Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1890-10-09
Greene's Report.


look into the condition of Savings Banks
and Trust Companies and report TO the
people that they may know where the
money can be safely invested. There
are in the State as appears from this
report, twenty savings banks and elev-
en- trust companies. There are two
new banks and two have died and are
about to be buried We give some of
his figures in round numbers. The
number of depositors has increased a
bout 1000 during the year, and the a.
mount deposited has increased about
one and one-third millions Of dollars.
The total number Of depositors is Co.,
759, most of whom are residents of the
State, and the total amount Of money
on deposit to their credit is sl9,33O,'
564 %, an average TO each depositor
Of s293 Sc, an average per capita OF
the population of the State Of sos p.
This money is invested in mortgages
on real estate in Vt. and elsewhere, in
loans on personal security, in loans to
towns and villages, and in bank stock.
Dividends have ranged from four to ten
per cent. Most Of the somewhat bulky
report is filed with tables, which give
to the reader clearer idea OF the con-
dition OF affairs than can be obtained
in any other way. There are some
comments that precede these tables that
are worth consideration. The matter
ofwestern investments has a bearing in
this reckoning. There has been a de-
preston in the loan business in some
sections bad weather, crop failures,
have brought about the failure of loan
companies and created a feeling OF IN
security. In consequence there has
been falling off in Western loans or,
rather in the gain as compared with
last year. He thinks some money has
been turned towards the South that
had better have remained in the care
of savings institutions. lie has word
to say about the taxation of bank de-
posts and accumulatious He takes
up the contention of those who insist
that there should be no eXemptions,and
is disposed to antagonize them. lie
thinks that savings banks cannot rea-
souably pay any more tax than they
now pay, that they pay, in fact, due
proportion with allother property. The
imposition OF heavier tax would be
equivalent to placing heavier burden
upon that portion of the community
that is least able to bear it. The be-
lief that the banks are usedto some eX-
tent as repositories for avoiding taxa
ton he does not regard As well-iound-
ed. He reached his conclusion by
comparison of deposits and withdraw
ais before and after the lst of April,
and found that they varied but little
from the monthly average during the
year. He thinks il an open question
whether the State may not have lost
by reducing the amount on which divi-
dends may be paid. He thinks that
very little of the excess ever finds its
way into the tax list. In Rutland a
system of school savings has been a
dopted which, in the opinion Of the IN
spector works well. Under this sys-
tenn the daily savings Of the pupils are
retained by the teachers until they a
mount to fifty cents or more and at the
end of each month these savings are
placed in the Marble Savings bank ana
credited to those who have saved. The
treasurer of this savings bank is the
superintendent of schools and has done
much to encourage the scheme. Some
difficulty arose with the Bradford saw
ings bank and trust company in conse-
quence of the misapplieation Of funds
by the treasurer Thc outcome of the
matter was new treasurer with better
protection provided for the interests OF
the bank. The comment made is that
< this case affords an argument for the
careful and constant watch of these in
stitutions on the par: of trustees and
/ directors. He speaks Of the difficulty
in the way Of finding safe places to iu-
vest. and the complaints made about