The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1892-02-25
Maine Savings Banks.

hehteu his annual report to the Governor
and Council
The gain iii deposits in our Maine SIN
ings Banks the past year IL i. 1871 2sI.51
and considering the monetary conditions
II the latter part Of ls9a aud the early
part of the present year this Is yory graft
flying.
The total number OF depositars ga, Nc.
G6s, an increase Of g 147, aud the average
rate of dividend paid by the banks was
a 90.
The aggregate amount Of dep sits On
October 3lst was 500 27s i52 IL
Bank Examiner Bisbcs says be has no
recommendations for legislation. but
would state for the benefit of those inter
ested in the management Of savings banks
that his attention has b t4l called 10 the
advisability of some provision OF Law
whereby deposit books shall b. pres ntcd
at the banks during stated periods for yer
ihcation by some person ether than the
treasurer or clerks who receive HE orig.
nal deposits. A similar statute was enact.
ed in Massachusetts some three years ago
and is understood to be proving very sat
lsfactory not only TO the officials Of the
banks but to the depositors
Twelve trust and banking companies
have completed their organizations and
are now transaeting business with Il capi
tai stock paid in of 5 O0s BOG
They have deposits amounting to -
SIG 143 3S, which is an increase of $3.50.
ll2.09, and total assets of 81 279 i77.4l, IL
gain of $685. e..
Trust companies have had rapid growth
in the State, and should their management
prove conservative and safe their number
must increase. When they are not banks
of issue they answer well the purpose of
banks of discount. Their authority and
scope is almost unlimited both as to their
invest nents and loans aud their security
rests upon the capital stock and the ad-
ditional liability of the stockholders.
Certificates of authorization have been
issued to four associations during the
year, and one having ceased 10 do bust
ness makes a total of thirty now in oper-
alton, and Il net gain of three the past
year.
During the year the Pitsteld Loan and
Building Association found il necessary
to wind up Its affairs, ard consequently
no statement appears. lack of support
by its shareholders, and limited field
for its business may be asserted IL, the
prime causes of collapse
The Peoples Loan and Building Associ-
alton of Richmond is rapidly drawing its
affairs to IA close, There are now out
standing only 225 shares as against 1876
one year ago, aud So of these are held by
% borrowers leaving only li2 shares to be
paid off.
Out of total of thirty-one associations
it is remarkable that only these two were
obliged to resort to the closing up process.
In compliance with the provist of
chapter l31 of the public laws OF 1881 the
examiner has licensed nine corporations
granting authority to transact business in
this State and their statements Us submit
ted to HIM aud published will be found in
his report for the benefit of those interest
ed. He says 81 have no doubt that the
legislature in enacting the law placing
foreign investment companies under the
control of the bank examiner were actua.
ted by a desire to protect our citizens from
worthless Investments and irresponsible
concerns, and acting under the law ii h,t,
been my aim to so carry out their inten
ton, but it must be apparent to all thst
such investigation as | am able to make
may not always prove reliable, and invest
ors must rely ON their own Judgment
rather than the fact that such institutions
are recognized by this department.
The democrats themselves are fam to
acknowledge that tariff reform is a demo
cratic back number. For example, regard
the three democratic tarill paintings, up
to this date presented in the House by the
democratic majority of the ways and
means committee. In the wool aud
woolens bill the policy is followed of
! freeing the raw material and retaining p
duty on the manufactures of wool. Ia
the binding-twine bill the policy is I'D
hered to of freeing the manufactured
product as well as the raw material
And in the cotton ties bin third dist nc
policy is set up of freeing the manufactur
ed product of duties and leaving the ak
on the raw materials of cotton ties in FIJI
force. If there's anybody whom strl Oh
nine wont cure, the Ways and Mean
democrats hurry along with prussic acid
Lewiston journal.
Free ore and coal means ruin to thu
miner. Free wool means ruin to The
sheep raiser. Free lumber, free salt
free this and free that each mems ruin Il
some American industry, Give us free
raw MATERIAL says the Free-Trader 'sut
we will capture the markets Of the world.
| Well, our Tariff law does that verv thing
1t gives drawback of % per ceut. on al