Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-01-03
Daily kel,nepee 3ollrnM.
SAVINGS BANKS.
Annual Report Of Bank Ex-
aminer F. {. Undertake.
An Increase in Deposits Over Past Year
Reports Of Receivers
o;.eu,,ion Of Matters to Be Presented to
the Coming Legislature.

tho wear 1898, ana IL VIII sooh We ready
.,r distribution. This was presented
tho Governor and Council at their
,nse,ing. Saturday. and met their APP
rroval. The report which is the And
.,rua, of the department, beside
chewing the general condition of all
~. state banking institutions which
,rs as a rule, very satisfactory, gives
the pros and cons of some of the mat
.o-s that will be brought before the
LEGISLATURE which assemblies, this
week.
These discussions of the subjects of
CO vital Importance to banking inter-
ests in Maine and elsewhere, are very
timely and will. doubtless, throw light
upoa the matters to many who are
now grouping in darkness, so to speak.
BEING put as they are in Mr.. Timber
,ake,s unprecedented. professional and
clear manner. there is a fund of in
formation that will be of value to the
legislator, and to the common citizen
The subjects discussed are the fol-
lowing proposed changes in the present
banking laws:
The savings bank tax; the limitation
of deposits in savings banks; a dis
closure in writing of the beneficiary
when trust funds are deposited in n
savings bank; the payment of de-
positors order on a savings bank afrel
death of drawer; the payment of de-
posts of minors in savings banks /;
yerifcation of the books of depositors
in savings banks; the disposal of I'M
claimed deposits in savings banks; the
methods of procedure in case of in
solvent savings banks. and the pro-
ceedings in case of impairment of the
capital stock of trust companies.
But first of all he makes the report
upon the banking institutions as they
at present exist.
The number, classes and assets, of
these institutions are as follows:
81 Savings Banks, $6i, 542 z
II Trust and Banking Com, 9.ls2.997 81
80 Loan and Building Asso., 3.0D9.99S II
100 Total, s76,S75, 5Ss So
This is an increase of one in the
number of trust and banking COM
panies, and a decrease of one in the
loan and building associations, leaving
the total the same as reported in 1897
There is also an increase of 1922 ,S6S.oS
in their aggregate assets for the Off
cial year.
The depositors in savings banks and
trust and banking companies and the
shareholders in loan and building as
sociations, now number 192,625.
During the year they have paid de-
positors and stockholders $2,535, 1853 &C
in interest and dividends, and in
creased the amount of reserve and un-
divided profits s22S,24S.1O. The average
rate of income paid depositors and
stockholders in all of these institutions
has been 3.55 per cent. for the year.
An equal distribution of these assets
at the present time would give to each
person in the State $115.53 as against
$llO.Sl in 1897.
There are 80 national banks now do
ing business in Maine with assets
amounting to s39, 909, 03135, a decrease
OF N,449,O71.24 from 1897. This makes
the total number of banking institu-
Tons in the State 1872. and the entire
banking capital SIG. 2S4 62O.04, being an
increase of $1,673, 1864 during the year.
Banking Institutions are created for
me good of the public as well as Of
nelr individual patrons" remarks Mr..
'iimberlake. Their prime object
should be to keep safely the money OF
oehers. They should also be in posi-
.ioh to allay rather than add to tbs
aistrust incident to times of panic. AS
iies at the very foundation of business
p'osperlty and financial success, con-
'erVatism, and not speculation, should
'helr invariable policy. They
'"ouio hold their resources so as TO be
all times prepared for the emer-
sencies that arise in the fluctuations in
Aaiielal affairs. The failure of a
BUSINESS firm or corporation usually
meets the few directly interested,
""iie the suspension of e bank crea $
= certain amount of distrust in finan-
~. affairs that Indirectly affects all. :
-, ne follows with brief history
savings banks since 1855, when the
ma. LOOK its first legislative enact
,a,. n' regarding them. Mr.. Timber
,a.l ie'harks that he is endeavoring to
H.. r., statistics relating to all banks
ba e'er existed in the State. which
Ia opes 10 get within the year, and
ina, ".pes fof assistance not only from
bnt so uais IN gathering the statistics,
tion , from the Savings Bank Associa-
,,s,is "iready has few of such sta
ha,,o M which he learns why 20 banks
Gn,no,eed doing business. and their
EnnI Standing at the time.
IN. tn,,, ,Iese statistics. it appears that
50 VOC. @. loss to depositors during the
in