Waterville Savings Bank (Waterville, ME)

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BY TELEGRAPH

MATTERS IN MAINE Water ville Savings Bank Closed. WATERVILLE, May 2.-The doors of the Waterville Savings Bank were closed this morning ia accordance with a vote passed at the meeting of the trustees yesterday. This action was enforced by diminished deposits and notices of withdrawal. The Bank Examiner is now investigating the affairs of the bank, and will soon report in full as to its status. The Lewiston Institution for Savings. LEWISTON, May 2.-Judge Walson has postponed the appointment of a receiver for the Lewiston Institution for Savings until Thursday. Bank Examiner Bolster testifies that there will be a deficiency in the assets of the bank of about $59,000. District Convention. AUGUSTA, May 2.-The 3d District Republican Convention for the election of delegates to the Cincinuati Convention is called to meet at Augusta Thursday, May 18th. Executive Council. The Governor and Council after a brief session this morning voted to accept the bond of E. C. Burleigh and qualify him as land agent' Adjourned to July 12th. Centennial Judges. B. F. Morse of Augusta, has been appointed award judge in the carriage department of the Centenoial. John D. Lang of Vassalboro, the well known Quaker, has also received notice of his appointment as one of the judges of award. The Fourth in Bangor, BANGOR, May 2-The City Government made an appropriation this evening for the Fourth of July celebration.

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Waterville Savings Bank

The suspension of the Waterville Bank is made necessary by a long continued run, and is a measure of protection to the depositors. The deposits two years ago were $666,000, last November, a little less than half a million, and now there is due depositors $427,232 45. The bad investments which have caused the trouble were made in the early days of the bank, and under the good management which has prevailed would have been disposed of without much loss; but the lack of public confidence proved disastrous. Mr. Bolster. the Examiner, finds the sum of $425,232 45 due depositors, and an apparent deficiency in the assets of $30,601. He expresses the opinion that the bank will pay at least 75 per cent., and possibly 90. The bank had some 1900 depositors living in Waterville and in adjoining towns. The larger number did not average over $500 in deposits, while there were two whose deposits were between $2000 and $3000 each. These two are the heaviest; one of them is trustee of the bank, D. R. Wing, one of the proprietors of the Mail newspaper. The bank was organized in 1869, and its first deposit was railroad securities. There has been a quiet but constant run on the bank for the past six months, and the withdrawal of deposits has been from $1000 to $5000 a week up to the present time. The bank has been subjected to such a drain that finally it had to shut down on answered calls to the amount of about $55,000. The suspension was rendered absolutely necessary, and in the interest of depositors was regarded by the trustess as wise and judicious. The Examiner is convinced that there is no irregularity on the part of the officers, who are all men of integrity and who have all labored earnestly, faithfully and diligently in the interest of depositors, and without compensation. The run on the bank is no fault of the officers, but the fault of the depositors. Mr. Bolster says not one dollar of the bank, so the books show, was ever used, directly or indirectly, by the officers. Two years ago when Hon, Reuben Foster was made President of the bank, its management was changed for the better. and every effort was made to get rid of its depreciated or non-paying securities and in investing in available assets. This policy has been pursued down to the present time, and had no run been made the officers could in a year or two have placed the institution on a footing to have met promptly its liabilities. Indeed, the trustees are now of the opinion that if allowed to go on they can pay every dollar the bank owes before two years expire. But this a matter for the depositors to decide, some of whom are decidedly opposed to having the bank go into liquidation.

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TELEGRAPHIC NOTES

WATERVILLE, Me., May 4.-The recently suspended Waterville Savings Bank will resume business. DOVER. N. H., May 4.-The Cocheco Print Works, after a shut-down of four weeks, started this morning. BOSTON, May 4.-The furniture, etc., belonging to E. D. Winslow, the forger, was sold to-day at suction. PROVIDENCE, R. I., May 4. -The third trial to elect a City Marshal in Newport to-day resulted in no choice. NEW-HAVEN, Conn., May 4.-The Hartfords were defeated by the New . Havens here today in a ten-inning game by a score of 7 to 6. EASTPORT, Me., May 4.--A telegram from Canso reports the Magdalen fishing fleet blockaded there by ice. Snow fell here this morning. OSWEGO, N. Y., May 4.-The challenge of the 49th Regiment Hastings Rifle Club of Belleville, Ontario, to the 48th Regiment in this city has been accepted. BANGOR, Me., May 4.-James N. Butler and wife obtained a verdict to-day for $4,500 against this city for inju. ries to the latter from driving into a trench in the street. WASHINGTON, May 4.-A man was arrested here to-day, on a telegram from Richmond, for robbing a New. York agent of $1,000 of sample jewelry. The thief proved to be George Shechels, alias Broken None George."

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The people are returning to the Waterville Savings Bank, and depositing the money which they withdrew during the panicky times.

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better instruction is the one thing needful to their efficiency. The Normal Schools are doing good service in this behalf to the extent of their capacitv. Since the discontinuance of the Teachers Institutes, great majority of the teachers of common schools have had no opportunity for obtaining instruction in the art of teaching The renewal of Institutes is respectfully suggested for your consideration. SAVINGS BANKS. No new Savings banks have been organized the past year. Since August 1875 four of the sixty in four savings banks in the State have become solvent and been placed in the hands of receivers, and three others have suspended payment. One of these latter, the Waterville Savings Bank, has sumed payment by the action of the depositors. No arrangement has vet been ccepted by the depositors of the two other banks. The amount of deposits and profits of the sixty banks doing business, was. on the sixth of November last, $27,818,764 70, a decrease during the year of 4,549.58, including $1,029,963 95 of deposits placed in the hands of receivers. The number of depositors decreased during the year 10,705. The present number is 90,621, and the deposits average $306 00 to each depositor. The Winthrop Savings Bank was taken posses sion of by receivers before the day fixed by law for making returns to the State Treasurer for the six months then nearly expired, and the receivers refused to pay the tax for that period. A suit to recover this tax was brought by the State Treasurer, and prosecuted by the Attorney General to final judgment by the Law Court to the effect that the tax is upon the franchise of savings banks, and the Winthrop bank having ceased to exist be fore the return for taxation was due from it, nothing remained upon which to assess tax, and the claim of the State was therefore not valid one. Applications growing out of this decision will probably be made to the Legislature by several banks for the refunding of taxes alleged to have been improperly paid. The Commissioners appointed for the purpose under resolve of the last legislature, have prepared draft of general relating to savsings bank which will be reported to you. A prin cipal feature of the proposed law is the substitution of tax of ne-half of one per cent. for the present tax of one per cent. The present rate of taxation, considered relatively to the tax upon other franchises and property cannot be regarded discriminating otherwise than in favor of the banks. The only question is whether expe dient, as tending to maintain and deposits, to reduce the rate. It the Legislature shall favor the affirmative of the question trust that of the reduction made will not exceed one fouit one per cent. THE INSANE HOSPITAL The past year has been made notable in the history of the Insane Hospital by the construction of works for supplying the institution with water. The source of the supply is an artificial pond. cavated in that part of the farm east of the highway, and 80 situated as to be fed by springs, and to receive the drainage of an extensive A substantial reservoir has been built on the summit of a bill near the pond, of the capacity of 385, 000 gallons. The water is raised from the pond to the reservoir by steam power, and conveyed thence through iron mains to the hospital, and distributed by system of pipes through the main building. and to the various offices and farm buildings where it is needed. The water con ducted through two filters, one at the outflow from the pond, and one at the outtle from the reservoir, and is perfectly clear and pure where it is drawn for use. Water may be forced at need directly from the pond to the hospital. It is believed that the supply will be ample at all seasons for and uses all exigencies. While is a matter of the first necessity to the proper conduct of such an institution that there should be abundance of water for culinary, cleans. ing and sanitary purposes, and for farm uses, every consideration of humanity and of prudence imperatively demands that the lives of the many inmates of the hospital, and the valuable property of the State should have the fullest protection sible from the dangers of fire. The trustees well done their plain duty in making this indispensable provision. The works cost twelve thou sand dollars, and have been paid for from the hos pital fund. The inception and execution of this enterprise are highly creditable to all concerned in it. The amount of the crops raised upon the farm indicates that its productive has been creased to a marked extent. This improvement undoubtedly due in good part to the fertilization of the soil with the sewage of the hospital, upon system which was devised by an officer of the hos. pital, and has been three years in effect. The State Board of Health of made this system and its operations the subject of inves tigation, and their annual report for 1876 they describe it and give it their commendation most the only system which has stood the test of experience this country." The trustees propose to provide at once for the thorough ventilation of those wards of the hospi which are deficient in this respect. The reports for the present year, and former years, of the officers connected with the hospital, make evident that the capacity of the hospital barely suffices for the present number patients. and suggest the propriety of seasonably providing recommodation for the increase of applications for admission which will attend the growth of the population of the State. The trustees make no request for an appropriation, and, am infort med by them that they expect able soon to make reduction of the rate charged for the support of patients. The public always been peculiarly sensitive with regard to the treatment of patients at such institutions, and therefore every care should be taken to inspire the community with confidence in the management of the hospital. The frequent inspections by the visiting committee are valuable means to that end. Whenever any appear between the obser or opinions of the trustees and those of the committee, the attention of the Legislature called directly to the amination of the matters in question. COLLEGE OF AGRICULTURE AND THE MECHANIC ARTS The leading object of this institution is "to teach such branches of learning as are related to agriculture and the mechanic arts in such manner as the Legislature of the State may prescribe, order to promote the liberal and practical education of the industrial classes in the several pursuits and professions in life. Whatever latitude of instruction the terms of the foundation may seem permit, it must be ident to all acquainted with the sentiment of the State, that the vailing opinion is, that the college should first be faithful to its leading object. and so arrange and limit the course of instruction that its pupils upon completing their course may be prepared enter at once upon the practice of some industrial pursuit. The want of facilities for practical instruction has caused the course of study in aches relating to the mechanic arts especially to be necessa. rily of general and theoretical character. The trustees propose, in order to fulfil more directly the object of the college, and to meet the popular expectation, to establish workshops of instruction in the various mechanical trades connected with the working of wood and metals by means of which students may, by combining the training of hand and eye in actual service at the forge, bench and lathe, with the instruction of school become intelligent and skilled mechanics. This system has long been in successful operation in Russia, and meets with the enthusiastic approval of the best educators who have examined it. has already been adopted by one of the foremost schools in this country. most heartily approve the recommendation of the Trustees, and I urge you to give it the favora ble consideration it merit The sum estimated to be required to adapt the barn on the college premises and not now

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THE GENERAL No change has occurred in the military force the state which consists one and regiment two infantry, and one company of light tillery. cadets one companies been Waterville, furn have with arms and pments under the law izing the format tion companies of to exceed cadets ten be not com posed boys not subject to military duties up der New sufficient tents law militia in number for the present force. made under tract. of best pattern material quality and were the by Ad jutant General in for for the An encampment of the volun teer militia, dr and four discipline lasting was days at was and cessful The men were order in their behavsoldier their bearing and obegient orders. Marked proficience drill was showing of the encam value the of The general appearance the of command the closing their marching The llent cess this warrants amply dation that rovision be made holding one year. the be greatly regrette reduced the that for did prove ufficient enable the Adjutant respond to all for aid which deemed The ritorious. great excess of supply labor over for the the relief unusu be Great care herous. taken the grant pensions an and this he of purpose full estimate by the Adjutant to important the people Maine that the soldier who has sacrifi ability to support himself and family their cause should not know want or humil tion. LAND THE AGENCY The receipts of the Land office the for November 30th. ending $42,399.7 were from and the various accounts specified in the Land Agent report. Conv 22.304 acres 38 land Lands ade actual settlers. to the 13,054. acres were to actual contracted settlers: of the remaining state lands acres are unsold and 127 acres are of actual settlers and are conveved when the set tling duties shall have been performed, The islands on the coast aggregating an area 663 of were sold acres, public at auction for $1. 109.15. great reqaired deal of labor research to ascertain what Islands belonged the is there supposed are few unsold, which maining definite formation not could btained before the sale probab are They number and value that would be well in der avoid expense. authorize the Land Agent sell them in such manner as he may visable The duties of the and Agent have been perthe and as required by the act 1876 relating the appoi intment and duties that officer. their ende further far possible the expressed pur pose of that act prepare for the the Land office at the practica moment. am convinced office that the cannot present advan geously discontin ued. and that the transfer of its duties other department would neither benefit the public service nor effect an economy THE PUBLIC SCHOOLS The statistics of the common schools for the school year ending April 1876. do not differ materially from those for the preceding year They however indicate, continued interest and that all progress relates them The sum of $1.053 497 was expended for pubschools which the state contributed the amount available Eighty school were built during the year at a cost $164 399. The laws the relations of the state the schools work admirably and are heightened efficiency by the recent act requirios sworn fiscal returns made the State Sn believed this that law proves benefit to towns also in enforcing strict school all accountof monevs to them, elonging from whateve source derived consider the vis bility of the providing for the inspection of High Scho by authorizing the State Super Com mon School Is appoin sufficient competent persons aid him isiting and ascertaining the character of all the schools in their claiming the benefi school of free laws the high That offi required be satisfied that the provisions of the free high school act have been omplied with before issuing certificate for from state. the due Vibele most of the provisions of the law. he can readily sat isty himself from the reports of the Supe tending School Commi ttees, they have with easy complied they sufficient furnish do not data to that prove been has proper paid to attention the specified studies required, and that the form spirit as well as in letter, to the intent law. proper and business that the Super dent should, person, through his agents, schools before vouching the justice of their claim upon the state Besides aff ding the endent inforhis ch bei should such would greatly tend elevate standard and promote the efficiency of this class The virtual institution of High Schools by the state. through the aid proffers for their port. wise and timely act. full accord with the provision of the joining the of education upon the Legislature. The system has been operati fairly and has But care lest value. should taken failing to maintain proper standard, they only defeat the object their institut injuriously affect the comm schools. My commer ation is intended to subserve the inboth terests grades. the universal lv expressed opinion of those having the most vledge of our better struction is the one thing needful their efficiency The Normal Schools are this behalf in extent service good to the Since the their capacity discontituance Institutes. the Teachers' great majority the common teachers had of have portunity for taining instru ction in the art teaching The renewal of Institutes re for consideration your suggested spectfull; AVINGS BANKS new No banks savings have been organized 1875. Since Augus the past year. four of the four sixty savings banks the state have come insolt vent and been placed the hands receivers, and three others suspended payment. One of these latter, tue Watervill Savings' Bank, has resumed pay ment by the action No depositors. the been accepted by the depositors of the two other banks amount of eposits and profits of the banks doing on sixty the 6th last. 818.764 decrease $4 264.549 58. cluding $1 029,963.95 deposits placed in the hand of The number decrea during year 10,705 The present number 90.621. and the deposits average $306. 00 to each deposito The Wintbrop Savings Bank was taken before fixed the by day by law for ma king returns to the State expired urer for the six months then refused the receivers pay this recove that tax period. by the State and prosecu by the Attorney General to final judgment by Law Court to the effect that the on franchise savings banks, and the bank ceased Vinthrop having due for the noth from was return which assess upon ing tax the claim of the state was herefore no App lications growing out of this be probably the cision Legislat will by several banks for the refund ling of taxes al paid have been improperly The Comm appointed for the purpose under resolve the last Leg slature, have of draft general law relating prepare which you. savings to reported A principal feature of the proposed law the -half of bstitution one cent. for the present tax one per cent. The relatively taxation the conside rate upon other anchises and property, otherwise regarded as than in favor of the banks. The only question whether maintain tending expedient, the reduce deposits and to rate. of the Legislature shall favor the affirmative the question trust that the reduction made will not exceed -fourth of one per cent. HOSPITAL INSANE THE the The past year has been made notable in history the Insane Hospital by the tion of rks for ng the water. The source supply an pond avated that part of the farm east and the fed highway receive the drainage

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ment. I am convinced that the office cannot at present be advantageously dis- continued, and that the transfer of its du- ties to some other department would neither benefit the public service nor ef- tect an economy.

THE PUBLIC SCHOOLS.

The statistics of the common schools for the school year ending April 1, 1876, do not differ ma- terially from those for the preceding year. They indicate, however, a continued interest and pro- gress in all that relates to them. The sum of $1,- 054,497, was expended for public schools, to which the State contributed the available amount of $375,862. Eighty-six school houses were built during the year at a cost of $161,309. The laws concerning the relations of the State to the schools work admirably, and are heightened In efficiency by the recent act requiring sworn fiscal returns to be made to the state Superintendent. It is believed that this law proves of benclit to towns also in enforcing a strict account of all school moneys belonging to them from whatever source derived.

I invite you to consider the advisability of the providing for the inspection of High Schools by the State Superintendent of Common Schools to appoint a sufficient number of competent persons to aid him tu visiting and ascertain the character of all the schools in their respective vicinities, claiming the benefit of the free high school law. That officer is required to be satisfied that the provisions of the tree high school act have been complied with before issuing his certificate for the sum due from the State. White as to most of the provisions of the law, he can readily satisfy him- self from the report of the superintending School Committees, whether they have been complied with, it is easy to perecive that they do not fur- nish sufficient data to prove that the proper atten- tion has been paid to the specified studies requir- ed, and that the schools conform to in spirit as well as in letter to the intent of the law. It is proper and business-like that the Superintendent should, in person, or through his agents, examine these schools before vouching for the justice of their claim upon the State. Besides affording the Superintendent information, which should be in his possession, such an inspection would greatly tend to elevate the standard and promote the effi- ciency of this class of schools.

The virtual institution of High Schools by the State, through the aid it proffers for their support, was a wise and timely act, in full accordance with the provisione of the Constitution enjoining the encouragement of education upon the Legislature. The system has been four years in operation, and has fairly demonstrated its value. But care should be taken lest by failing to maintain a proper stand- ard they not only deleat the object of their insti- tution, but injuriously affect the common schools. My recommendation is intended to subserve the interests of both grades.

It is the universally expressed opinion of those having the most knowledge of our schools that better instruction is the one thing needful to their efficiency. The Normal Schools are doing good service in this behalf to the extent of their capac- ity. Since the discontinuance of the Teachers' Institutes a great majority of teachers in common schools have had no opportunity for obtaining in- struction in the art of teaching. The renewal of Institutes is respectfully suggested for your con- sideration.

SAVINGS BANKS.

No new savings banks have been organized the past year. Since August, 1875, four of the sixty- four savings banks in the State have become insol- vent and been placed in the hands of receivers, and three others have suspended payment. One of these latter, the Waterville Savings Bank, has resumed payment by the action of the depositors. No arrangement has yet been accepted by the de- positors of the two other banks.

The amount of deposits and profits of the sixty banks doing business, was, on the oth of Novem- ber last, $27,818,764,70, a dceresse during the year of $1,264,549 68, including $1,029,063 16 of deposits placed in the hands of receivers. The number of depositors decreased during the year 10,708. The present number is 90,621, and the deposits average 3306 to each depositor.

The Winthrop Savings Bank was taken posse8- sion of by receivers before the day fixed by law for making returns to the State Treasurer for the six months then nearly expired, and the receivers refused to pay the tax for that period. A suit to recover this tax was brought by the State Treasur- er, and prosecuted by the Attorney General to final judgment by the Law Court to the effect that the tax is upon the franchise of savings banks, and the Winthrop bank having ceased to exist before the return for taxation was due from it, nothing remained upon which to assess a tax, and the claim of the state was therefore not a valid one. Applications growing out of this decision will pro- bably be made to the Legislature by several banks for refunding of taxes alleged to have been im- properly paid.

The Commissioners appointed for the purpose under a resolve of the last Legislature, have pre- pared a drait of a general law relating to savings banks which will be reported to you. A principal feature of the proposed law is a substitution of a tax of one half of one per cent. for the present tax of one per cent. The present rate of taxation, considered relatively to the tax upon other fran- chises and property, cannot be regarded as dis criminating otherwise than in favor of the banks. The only question is whether it is expedient, as tending to maintain and increase deposits to reduce the rate. If the Legislature shall tavor the affim- ate of the question I trust that the reduction made will not exceed one-fourth of one per cent.

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Gov. Connor's Address.

In his inaugural address Gov. Connor begins by alluding to the inactivity in business which has prevailed in Maine in common with the rest of the whole country. Still the chief resource of the State has kept faith with the sower of the seed and yielded rich harvests; some manufacturing industries and branches of business have been exempt from the prevailing dullness, and there remains to all the hope and promise of the near dawn of prosperous days. The laws have been well enforced throughout the State, and every department of the Government and all public institutions have been efficiently and economically managed. The receipts of the Treasury for the year amount to $1,310,605.49; balance in the Treasury Jan. 1, 1876, $377,093.84; expenditures for the year 1876, $1,293,277.06; amount in Treasury Dec. 31, 1876, $394,422.27. No indictments have been found in any of the Courts during the year for any capital offence. It would be obviously unjust to draw from the experience of less than a single year a sweeping and conclusive inference as to the comparative efficacy of the law passed by the last Legislature abolishing death as a punishment for crime, and the law it displaced. I am glad, however, to remark the evident fact that the substitution of imprisonment for life for the death penalty has not been followed by an increase of the crime which it is the object of the law under consideration to punish, or any instance of crime encouraged by the mitigation of the penalty. The receipts of the Land Office for the year ending November 30th, were $42,399.77, from the several sources and on the various accounts specified in the Land Agent's report. Conveyances of 22,304.38 acres of land were made to actual settlers. Lands to the amount of 13,054.69 acres were contracted to actual settlers; of the remaining State lands 26,773.39 acres are unsold and 127,665.97 acres are in possession of actual settlers and are to be conveyed when the settling duties shall have been performed. No new savings banks have been organized the past year. Since August, 1875, four of the sixty-four savings banks in the State have become insolvent and been placed in the hands of receivers, and three others have suspended payment. One of these latter, the Waterville Savings Bank, has resumed payment by the action of the depositors. No arrangement has yet been accepted by the depositors of the two other banks. The amount of deposits and profits of the sixty banks doing business was, on the 6th of November last, $27,818,764.70, a decrease during the year of $4,264,549.58, including $1,029,963.95 of deposits placed in the hands of receivers. The number of depositors decreased during the year 10,705. The present number is 90,621, and the depositors average $306 to each depositor. Twenty miles of railroad have been built the past year; eight miles by the Piscataquis Company in extension of their line from Abbot to Blanchard, and twelve miles from Fort Fairfield to Caribou in the town of Lyndon by the Aroostook River Company. The Railroad Commissioners report that the roads in the State have continued to improve in condition and management, as evinced by their remarkable exemption from accidents. The statistics of the common schools for the school year ending April 1st, 1876, do not differ materially from those of the preceding year. They indicate, however, a continued interest and progress in all that relates to them. The sum of $1,053,497 was expended for public schools, to which the State contributed the available amount of $375,852. Eighty-six school-houses were built during the year at a cost of $164,399. The Governor calls attention to the necessity of a rearrangement of the interior of the State House, and makes a variety of recommendations of local interest. The address concludes with an allusion to National politics, as follows: A heated Presidential contest has not been followed, as is customary, by the acknowledged election of the candidate of one party and the ready submission of the defeated party to the result. But there is no present reason for foreboding. Partisan clamor will be hushed in the majestic presence of the law of the land when the time comes for it to manifest and assert itself. We cannot doubt that the tribunal upon which devolves the settlement of the vexed question, composed of men chosen of the nation for wisdom and patriotism, will establish the right by clear proof of law and ancient custom, and that the general voice of a law abiding people will accept their decision.