The Portland daily press., 1896-02-01
State Examiner Undertakes Report
Of Their Condition.
THE INSTITUTIONS. HE SAYS, ARE
in EXCELLENT SHAPE.
The Trust Companies and the Loan and
Building Associations-Some Advice to
the Granite State Provident Associa-
toms Maine Shareholders.
ESPECIAL TO THE PREss.I

lSEEClAL TO IHE fhBSS.l
Augusta, Me-. January 31.-The an
nual report of State Bank Examiner
Timberlake has been made public. Mr..
Undertake says that there are now
under the supervision of his department
fifty two savings banks; seventeen trust
and banking companies; thirty-three
loan and building associations, number
ing in all 1902, a net gain of five since
1894.
These institutions hold in the aggre-
gate assets tn the amount of sos, AT, 1885,
81; they have in resources above all liabil-
tiles, as shown by the annual examina-
tions, Sc. 5S1, 679.44; and they pay in
state taxes to the state and municipal
ties, including taxes on the capital stock
of trust companies, about $43S, avs. 40.
1t is matter of congratulation that
our state banking institutions have met
the emergencies of the great financial
depression of the past three years SO sue
cessfully. While we have seen similar
institutions in all parts Of the country
fail and pass into the hands of receivers
all but two within our state nave with
4. :
stood the crisis. Not only have they met
every liability promptly, lin most in
stances paying deposit0rs without even
requiring the notice provided by statute
for the withdrawal of deposits, have
increased their aggregate assets SIS, 312, :
444. 81.
During the year the number of deposit
ors has increased 4, 512 and the amount of
deposits 81, S44, 800. so.
The aUQrQpata of the racnrya fJ1nd and
undivided profits has decreased during
the year 1894, 2S1. 3D.
The amount invested in United States
bonds has increased $3,032, 100000. while
the stare tax has decreased but $40. 139. So
during that time. The average balance
is 1881. 81 each. being an increase of So. on
over 1894 An equal division of these
funds among the Inhabitants of the state
would give to each individual $50 80.
About one. fourth of the people OF Maine
are depositors in our savings hanks
The total tax paid by our savings
banks to the state during the past year
amounts to 1887, sos. 49, being reduction
of $40, 139. 60 from that of 1894. This de-
crease is principally due to the increase
in their holdings of government bonds
but to some extent also to the effect of
our present law. which provides for
reduction in the rate of taxation upon
investment made within our state SUBJ
| sequent to January l. 1898. AS invest
mentS and loans mature and are renewed
or new ones made within the state, it
necessarily results in gradual though
slight reduction in the amount of this
| tax.
The volume of business transacted by
our trust companies has largely increased
| sS05, 779. 81 in assets, 1855, 500 in capital
stock. S511, 568. Is in deposits, $500. $50. SS
in loans and investments and $53, $50. 46
in the surplus and undivided profits over
1894.
In the one item of earnings it shows an
increase of nearly four per cent on the
capital stock over and above such divi-
bends as have been paid during the year.
The increase in deposits is about one
third as much as that in the fifty two
savings banks.
The thirty three loan and building as
sociations in the state have 5000 share
holders, with AZ. 81 shares. There are
?, 629 borrowers; $149, 772 90 has been paid
in dividends.
There are in the state today about
three hundred more borrowers from these
institutions than last year, which shows
that through their aid about three hun
dred more of our people have undertaken
during that time to acquire and own
their homes They have accumulated
GoOfs OoU 10 tll6lE members ZOE bI1l9
purpose. This is certainly encouraging
when the fact is considered that, during
the past year in all parts of the state,
orr associations have been compelled to
enter into competition with foreign asso-
Citations.
Mr. Timberlake discusses at some
length the affairs of the Granite State
Provident Association and adds:
I have unofficially learned that, since
the foregoing report was placed in the
hands of the printer the Granite State
Provident Association has also been pro-
hibited from doing new business in New
Hampshire by the banking department
of that state.
1t Is. at this time. impossible, to deter
mine the effect of this action upon the
association; nothing further, however,
can be done at present by this department
n