Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1900-12-31


ties. in 1889, s54S, A975S: liz 1900, $5t9,.
1854. Loans to corporations. in 1899
81 aga, 45553; in 1900. S1,034.1SS.2O Rea
estate. in 1889, $101S, 1880: in 1900
Sl,e29. 1871. Furniture and fixtures. ii
1899. $34.549.S2; in 1900, S36,005 Premium
account. in 1899, S59S. 412.5S; in 1900
| $6c5, 416.1S. Expense account. in 1899
| Ss0.1c2.5l; in 1900 $50, 56T. SO. Other re.
sources. in 1899. SO. 600. A: in 1900. s12..
1858. Cash. in 1899, $1,379. so: II
1860, S1.73S. 1885,. Total resources. ir
1929. SCI. 52f, 1875; in 1900 ST. .O76. 211 67
The following figures are of interest
Number of depositorS i'm savings bank.
, IN 1879. 1889: in 1900 1885, Number
OF depcsitors whose balance is less
than $1,000. in 1899. 1854: in 1900, $50.
9l4. Amount of same. in 1899. $51 ,c1S.
0O4.1I; i'll 1900 $53. 55S. 629.S4 Number OF
dcpositors whose balance is $1,000 OF
more. in 1899, 1855; in 1900. SAB. Amount
of same. in 1899, S12631 ,3S177 in 1900
s13.6S1 ,S09.23. Average rate of dividend
approximate. in 1899. O34S; in 1900
.OS36. Amount OF dividends paid. in 1899
s2,os1 1884 in 1900. s2.133, 7S3. 30. NUM-
/ opal taxes paid, in 1899 $16942.O2: in
7 i'''' Fi'-o''."J Stdle TAX, III 1879 S1tlZ.
1913: in 1900, $44S, S27.9S
The total assets have increased So
! 7?5 0l4.62 during the fiscal year. The
sam in the number of depoGtors has
teen 1888 as against q gain of 1878 in
1879; and in deposits. 1921 ,05252, as
against S5.15G.S29.2c last year.
The amount of deposits received by
the banks during the year has been
Sl2.Gl5. I4lS1. Adding to this, S2.lS2,-
1929, the total dividends declared.
makes $i4. $50, 525.1 10, as the total amount
credited to deposit during the var. The
amount of Withdrawals during the
same period has been S11.57S+72 81. The
increase in deposits. therefore. has
been 81 ,G91 1924 in excess of the
amount of dividends credited. This is
the excess of deposits above withdraw
ais and shows the actual gain in new
funds collected by the savings banks
during the year.
Inc average amount now sta ndng to
| the credit Of depositors is S360.S7: the
average for each inhabtant of the
state, based on the new census. is
$685.
The unusually large gain in the num-
Der OF depoSltors is most satisfactory
indicating that these Accommodations
have come largely from those who can
save only in small amounts AT no time
| curing the history of our State have
the condition and growth of savings
banks been more satisfactory than dur
ing the past two years. The years of
| depression immediately preceding this
period taught our people lessons of
| economy that have led to larger. say
| irSs than their present increased earn
| ings-a fact in no way shown so fully
as by the deposits in savings institu-
| tons generally.
The principal changes for the year
are: a loss of s., $4,000 in the holdings
| CT government bonds: and a gain OF
SfSl. 1924 in municipal bonds in Maine.
SSll, 1861 in municipal bonds out of
Maine, $31S.1S0 in railroad bonds in
Maine. S4,6099IS in railroad bonds out
Of Maine, and S101, 1882 in corporal ton
stock in Maine.
The most noticea BILE of these changes
is an increase OF 5000, 696.62 in the
amount of all kinds of railroad securi.
ties. Thus the greatest portion of the
increase in assets for the year. togeth-
government bonds. have gone to swell
this item, already large.
Speaking of investments, Examiner
Timberlake says: while the improved
business condition of the country dur
| ing the past few years has made an
active demand for capital it has not
absorbed all the ever increasing funds
| seeking investment This condition
brings each year new cares and re-
| sponsibiltes for the trustees of saw
ings banks. TO invest safely and prof
itably the rapidly increasing accumula-
| ton of savings, is at present a more
difficult problem than ever before
Fully approaching the fact that it is
the duty of the bank examiner to look
closely after the interests of the deposi-
! tors. that they receive all'-the income
| possible from their deposits, it would
seem advisable to reduce the rate of dvi-
| dends in all the banks to not exceeding
| per cent. This is all that the earnings
| on present investments warrant, and is
all that depositors have any right to ex-
pect. This reduction must in any event
| come in the near future. 1t is better that
| il be made before being forced by q
weakened condition of the banks, result
/ ing from a gradual reduction in reserve
and accumulated profits, and the poorer
| class of investments that trustees ar
/ tempted TO purchase. If the reduction
| could be made at once trustees would fee
| free 10 purchase better class of invest
| ments and the banks would gradually
| improve their financial standing
| IF the trend of investments for tho
past two years indicates the future policy
| of our savings banks. and their fund.
are To be invested largely in quasi pubic
corporation bonds, the regulation of tn,
issue of stocks and bonds by SUCH cor
| porations is of vital Importance to thu
interests represented by this depar
meut.
Speaking of Quasi public corporations
the report says:l'Ihe State cannot amor
| 10 permit a fictitious capftaliza ton o
these corpora tons. because, within tn
limits of the stock issued. this capital be
comes an additional burden on the pub
lie and prevents to some extent a con
troll that will protect the pubic IN tn
service rendered. For these reasons ii !
believed that legislative regulation pro
hjbiting the issue of stock, by this elias
| of corporations, except for actual value
would not only be a great safeguard I
! savings banks and other investors, Du
False of great value 10 tne puDHc SeIiei
ally" .,
Air. Timberlake believes that the futur
welfare and the good of the State gen
keraIlv. calls for reduction OF the STAT
tax on savings banks, and again as
nreyious reports gives strong reasons IL
recommending this reduction.
| In 1899 the amount of dividends va
q fot 5439t: in 1890, s.. Isl. 70. The ave!
age rate Of dividends in 1900 was 3.3
| while that for 1893 was 3.tS AS near q
IAN he ascertained. the true average II
| t1.at haZ no