Daily Kennebec journal., 1902-01-20

| There are now Is trust and banking
companies doing business in the State,
one, the Machias Banking Company of
Machias. with a paid up capital of
S25,OoO. having been added TO the num-
Der during the year.
| The total resources" says the re-
port. aggregates $15207, ,325 So This is
an increase of $1,911. .s22.63 in the total
assets. as against 81, 493, 15O.63 last year.
This gain is made up principally of an
inceRse Of 800 in capital stock, $1S. 100
| In surplus, $165 in undivided prof.
| it's and $1,642. .565.40 in all kinds of de-
| posits.
The Increase in resources has been
principally $90S,033.l6 in stocks and
bonds. and $500. .721.13 in demand and
| time loans.
The total number of depositors in
these institutions is 23rS17. while at the
date of the last report they numbered
but 1854 gain of F22S. The deposit
tors of time deposits and the holders of
certificates Of deposit now number 49,
5O2, while at the date of last report they
numbered 1850.
THE total profits distributed by
these institutions to stockholders and
depOsitors during the year has been
$37I, ,053.I5
THE amount, of : dividends paid TO
stockholders has beer $103,22O This is
an average of 634 per cent on all capi-
tai stock outstanding. while the aver
age rate for the last year was 6.S2.
Three of the compa MES, with an aggre-
gate capital of, $150.OO0. have paid no
dividends whatever to stockholders
during the year. The average rate in
those actually paying dividends has
been very nearly'7 per cent
THE amount OF interest paid on all
deposits has been $2S7 ,sS3.15. as against
$217, ,70S.17 in 1900 The amount Of in
terest paid in the: savings departments
alone has been $40, ,627.Os. the average
rate being approximately 3.41, while
that for 1900 was $50.
''The Legislature of 1901 in Chapter 2S6,
Public Laws laid a tax upon the average
amount of "all time interest bearing de-
posits held by these Institutions" of one
half of per ceH.. annually; 1t requires
the officers of each company semi-an-
nually to make sworn returns. of the
amount of sucia deposits to the State as
SCISSORS as the basis for the assessment
Of this tax. At the time this law was
enacted it was expected it would yield
about $25, 900 in revenue to the State. This
estimate was based upon the amount of
lime deposits as reported by this depart
ment for 1900. The total amount of the
AK assessed :for the year as appears
from the asseSsoF's report has been ST.
1881
There are now "a loan and building as
sociatims doing business in the State, one
having hepVl qIlhpd To the number 0uTlny
the year. The total resources amount to
3. .S6F ,3s0.9S. T.rere are S.07s shareholders
md there. are A.51Ij shares outstanding,
The number of Borrowers is 29l9 and the
number Of loans 1926 The average rate
|sof dividends raid was .0613 .and the
amount was 8155.091.O9 On. this. subject
the e report in part says; .. On, AZ 6. ,o,,,
assets, as against a loss of $1B.537. last
year, The Accumulated capital has de'
creased 500: 81. with no material change
number of shares outstanding. ~. ?
1.-The inc hease of the guaranty fund has
been continued by the addition OF SI,SS5 4.
during tfle year. notwithstanding the
reduction in the average rate Of dividends
from 6,52 to 613 per cent, the amount OF
undivided profit on hand shows slignt
decrease during the :. same tfme~ Inc
highest annual dividend paid ny ianN. one
association has been 10 per cent. and the
lowest per cent The average rate re-
ceived tNl loans. interest ana premium
| charges 1ncluueu, mas DeeIl VIM III.
highest rate has tren $40 and the. loves.
{. per. Gent. This average cost Of loans ans
\ to borrowers is in excess OF that Tor
| which money car be obtained 'eiSeEaere.
and is more, than the average rate the
| same skind of INSTITUTIONS are chargtnf;
| tEOrrpVers in other states where genera'
interest rates are the same as ours ZOE
example. the average rate in Massachu-
| setts last year was only about BIO per
Iccnt. That these institutions cannot COR
TIME TO do business upon al interest pa .
sis. 40 much different than that charged
Ito be stated to be accepted as true
\ In 1899 q law was enacted requiring any
| foreign banking associati ton maintaining
. branch In this State to pay a tax OF
tpne-f fourth, Of one per cent. per annun
Dyn the amount Of its business done within
the State The only institution now liabl.
to taxation under this provision Is the
Bank of Nova Scotia. upon Its business
at n branch rnainf ained in Calais For
Ia months In 1900. this bank pad a tax
at that rate amounting to $ssS 50, A,
that rate the tax for fun year ~, Wouic
thave been approximately $780,, In nl the
1 rate OF this tax vas increased to three
tfourth. of | der cent. This Amendment
ftook effect lust before the first TAX period.
1.-THE last SATURDAY In; April. The tax for
THAT period amounted to $1.019. 49, The re-
fturn of this institution as of the las:
saturday af O5tober showed a tax OF bur
Since that return was made the bank
has moved from Calais to st. Stephs n.
In. r.. lust across the St. Croix river, thus
labandonirg its business in this State.