The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-02-10
Total resources.
SURPLUS.

SURPLUS.
The footing Of the various banks show a
surplus for each which In some cases Is quite
small and others large. The aggregate sur
plus for th- fifty-four banks Is S6,035, coo 81.
While these figures are correct, based on the
valuations Of the different assets OF each
bank, at the same time they are more or less
misleading.
The holdings of the banks being largely
represented In bonds and stocks that COM
mand premium, and In fact for which the
banks have actually paid premiums, the val
uation made by the Bank Examiner Is gov
erned by the market value Of these securi-
ties, thus rendering the valuation dependent
upon the state of the money market which
makes this surplus fiuctuatiDg sum rather
than liked value OF any stated period. For
instance: had all the valuations for the cur
rent year been made as late as the present
time, discount or depreciation OF full ten or
fifteen per cent. would have followed on very
many Of the securities from the figures here
given, caused by the extraordinary condition
Of the money market instead Of any decrease
In the incomesor earnings Of said securities
or any cloud upon their title.
TAXES.
The law governing savings banks provides
that ON the last Saturdays of April and Oc-
tober the banks shall make sworn return
OF the average amount Of their deposits for
| the six months preceding each OF said days,
deducting an amount equal TO the United
States bonds. shares Of corporation stocks
| such as are by law free from taxation to the
stockholders, and the value Of real estate
owned by the bank that the banks shall
pay to the treasurer OF state tax OF three
fourths Of one per cent. a year on the amount
OF its deposits as In said returns; also tnat
real estate owned by the bank may be taxed
by the town In which the same Is located
The whole amount OF tax paid during the
year directly to the State by the several
banks, on account Of their deposits, amounts
Il to $500, ,393 ~. The amount OF tax paid BY
% ket
them, To the various towns In the State
where the same is located, Is Sl3.51z13.
A Commission being now at work upon a
general revision OF the State valuation 1t Is
expected that the legislature Of 1891 will pro-
vide additional sources Of revenue, also make
more or less changes In the present system.
Mucn discussion Is being had as to where
the changes can properly be made and the
extent Of the same; by many 1t Is claimed
| that the present rate on savings bank de-
posits should be increased.
Institutions Of this kind as well as other
| corporations and Individuals should apprtcl-
| ate the privilege Of paying their part OF the
| revenue required for the maintenance OF
town and State government, as all partlcl-
pate IN and enjoy the protection TO person
| and property as we'll as the many private
and public benefits resulting therefrom.
When this proposed Increase Is being con-
| sider,d 1t may be we'll to keep In mind that
| savings banks are not In any sense specu-
/ ative corporations. The management give
i tneir services gIatuitOusly with the exeep-
i tion Of the treasurer, and they are chartered
| wholly for the public good rather than any
/ object of personal gain.
/ Increased taxation means reduction OF
the present rate OF dividends OF large ma
i iurity of the banks.
Should the legislature before they require
additional taxes from the savings banks.
| walt till they have provided method BY
| which they can collect from the vast sums OF
| money at interest, which now entirely es-
| caprs taxation, the rate now paid by the
banks and also make the same rate N all
| other taxable property, ON iair valuation
it Is dOuDLed whether any increase would be
expected from the banks.
| LARGE DEPOSITS.
Section ninety-nine of chapter foTty-seven,
authorizing the receiving of deposits by
| banks, provides; that they "shall not re-
| eelve from any one depositor, directly or In
i directly, over two thousand dollars; and no
| interest shall be paid to auy amount OF de-
| pOsit exceeding said sum, except for deposits
oy widows, orphans, administrators, exeeu-
tors. guardians, charitable Institutions ana
as trust funds"
This statute oncshe face Of 1t seems clear
that the intent Of the act was 10 prohiels
any dividend or interest being paid 10 de-
i p0sitOr on any excess OF two Thousand u9f
i lars, or In other words, that whenever tno
/ account, either by reason Of additional uo-
4 pUsits or by dividends that had been alIoWeu
i TO accumulate In the bank ana so inosI1as .N,1s.s
i tne account, should reach q SUN sAoosuSs sss
i two Thousand dollars that no uNioen"'
/ should be allowed on such excess.
/ ,---,-.--.---,-,, oD THr SECOND PAoE.l