9f458395None
Click image to open full size in new tab
BUSINESS SUSPENDED By Norway Savings Bank Until its Affairs Can Be Examined. Norway, Me., Aug. 24.-Business at the Norway Savings Bank was temporarily suspended, yesterday, by vote of the trustees. until an examination of the affairs of the bank is made, and prior to the choosing of a successor to the late S. S. Stearns. cashier and treasurer. State Bank Examiner Timberlake arrived, to. day, and advised the calling in of depositors'' books for verification.
Click image to open full size in new tab
NORWAY BANK SUSPENDS. Norway, Me., August 24.-Business at the Norway Savings,bank was temporar_ ily suspended yesterday by vote of the trustees, until an examination of the affairs of the bank is made, and prior to the choosing of a successor to the late S. S. Stearns, cashier and treasurer. State Bank Examiner Timberlake arrived today and advised the calling in of deposttors' books for ver ifloation.
Click image to open full size in new tab
3-MINUTE CLASS-TROT AND PACEPURSE $300. Maggie May, gr. m., Cashier, (Waite) 111 Lady Dustmont. blk m., Dustmont, (Andrews) 323 Tasso. br. H., Wilkes, (Fisher) 4 3 2 Belle Brino, b. m., Woodbrino, (Kent) 244 Bingen, Jr., b. g., Bingen, (Kyle) dis. Time, 2.28½, 2.30½, 2.26½. NOT LESS THAN $15,000. A Deficit Believed to Exist in the Norway. Me., Savings Bank. Boston, Aug. 25.-A special to the Herald from Norway, Me., says: The closing of the Norway Savings Bank for an investigation of its accounts has caused no end of speculation here as to the reason that made this action necessary. It is now admitted by one one of the bank officials that irregularities discovered by the new treasurer was the direct cause of the suspension of business. These irregularities were displayed to the trustees at their meeting, Tuesday evening, and they decided to close the bank at once and call in the deposit books. The irregularities concern the figures between the figures on the depositors' books and those of the treasurer's books. The late judge S. S. Stearns was cashier and treasurer of the bank from May, 1894, until the ninth of the present month, when he died. His predecessor was his law partner, H. M. Bearce. The trustees are very reticent about the matter and they alone know the condition of affairs. It is not yet known how great the deficit will prove to be because only a few of the books are in. However, there is reason to believe that the amount will not be less than $15,000.
Click image to open full size in new tab
Said to Relate to Late Treasurer's Accounts. Cashier Was the Late Judge Stearns. Not Known How Great the Deficit Will Be. Boston, August 25.-A special to the Herald from Norway, Me., says: The closing of the Norway Savings bank for an investigation of its accounts has caused no end of speculation here as to the reason that made this action necessary. It is now admitted by one of the bank officials that irregularities, discovered by the new treasurer, was the direct cause of the suspension of business. These irregularities were displayed to the trustees at their meeting last Tuesday evening and they decided to close the I ank at once and call in the deposit books. The irregularities concern the diffence between the figures on the depositors' books and those on the treasurer's books. The late Judge S. S. Stearns was cashier and treasurer of the bank from May, 1894. until the ninth of the present month, when he died. His predecessor was his law partner, H. M. Bearce. The trustees are very reticent about the matter and they alone know the condition of affairs. It is not yet known how great the deficit will prove to be becau e only a few of the bookegare in.
Click image to open full size in new tab
THE NORWAY BANK. Officials Say There Xs Nothing Much The Matter. Norway, August 26.-There is little to add to the report already published of the closing of the doors of the Norway Savings bank. The bank is an institution that has been doing business for more than 30 years and this is the first time that its doors have been closed to its depositors and patrons. The president of the bank is Mr. Cyrus .Tucker, and the directors are: Messrs. C. L. Hathaway, C. F. Ridlon, George E. Tubbs, A. S. Kiniball and F. W. Sanborn. Mr. F. H. Noyes, who was elected teinporary treasurer at a special meeting held August 11, the day after the death of Treasurer S.Stearns, has been a director of the bank for a long time. During the last year or more, as Mr. Stearns's sickness grew more serious, he put in much of his time in the bank, assisting and looking after the treasurer's work. His familiarity with the methods made him the logical man to replace Mr Stearns. Mr. Noyes has an extensive clothing business and he did not feel like giving it up to accept the bank treasuryship, which pays only in the neighborhood of $700. But to help matters along and prevent a serious break h9 agreed to accept the position temporarily. Judge Stearns, the late trensurer, who died the week before.last, was elected to the position in May, 1894. H3 succeeded his law partner. the late Henry M. Bearce, who had been treasurer a number of years. Mr. Stearns was a native of Lovell and moved to Norway nearly 20 years ago, He was a young lawyer then, and after. ward formed a partnership with Mr. Bearce. He was a shrewd politician and possessed a law practice which paid him well. This, with his bank salary, gave him an income of generous proportions. While not a man who was known as "saving," Mr. Stearns Was not a man of extravagant inclinations. Those who knew him intimately, say that while he might have lived up to, he did not exceed his Income. His bond as treasurer was for $20,000 and the men who are on that document are worth in aggregate, not far from half a million. For business reasons they prefer that their names should not appear at this time, but they evince no uneasiness regarding the outcome of the investigation. AN OFFICIAL'S STATEMENT. An official of the bank, whose name is not given,is quoted as making the following statement: "There is nothing to be said at this time save that we have discovered an 1Γregularity. What causes that irregularity we do not know. We have no grounds for saying that there is a deficit and If there was one wercould not say at pres. ent whether it was CO cents or $6000. It may be only an error in bookkeeping, or it might be an old tangle just come to light. We do not know. All we can do is to await the investigation and refuse to speculate on the possibilities. Personally, I do not think that there has been any defalcation and till it is proven by the figures I shall refuse to call any man is defaulter." There has not been the slightest alarm among depositors and nothing savoring of a run has occurred. This case is the first to come under the provisions of the new banking law and bank men all over the state will watch its workings with great interest. MR. TIMBERLAKE TALKS Bank Examiner Timberlake today made the following statement to a reporter of the Lewiston Journal. He was on his way from Portland, where he had been to secure an order from Judge Strout closing the bank pending an investiga. tion. "I really do not want to talk about this matter," said he, "but I must say that I do think that some of the statements that have appeared in the papers are premature and are not warranted by the facts as they have developed. I feel, therefore, that I am compelled to speak in order that in justive to the memory of a dead man public sentiment may be suspended until this matter is officially cleared up. "The business of the bank will be interrupted only for A brief time. I cannot state just how long, but should say that about three weeks will be sufficient to call in the books from the depositors and compare them. I will state that the assets of the bank are just to a cent as we would expect to find them. That is as far as the books of the bank show. "I make this statement emphatically. I expect that the bank will ultimately resume business on a solid basis without loss to depositors. "The conditions were such that It was thought best to, ascertain the exact llability of the bank as It would appear from depositors' books The court was therefore petitioned under Chapter 50, Section 6, Laws of 1899, to restrain the officers of the institution from, first, paying or receiving deposits: second, authority to collect and deposit money in other banks; and third, were directed to get in, verify and audit all the depositors' books and report to court This places the entire control of the
Click image to open full size in new tab
It is exceedingly improbable that the Norway savings bank has been closed simply because its treasurer died and a new one was elected. The new treasurer naturally and properly would want to know what the exact condition of the bank was when he took charge of it, but that he would shut it down and refuse to pay out_any money to depositors pending such discovery, unless he had run acrosa something which exolted his suspicion that all was not right, is exceedingly unlikely. Bank officers frequently die, but ordinarily the business goss on without interruption. And RO it would in this case, if there were not a strong suspicion of something wrong. It is well enough to reassure the depositors 60 far as possible, but it is foolish to attempt to give the impression that this sud den shutting down is only the natural and count result of the death of a treasurer. The people are not destitute of sense.
Click image to open full size in new tab
It is expected that the Norway Savings Bank at Norway, which has been closed to business for about two months, will be in a position to resume in a week or 10 days. The officers of the bank do not expect any serious run when the doors are re-opened and they anticipate quite a number of new deposits. It is believed that it will be unnecessary to scale down the deposits, as the amount of the shortage, when it is officially announced, will be made good by the bondsmen of the late Treas. Stearns. At present, the bank's deposits amount in round figures to $300,000. The bank has about $100,000 in real es ate, $30,000 in collateral and the rest ist approved corporation stock that is all worth par and over.
Click image to open full size in new tab
or or death date the desires to go more fully he can go where the cards directs and look at the records which will be alluded to 80 distinctly that no time will be lost. Half a million dollars worth of property was destroyed Saturday night by a fire which started in a large department store at Kansas City, Mo., and spread to half a block of other buildings. The insurance is estimated at $375,000. The settlement of cottages in Harpswell known as "Auburn Colony" was destroyed by fire Sunday, but two of the twenty-two cottages escaping the flames. The houses were all unoccupied and the owners are scattered throughout the New England States. The loss is estimated at $10,000 with every cottage insured. An attempt was made Wednesday night of last week to burn the starch factory of York & Luce at Mars Hill. The fire was discovered by the nightwatch and an alarm soon brought men to investigate. A quantity of rubbish was found under the building saturated with kerosene. The factory is surrounded by dwellings and business places and had a fire gotten beyond control would have proved disastrous. The jury in the Quirion murder case, after 45 minutes' deliberation, Saturday, brought in a verdict of guilty of manslaughter against Frank Quirion of Winslow. The trial of Quirion for the alleged murder of Andrew Rosby in Winslow on the night of April 15 has been in progress four days, with Attorney General Haines and County Attorney George W. Heselton for the State, and George C. Sheldon for the defence. He was sentenced to 6 years and 6 months in the State prison. It is expected that the Norway Savings Bank at Norway, which has been closed to business for about two months, will be in a position to resume in a few days. The officers of the bank do not expect any serious run when the doors are re-opened and they anticipate quite a number of new deposits. It is believed that it will be unnecessary to scale down the deposits, as the amount of the shortage, when it is officially announced, will be made good by the bondsmen of the late Treas. Stearns. At present, the bank's deposits amount in round figures to $300,000. The bank has about $100,000 in real estate, $30,000 in collateral and the rest is approved corporation stock that is all worth par and over. On Wednesday of last week the American woolen company of Boston made one of the largest single sales of wool ever made in that city. It purchased through a prominent wool commission house 1,250,000 pounds of Australian cross breds, practically cleaning all of this variety of wool in the city at the present time. The trust has not been purchasing very heavy of late, but its agents are always ready to snatch up what seems to be a bargain and a sale of the magnitude mentioned is a matter of little concern to them. An estimate of the amount of wool used by the American woolen company during a single week in its busy season shows that over two million pounds are consumed 96 -
Click image to open full size in new tab
WILL RESUME BUSINESS. Norway Savings Bank in Better Financial Shape than for Years. Norway, Me., Nov. 13.-The troubles of the Norway Savings Bank have so nearly been settled that the institution is expected to resume business in a short time. Some 30 days ago it was stated that when F. H. Hayes became treasurer of the bank in place of Judge S. S. Stearns, who had died, he found an apparent difference of several thousand dollars in the balances upon the books and assets coming into his care. A trustees' meeting was called and the order obtained from the supreme court to allow the bank to suspend the transaction of business while an examination was made. This examination has been completed and the State bank examiner was here. today, making a final adjustment and putting the institution into shape to resume business. The examination has disclosed that during the little more than five years that Judge S. S. Stearns was treasurer there was a deficit of about $15,000. He had secured the bank by a bond of $20,000 with 20 bondsmen. These bondsmen, with one of two exceptions, have made a satisfactory settlement with the bank, each of them paying $446.21. The few who have not paid have the matter under consideration. The trust company which guaranteed Judge Stearn's bond during the past year has paid $500 to the bank. The widow of the late treasurer and his relatives have paid the bank the balance of the shortage. The examination also disclosed an apparent deficit of $2500 more which OCcurred during the 12 years that Judge Stearns was assistant treasurer of the bank. This deficit has been settled satisfactorily to the bank, which loses nothing. and will re-open in a few days in better financial condition than for many years.
Click image to open full size in new tab
Deficit of Late Jadge Stearns Has Всеп Squared. Cost His Bondsmen Nearly $500 Apiece. Trust Company and Relatives Made Up Rest. Norway. November 13.-The troubles of the Norway Savings bank have 80 nearly been settled that the institution is expected to resume business in a short time. Some 30 days ago it was stated that when F. H. Hayes became treasurer of the bank in place of Judge S. S. Stearns, who has died, he found an apparent difference of several thousand dollars in the balances upon the books and the assets coming into his care. A trusters' meeting was called and the order obtained from the Supremo court to allow the bank to suspend the transaotion of business while an examination was being made. This examination has been complete and the state bank examiner was here today making a final adjustment and putting the institution into shape to resume business. The examination has disclosed that during the little more than five years that Judge S. S. Stearns was treasurer, there was a deficit of about $15,000. He had secured the bank by a bond of $20,000, with 20 bondsmen. These bondsmen, with two or three exce ptions, have made a satisfactory settlement with the bank, each of them paying $446.21. The few who have not paid have the matter under consideration. The trust, company which guarantees Judge Stearns's bond during the past year, has paid $500 to the bank. The widow of the late treasurer and his relasives have paid the bank the balance of the shortage. The examination also disclosed an apparent defloit of $2500 more which 00curred during the twelve years that Judge Stearns was assistant treasurer of the bank. This deficit has been settled matisfactorily to the bank, which Joses nothing and will re-open in a few days in better financial condition than for many years.
Click image to open full size in new tab
NORWAY. CHURCHES Second Congregational Church, Rev. B. 8. Rideout, Pastor Preaching service Sunday, 10:40 A. M.; Sabbath School, 12:00 M.; Mem's Prayer Meeting at 6 Social Meeting 7:00 P M.; regular weekly Prayer Meeting, Thursday evening; Young People's Meeting Friday even. ing Universalist Church, Rev. Caroline E. Angell Pastor. Preaching service on Sunday, at 10 30 A. M.; Sabbath School, 12 M.; Y. P. C. U. meeting, M. Methodist Church, Rev. John W. Lewis, Pastor. Preaching ervice, 10 A. M.: Sabbath School, 12 00 M.; Social Evening Meeting, 7:00 P. M. prayer meeting, Tuesday evening; class meet. ing. Friday evening Baptist Church. Rev. J. A. Harding, Pastor. Preaching service, 91 A. M.; Sabbath School, 12:00 M. Prayer Meeting Sunday evening M. STATED MEETINGS. A. F.& M. Regular meeting of Oxford Lodge, No. 18, in Masonic Hall, Friday Evening on or before full moon Oxford Royal Arch Chapter, No. 29, assembles Wednesday Evening, on or before full moon. Oxford Council, R.& 8. M Friday evening, after fullmoon. Oxford Lodge, No. 1, Ark Mariners, Wednesday evening after full moon. I. F.-Norway Lodge.-Regular meeting in Odd Fellows' Hall, every Tuesday Evening Wildey Encampment, No. 21. meets in Odd Fellows' Ha 1, second and fourth Friday Even ings of each month. Mt. Hope Rebekah Lodge, No. 58, meets on first and third Friday of each month K of .--Regular meeting in Hathaway Block every Thursday Evening U. R., A. O. Noyes Division, No. 19, meets third Friday of each month. Lake Assembly, No. SS,P.S, second and fourth Friday evenings of each month. P. of H.-Norway Grange meets second and fourth Saturdays of each month at Grange Hall G. R.-Harry Rust Post, No. 54, meets in New G. A. R. Hall on the first Tuesday Evening of W each R. month C.-Meet+ in New G. A. R. Hall, Mon day evening N. E. Lakeside Lodge, No. 177. meets in New G. A. R. Hall, on the first and third Wed. nesday evenings of each month O. U. A. -Norway and South Paris Council, No. 10, meets at G. A. R. Hall every Tuesday evening. U. O. F Elm Tree Colony, No. 199, meets second and fourth Wednesday evenings of each month. U.O. G. C.-Norway Commandery, No. 947, meets second and fourth Thursday evenings of each month. The November term of the Norway Municipal Court was held on Tuesday evening. There were several new entries of cases, etc. Judge Davis is having his rooms newly papered and painted. One will hardlv know the court room in its new coat of paint and paper. Fred M. Davis. formerly with George Bennett, is working for Wade & Dunton, carriage painting. Co. D, 1st Regt N. G. S. M., will be called together for its first drill Tuesday evening. Nov. 14th, at which time It 14 expected Brig.-Gen. Frank L. Hoyt, Inspector general, will be present and Inspect the company. Mr. and Mrs. Daniel F. Dunn entertained their friends at their rooms in Horne Block Thursday evening. The evening was made most pleasant with music, readings and games. Mrs. Betsey French will go to Jamaica Plain, Mass., the first of the week. She will spend the winter months with her daughter, Mrs. H. C. Pearsons. Promenade concert will follow the supper at Concert Hall on Tuesday evening. Excellent music as usual. It is expected that the Norway Savings Bank will resume business in a few days. The people will be pleased to see the bank doors open again for banking business. The second annual charity concert will be given at Concert Hall. in this village, under the management of the W. C.T. U., Thursday evening, November 16th. The best talent in Norway and South Paris will take part. Last year the sum of 850 was realized which was applied to the relief of the village poor. It is expected that a much larger amount will be received this year. The barber shop and billiard rooms formerly run by Charles W. Littlewood have passed into the hands of Selden C. Foster, who has moved across the road and taken possession. Mr. Kenney who has been in charge of the business for some time will work for Mr. Foster. Hon. G. E. Macomber of Augusta was in town Wednesday on business relative to the electric road. Mr. L. L. Howard has gone to Battle Creek, Michigan, to visit his son Vivian. Mr. and Mrs. Harry L. Haynes are keeping house in Irving Frost's tenement on Whitman Street. Judge C. F. Whitman has purchased the old Bisbee residence on Pleasant Street. Amasa B. Robbins met with a painful accident while at work Monday by having his hand come in contact with a bench saw. The post office has been cleaned and well whitewashed. Issac Abbott did the work. Postmaster Stiles is entitled to much credit for the work. Mrs. Jesse P. Edwards and daughter have returned from a visit to relatives in Haverhill, Mass. Mrs. S. C. Foster is entertaining her aunt, Mrs. Addie Babcock, of Auburn. Arthur Hebbard visited Montreal last week with Kora Temple, Nobles of the Mystic Shrine excursion, from Lewiston. Mr. and Mrs. W. C. Leavitt were with relatives in Colebrook, N. H., this week. Benj. Bacon has opened a repair shop with James Smith in the back of his store. A fire alarm was rung in from Box No. 46, Steep Falls, Saturday morning at about 5:30 o'clock. The fire was in the buildings occupied by W. S. Pratt as a grocery store, known as the Holmes store. It is supposed that the fire orignated in the stable. Buildings and goods insured. The whole property was badly damaged. The fire department responded quickly and did excellent work. Frank H. Beck will open a five and ten cent store in Noyes Block, formerly occupied by Seldon C. Foster. Repairs are now being made in the store. Pennesseewassee Lodge, No. 18, Knights of Pythias, are arranging for their sixteenth annual Thanksgiving ball. It will be given at the Opera House, Thursday evening, Nov. 30th. Music by Stearns & Norseworthy's orchestra. Mrs. Walter Mann and Della Noyes attended the Universalist Association at Mechanic Falls. Dr. S. A. Bennett was elected president of the Oxford County Association and S. B. Cummings a mem-
Click image to open full size in new tab
NORWAY BANK. I Reports Filed Regarding the Suspended Institution. Bank Examiner Says It is Ready for Sound Business. All But About $2500 of Missing $17,332.27 Has Been Reimbursed. Portland, Me., Nov. 15.-(Special).The report of the bank examiner and of the trusteesof the Norway Savings Bank was made to Judge Strout, today at 11 o'clock, on the action taken in the investigation and settlement of the affairs of the bank. It will be remembered that a shortage was discovered in the accounts during the month of August, and the affairs were suspended by order of the court. This was done as a protection to the depositors and to prevent the run on the bank that was sure to follow after the rumors had gone abroad of irregularities, and the ultimate destruction of the bank. The report shows that there was a discrepancy of $17,332.27 which there seems to be no shadow of a doubt was due to the work of Seward S. Stearns, the former treasurer of the bank, who died during the summer. The period during which the funds were appropriated cover, they believe, a period of over five years, or the time since Judge S. S. Stearns was connected with the bank. first as the acting treasurer prior to May 15. 1894, and since he was elected to that office. Of this discrepancy over $14,000 has been collected of the sureties and the balance will doubtless be recovered, so that the loss will not be over $2000. As the matter stands. the bank. according to Mr. Timberlake's report, is in a solid condition with a loss of not over one per cent. or one-half the usual amount of a single dividend. On account of the losses that may have been incurred through the non-collection of accrued interest. Mr. Timberlake advises that the dividend now due be omitted. though at the next date of dividend that one may be increased to cover a portion of the loss on the present one. The Journal had a short conversation with Mr. Timberlake on the subject, this forenoon, but first of all we will present the reports in full of the trustees and of the bank examiner, which were as follows: