Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1892-02-23

Yarr 5.1ss.7s0 /
lse1ustle. g. s50zs 49, =
The gstn 10 deposits the past year 10 81,
ts7. 2s5. a, Aad copsidefing the monetary
Conditions 10 the later part Of 1890 and ths
s.rly par, Of the present year, this is very
grs,iiyng.
The ttt,l num Der ut teposisors was lag :.
ccs 40 increase Of g.l47. and tee average
rate Of dividend paid By the banks va.
81 %.
Osing 70 loss and depression 10 many OF
this securities held As colis,erAl for loans by
The s,yisgI banks. which loans we're not
only legal but in the opinion Of the tfu.
tss, safe when made, the same have been
called IN sad more or less loss sustained,
which has not only reduced the general sur
plu, bat 10 . certain extent caused dspos!-
Tor. to hesitate in increasing their deposits.
While no corporation, firm or individual
can reasonably hope to conduct al extended
basinsss without occasional loss.&t the same
time. when x-svi1as bank suffers one it
,hnnla be a reminder TO the trustees that
vben they accept their trust. even though
Il b, Ystuitous service, resp )nsiolIiy Al
tschss. and they should be constant in their
sforts to carefully examine every spplica-
ton for & loan, .ci when once made should
Keep . waichful eye for any change that
NAV take place il the .ecurty held for the
same or til. G luci ION Of the borrower. 10
concluding this portion Of his report Mr..
Biib-esiys
,l have no recon- aIendations for legislA.
ton but would state for the benefit Of those
Interested IN The mauasemeBt OF saving,
banks, ihat my aIeGta0U has been called to
The sdvisahiify Of some provision OF Law
Whereby deposlt booE shall be pfeIepted
At The banks during stated periods for ve'i-
ncation by some person oihtr than the
treasurer or clerks who receive this original
deposits. A similar statute vas enacted 10
Mssachu.st,s sutDs three years sgo. and 10
understood to be proving very IS isfsctoIy
not only 10 the officials Of the banks but to
thr dspostors.
Trust and Banking Companies.
Tselys ,rust and banking companies
have completed their organizations and are
nov tansscting business with . cspita
stock paid in of 81 00s 800.
They have deposits amounting to 50 BIG
lt3 IS which IL sn If crease Of $3.50, IL CO
and total assets Ct 81 279. Az a, 3 gain of
500 5sl 81
Trust companies have hsds rapid growth
in the : ate, and should Their management
prove conservative and safe their number
must increase.
Whit they are nos banks of issue they
suswe- we'll the purpose of banks Of di
count Their su hority and scope IL a
most unlimited both as TO their Investments
and loans, And their security rests upon the
capital stock and the additional liability OF
the stock holders.
Both dep1si,ors and stockholders have .
common i1tsrest 10 their prosperity. ADD
should exercise q close scrutiny OF their
snsir.. Sach seton would doubtless result
to thar ovu benefit and be appreciated by
the officers charge.
0lher ttites have general leg station CAV
srniug iovestm. MS made BY trust compA-
MES, and their management Experience
will undoubtedly dstermine whether such
10 required 10 Maine.
Loan and Building Associations.
Certificates Of authorization have been
issued 10 four associations during the year,
and one haviug ceased to DO business, makes
9 total Of thirty now n operation, and
net gain OF three the past year.
A close examination Of the statements OF
these associations csn6ot fati TO disclose
mary sstistscso results, and following are
afsw OF the most important;
Total number OF shareholder.. $40
Iacfeasr the past year l,Ut
Total number OF borrower. LOO
inafea.e lie past year. tS
Total number Of shares GU standing, 1.Vot
lucres.e the pas, yesr lo,l%t
Total value Of shares, t'-u,lsi "
Total amount OF loans, psh.s5. "
Increase the past year. fs,ooS 70
Average nmouU' OF each loan, 80 os
Total sss,ts IOteJul s.
Increase the past scar, @',@tE ~
Daring the year the Pitt.hcld Loan and
Building Association found i. necessary to
wind up its Affairs, and conseq aently no
state ment appears. Lack Of support by lite
share holders. and limited field for Ito
busins. may be asserted IS the prime
causes Of collapse.
The People. L pan and Building Associa-
ton Of Richmond rapidly drawing its al
fairs 10 close. There are now ousstaud-
ing only 925 shares IS sg inst 1856 one year
ago, and 81 Of these are held by % borrow
ere, leaving only la2 shares to be paid of.
Out Of q total of thlrEy-one association
tits remarkable that only these two were
obliged TO resort o the closing up process.
The pltisfeId is IN , only one, however, OF =
ganizsd under our existing Law which has
ever di'c,ntinued, the Richmond Assccn 4
ton having been chartered BY spscisl act
and organized 10 1875, never operated
uudsr our present improved meth ,d. Mi
Btose makes this suggestion
Il ,hirk 1t would be we'll to ensct some
law whica would require associations 10
make trisl balance Of their stockholders
accounts al least every lime dividend l.
credited The stamp ssvings system has
several times been brought to my attention
Is being desirable in connection wi'h 'osr
and building associations, but utd.r ou'
pre,eu, ls~ DO not thinx it eau be prof.
efiy operated. = q it seems to rue IL mus
be too expensive for associs ions who's /
cone nov is hot iasd' quste 10 paw suiii
cieni salaries to heir officers"
Foreign Corporations.
L der thi. heading Mr.. Bi.bae s,ys, i,
concluding his rspori:
by the Irty SONS " clipper Isl OF To-
Public Lars Of 1891. the at u 1889 relas
log to foreiin cosporslioas was amende'
Add enlarged std such corporation, oroush
within the supervision If this depA
meu,. In accordance with the &C
license BIS, been is'ued TO min
corporations sisn;ias al, h rlty 10 iran
,aet biiuss' IN this State ard 'h
statements IS sut mited TO me AID puf
ished will De fcuNd herein for the lns Il
OF these lot, ra'ttd. have no douei TIL
The Legislature in 'nsc,ins the Law plscin
foreg' iavesImen! cotnpsni,s uadsr I'll
centred Of ths b,nk sx&miasr were Ac,ua'e
os desire 10 rot, Il our oinZ 'ns fro'
vor'hess Investments And irresponsible CO,
Germs, aod SEEING under the law it has bee
my aim to 40 carry GU, their inteniior. b.
must be sppsrsnt to sii that n invest
Sancn rs sm sele - NIX NAV no: sl~sl
prov. ? l'.b .ni inv. s:ors must rely Z
theft o~a smett rather than the "a
tht'-nc1 IN itgron. sr. rscogl Eed BY tn
depiftm mt