The Providence news. (Providence [R.I.]) 1891-1906, 1902-08-08
BANKS And
TRUST
COMPANIES
State Auditor Completes His
Report showing Condition Of
Institutions in Rhode Island.

The annual report OF the state auditor
and insurance commissioner for the year
ending June 30 1902. for trust companies.
savings banks and institutions for saw
ings was completed this morning by
Commissioner Charles c. Craig. The sub
stance OF the report Is as follows:
Thirteen trust companies, two of which
are In liquidation. filed reports June 30.
an Increase OF two during the year, the
accessions being tho New England and
Newport Trust companies.
The aggregate resources OF the trust
companies amounted on June 30 to s70.-
o2s. .Ss438 The aggregate liabilities were
$65. los. .5042S. and the surplus and profits
on hand A.9lS, s.9s. The increase OF the
trust company resources for the year
was $ll. .143 l2s.0S. or over 20 per cent The
increase In deposits over last year is
sl2. 80, ,2sls9 The report credits the con-
solidation carried out by some OF tho
trust companies as responsible for "A
large portion OF the increase In deposits
On the other hand the deposits OF sew
ings banks and institutions for savings
show decrease I'm deposits from sl&SsS.-
1890 70 t73.62S. COS a. or a loss OF sl,slS,-
2t0sT within the past two years
The report states that the whole num-
ber of depositors In trust companies Is
9e,SsS and the aggregate amount on de-
posit sb7, 16S,574.11. The average dividend
paid during tho year 20 depositors was
| 39l plus per cent, a slight decrease from
| the previous year.
The number OF savings banks and insti-
tutions for savings remain the same as
last year, "a. or these nine are In process
| OF liquidation. The aggregate resources OF
L tAaa tra a.,
| June 80. 1901. their resources aggregated
| $TS,52siSO.s4. while this year II is only sT.-
J $50 g. a decrease OF s71l. l.1I516
By far the larger proportion OF these
institutions are very prosperous and show
very substantial gains from year TO year
In many ways. The averages given In the
| report included all the institutions, one
third of which are In liquidation.
The commissioner recommends that in
the case OF banks I'm LIQUIDATION some
| express provision should be made In the
law for fixing a time limit Ia which the
tinal dividend must be paid, or the assets
be made to the geenral treasurer for final
settlement
Returns were made from Ave state
banks. two OF which arc 10 pnocess OF
iquidauon. No return wac received from
was examined June % shortly after the
! cashiers death. The examination OF this
| bank the report says, shows IL 20 be IN
reported as GDa fssouTces june 80 80 is5i i'1b buI Il
| SIC, iteW, OF which $500 represents taxed
| values OF real estate, was 20 be found;
| the liabilities appeared 10 be sS36. t52 56
| That this state of affairs was permitted
| the commissioner soys. IL due 10 the Jack
| OF supervision on the part OF the state
as Rhode Island ls the only state whose
laws do not provide for periodical exam
| ination OF tts financial Institutions.
The list OF building and loan associa-
eions remains the same as last year, OK
cent that the United States Savings and
| Loan company OF ST. Paul, MINI. has
! been placed I'm the hands OF n receiver.