Daily Kennebec journal., 1900-01-19
NAMES SAVINGS.
Report of Bank Examiner
Shows Great Increase.
Ra'es OF Interest Are Growing Smaller
---PfIvate Banking Institutions.
An Abstract Of the Figures and Ideas in The
Annual Report.


with figures showing large gains il
deposits. and with discussions on tn,
great banking question. The topics n,
the day i'll banking circles are die
cussed in the report about to be iss,led
To the public. include the private bank
ing question in which the examine,
has an idea that the State should take
action, having some control over them
his reasons being given in a very com.
| pre- henSive manner.
This report which is the 49th annual
| of the bank examining department O,
Maine, shows that the assets of the
Maine banks have increased wonder
| fully in the past year. There are now
exactly 100 savings institutions in
Maine. OF these 81 are savings banks
with assets amounting To $67. .521 1877 .05
Il are trust and banking companies
with assets of $ll 500, De- %. and 32 are
loan and building associations with
assets of $2.9,5. 1l6.41. The total gain
of assets of these savings institutions
is $5.932. g.. T. The number of deposi-
tors in the savings banks. ana loan and
banking companies ANA the sharrhold-
crS in the loan and building aSsOcia-
tions has increased 1927 during thu.
Year. there being at present 20. .552 of
them.
During the year they have paid to
drpdSitorS and stockholders $25lS. .649 -
in interest and dividends ana in
creased the amount of their reserve
and undivided profits $35l S5314. The
average rate of income to depositors on
interest bearing deposits ana to
( a M ,lAps. n al Of I'M
has been 3.45 as against 3.6S last year.
As appears by the report of the
comptroller Of currency. there are 81
national banks now doing business in
this State. with assets amounting to
Si3. .+0S. .235 40. being an increase Of
$3 499 l5i0i from 1898. This makes the
total authorized banking capital of the
state $125. 107 40l Elan increase Of
SO, A.. .1Sll1 during the year An equal
distribution of these assets would give
to eacn person in the State Sl90.15.
The total assets Of these banking in
stitutions is more than one-t third that
of the entire valuation Of the State.
and is twice the assessed value of all
other personal property.
This, Mr. Timberlake explains. may
not be the increase in the actual
wealth of the State. 1t may show
merely transfer of creult. Yet, he
says. no one thing SO quickly shows an
increase in business as the increase in
the book assets in the national banks.
SO far as the savings banks increase.
however, he says it more nearly in
dicates an increase in wealth in com
munity The one shows the present
improvements in business conditions
the other. the natural results that are
being derived therefrom.
On the subject of private banking
upon which he touches with a strong
representation Of the whole banking
system and Of the private banks he
argues that they should be under the
public institutions and the State has
the right that has ever been recognized
to enact special laws for such classes
of business. They are run on plan
So that up to the time of collapse, the
public believes they are perfectly
sound. The recent unfortunate failure
in Portland was an example of this.
and il shattered to 4 certain degree the
trust of the public. This leads deposi-
tors to draw their money from legiti-
mate inStitut ions. private bankers
nav only the tax assessed by the
municipalities, ana Mr.. Timberlak"
contends these officers do not include
al I'm, should he taxed. The State
loses directly the revenue that it would
have were th,. money deposited in say
ings banks.
For thrSt. reasons it becomes ap-
n,r.nt that the State has the inherent
right to interfere ana regulate t"e
Lusiness Of banking in whatever Way
may seem to be for tn. best interests
VIZ ~. general public" ~ remarks
..t, II. rrf,,,rnot. when existing con-
,,..I.. i n...4-e,rv tn Interfere
vith tho legitimate business of amy in
r;,,t',,,.I Am ,..,, law. r4gll,,ting bust
Hill. ,rr.,i.. az. Iil,.Iv at first to inter
far,. +, sam. extent. with the interests
~ ,,,i,.,t. indiyiluals. Public policy
s,.,,s ~ demand some legislation Re-
s+.int;no or regulating the business Of
,.,i,-,t. banking SO far at least as re
I,t..e ~ m. receiving Of deposits either
..nhi.ct IA check on 10y issuing pass
h,,l,s as do savings banks"
pf thp II savings banks in the state
he shows in Il comparative statement
maj tha number Of dcpositorS has IN
l''''o' H'l'''''' I I....;t.