Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-02-10


elec ion in this STATE in 1883, the number
beir We Ii distributed over the State.
1t WAS not many years sgo when num-
Der of persons in one locality having q
.'eposit in bank, much more savings
bank, w.s the exception rather thsn the
general rule. today the rule is reversed.
l., the tables will be found jus. wha. per-
ton of the depositors have balances Of
$500 or lees, also the number having over
So 600; the former is shown TO be ITO 1876
or nearly 10 per cent of the whole plumber,
Sh'e the latter is only 2, i02 % about one
aud nne-hslr per cent. OF ihi. latter num-
Der l33 have balances exceeding 50 600.
Reserve Fund and Dividend
The statute provides that before the
tru' tees If savings banks snail BE- author
lied to declare 1. dividend they shalt SET
apart enc quarter Of ore per cent. of the
average amour. Of deposits fer the K
months previous to declaring dividend,
which sum shall constitute reserve fund
to be kept constantly on hard to secure
against ,oss-s and CONT ger Giles until Ii
amounts 20 Ave Der cent, OF the deposits.
This fuul now amounts 10 81 ,9tl, 100. e
sc. gam OF Sl62,23i 50 for the year.
/ is further provided tia. sftlr the re-
serve flrd has been set apart. Dividends
shsll be declared from the earrings, not
exec aaing two and one-ha'f per cent semi
anruzllv. The dividends paid by the
banks range from three to i've per cent. j.,
two paving three per cent, forty two pay
ing tour per cent, seven paying four and
one half per cent. and three paying five
per cent.
The whole amount of tax paid during
the year directly to the STATE BY the sc 7ersl
banks, on account Of lLelr deposits,
amoaats to S32o, 1893 -. The amount OF
tax paid BY the bank on account of -eal
estate owned by them, TO the various toa MS
in TIE Stste where the same is located, is
Sl3,5l7 10.
Pending the presentation n the present
Legislature of tine report CT the Special
TsN Commssi1n. ard II being expected
that the Legislature Viii provide sdoiupEsi
sources Of revenue, much discussion las
bee , had as to = hen the chang can Les.
De mala, AID ta1 extent of these ch II .es,
while BY many it is ciained that the prese'
rate On savings bank deposits should b.
increased. Upon this mite. Ccl. B:.5ce
ssy':
.Insti.ut)rs Of this ini AZ well as o'ho =
Cor )cra'ioos and individuals should appre-
cha e the privilege OF payiug their part ne
the revenue required for the naiatsLaAce
of town aud STATE government as all par
ticiD III and enjJy Tie tro.e c.ioa - Per
son q, i property IS well IS the many III
vat sTd public benefits re suhirg thsr= :
from. Wien tbs proposed incrt ase i,
bel * cons dsred il may be well 20 keep in
nil tia. ssvings hanks ar not in ary
sense speculative corporations. The man
age ment rive their services gratuii ousiy
with the exception OF the treasurer, AID
they are Chartered wholly tUs lie pubi. c
good rather than sny object OF personal
gain. Increased taxation me aos Iedac-
ton Of tie present rate Of dividends Ct q
large mai di;y Of tie banks. Should the
Leg i-lsture before they require rd5iti7nsl
iaxee from the savings banks. wai' ii they
have p,nvi.ed a method by which tpsy can
collect from the vast sums of vonev Mt
int rest. which now entirely escapes isxs-
ton, the rate now paid by the banks AID
also make The same rate on all ether Tax
abs property. Ga fair valuation, it is
DOUBTED uhether any Increase wYuid lie
expected from The osnks.'
Large Deposits
Section pinety-nine of chapter forty
seven, authorizing the receiving OF deposits
by banks, provides; that they "sh4li rot
receive from any on. de2ositor, d rsc.ly or
indirs etly, over two thousand dollars; and
no interest shall be paid to any one dep'si
tor for any amount OF deposit exceeding
said sum, except for deposits by wido~s,
oI- ,stya
dians. charitable iustil utions and a. trust
funds"
Regarding tue practical working of tits
act Col. Bisoee says II find The cJustruc-
ton of this act BY the repre.e natives OF
the ffereat banks varies, aid that the
practice is not uniform. Some give il the
liberal construc ion that if the original de-
post does not exceed two thouss'd dol
lars, the accumuia'ions by way of divid
ends MAJ be added to it from time to time
and no matter how much in excess of two
thousand dollars the sum may be that they
have a right and do actually !, clare divid-
ends on the full amount, While others ad-
here TO the STREET rule that whenever the
aecouat il in excess Of two thousand dol
lars. wh,ther by original deposit or the
Accommodations of dividends, no dividend or
int rest is allowed on any sum over two
thousand dollars In viaw Of this differ
snce of opinion and practice by
the various bsnks, the bank examiner
suggests tina. il there is in the minds of
bark officials 6 well founded doub, of its
mesnicg, or dissatisfaction am 1g depos-
itors Resulting from il the l. gielatore shoaid
make clear what the true construction of
the statute should be
Trust and Banking Companies.
There are total Of ten trust I'd banking
companies IN the state having capital OF
Sez2 COO. TIE deposit, held By them
amounts to 50, l2G ,C3 % vile their total
assets reach the sun of $500 ,s35.77.
VIII l. ;re:r charters give them s'm,st
unrestricted authority in their inve.tne ITS
and methods of tusiness the double lisbii-
ity If their s.oekhol6ers i. an eieme mt OF
caution in iht il man4seDt
The chsrie. Of the Peoples Trust Com
psny OF FMminston provides tbas the COR
pors;ion shall pay the zane rate of tax on
Its deposits and in the same msnnsr a. is
now required b. Law Of savings b. nks and
this Institution is the only ore Of the ten
that has paid tax direct TO the State dur
irg the y.sr
conlpanie. Col. Bisbee remarks: II see 10
resson why 4 general Law should hot be-
enscted providing for the collection Of
similar tax on all these Institutions now
existing or e'esfter orgsuized. These COM
psnies 10 qaits an extent take the place Of
saving. ard na'ionaI hanks, and by reason
Of their many additional fsatBres srs enab-
led t. continue in = locality where il would
be fiicult for either bar K TO prosper They
all seem to be adapted to the places where
ihey are located ard their psuonase is
whence OF general satisfaction.
Loan and Baiidi.s fluctuations.
The year just e7ds marks the period of
the gfeztsst gaia ia The number Of loan
AID building assoc atoms in This S'x'e,
seven having received certificates of author-
izuion, viz: Tie Ells~orth, Sanford,
PORTLAND, Mechanics of Portland, Cum