Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-01-03

the world, both sugar coated and plain.
banks that are now doing business.
and $379.02S.69 by those in savings
banks that have been closed. DURING
these SO years, the banks in this State
nave been constantly receiving and
paying out deposits. but until quite re-
Gently no returns have been received
giving the amount of these receipts
and withdrawals from year to year A
very conservative estimate based upon
= the percentage now Withdrawn an
nually, would place this amount, in
GLIDING present deposits, above $780,
o00,ooo- Considering that this total loss
of 1888, osl.T5 is only about two mills or,
a dollar of the aggregate amount
handled; that the loss for all these
years does not exceed the present net
earnings Of the savings banks for four
months; and that it is less than twice
the amount. of taxes they now pay "a
the State annually.
is it not a most remarkable showing
for the savings banks OF Maine?" asks
the official. Another instance cannot
be found in the history of financial
affairs where such large sums Of
money have been invested with 80
small percentage of loss. Individual,
could hardly expect to inyest.and han-
die their own money for 50 Aears ana
during all chat time lose dAy an
amount equal TO four months inNllae
thereon.
In 10 of the 20 banks that have been
closed, the affairs We're settled without
loss to depositors. OF the existing
banks, 10 have reduced their deposits
| but five of these have been able to re-
| turn the full amount of such reduction
| to the depositors.
| The principal part of these losses oc-
| Cured during the depression of 1867
! the aggregate loss for those years be-
| ing $3.50, 549.14 The total reduction in
| savings bank deposits during the sam1
| period was S1l. los. 174.36.
MUTUAL SAVINGS BANK.
| In regard to mutual savings banks
| there is a valuable table containing :,
compilation Of statistics of the mutua
savings banks of the United States
1t covers some of the matters of detail
considered in the report. and gives an
opportunity to compare. in these par
| ticulars. our institutions, and the laws
| governing them. with those of other
states. 1t gives the number Of banks
| the amount of deposits; the number 81
| depositors; the average to each de-
| positor: the average rate of dividends
| paid; the rates of state taxation or,
deposits. the limitation of deposits,
and a brief synopsis Of the savings
10 in Zach the
Estates having strictly mutual savings
banks like ours. Other states have
stock savings banks. more nearly like
our trust companies. The table was
complied from the latest statistics OBJ
| tainable by the department, and will be
found sufficiently accurate for the pur-
poses for which made. In some in
stances, like Wisconsin, in which it ap-
pears from the table that this class of
| institutions pay no state tax, the de-
| positors are liable to municipal taxa
ton on their individual deposits, as in
the national banks and trust COM
| panies OF this State, in other cases,
| like New York. the deposits are by
| law exempt from all taxes. In COM
| pairing the volume of business in the
several states. it might be better to
limit the comparison to the New Eng
| land States and New York. as the
great bulk of the mutual savings de-
posits of this country are in these
| states.
Another table gives the condition of
| our savings banks comparative with
their condition in November, 1897. The
| liabilities and resources in that year
were So, 1876, 3o3.S3 while on October ",
this wear they were s64. 49,, 54242.
|. Regarding other statistics the follow
| ing is taken:
,:o- 1895
167, $40 No. of depos;tors. 1853, IA
1853, 423 No of dep. whose
bal. is less than ,c- no
s4S a14o7s 81 Amount of same. s4s.7s9,oss 81
4,456 No. of dep; whose
bal. is $1,000 or 20,
ss,s7s Q! A m4sS Of same As y
| 1857 Average rate oil
dividend (approXi- -.
mate) ua''
| s.. 1872 500 10 Amount of dlvi-
idends paid, $2,l43,32l q
SIS, 25S 80 Municipal taxes ,--a ca
&qs1 sg2 "a state tax. S3940l6 Il
1t appears that the number OF de-
positors has increased 1885, and the
amount of deposits, $1,254,20S.Ge. during
the period covereihby this report. me
increase in the corresponding items
during the year 1891 was AGA anu
s2.121 ,452S0 respectively.