Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1900-12-31
NAMES BANKS.
Examiner Undertake Makes
Most Gratifying Report.
Exceptional Gains Both in DEPOSITS
and Depositors Shown.
Banks in Most Prosperous Condition. I'm
porsant Recommendations.

liner Fremont f. Timbcrlake. on the
condltlon of the savings banks, trust
ana banking companies and loan and
! building associations and also foreign
banking companies having a license to
10 business in the State, covers the
nscal year ending Dec. /, 1860.
Inc report shows that there are 81
Swings banks in the State whose as
sets amount to S71,076, 21167: Il trust
anu banking companies whose assets
are $l3.295, 1922 SO loan and building
associations whose assets are s.. $50 :
i'o.oo- ms makes total of 10l insti-
tutlonS OF this class with total assets
amounting to 1928, 1872.
ms Is gain of one in the n,lmber
OF institutions reported, and of s4,9S4
62'3l in their assets. The number of
deposltors in savings banks and trust
companies, and shareholders in loan
ana building associations. has in
, creased from 202,55 in 1899 to a13.9SO
i'll 1904 gain of 1I,42S as against a
corresponding gain of 1927 in 1893.
peducting from this total the number
OF depositors of Demand Deposits in
trust companies, G0l9, the result shows
that 201,s61, or nearly one-third of orr
>'s''N fopuiotitl, tlt directly inter-
ested in the various savings institu-
IONS of the State, and are through
these agencies accommodating from
their present incomes about $4,000 600
annually.
During the period covered by this
report the various kinds of State
banking institutions have paid to de-
positors and stockholders, in interest
and dividends. S2.6l7 $685.. as against
$2,51S,649.l2 last year 1t thus appears
that, While there has been a material
increase in the amount of funds, the
income therefrom has been proper
tionally less than in 1899. This reduc-
ton in earnings does not result from
any lack of good management in the
various institutions reported, as they
all show a decided Improvement in
the general condition for the year 1t
comes, rather, from the existing condi-
tons of the money market and the
consequent low rates upon invest
ments, and must continue as long as
those conditions exist.
During the year they have increased
the amount of their reserve and I'M
divided profits from s4,294, 297.15. at the
date of the last report, to S4,l34, 5li l6
at the present time,-a gain of $4t0,
216.41. This is largely the result of the
wise provision of our statute requiring
savings banks and loan and building
associations to set aside certain por-
ton of their income as a reserve
against future contingencies. The
amount of this reserve, as compared
with the total assets, is about the same
as that for previous years.
The returns thus show that the fav-
Orable conditions last reported have
continued through the official year just
closed; that these State institutions as
a whole have made decided gain,
both in deposits and assets,-greatcr
than the average gain in the past. En-
tering the new year with the most au-
spcious surroundings it is believed
| that they will attain even greater pros
perity than they have experienced dur
ing the past two years.
From a statement furnished this de-
partment by the comptroller of cur
rency it appears that there are now
81 national banks doing business in
| the State, with assets amounting to
| s45, 981, 3SS34, being an increase of s.
| 579.1 52,94 in the assets of this class of
| banks This makes the total authori-
| Zed banking capital of the State S133.-
| 221 1S1 46-an increase of Sl,513, 100 20
during the year. as against 50, 422, 1871 II
| in 1899 An equal distribution of this
| capital would give to each inhabitant
of the State. s191.S3.
On the subject of Private Banking,
Mr.. Timberlake has this to say:
.'The failure in 1899, of a firm of pri-
yate bankers located at Portland, while
carrying deposits amounting to over
5000. 600 for about 400 depositors. led To
| a somewhat extended discussion OF
private banking in the report of TINS
department for that year. 1t Is not
| necessary to repeat the suggestions
| made in that report: neither nave we
| seen any occasion to change tHe
| recommendations made therein. Inc
| recommendation made in 1899 is, there
| fore. renewed, viz: that, instead Oh
placing private bankers under inc
| c,neryisiOn of this department, 1t %
provided by statute that no one Shal
receive deposits subject to check; OF
| in tho same manner as deposits are re-
| cciyed by savings banks; or 40 Il gen
eral banking business; without mrs
| procuring n charter THEREFOR eithc'
from the State or natiohai SoNci H.
mont and thus becoming SUBJECT u
existing laws
There are 81 savings banks no" 40
ing business in the State In 1883 thei'
denosits amounted to $6i, ,3So-Sl; u
1000. SCI, 24O, 1901 Reserve fund. IN 1879
50 243. $500; in 1900. s2,S2l, 6S3.6l Specia
roearvc fund. in 1889. s25,35S.63 III l?oo
so- 1ss1A Profits, in 1899, 81 ,233' oo''fi
in 1901. 81. 4SO. 1871. Other liabilities II
1900 50 49,. As: in 1900 S6.l5i-oS Iota
liahilities. in 1885,? Ss7, 52l, l97O5; in l9o'
s11 ,016, 2116'. 1,,,,,
The resources of the savings pal,h
ro divided as follows, those Tor lS'
also being given: United states IN
Dis,rict of Columbia bonds. in 1879
sc ss5 40: in 1860. s4,449.75o. Public lund
In Maine in 1899, S1.464,3'3."': IN l'''
., oIs COG Of. Public funds out OF Name
IN 1899 1882, 6i762; in 1900 Sl4'-o4'
80 % railroad bonds in Maine IN ny,
- Ite saS %. in 1900 s5.465. 40s.32 Kan
800 bonds out of Maine. in 1899. Sl?'
100 oro %. in 1900, 500 o39. 02S.22. Corpora
,;nn bonds in Maine. in 1899. 50, 49, 5oe' !
{, 1000 1910. 1854. Corporation ooi'c
n,,t of Maine. in 1899. $769SZ'.o-'
1000 s14.7oa.27. Railroad stock
Maine. in 1899. s144, 1852; in lspo: S'o4