8817. 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
26007cca

Response Measures

None

Description

Multiple articles (Oct 1875) report the Solon Savings Bank 'failed, or at least suspended' due to heavy losses on European & North American and western railroad/city bonds. By Feb 1876 a receiver (Henry Bodwell) and commissioners were appointed and the bank was being wound up; subsequent reports (1876-1878) list it among savings banks in receivership with partial dividends and final settlement pending. No article mentions a depositor run. Classified as suspension leading to permanent closure/receivership.

Events (5)
1. October 2, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy investments in European & North American Railway bonds and Western city and railroad bonds that depreciated sharply, producing losses and suspension.
Newspaper Excerpt
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.
Source
newspapers
2. February 1, 1876* Receivership
Newspaper Excerpt
The Solon Savings Bank, having met with losses, ... 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, 1876 Other
Newspaper Excerpt
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: ... Solon savings bank of Solon ... The assets of the banks now actually doing business, are as follows, as compared with last year:
Source
newspapers
4. 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...
Source
newspapers
5. December 16, 1878 Other
Newspaper Excerpt
There will be an settlement in the Solon Savings Bank, and probable final settlement in the Bucksport Sav Bank, within eighteen months.
Source
newspapers

Newspaper Articles (9)
1. October 2, 1875 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 2, 1875

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Article Text

# 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