Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-12-31

stockholders has been $116,95O0O, and
| the average rate 7h per cent. The
amount of interest paid on all kinds of
deposits has been $235, 43O97, and the
amount on time deposits and. certifi-
Gates of deposit alone has been 1854, 2O9.
| "a. being an average of approximately
1881 per cent upon savings deposits,
, while the average rate paid last year
was Sal. .t,
The increase in resources is made up
principally of $1.399. 554.33 in demand
and time loans. S247, 1OS.25 in mortgages
of real estate. and $16S, 751.96 in stocks
and bonds. In the past these institu-
tions have invested quite largely in the
latter class of securities. The unusual
demand during the year for loans,
however has led them to place nearly
all their increase of assets in that
| item of resources. They have thus
made this large amount of capital
available for use in the active business
affairs of the State.
The total State tax paid for the pres
ent year has been $22,663.S4 as against
500. 4S3.S2 in 1901. While this increase
has been slight, it indicates that the
banks have finally adjusted their af-
fairs to meet this new condition. .afid
that the tax will hereafter increase
each year with the natural increase IN
the amount of the time deposits. -
| The proportionate gain in the Trust
and Banking Companies during. the
year. based on their total assets and on
the number of banks, exceeds that in
any other class of banking institutions
doing business in the State.
| This increase in their assets as well
as in their earnings indicates that they
have had most prosperous year.
Considering the fact that they have but
recently entered a field which was
fully covered apparently by the nat
ional banks. with which they are in
| direct competition, their growth is
narkable and indicates that they must
be a convenience in the business and
financial affairs of our State. While
they are at some disadvantage in their
competition with national banks be-
cause of the tax of one-half per cent on
their savings deposits, yet they seem
fully able to conduct prosperous and
progressive business. This result may
| he due to some extent to the liberal
provisions of the charters under which
| they are operating, but to a still great
err extent is it due to the energetic and
wise management Of those who have
them in charge.
This statement shows large shrink
age in liabilities and resources, the
former being $40,159.4O, and the latter
including $27.457.S6 charged to Small
which is the principal asset of the
bank. Mr.. Smalrs boEdsmen will BE-
called upon to pay the penal sum Of
20. 900. On this subject Mr.. Carter says:
"The securities on the bond of Mr..
Small are amply able to pay the penal
sum of $4,000. and / expect an adjust
ment Of their liability without litiga-
| ton
The report of the receiver of the Ok
ford County Loan association, Norway
shows that he has realized on account
of collections and sales of real estate
s6,S45.19. He has paid one dividend of
seven per cent, amounting to $3.S11.5O,
and by so doing reduced his cash on
hand S1.26l.l2 fro last year. The La
bilities are placed at $3S,115. The gen.
eral receiver of the Granite State p ov-