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Receivers Lincoln Trust Co. Pay Third Dividend to Depositors Wiscasset, Feb. 8.-(Special)-Today the receivers of the Lincoln County Trust Company now being liquidated began paying the third dividend to savings depositors only. The dividend is of 10% which with the two previously paid makes a total of 90% paid saving depositors. The Lincoln County Trust Company was closed in March 1923 by order of court on petition of the Bank Commissioner. The bank was found to be insolvent and ordered liquidated after an effort on the part of local citizens to reorganize was abandoned as being inadvisable. This bank was one of a chain of banks controlled by the banking house of Burgess, Lang & Company which a year before the closing of this bank became bankrupt. The Lincoln County Trust Company had deposits of $445,000, about $360,000 of which were savings deposits. Long drawn out litigation has extended the time of liquidation and even at this time several cases are pending before the State Supreme Court. A poor investment policy and the dumping on the bank of securities by the controlling interest are said to have brought about the bank's insolvency. Thousands of dollars worth of securities held by the bank netted the receivers less than 10 cents on a doflar. Stockholders of the bank have been assessed by the Court a full 100% of the par value of their stock and the receivers issue a call to stockholders to comply with that assessment by February 1st. Up to this time the sum of $8800 has been paid in to the receivers. The Company's capitalization was $50,000, nearly half of that sum was owned by the Burgess-Lang interest and they being bankrupt little hope is felt that anything can be collected from them on this assessment. A Supreme Court decision established that with the exception of the bank's real estate, and cash on hand all its assets were segregated for the protection of the savings depositors who will receive without doubt 100% while any remainder after paying the expenses of liquidation will be distributed among the checking deposits. With cases still in the trial courts which it seems certain will be taken to the Law Court for decision the final accounting of the receivers appears to still be a long way off. The receivers are Walter S. Glidden of Bath and Carl M. P. Larrabee of Wiscasset. At the time of closing the officers of the Lincoln County Trust Company were: President, Dr. A. M. Card of Alna; vice president, William D. Patterson of Wiscasset: treasurer, Wesley C. Day, now of Norway. The local members of the board of directors were, Richard H. T. Taylor, S. J. Sewall and W. G. Hubbard and Mr. Patterson.
