The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-01-01
ABOUT OUR STATE BANKS.
Their Condition as Viewed by Bank
Commissioners

Commissioners
Hartford, Dec. S0.-The annual re-
port of the state bank commissioners.
e. r. Doyle and w. S. Crofut, for the
year ending October 81, 1896, is at hand,
and is generally of very satisfactory
character.
The savings banks have had q severe
trial during the year,as depositors have
needed money; securities held as assets
have deprecated In value and the cur
rency agitation OF the political cam
paign led many persons to withholding
their funds from deposit. Yet the
banks have weathered a storm which
sWamped many banks elsewhere.
Notwithstanding the difficulties with
which the banks have been surrounded,
the volume of business transacted dur
ing the year just closed has shown a
decidedly satisfactory increase.
There are a greater number of de-
positors, as well as larger aggregate
amount to their credit The increase in
deposits is not confined entirely to
banks in the cities and larger towns,
but many of the rural banks have made
considerable gains.
The condition Of all the savings in
situations under the supervision of the
commissioners, with the exception of
few, is prosperous and eminently sat
isfactory.
In those nStanceS-which are few in
number-where an unsatisfactory state
of things prevailed, the commissioners
no toIy r,tA a.
mediate radical change of methods.
The assets and liabilities are as roll
lows:
Total assets, $3.50 ,4261S9.61
Liabilities, deposits, $149, 496, 1885,
Surplus, S6159,4161S.
Interest, and profit and loss, $685.
42212; other liabilities, $61. 799.45.
The item of foreclosed real estate has
been reduced over 100000.
The total number of depositors on
October l was 356,445
Total amount deposits, $149, 496, SIS. SO.
Income received, $7,S42, 404 60.
Dividends declared, $56S1, 71072.
Amount deposited, including interest
credited, $35,977, 152.2S.
The number of depoSitors' accounts
during the year past has been increas-
ed to a remarkable degree, eclpsing
even the gain made the year previous.
The increase in the number was 9637,
against 9.504 in 1895. and there was a
gain of $6,337 1921 over the previous
years total deposits, being also slight
| gain over thai of 1895.
An interesting fact is that large de-
posits are again being placed in the
savings banks by people comparatively
well-to-do
| The gain in the number of depositors
| having $4,000 or over in the banks is
fifty-two, making an increase in the de-
posits among this class alone of $685.
2344S.
The rates of interest paid by the
banks varied as follows: 4 and 31s per
cent, one bank; and 8 per cent, five;
5 per cent, one; AK per cent, one; Az
per cent, twelve; Az per cent, two;
per cent, sixty-five; 81 per cent,
one.
The commissioners say that the con-
dition of general business and theworth
of money and the scarcity of legal in
Vestments for the banks in the way OF
bonds do not warrant a bank paying
more than per cent. per annum to its
depostors. The dividends should more
over be graded down, as the amount OF
a depositor's account increases beyond
a certain sum.
The savings banks are not for the
rich to patronize, but they are intended
to be repositories for the wage learner
and the thrifty class of people who dc
not know how to invest their savings
otherwise
These people are looking more to the
security than large earnings on theil
deposits. Besides, losses are inevitable
and bank that has less than a 3 pei
cent surplus ought not to pay more
than 4 per cent. per annum to it's de-
rositors and should see to 1t that II
adds to its reserve at each dividend
period.
The commissioners recommend thai
personal notes or notes with collatera
pledges, should be renewed from time
to time, that the attention of bank off
GERS might be called to the real value
of the notes.
Real estate notes should not exceed
five years and demand notes not ovel
one year.
The commissioners have received le
gal advice that it is not lawful fol-
savings banks to invest in street i'm
provement bonds. The banks have
been notified to make no further pur
chases pending legislation to that eff
feet. No new state banks were or
ganized during the year.
Assets of the state banks, now So,
356, 505, show an increase of $315, 564, bu
there is net gain of $S0,416 in thei
surplus.
Two new trust companies have beer
organized, the Trust and Safe Deposi
company Of New Haven and the Co
lnmbia Trust company of Middletown
with total capital of $4,000, and thu
Fidelity company of Hartford has in
creased it's capital from $4,000 to $780,
600.
The assets of the trust companies
have decreased $3.50, TAG and the surplus
shows decrease of $40.
The commissioners recommend a Law
under which cashiers of state bank
and treasurers of trust companies shall
! rive new slIrety bonds at least onoe I,