Speaker of the House of Representatives. In response to the order of the House of Representatives requesting information in regard to the cost in disbursing the appropriations in aid of the destitute orphans of soldiers and seamen, I have the honor to state that the cost of disbursing including travel and other expenses of the guardians in attending to the wants of the orphans as provided in chap. 178 of the laws of 1867, and the expense of transporting orphans to the asylum has been as follows: For the appropriation of 1867 862.50 " " 1868 958.50 " " 1869 1112.00 " " 1870 1041.37 A communication was received from the Secretary of State in response to an order, transmitting the information that the report of the Commisssioner of Insurance has not been received by him nor any information in regard to the same. On motion of Mr. BURGESS, ORDERED, That the Committee on Mercantile Affairs and Insurance consider the expediency of so amending sec. 54 of chap. 49 of the Revised Statutes of 1871 so that the insurance companies shall report to the Insurance Commissioner on the 31st of December, instead of time now appointed. On motion of Mr. HATHAWAY, ORDERED, That the Committee on Pay Roll is hereby instructed to make up the pay of Josiah H. Goodrich of Moscow, who has been unavoidedly detained from his seat during this session of this Legislature by sickness, in the same manner as if he had been present, except for travel. On motion of Mr. HOBART, ORDERED, That the Governor be requested to inform this House whether the Portland, Saco & Portsmouth Railroad Company, have made any such report or exhibit as is provided by their charter by an act approved March 14, 1837, which provides that at the expiration of every twelve years the Treasurer of said corporation shall make an exhibit under oath to the Legislature of the profits derived from the income of said railroad, so that as said act further provides the legislature may dispose of any surplus over the amount allowed to said road for tolls, for benefit of common schools or otherwise according to the pleasure of the Legislature. Mr. CARLETON presented by request the following: ORDERED, That the Committee on Banks and Banking in addition to the order heretofore referred, be directed to inquire and report the following points in relation to the American Bank at Hallowell, and that they be authorized to send for persons and papers. 1. When said bank went into the hands of Receivers. 2. The gross amount of assets which came into their hands real and personal. 3. The amount of money collected and actually received by them for such assets. 4. The amount in gross charged by them to expeuses incurred. 5. Whether the Receiver have brought in any of their receipts for bills allowed, or debits proved, and what amounts and at what per cent., and whether the receipts so produced have been destroyed or cancelled in any way. 6. Whether any claims or securities turned out by any of the debtors of the bank to be applyed in any way to the pay of their indebtedness to the bank has been brought in by said receivers, or their attorneys for their own benefit, and the amount of said purchases and the amount paid therefor. 7. Whether there is any sufficient legal remedies for the negligent and improper

7. March 20, 1871 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, March 20, 1871

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The Kennebee is now open to navigation. Maine citizens are contributing liberally in aid of the destitute people of France. Frederick Bates of Richmond will be one hundred years old on the 28d instant. The net earnings of the Bangor and Piscataquis railroad for the months of December, January and February, as compared with the net earnings during the corresponding months a year ago, were in the ratio of fifty to eighteen, showing an increa se of about 176 per cent. Hon. Warren Johnson has been appointed state superintendent of common schools, for the term of three years. The appointment was made without any solicitation or effort on the par: of Mr. Johnson, and is a fit recognition of his valuable and efficient services as a public educator. The American Bank, Hallowell, which owed heavy sums at the time of its failure, has so far mustered $27,467 91 assets-say 28 per cent. of its liabilities: The receivers are coming down upon the shareholders, if they can be found, for the deficiency, for Maine has rigid laws regarding personal liabilities. The affairs of the state liquor agency at Portland are about to be investigated by a committee of the executive council. This investigation has been authorized by the governor and council on account of certain damaging reports that have been put in circulation concerning the transactions of the agency in the way of selling impure liquors, etc. The governor and council have held a conference with the trustees of the state insane hospital respecting the erection of the new chapel building, for which an appropriation was made

8. January 1, 1872 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 1, 1872

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lies in the hope that Congress will permit them to organize as national banks. When the last annual report was made there was a deficiency in the outstanding claims against the American Bank of Hallowell of $31,290, and to meet this claim the the Supreme Judicial Court assessed the stockholders of the bank $42 on each share held at the time of the injunction, and ordered a bill in equity to be brought by the Receivers to recover the amount. The bill is now pending in the courts. There is now a balance in the hands of the Receivers of $17,685 39. The assessment on 446 shares remain unpaid; on 130 of which it is unavailable from bankruptcy, &c., and a large number of the remaining shares are held out of the State and the assessment uncollectable. The sum now on hand will pay about 57 cents on the dollar of the original claim, exclusive of interest. The other State banks have so nearly wound up their affairs that the public have no interest in them. The Examiner deems the present system of national banks as vastly superior to State institutions. He believes that a return to specie payments and the necessary adoption of some system of redemption of bank notes, would revive the old trouble incident thereto with which all bankers under the old system are but too familiar, and put into the hands of the "money changers" the power to create panics and clog the wheels of business, a state of things which cannot be accomplished under the present system. The banks of discount in the State are Eastern, Mercantile, and Veazie banks of Bangor, and Lime Rock and North banks of Rockland. Since the last annual report, seven new savings banks, chartered in 1868-70-71, have been organized and commenced business: Camden Savings Bank, Camden. Hartiand Savings Bank, Hartland. Fairfield Savings Bank Kendall,s Mills. Kennebunk Savings Banks, Kennebunk. Pembroke Savings Bank, Pembroke. Phillips Savings Bank, Phillips. Richmond Savings Bank, Richmond. The Lumberman's Savings Bank at Oldtown has closed business. At this date 49 savings banks are doing business in the State. with deposits, including reserve and profits, amounting to $22,787,802 45, against $16,597,888 78 last year. Accordingly there is a gain in de- posits since last year of $6,189,913 67 The increase of depositors, 15,256 The average to each depositor is, $328 30 An increase in one year of 21 81 The number of depositors who have balance less than $500, is 57,564 The amount of the same is 8.243.996 00 An average to each depositor of 146 69 The number of depositors who have bal- ances of $500 and over, and less than $1000 is 6,838 The number with balances exceeding $1000 is 5,009 The amount of such deposits, 14.543,804 00 Averaging to each depositor 1,220 00 Dividends averaging a fraction less than 7 per cent, that have been paid during the year, amounting to 1,152,195 85 While the income from governments and bonds of first class cities and towns gave from seven to nine per cent., banks had no difficulty in making large dividends safely. But such is not the case. The earnings of some few banks are now insufficient, after paying the established dividends, to carry the legal amount to reserve. "The result of such a course," says the Examiner, "will be a tendency to invest in that class of securities which promises high rates, the payment of which depends upon a problematical income-a class of securities in which the money of legitimate savings bank depositors should never be invested. There is a very general feeling, and an expressed desire on the part of the managers of these institutions, that the rate of dividends should be reduced, but owing to local pride, competition, and a want of concert of action, it has not been accomplished. As a remedy for this state of things, and as a measure of safety, there should be a reduction in the rate of dividends to be paid, and if no other way by a law of the State, limiting regular semi-annual dividends to six per cent. per annum, with such extra dividends as could be paid from the surplus earnings, once in five years, thus rendering it practicable to invest in safe securities the income of which is based on actual property." The Examiner says that equity and the best interests of the banks demand that a State tax be imposed upon savings banks. The tax of one-half of one per cent. per annum, required to be paid to the Government, does not fall where it was intended, and there is no good reason why it should be longer continued. The reserve fund should be. guarded with great care, and the semi-annual examinations by the Trustees should be thorough and searching. The practice of some institutions, where connected with national or State banks, of having the Trustees and Directors the same, is considered by the Examiner of doubtful policy. For the Family-The Standard Goods.-

9. January 2, 1872 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 2, 1872

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present government USS on circulation of State banks, all the inducement there is for these banks to continue business lies in the hope that Congress will permit them to organize as national banks. When the last annual report was made there was a deficiency in the outstanding claims against the American Bank of Hallowell of $31,290, and to meet this claim the Supreme Judicial Court assessed the stockholders of the bank $42 on each share held at the time of the injunction, and ordered a bill in equity to be brought by the Receivers to recover the amount. The bill is now pending in the courts. There is now a balance in the hands of the Receivers of $17, 685 39. The assessment on 446 shares remain unpaid; on 130 of which it is unavailable from bankruptcy, &c., and a large number of the remaining shares are held out of the State and the assessment uncollectable. The sum now on hand will pay about 57 cents on the dollar of the original claim, exclusive of interest. The other State banks have so nearly wound up their affairs that the public have no interest in them. The Examiner deems the present system of national banks as vastly superior to State institutions. He believes that a return to specie and the necessary of some of notes, payments system redemption incident of bank adoption thereto would revive the old trouble with which all bankers under the old system are but too familiar, and put into the hands of the "money changers" the power to create panics and clog the wheels of business, a state of things which cannot be accomplished under the present system. The banks of discount in the State are and Eastern, Mercantile, Veazie North banks banks of Bangor, and Lime Rock and of Rockland. Since the last annual report, seven new savings banks, chartered in 1868-70-71, have been organized and commenced business: Camden Savings Bank, Camden. Hartland Savings Bank, Hartland. Fairfield Savings Bank, Kendall's Mills. Kennebunk Savings Bank, Kennebunk. Pembroke Savings Bank, Pembroke. Phillips Savings Bank, Phillips Richmond Savings Bank, Richmond. The Lumberman's Savings Bank at Oldtown has closed business. At this date 49 savings banks are doing business in the State, with deposits, including reserve and profits, amounting to $22,787,802 45, against $16,597,888 78 last year. Accordingly there is a gain in deposits $ 6,189,913.67 since last year of 15,256 The increase of depositors, $3283 The average to each depositor is, 21 81 An increase in one year of The number of depositors who have 57,564 balance less than $500, is 8,243,996 00 The amount of the same is 146 69 An average to each depositor of The number of depositors who have balances of $500 and over, and less than $1000 is 6,838 The number with balances exceeding 5,009 $1000 is 14,243,806 00 The amount of such deposits, 1,220 0 Averaging to each depositor, Dividends averaging a fraction less than 7 per cent. that have been paid 1,152,195 85 during the year amounting to While the income from governments and bonds of first class cities and towns gave from seven to nine per cent., banks had no difficulBut ty in making large dividends safely. such is not the case. The earnings of some few banks are now insufficient, after paying the establishe dividends, to carry the legal amount to re erve. "The resnlt of such a course," says the Examiner, "will be a tendency to invest in that class of securities which promises high rates, the payment of which depends upon a problematical income class of securities in which the money of legitimate savings bank depositors should never There is a very ing, and an desire on of be invested. expressed general the that part feelthe managers of these institutions, the rate of dividends should be reduced, but owing to local pride, competition, and a want of concert of action, it has not been accomplished. As a remedy for this state of things, and as a measure of safety, there should be a reduction in the rate of dividends to be paid and if no other by a law of the State, limiting semi-annual six per cent. annum, regular per way with such dividends extra to dividends as could be paid from the surplus earnings, once in five years, thus rendering it to invest in safe income which is based on practicable of actual securities property." and the The Examiner says that equity the best interests of the banks demand that a State tax be imposed upon savings banks. The tax of one-half of one per cent. per annum, required to be paid to the Government, does not fall where it was intended, and there is no good reason why it should be longer continued. The reserve fund should be guarded with great care, and the semi-annual examination by the Trustees should be thorough and searching. The practice of some institutions, where connected with national or State banks, of having the Trustees and Directors the same, is considered by the Examiner of doubtful policy.